Global Hydrogen Generation Market size was valued at USD 160.2 Billion in 2023 and is expected to reach USD 280.4 Billion by 2032, at a CAGR of 8.8% during the forecast period 2023 – 2032.
Hydrogen Generation Market – Overview
Hydrogen is the most abundant element in the universe, constituting about 75% of its elemental mass. It is considered a versatile energy carrier and has the potential to play a significant role in the transition to a sustainable and low-carbon energy economy. Hydrogen extracted from various processes is classified into three types blue hydrogen, grey hydrogen, and green hydrogen.
Global trends in the hydrogen generation market include a heightened focus on green hydrogen production using renewable energy sources, advancements in electrolysis technologies, and increasing investments in hydrogen infrastructure. Growing support from governments for hydrogen as a clean energy carrier, coupled with rising demand in sectors like transportation and industrial applications, propels market expansion.
By source, grey hydrogen segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. The trends in grey hydrogen focus on optimizing production processes, emphasizing carbon capture and utilization. The hydrogen generation market sees a rise in efforts to enhance the environmental footprint of gray hydrogen by implementing carbon capture and storage (CCS) technologies.
efficiency and widespread industrial adoption. As industries seek cleaner energy solutions, SMR provides a transitional pathway by leveraging existing resources, contributing significantly to the current growth of the hydrogen generation market.
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By delivery mode, the captive segment held the highest market share in 2022. Captive hydrogen generation, where industries produce hydrogen for its consumption, drives the hydrogen market by ensuring a localized and reliable supply for specific applications. This approach enhances operational efficiency, reduces dependence on external sources, and aligns with sustainability goals, fostering the growth of the hydrogen generation market.
By end use industry, the chemical processing segment held the highest market share in 2022. It serves as a key component in the production of ammonia, refining petroleum, and manufacturing chemicals, making it an essential element in the chemical industry’s operations and contributing to the demand for hydrogen generation technologies.
Custom Market Insights has comprehensively analyzed hydrogen generation market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict in depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this hydrogen generation industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
List of the prominent players in the Hydrogen Generation Market:
- Air Liquide
- Linde plc
- Air Products and Chemicals Inc.
- Hydrogenics Corporation
- Ballard Power Systems
- Plug Power Inc.
- ITM Power
- McPhy Energy
- Nel Hydrogen
- Siemens Energy
- Cummins Inc.
- Green Hydrogen Systems
- Mitsubishi Power
- Toshiba Energy Systems & Solutions Corporation
- Enapter
- Nel Hydrogen Electrolyser
- Doosan Fuel Cell
- Uniper SE
- PowerTap Hydrogen Fueling Corp.
- Hexagon Purus
- Others
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