Hydrogen Generation Market

Analysts at GMI Research estimates that the Hydrogen Generation Market was worth USD 146.1 billion in 2022, and forecast to touch USD 306.4 billion in 2030, growing at a CAGR of 9.7% from 2023-2030.

Hydrogen Generation Market Overview

Hydrogen is produced from several domestic resources such as biomass, fossil fuels, renewable sources, and water electrolysis with the help of electricity. It involves synthesis of gas that contains hydrogen and carbon monoxide, which is reacted with steam to separate the hydrogen. Hydrogen is an important utility for numerous applications in multiple industries such as industrial, mobility, ammonia production, petrochemical and refining industry, glass and float glass manufacturing, chemical & pharmaceutical industry, methanol production, transportation, and power generation industries which can benefit hydrogen plant generation.

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Major Hydrogen Generation Market Drivers

The factors driving the global hydrogen generation market include the rising demand for the clean fuel technology with surge in the government initiatives for promoting the clean energy. For instance, Japanese government has provided subsidies to private automotive companies like Toyota for building a hydrogen fuelling station. Toyota has helped build and operate more than 100 hydrogen fuelling stations in Japan and is projected to reach 900 by 2030. It created a massive demand for the hydrogen generation market.

Further, natural gas is the primary source of hydrogen production which accounted for around three quarters of the total annual global hydrogen production of around 70 Million tonnes. Thus, increase in the hydrogen production from natural gas with surge in the government initiatives for clean fuel in the mobility and industrial purposes has impelled the hydrogen generation market.

Restraint in the Hydrogen Generation Market

However, high safety requirement and huge capital investment for hydrogen generation may hamper the market growth.

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Generation- Segment Analysis

Based on the generation, delivery mode is expected to grow at the fastest rate in the global hydrogen generation market during the forecast period owing to increasing government initiatives and growing demand for the hydrogen as fuel for the mobility and industrial purposes. For instance, the United States department of the clean energy has planned USD 3 Billion for expansion of the next-generation hydrogen power plants.

Technology – Segment Analysis

Based on the technology, electrolysis of water segment is projected to have the largest market share over the forecast period in the global hydrogen generation market in 2020, owing to rising clean fuel demand with surge in the government initiatives and funding. For instance, 2020, the South Australia state government have planned to launch new hydrogen which includes three hydrogen hubs for positioning the region at the forefront of global clean hydrogen production and exportation. The three hubs are located at Port Bonython, Port Adelaide and Cape Hardy/Port Spencer in South Australia. It could double the current installed capacity of solar and wind farms in Australia.

Storage – Segment Analysis

Based on the storage, power-to-gas hydrogen storage segment is projected to have the largest market share over the forecast period in the global hydrogen generation market in 2020, owing to rising investment for the hydrogen production by the leading players in the developed and developing countries. Power-to-gas hydrogen storage has promising approach for converting renewable electricity into fuel for serving global energy demands of non-electric energy applications all sectors.

Application – Segment Analysis

Based on the application, power generation segment is projected to have the largest market share over the forecast period in the global hydrogen generation market in 2020, owing to rising investment for the hydrogen projects with government initiatives and private players investments. For instance, in 2020, Snam, one of the world’s leading energy infrastructure and Linde who own 20% stake of ITM Power have signed agreement to jointly develop clean hydrogen projects worth around USD 50 Million. The joint partnership will develop key technologies along the hydrogen value for commercial projects in the areas of distribution, production, compression and storage.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific region is dominated the global hydrogen generation market in 2020 due to increasing government initiatives and funding for the mobility and transportation. For instance, in 2021, MNRE and NTPC had launched hydrogen fuel cell bus project in Leh for implementation of 23 gigawatt of mega solar and transmission projects in the Leh and Ladakh regions in India. Further, increasing trends towards the use of cleaner and greener technology-based vehicles due to rising consumer spending and surge in consumer awareness for clean environmental solutions have impelled the hydrogen generation market growth.

Top Market Players

Various notable players operating in the market, include, Air Liquide, Air Products Inc, Fuelcell Energy, Cummins Inc, Protononsite, Teledyne Technologies Incorporated, Linde, Xebec Adsorption Inc, Ally hi-tech co., ltd., Ballard Power Systems, Claind srl, Erre Due S.P.A., Hygear HQ and among others. 

