Hydrogen Generation Market
Growth Factors of Hydrogen Generation Market
The hydrogen generation market size was valued at USD 167.62 billion in 2023, and the market is now projected to grow from USD 176.74 billion in 2024 to USD 278.26 billion by 2032, exhibiting a CAGR of 5.84% during the forecast period of 2023-2030.
The COVID-19 pandemic created significant opportunities on the hydrogen generation market growth. The functioning of industrial facilities, manufacturing plants, and transportation systems were turned into idle conditions to reduce the human transmission of infection. This has declined the demand for the product and financial scarcity conditions mainly for small players and end-users hindered the market growth. Conversely, many governments have unveiled their plans to employ the low carbon pollution conditions attributable to the shutdown of industrial and transport sectors. This has amplified the demand for clean fuel substitutes, such as hydrogen.
The hydrogen generation market share globally has been contributed due to the vast deployment of hydrogen fuel cell vehicles to boost the technology’s demand. The increasing demand for fuel cell electric vehicles (FCEVs) including passenger vehicles, buses, trucks, and other heavy-duty automobiles is drawing the attention for the requirement of this market. FCEVs are established with a fuel cell device, and they are operated by hydrogen as main fuels enable harmful emission-free working.
Furthermore, there’s been a notable trend that favorable government policies and initiatives to shape the industry are propelling the market. The governments from different emerging and developed countries have shown large interest in accomplishing carbon neutrality. Moreover, the administrations have also updated their approaches to include clean energy zones in their future projection impelling the expansion of the hydrogen generation industry.
Comprehensive Analysis of Hydrogen Generation Market
The hydrogen generation market and power & energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the power industry. These segmentations are methodically segregated by types of type, technology, and application. The by type includes, on-site and portable. The by technology is such as steam methane reforming, water electrolysis, partial oil oxidation, and coal gasification. However, the application contains ammonia production, petroleum refinery, methanol production, transportation, power generation, and others.
The Asia Pacific region is conducive to the global hydrogen generation market, leading to a recall of USD 56.61 billion owing to favorable government policies and huge fuel cell vehicle targets. The increasing energy demand and growing expenditure in hydrogen refueling infrastructure are impelling the regional position.
The top players in the market play a crucial role in the power & energy industry assuring industrial prospectus growth and setting market standards. These players include Air Liquide (France), Iwatani Corporation (Japan), Hydrogenics (Canada), Messer Group (Germany), Showa Denko K.K. (Japan), Linde (UK), Epoch Energy Technology Corporation (Taiwan), Idroenergy Spa (Italy), Praxair, Inc (U.S.), Air Products (U.S.), McPhy (France), LNI Swissgas (Switzerland), Airgas (U.S.), Parker Hannifin (U.S.), and FuelCell Energy (U.S.), these market players provide a level-playing competitive landscape.
In April 2024, a Gujarat state government committee permitted an area of 63,000 hectares. This plot is allotted for construction of green hydrogen from wind, solar and wind-solar hybrid energy sources. These site parcels are situated in Banaskantha, Kutch, and Patan districts.
Segmentation Table
Global Hydrogen Generation Market Scope
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 5.84% from 2024-2032
Unit Value (USD Billion)
Segmentation By Type
- On-site
- Portable
By Technology
- Steam Methane Reforming
- Water Electrolysis
- Partial Oil Oxidation
- Coal Gasification
By Application
- Ammonia Production
- Petroleum Refinery
- Methanol Production
- Transportation
- Power Generation
- Others
By Geography
- North America
- By Type
- By Technology
- By Application
- By Country
- U.S
- Canada
Europe
- By Type
- By Technology
- By Application
- By Country
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific
- By Type
- By Technology
- By Application
- By Country
- China
- India
- Japan
- Australia
- Southeast Asia
- Rest of Asia Pacific
Latin America
- By Type
- By Technology
- By Application
- By Country
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- By Type
- By Technology
- By Application
- By Country
- GCC
- South Africa
- Rest of the Middle East & Africa
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
- 4.6. Impact of COVID-19 on the Hydrogen Generation Market
- 5. Global Hydrogen Generation Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Type
- 5.2.1. On-site
- 5.2.2. Portable
- 5.3. Market Analysis, Insights and Forecast – By Technology
- 5.3.1. Steam Methane Reforming
- 5.3.2. Water Electrolysis
- 5.3.3. Partial Oil Oxidation
- 5.3.4. Coal Gasification
- 5.4. Market Analysis, Insights and Forecast – By Application
- 5.4.1. Ammonia Production
- 5.4.2. Petroleum Refinery
- 5.4.3. Methanol Production
- 5.4.4. Transportation
- 5.4.5. Power Generation
- 5.4.6. Others
- 5.5. Market Analysis, Insights and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Latin America
- 5.5.3. Europe
- 5.5.4. Asia Pacific
- 5.5.5. Middle East and Africa
- 6. North America Hydrogen Generation Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Type
- 6.2.1. On-site
- 6.2.2. Portable
- 6.3. Market Analysis, Insights and Forecast – By Technology
- 6.3.1. Steam Methane Reforming
- 6.3.2. Water Electrolysis
- 6.3.3. Partial Oil Oxidation
- 6.3.4. Coal Gasification
- 6.4. Market Analysis, Insights and Forecast – By Application
- 6.4.1. Ammonia Production
- 6.4.2. Petroleum Refinery
- 6.4.3. Methanol Production
- 6.4.4. Transportation
- 6.4.5. Power Generation
- 6.4.6. Others
- 6.5. Market Analysis, Insights and Forecast – By Country
- 6.5.1. U.S.
