The global market for hydrogen generation has a value of US$ 139.10 billion in 2022 and is projected to grow at a CAGR of 7% from 2022 to 2032 to reach US$ 273.63 billion.
The market for hydrogen generating is expanding as a result of rising consumer demand for carbon-free hydrogen production. Between 2017 and 2021, the market for hydrogen generation experienced a 5% CAGR.
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The projection term will see an excellent 7% CAGR in the global hydrogen generation industry. (2022 – 2032). The market for hydrogen generation benefits from the falling cost of solar photovoltaics and rising sales of hydrogen fuel cell cars. The adoption of hydrogen generation products in end-use sectors is accelerated by the large-scale production of low-carbon hydrogen from fossil fuels.
The focus on cheap, clean energy encourages the production of hydrogen. Governments all across the world are promoting the use of hydrogen by combining incentives and generating targets, from the US to Australia. Manufacturers of passenger cars, in particular, benefit from the most generous subsidies for the use of hydrogen. Through 2032, the adoption of hydrogen generation will be spread by the growing need to reduce carbon emissions from refinery operations.
Major Service Providers
- Air Liquide
- Air Products and Chemical
- Fuelcell Energy
- Hydrogenics
- Iwatani
- Linde
- Messer Group
- Plug Power
- Praxair
- Showa Denko
- Taiyo Nippon Sanso
- Xebec
- Ally Hi-Tech
- Ballard Power Systems
- Caloric
- Claind
- Erredue
- Hygear
- Nuvera Fuel Cells
What insights this research provides to readers?
- The report gives information on the emerging market in the Hydrogen Generation industry across the world.
- The markets that are expected to overtake the major economies in terms of economic growth in the coming decade are highlighted in the report.
- The updates given in the report are with the impact of Covid-19 on the Hydrogen Generation industry.
- The report has also studied how the vaccination rollouts have impacted the Hydrogen Generation market and its individual economies.
- The report includes some key threats that may hamper the growth of the market and strategies to survive the threats.
- The report presents the average annual GDP growth rates of the global Hydrogen Generation markets for the year 2022-2032.
- Internal, and external challenges and future growth opportunities to the market players in the Hydrogen Generation market are included in the report.
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In order to produce hydrogen, a mature and sophisticated method is used called steam methane reforming. Since steam methane reforming is the most practical way to produce hydrogen, the rising global demand for it is a significant factor in the development of steam methane reformers.
Operational advantages including the steam methane reforming process’ high conversion efficiency are further elements boosting the market’s expansion. Throughout the projected period, the steam methane reforming segment is anticipated to maintain its lead.
Key Segments Profiled in the Industry Survey
- By Technology :
- Coal Gasification
- Steam Methane Reforming
- Other Technologies
- By System :
- Merchant Hydrogen Generation
- Captive Hydrogen Generation
- By Application :
- Methanol Production
- Ammonia Production
- Petroleum Refining
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Fact MR provides an overview of the market’s size based on key regions, end-user applications, products, and kinds. The Hydrogen Generation Market Covers research then delves into the profiles of the major players, including their growth strategies, pricing policies, profit margins, and analyses of their value chains and production processes. The knowledge contained in this report serves as a solid foundation for the projections made over the forecast period.
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