Key Developments:

• • In 2021, Indian Oil Corporation planned to set up several hydrogen production units on pilot basis for producing the gas.
  • In 2020, McPhy is selected for the deployment of two stations with a capacity of 400 kg of hydrogen per day each which valued at around USD 4.80 Million. It connects with 1 M.W. high-power electrolyzer, on the territory of Dijon Métropole, France.
  • In 2020, McPhy delivered and installed a McLyzer 400-30 2 M.W. electrolysis platform which produces over 300 tons of zero-carbon hydrogen from renewable energy per year to The Apex Energy plant.
  • In 2020, Cummins announced to provide largest PEM electrolysers hydrogen technology which enables renewable energy for public utilities in Washington, United States. Cummins will provide its 5-megawatt PEM electrolyzer to enable renewable energy for the Douglas County Public Utility District (Douglas County PUD) in Washington State.
  • In 2020, Enapter planned to expand its production capacity of the hydrogen electrolyzer by 100,000 systems per year at Saerbeck, Germany.

Segments covered in the Report:

The global hydrogen generation market has been segmented on the basis of generation, technology, storage, application and key regions. Based on generation, the market is segmented into delivery mode, merchant and captive. Based on technology, the global hydrogen generation market is classified as partial oxidation of oil, coal gasification, electrolysis of water and steam methane. Further, storage segment is divided into on-board hydrogen storage, underground hydrogen storage and power-to-gas hydrogen storage. Based on application, the market is divided into mobility fuels, petroleum refinery, chemical processing, ammonia production, methanol production, transportation, power generation and others. 

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Report Coverage	Details
Market Revenues (2022)	USD 146.1 billion
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Revenues (USD billion)
Market Segment	By Generation, By Technology, By Storage, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Air Liquide, Air Products Inc, Fuelcell Energy Solutions, Cummins INC, Protononsite, Teledyne Technologies Incorporated, Linde, Xebec Adsorption Inc, Ally Hi-Tech Co., LTD., Ballard Power Systems, Claind srl, Erre due s.p.a., Hygear HQ, and among others; a total 13 of companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Hydrogen Generation Market by Generation

• • Delivery Mode
  • Merchant
  • Captive

Global Hydrogen Generation Market by Technology

• • Partial Oxidation of Oil
  • Coal Gasification
  • Electrolysis of Water
  • Steam Methane Reforming

Global Hydrogen Generation Market by Storage

• • On-Board Hydrogen Storage
  • Underground Hydrogen Storage
  • Power-To-Gas Hydrogen Storage

Global Hydrogen Generation Market by Application

• • Mobility fuels
  • Petroleum Refinery
  • Chemical Processing
  • Ammonia Production
  • Methanol Production
  • Transportation
  • Power Generation
  • Others

Global Hydrogen Generation Market by Region

• • North America Hydrogen Generation Market (Option 1: As a part of the free 25% customization)

    • By Generation
    • By Technology
    • By Storage
    • By Application
    • US All-Up
    • Canada All-Up

  • Europe Hydrogen Generation Market (Option 2: As a part of the free 25% customization)

    • By Generation
    • By Technology
    • By Storage
    • By Application
    • UK Hydrogen Generation Market All-Up
    • Germany All-Up
    • France All-Up
    • Spain All-Up
    • Rest of Europe All-Up

  • Asia-Pacific Hydrogen Generation Market (Option 3: As a part of the free 25% customization)

    • By Generation
    • By Technology
    • By Storage
    • By Application
    • China Hydrogen Generation Market All-Up
    • India All-Up
    • Japan All-Up
    • Rest of APAC All-Up

  • RoW Hydrogen Generation Market (Option 4: As a part of the free 25% customization)

    • By Generation
    • By Technology
    • By Storage
    • By Application
    • Brazil Hydrogen Generation Market All-Up
    • South Africa All-Up
    • Saudi Arabia All-Up
    • UAE All-Up
    • Rest of world (remaining countries of the LAMEA region) All-Up

Major Players Operating in the Hydrogen Generation (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Air Liquide
  • Air Products Inc
  • Fuelcell Energy Solutions
  • Cummins Inc
  • Protononsite
  • Teledyne Technologies Incorporated
  • Linde
  • Xebec Adsorption Inc
  • Ally hi-tech co., ltd.
  • Ballard Power Systems
  • Claind Srl
  • Erre due s.p.a.
  • Hygear HQ