Hydrogen Generation Market Value to Touch US$ 219.2 Billion By 2030
The hydrogen generation market is anticipated to garner notable gains, registering a CAGR of 5.4% every year, according to a 2022 study by Precedence Research, the Canada-based market Insight Company.
The hydrogen generation market is surging, with an overall revenue growth expectation of hundreds of billions of dollars within the next ten years. The market is expected to grow to US$ 219.2 billion by 2030 from US$ 135.94 billion in 2021. The report contains 150+ pages with detailed analysis.
The global hydrogen generation market is driven by the rising awareness regarding the adoption of green and clean energy. The deteriorating environmental conditions owing to the excess economic activities across the globe has resulted in the deterioration of the environmental health. Rising government initiatives to reduce carbon footprint is fostering the adoption of hydrogen to produce energy.
Moreover, rising investments by the top players in the research and development for development of hydrogen using renewable and eco-friendly sources is expected to drive the growth of the global hydrogen generation market. Moreover, rising demand from the fuel cell industry is boosting the demand for the hydrogen. The rising emphasis on the green energy across industries is expected to boost the growth of the hydrogen generation market across the globe.
Crucial factors accountable for market growth are:
- Rising government initiatives to reduce carbon emission
- Rising demand for green energy in developed countries
- Rising industrialization in developing nations
- Growing demand for hydrogen across various industries
- Rising demand from the ammonia industry
- Developmental strategies adopted by the market players
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Hydrogen Generation Market Scope
|Market Size in 2020||US$ 129.6 Billion|
|Growth Rate||CAGR of 5.4% from 2021 to 2030|
|Market Size||US$ 219.2 Billion by 2030|
|Largest Market||Asia Pacific|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Technology, System Type, Application, Region|
Hydrogen Generation Market Report Highlights
- Based on the technology, the steam methane reforming segment dominated the market. This is attributable to the extensive usage of this technology across the globe for producing hydrogen. It is a mature technology and it generates hydrogen at a cheap cost. The rising industrialization is boosting the demand for the hydrogen for energy production across various industries, thereby boosting the growth of this segment.
- Based on the application, the others segment is expected to be the fastest-growing segment owing to the growing chemical industry. Chemical is a huge industry that contributes significantly towards the GDP growth. In chemical industry, the hydrogen is produced as a by-product and is supplied to numerous industries. Therefore, this segment is estimated to grow rapidly during the forecast period.
- Based on system type, the captive segment is estimated to be the most opportunistic segment during the forecast period. Captive segment means the on-site generation of hydrogen. Captive system is very widely used in the developed markets owing to the developed infrastructure. Further, it eliminates the distribution costs as in this system, hydrogen is produced and consumed on the site itself.
Hydrogen Generation Market Regional Snapshots
Asia Pacific is the dominating and the fastest-growing market for hydrogen generation. This is attributed to the rising number of manufacturing plants and development of various industries in the region. The rapid industrialization has fostered the growth of the hydrogen generation market in Asia Pacific. The robust economic development in the nations like Japan, China, and India has exponentially increased the consumption of hydrogen across various industries. The rising government expenditure on building infrastructure for the distribution of various goods and government policies to attract FDIs is expected to foster the industrial development in the region, which in turn is expected to drive the growth of the hydrogen generation market in the region during the forecast period.
Hydrogen Generation Market Dynamics
Driver – The increased deployment of vehicles operated by the fuel cells is boosting the demand for the hydrogen. The development of fuel cell electric vehicles especially the heavy duty and the passenger vehicles is an attempt to reduce carbon emission from vehicles across the globe is expected to drive the demand for the hydrogen. Moreover, the increased urbanization and industrialization has propelled the nations to develop and adopt green energy for protecting the environment from global warming.
Restraints – High capital investment is associated with the production of hydrogen. Various technologies like electrolysis is very much costly and it also consumes lot of energy while producing hydrogen. This factor may hinder the market growth in the upcoming years.
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Opportunities – The various developmental strategies like partnerships, joint ventures, and agreements fosters market growth and offers lucrative growth opportunities to the market players. For instance, Obayashi Corporation and Tuaropaki Trust entered started a joint venture named Halcyon Power to develop the first ever carbon-free hydrogen production unit in New Zealand.
Challenges – The major challenge associated with the hydrogen generation is the lack of coal. The lack of coal owing to the halt in the mining centers due to heavy rainfall in 2020 has resulted in power cuts in the major economies like China and India.
Hydrogen Generation Market Key Vendors
- Linde plc
- Air Liquide International S.A.
- Messer Group GmbH
- Air Products and Chemicals, Inc.
- Weldstar, Inc.
- Praxair, Inc.
- LNI Swissgas
Segments Covered in the Report
- Coal Gasification
- Steam Methane Reforming
- Methanol Production
- Ammonia Production
- Petroleum Refinery
- Power Generation
By System Type
- North America
- South Korea
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of the Middle East & Africa
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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