Press release
Hydrogen Generation Industry Set to Achieve $223.53 Billion Milestone by 2029 | Steady 8% CAGR
Hydrogen Generation Market
What Is the Long-Term Growth Forecast for the Hydrogen Generation Market Size 2025?
The market size for hydrogen generation has seen robust growth in the past few years. It is projected to increase from $153.42 billion in 2024 to $164.31 billion in 2025, with a compound annual growth rate (CAGR) of 7.1%. Factors contributing to this growth during the historic period include industrial demand for hydrogen, environmental legislation, the use of hydrogen as a clean fuel, reformation of natural gas, government incentives and subsidies, the worldwide shift in energy sources, and the development of fuel cells.
What CAGR is Forecasted for the Hydrogen Generation Market Through 2029?
In the coming years, a significant surge is predicted in the size of the hydrogen generation market, with projections indicating that it will escalate to a worth of $223.53 billion in the year 2029, boasting a compound annual growth rate (CAGR) of 8.0%. Factors attributing to this anticipated growth during the projected period include investments into hydrogen infrastructure, an increase in hydrogen production, reductions in electrolysis costs, the derivation of hydrogen from biomass, projects focused on the production of eco-friendly hydrogen, usage of hydrogen in vehicles and hydrogen's role in decarbonization. Key trends that are expected to be prominent in the future include technological advancements, bolstered policy support and investments, integration with renewable energy systems, burgeoning curiosity in blue hydrogen, the utilization of hydrogen as an energy carrier, and the application of hydrogen in heavy industries.
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What Are the Critical Factors Driving Hydrogen Generation Market Development?
The upward trend in hydrogen usage within the industrial field is projected to promote the expansion of the hydrogen generation marketplace in the future. The term "industrial sector" pertains to an economic sector comprised of business entities that aid other firms in product creation, distribution, or fabrication. The industrial realm consumes copious amounts of hydrogen, given its status as an ingredient in various chemical goods, as well as its application in hydrocracking that yields petroleum products such as gasoline and diesel. For example, data from the International Energy Agency (IEA), an independent intergovernmental body based in France, in May 2024 highlighted that global hydrogen consumption climbed to 95 million tons in 2022, marking roughly a 3% surge against the prior year. However, a downturn was observed in Europe due to rising natural gas prices impacting industrial operations. Consequently, the escalating requisition for hydrogen in the industrial scope is a prime catalyst for the ascension of the hydrogen generation industry.
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How Does the Hydrogen Generation Market Break Down Across Major Segments?
The hydrogen generation market covered in this report is segmented -
1) By Type: On-Site, Portable
2) By Source: Blue Hydrogen, Gray Hydrogen, Green Hydrogen
3) By Generation And Delivery Mode: Captive, Merchant
4) By Technologies: Steam Methane Reforming, Coal Gasification, Electrolysis, Partial Oxidation
5) By Application: Methanol Production, Ammonia Production, Petroleum Refining, Transportation, Power Generation, Other Applications
Subsegments:
1) By On-Site: Electrolysis Systems, Steam Methane Reforming (SMR), Gasification, Biomass Gasification
2) By Portable: Portable Electrolyzers, Hydrogen Generation Units, Chemical Hydrogen Generators
What Are the Major Trends Transforming the Hydrogen Generation Industry?
A key trend emerging within the hydrogen generation market is the advancement of green hydrogen production technologies. To maintain their market standing, major companies within the sector are focusing on technological progress. For example, US technology company Honeywell International unveiled a new catalyst-coated membrane (CCM) technology for green hydrogen production in March 2022. Honeywell's new technology focuses on Proton Exchange Membrane (PEM) and Anion Exchange Membrane (AEM) CCMs. The distinctive properties of Honeywell's latest CCMs showed the potential to boost electrolyzer effectiveness and electrical current density and a novel, singular membrane with exceptional ionic conductivity and high activity. Due to these advancements, it's anticipated that electrolyzer stack costs could be reduced by 25%.
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Which Players Are Driving Innovation in the Hydrogen Generation Market?
Major companies operating in the hydrogen generation market are Air Liquide SA, Air Products Inc., Iwatani Corporation, McPhy Energy SA, Messer Group GmbH, Altergy Systems, Ballard Power Systems Inc., BayoTech Inc., Doosan Fuel Cell Co. Ltd., EKME S.A., Enapter AG, Frame Power India Pvt. Ltd., Giner ELX Inc., Green Hydrogen Systems AS, Greenlane Renewables Inc., GRZ Technologies Ltd., Cummins Inc., ITM Power PLC, Linde PLC, Nel ASA, Plug Power Europe GmbH, Proton OnSite LLC, Siemens Energy AG, Taiyo Nippon Sanso Corporation, Teijin Engineering Ltd., Teledyne Energy Systems Inc., Toshiba Energy Systems & Solutions Corp., VRV SpA
Which Regions Are Driving Global Hydrogen Generation Market Expansion?
Asia Pacific was the largest region in the hydrogen generation market in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydrogen generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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