DUBAI, UAE, Feb. 9, 2024 /PRNewswire/ — As per the latest report published by Kings Research, the Hydrogen Generation Market was worth USD 154.57 billion in 2022 and is projected to reach USD 225.78 billion by 2030, growing at a 4.85% CAGR from 2023 to 2030. The hydrogen generation industry is experiencing a positive outlook, propelled by the worldwide transition toward sustainable and clean energy sources. Key growth drivers include the increasing demand for clean energy solutions to address climate change, the expansion of renewable energy sources like wind and solar, and the efficiency of hydrogen in storing and transporting energy.
Hydrogen generation involves producing hydrogen gas, mainly using methods like steam methane reforming, electrolysis, and coal gasification. Hydrogen is utilized in various sectors such as transportation (fuel cells for vehicles), industrial processes (chemical manufacturing and oil refining), energy storage, and power generation. It plays a crucial role in producing ammonia for fertilizers and serves as a feedstock for various chemical productions. Regulatory considerations for hydrogen generation differ across regions, with certain governments providing incentives and subsidies to encourage the adoption of clean hydrogen production and utilization.
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Leading players in the hydrogen generation industry are strategically employing various business tactics, including partnerships, mergers and acquisitions, product innovations, and joint ventures. These strategies aim to broaden their product offerings and enhance market shares in diverse regions. Notably, expansion and investments emerge as primary strategic initiatives undertaken by companies operating in this sector.
For instance, in January 2021, Total and ENGIE collaborated to establish France’s largest facility exclusively dedicated to the production of green hydrogen. The project was designed to utilize 100% renewable electricity as its primary energy source.
Major participants profiled in the hydrogen generation market include:
- Air Products and Chemicals, Inc.
- Linde plc
- Air Liquide
- Cummins Inc.
- Plug Power Inc.
- Ballard Power Systems Inc.
- ITM Power plc
- Nel ASA
- McPhy Energy S.A.
- FuelCell Energy, Inc.
- ENGIE SA
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Trending Now: Linde and Evonik Ink Long-Term Green Hydrogen Supply Deal
In April 2023, Linde, a global industrial gas company entered into a long-term contract with Evonik, a leading specialty chemicals company, to supply green hydrogen. This strategic agreement was intended to support the expansion of Evonik’s existing infrastructure while contributing to a significant reduction in its carbon footprint within Singapore.
This move reflects a broader industry shift toward sustainable practices, highlighting the commitment of major players to cleaner energy solutions and environmental responsibility. The collaboration between Linde and Evonik aims to play a pivotal role in fostering a greener and more sustainable future for the chemical sector.
Increasing Adoption of Gray Hydrogen to Foster Hydrogen Generation Market Outlook
Based on source, the market is bifurcated into green hydrogen, blue hydrogen, and gray hydrogen.
The gray hydrogen segment led the global hydrogen generation market by accruing the largest market share in 2022. Gray hydrogen, derived from natural gas through fossil fuel-based processes, stands as the least sustainable variant of hydrogen. Presently, a predominant portion of hydrogen production is dependent on gray hydrogen. It is favored for its cost-effectiveness and extensive use in the chemical industry, particularly in fertilizer production and oil refining. Factors such as increasing globalization, rapid industrialization, and the surging adoption of hydrogen fuel cell vehicles are expected to substantially drive the demand for gray hydrogen in the coming years.
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Extensive Utilization of Hydrogen in Chemical Processing Applications to Spur Hydrogen Generation Market Progress
By application, the market is divided into chemical processing, transportation, petroleum recovery, power generation, and others. The chemical processing segment accumulated the largest market share in 2022. The chemical processing segment is experiencing significant growth driven by the extensive utilization of hydrogen in the production of diverse chemical products. The heightened global demand for ammonia fertilizers is a key factor propelling the growth of hydrogen in this segment. This increased demand is anticipated to have a positive influence on the market for large-scale hydrogen generation devices. Additionally, the expanding population and the growing requirement for diverse chemical raw materials in various industries present significant opportunities for the usage of hydrogen generation in the chemical processing sector. These factors are collectively creating favorable conditions for segment development through the review period.
