Global Hydrogen Generation Market size and share is currently valued at USD 169.34 billion in 2023 and is anticipated to generate an estimated revenue of USD 364.84 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 9.1% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Market Overview:
The hydrogen generation market is a pivotal component in the global shift toward clean energy, offering a sustainable solution to meet the rising demand for energy while reducing greenhouse gas emissions. Hydrogen, a versatile and clean energy carrier, is produced through various methods, including natural gas reforming, electrolysis, and biomass gasification. Its applications span across industries such as transportation, power generation, chemical production, and refining.
As the world focuses on achieving net-zero emissions and transitioning to renewable energy, hydrogen generation is playing a critical role in decarbonizing key sectors and enabling energy storage solutions.
Market’s Growth Drivers:
Several key factors are driving the growth of the hydrogen generation market:
- Rising Demand for Clean Energy Solutions
Governments and organizations worldwide are prioritizing clean energy initiatives to combat climate change. Hydrogen is increasingly recognized as a crucial energy source due to its zero-emission potential when used in fuel cells or combustion. - Supportive Government Policies and Incentives
Numerous governments are implementing policies and offering incentives to promote hydrogen adoption. Initiatives such as subsidies, tax benefits, and infrastructure investments are encouraging the development of hydrogen generation projects. - Advancements in Electrolysis Technology
Innovations in electrolysis, particularly in the production of green hydrogen using renewable energy, are significantly boosting the market. Reduced costs and improved efficiency of electrolysis systems are making green hydrogen more commercially viable.
𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
Some of the major players operating in the global market include:
- Air Liquide S.A.,
- Cummins Inc.,
- Total Energies,
- ITM Power,
- Air Products and Chemicals, Inc.,
- FuelCell Energy, Inc.,
- Iwatani Corporation,
- The Messer Group GmbH,
- Taiyo Nippon Sanso Corporation,
- Linde Plc
- Uniper SE,
- Green Hydrogen Systems
Recent Developments:
- April 2023: Linde plc secured a long-term contract to supply green hydrogen to Evonik, a prominent manufacturer of specialty chemicals. This collaboration highlights the growing demand for green hydrogen in industrial applications.
- March 2024: Chevron’s New Energy division deployed a 5-MW electrolyzer system supplied by Accelera by Cummins. The system is being used to produce low-carbon electrolytic hydrogen at Chevron’s Lost Hills facility in California, USA, marking a significant step toward reducing the carbon footprint of industrial hydrogen production.
- May 2024: India’s state-owned natural gas company, GAIL Ltd., launched its first green hydrogen project in central India. Using a 10 MW PEM electrolyzer unit imported from Canada, the facility is set to produce 4.3 tons per day (TPD) of green hydrogen by electrolyzing water with renewable energy. This marks a major milestone in India’s push toward clean energy solutions.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
The Hydrogen Generation Market segmentation divides the market into several segments. The industry segmentation is primarily based on product type, application, end-use, and geographic factors. Besides, the research study covers several sub-segments of the market. An in-depth examination of each market segment and sub-segment has been provided, covering the industry size, growth prospects, industry drivers, and challenges. The detailed market segmentation helps stakeholders identify the diverse needs of different consumer groups in the market. Also, it pinpoints opportunities for targeted marketing and product development strategies.
Hydrogen Generation Market, Technology Outlook (Revenue – USD Billion, 2019-2032)
- Coal Gasification
- Steam Methane Reforming
- Others
Hydrogen Generation Market, Application Outlook (Revenue – USD Billion, 2019-2032)
- Power Generation
- Transportation
- Petroleum Refining
- Ammonia Production
- Methanol Production
- Others
Hydrogen Generation Market, System Outlook (Revenue – USD Billion, 2019-2032)
- Captive
- Merchant
Hydrogen Generation Market, Source Outlook (Revenue – USD Billion, 2019-2032)
- Water
- Biomass
- Coal
- Natural Gas
The hydrogen generation market is at the forefront of the global clean energy revolution, driving decarbonization across multiple industries and enabling a sustainable future. With advancements in technology, supportive policies, and expanding applications, hydrogen is set to play a central role in the energy transition. As investments in infrastructure and innovation continue, the hydrogen generation market is poised for remarkable growth, shaping a greener and more resilient global energy landscape.