- 6.5.2. Canada
- 7. Europe Hydrogen Generation Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Type
- 7.2.1. On-site
- 7.2.2. Portable
- 7.3. Market Analysis, Insights and Forecast – By Technology
- 7.3.1. Steam Methane Reforming
- 7.3.2. Water Electrolysis
- 7.3.3. Partial Oil Oxidation
- 7.3.4. Coal Gasification
- 7.4. Market Analysis, Insights and Forecast – By Application
- 7.4.1. Ammonia Production
- 7.4.2. Petroleum Refinery
- 7.4.3. Methanol Production
- 7.4.4. Transportation
- 7.4.5. Power Generation
- 7.4.6. Others
- 7.5. Market Analysis, Insights and Forecast – By Country
- 7.5.1. UK
- 7.5.2. Germany
- 7.5.3. France
- 7.5.4. Italy
- 7.5.5. Spain
- 7.5.6. Russia
- 7.5.7. Rest of Europe
- 8. Asia Pacific Hydrogen Generation Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Type
- 8.2.1. On-site
- 8.2.2. Portable
- 8.3. Market Analysis, Insights and Forecast – By Technology
- 8.3.1. Steam Methane Reforming
- 8.3.2. Water Electrolysis
- 8.3.3. Partial Oil Oxidation
- 8.3.4. Coal Gasification
- 8.4. Market Analysis, Insights and Forecast – By Application
- 8.4.1. Ammonia Production
- 8.4.2. Petroleum Refinery
- 8.4.3. Methanol Production
- 8.4.4. Transportation
- 8.4.5. Power Generation
- 8.4.6. Others
- 8.5. Market Analysis, Insights and Forecast – By Country
- 8.5.1. China
- 8.5.2. India
- 8.5.3. Japan
- 8.5.4. Australia
- 8.5.5. Southeast Asia
- 8.5.6. Rest of Asia Pacific
- 9. Latin America Hydrogen Generation Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Type
- 9.2.1. On-site
- 9.2.2. Portable
- 9.3. Market Analysis, Insights and Forecast – By Technology
- 9.3.1. Steam Methane Reforming
- 9.3.2. Water Electrolysis
- 9.3.3. Partial Oil Oxidation
- 9.3.4. Coal Gasification
- 9.4. Market Analysis, Insights and Forecast – By Application
- 9.4.1. Ammonia Production
- 9.4.2. Petroleum Refinery
- 9.4.3. Methanol Production
- 9.4.4. Transportation
- 9.4.5. Power Generation
- 9.4.6. Others
- 9.5. Market Analysis, Insights and Forecast – By Country
- 9.5.1. Brazil
- 9.5.2. Mexico
- 9.5.3. Rest of Latin America
- 10. Middle East & Africa Hydrogen Generation Market Analysis (USD Billion), Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Type
- 10.2.1. On-site
- 10.2.2. Portable
- 10.3. Market Analysis, Insights and Forecast – By Technology
- 10.3.1. Steam Methane Reforming
- 10.3.2. Water Electrolysis
- 10.3.3. Partial Oil Oxidation
- 10.3.4. Coal Gasification
- 10.4. Market Analysis, Insights and Forecast – By Application
- 10.4.1. Ammonia Production
- 10.4.2. Petroleum Refinery
- 10.4.3. Methanol Production
- 10.4.4. Transportation
- 10.4.5. Power Generation
- 10.4.6. Others
- 10.5. Market Analysis, Insights and Forecast – By Country
- 10.5.1. GCC
- 10.5.2. South Africa
- 10.5.3. Rest of Middle East & Africa
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2023
- 11.2. Company Profile