Rising Transition To Clean Energy Sources Worldwide To Fuel Hydrogen Generation Market Growth
The hydrogen generation market is witnessing a robust surge driven by a global push toward decarbonization and a transition to clean energy sources. Governments and industries worldwide are actively pursuing strategies to reduce carbon emissions, and hydrogen, particularly environmentally friendly green hydrogen, is emerging as a pivotal solution. These concerted efforts toward decarbonization have created substantial opportunities for companies involved in hydrogen generation, with rising demand for clean hydrogen across various applications.
Furthermore, the automotive sector’s growing interest in hydrogen fuel cells as a power source for zero-emission vehicles serves as a significant driver for the expansion of the hydrogen generation market. The market landscape is replete with vast opportunities, with hydrogen assuming a pivotal role in crucial sectors like transportation, industry, and power generation. The environmental advantages of green hydrogen, produced using renewable energy sources, are contributing to its increasing popularity. Additionally, hydrogen’s role in decarbonizing challenging sectors such as steel and chemicals further amplifies growth prospects. With governments globally setting carbon neutrality goals, the escalating stringency of policies and incentives is poised to propel industry development.
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Robust Commitment Toward Clean Energy Solution by North America to Propel Hydrogen Generation Market Development
North America dominated the global hydrogen generation industry in 2022, primarily driven by the United States’ robust commitment to adopt hydrogen as a clean energy solution. The U.S. government’s initiatives for hydrogen infrastructure development and substantial investments in research and development are poised to propel domestic market growth. Canada is also making sizable investments in hydrogen projects with a specific focus on producing green hydrogen from renewable sources, which is fueling product demand. Moreover, the automotive industry’s growing interest in hydrogen fuel cells as an alternative to traditional combustion engines is fostering the demand for hydrogen, solidifying North America’s position in the hydrogen generation market.
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Key Points from TOC:
1 Introduction of the Global Hydrogen Generation Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Hydrogen Generation Market Outlook
4.1 Market Evolution
4.3 Market Dynamics
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Hydrogen Generation Market, By Source
7 Global Hydrogen Generation Market, By Process
8 Global Hydrogen Generation Market, By Delivery Mode
9 Global Hydrogen Generation Market, By Application
10 Global Hydrogen Generation Market, By Geography
11 North America
13 Asia Pacific
14 Middle East & Africa
15 Latin America
16 Global Hydrogen Generation Market Competitive Landscape
16.2 Key Developments
16.3 Key Strategic Developments
16.4 Company Market Ranking
16.5 Regional Footprint
16.6 Industry Footprint
17 Company Profiles
17.1 Air Products and Chemicals, Inc.
17.1.1 Key Facts
17.1.2 Financial Overview
17.1.3 Product Benchmarking
17.1.4 Recent Developments
17.1.5 Winning Imperatives
17.1.6 Current Focus & Strategies
17.1.7 Threat from competition
17.1.8 SWOT Analysis
17.2 Linde plc
17.2.1 Key Facts
17.2.2 Financial Overview
17.2.3 Product Benchmarking
17.2.4 Recent Developments
17.2.5 Winning Imperatives
17.2.6 Current Focus & Strategies
17.2.7 Threat from competition
17.2.8 SWOT Analysis
17.3 Air Liquide
17.3.1 Key Facts
17.3.2 Financial Overview
17.3.3 Product Benchmarking
17.3.4 Recent Developments
17.3.5 Winning Imperatives
17.3.6 Current Focus & Strategies
17.3.7 Threat from competition
17.3.8 SWOT Analysis
17.4 Cummins Inc.
17.4.1 Key Facts
17.4.2 Financial Overview
17.4.3 Product Benchmarking
17.4.4 Recent Developments
17.4.5 Winning Imperatives
17.4.6 Current Focus & Strategies
17.4.7 Threat from competition
17.4.8 SWOT Analysis
17.5 Plug Power Inc.
17.5.1 Key Facts
17.5.2 Financial Overview
17.5.3 Product Benchmarking
17.5.4 Recent Developments
17.5.5 Winning Imperatives
17.5.6 Current Focus & Strategies
17.5.7 Threat from competition
17.5.8 SWOT Analysis
Browse Complete TOC: https://www.kingsresearch.com/toc/hydrogen-generation-market-333
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