Global Hydrogen Generation Market projected to hit USD 270.59 billion at a 8.5% CAGR by 2030

Global Hydrogen Generation Market Size Was Valued at USD 140.89 Billion In 2022 And Is Projected to Reach USD 270.59 Billion By 2030, Growing at A CAGR of 8.5% From 2023 To 2030.

Market Overview:

Hydrogen is made from a variety of resources, including biomass, natural gas, coal, and a variety of other renewable and non-renewable energy sources. Natural gas is currently the most common source of hydrogen, and natural gas steam methane reformers are commonly utilized in hydrogen generation.

However, modern processes such as electrolysis and pyrolysis can also be used to create hydrogen. Hydrogen may be produced utilizing a variety of procedures and resources.

The thermochemical method needs the use of fossil fuels to release hydrogen, whereas other systems use electrolysis or solar energy to split water into hydrogen and oxygen. The market for hydrogen generation is predicted to be driven by an exponential growth in demand for clean and green fuel due to rising pollution levels, as well as expanding government laws to control and restrict Sulfur content in fuels.

Top Key Players in the Hydrogen Generation Market:

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.), FuelCell Energy (U.S.), and Other Major Players.

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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels.

Market Dynamics and Factors for the Hydrogen Generation Market:

Drivers:

Growing demand for clean transport fuel boosting the Hydrogen Generation Market.

The demand for fuel cell electric vehicles (FCEVs) such as passenger cars, buses, lorries, and other heavy-duty vehicles is expected to grow rapidly. FCEVs are equipped with fuel cell technology that allows them to function without emitting hazardous emissions by using hydrogen as a primary fuel.

Furthermore, various governments' massive FCEV deployment objectives have resulted in a large rise in the number of FCEVs on the road. According to the International Energy Agency (IEA), South Korea plans to deploy 81,000 FCEVs by 2022 and 2.9 million cars by 2040, according to a report released in June 2020.

Continuous industrial and urban expansions have compelled countries to employ a variety of power production technologies to meet demand. Opportunities:

Increased Refining Activity And Increased Requirements For Hydrotreating And Hydrocracking

In recent years, due to increased refining activity and increased requirements for hydrotreating and hydrocracking, refinery hydrogen consumption has increased significantly. As worldwide gasoline requirements limit allowed amounts of sulfur content, this trend is expected to continue.

Sulfur content restrictions in road transport fuels such as gasoline and diesel have already been cut to < 0.0015 percent in several nations, including China, and others are expected to follow suit. The International Maritime Organization has also issued new bunker fuel standards, limiting the sulfur content of marine fuels to no more than 0.5 percent beginning in 2020 (IEA, 2019a), which is expected to result in a large rise in hydrogen generation for marine fuel production.

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Segmentation Analysis of the Hydrogen Generation Market:

By Systems Type, the Merchant segment is dominating the Hydrogen Generation Market. The term "merchant generation" refers to hydrogen that is generated at a central location and then delivered and sold to customers by bulk tank, cylinder truck, or pipeline.

By Technology, Steam methane reformation is dominating the technology segment in the Hydrogen Generation Market. Steam methane reformation produces hydrogen as well as other gases such as carbon monoxide and carbon dioxide.

By Technology

• PEM
• Alkaline Electrolyzer
• Solid Oxide Electrolyzer
• Others

By Application

• Power Generation
• Transport
• Others

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Regional Analysis of the Hydrogen Generation Market:

The Asia Pacific is currently dominating the Hydrogen Generation Market. China, Japan, South Korea, India, and Australia are all part of the Asia-Pacific market.

Market growth is expected to be boosted by strong economic performance and large-scale R&D expenditures in the Asia Pacific emerging countries. China is making significant reforms to its gasoline and petroleum industries to address a variety of issues, including pollution and economic disparities between urban and rural populations.

Air pollution and rising levels of sulfur in the atmosphere are also posing problems for the country. In addition, the presence of a large number of refineries in key APAC nations such as China and India has boosted hydrogen-generating usage in the area.

Furthermore, governments in Asia Pacific nations such as Japan and Australia are considering greener and cleaner hydrogen-producing technologies, which is projected to enhance the regional market growth.

By Region     

• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)

Key Industry Development:

In July 2021, Cerulean Winds announced a deal with px Group to help develop onshore green hydrogen reactors and related industrial infrastructure in England and Scotland for its 200-turbine floating wind-to-hydrogen project in the North Sea.

In July 2021, Plug Power, one of the top hydrogen technology firms, entered into a 345 MW wind power purchase deal with Apex Clean Energy (PPA). The wind farm will generate enough energy to power one of a series of liquid hydrogen facilities, making it the largest wind-powered hydrogen project in the United States.

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