- 11.2.1. Air Liquide
- 11.2.1.1. Business Overview
- 11.2.1.2. Product & Service Offering
- 11.2.1.3. Overall Revenue
- 11.2.1.4. Geographic Presence
- 11.2.1.5. Recent Development
- 11.2.2. Air Products
- 11.2.2.1. Business Overview
- 11.2.2.2. Product & Service Offering
- 11.2.2.3. Overall Revenue
- 11.2.2.4. Geographic Presence
- 11.2.2.5. Recent Development
- 11.2.3. Iwatani Corporation
- 11.2.3.1. Business Overview
- 11.2.3.2. Product & Service Offering
- 11.2.3.3. Overall Revenue
- 11.2.3.4. Geographic Presence
- 11.2.3.5. Recent Development
- 11.2.4. Hydrogenics
- 11.2.4.1. Business Overview
- 11.2.4.2. Product & Service Offering
- 11.2.4.3. Overall Revenue
- 11.2.4.4. Geographic Presence
- 11.2.4.5. Recent Development
- 11.2.5. Linde
- 11.2.5.1. Business Overview
- 11.2.5.2. Product & Service Offering
- 11.2.5.3. Overall Revenue
- 11.2.5.4. Geographic Presence
- 11.2.5.5. Recent Development
- 11.2.6. Praxair, Inc
- 11.2.6.1. Business Overview
- 11.2.6.2. Product & Service Offering
- 11.2.6.3. Overall Revenue
- 11.2.6.4. Geographic Presence
- 11.2.6.5. Recent Development
- 11.2.7. Messer Group
- 11.2.7.1. Business Overview
- 11.2.7.2. Product & Service Offering
- 11.2.7.3. Overall Revenue
- 11.2.7.4. Geographic Presence
- 11.2.7.5. Recent Development
- 11.2.8. Showa Denko K.K.
- 11.2.8.1. Business Overview
- 11.2.8.2. Product & Service Offering
- 11.2.8.3. Overall Revenue
- 11.2.8.4. Geographic Presence
- 11.2.8.5. Recent Development
- 11.2.9. Epoch Energy Technology Corporation
- 11.2.9.1. Business Overview
- 11.2.9.2. Product & Service Offering
- 11.2.9.3. Overall Revenue
- 11.2.9.4. Geographic Presence
- 11.2.9.5. Recent Development
- 11.2.10. Idroenergy Spa
- 11.2.10.1. Business Overview
- 11.2.10.2. Product & Service Offering
- 11.2.10.3. Overall Revenue
- 11.2.10.4. Geographic Presence
- 11.2.10.5. Recent Development
- 11.2.11. McPhy
- 11.2.11.1. Business Overview
- 11.2.11.2. Product & Service Offering
- 11.2.11.3. Overall Revenue
- 11.2.11.4. Geographic Presence
- 11.2.11.5. Recent Development
- 11.2.12. LNI Swissgas
- 11.2.12.1. Business Overview
- 11.2.12.2. Product & Service Offering
- 11.2.12.3. Overall Revenue
- 11.2.12.4. Geographic Presence
- 11.2.12.5. Recent Development
- 11.2.13. Airgas
- 11.2.13.1. Business Overview
- 11.2.13.2. Product & Service Offering
- 11.2.13.3. Overall Revenue
- 11.2.13.4. Geographic Presence
- 11.2.13.5. Recent Development
- 11.2.14. Parker Hannifin
- 11.2.14.1. Business Overview
- 11.2.14.2. Product & Service Offering
- 11.2.14.3. Overall Revenue
- 11.2.14.4. Geographic Presence
- 11.2.14.5. Recent Development
- 11.2.15. FuelCell Energy
- 11.2.15.1. Business Overview
- 11.2.15.2. Product & Service Offering
- 11.2.15.3. Overall Revenue
- 11.2.15.4. Geographic Presence
- 11.2.15.5. Recent Development
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