Hydrogen Generation Market (2023-2030)
is projected to reach $188.2 billion by 2030, at a CAGR of 8.4% during the forecast period 2023–2030.
- Published
- Aug 2023
- Pages
- 331
- Format
- PDF + Excel
- Report ID
- MRCHM - 104917
- Base year
- 2022
- 2030 · FORECAST
- $188.2B
- 2030
- $188.2B
- CAGR 2023–2030
- 8.4%
2022 baseline · 2023–2030 forecast at 8.4% CAGR · hover a bar for the value
Key highlights
In 2023, the Gray Hydrogen Segment is Expected to Dominate the Hydrogen Generation Market
In 2023, the Hydrogen Generation Process Segment is Expected to Dominate the Hydrogen Generation Market
In 2023, the Fossil Fuels Segment is Expected to Dominate the Hydrogen Generation Market
In 2023, the Ammonia Production Segment is Expected to Dominate the Hydrogen Generation Market
Asia Pacific: Fastest Growing Regional Market
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2023–2030 |
| Market Size (2030) | USD 188.20 billion |
| CAGR (2023–2030) | 8.4% |
| Format | PDF, Excel & Cloud Portal · 331 pages |
| Segments Covered | By Type: Gray Hydrogen, Blue Hydrogen, Green Hydrogen, Other Types · By Process: Gasification, Autothermal Reforming, Cylindering, Portable Storage, Other Storage Processes · By Source: Fossil Fuels, Nuclear, Water, Solar, Biomass, Other Sources · By Application: Ammonia Production, Petroleum Refinery, Methanol Production, E-mobility, Synfuel Production, District Heating, Manufacturing, Power Generation |
| Countries Covered | North America (Canada), Europe (Germany, U.K., France, Italy, Spain, Netherlands, Poland, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea) |
| Key Companies | Toubro Limited, Plug Power Inc., Linde GmbH, Chemicals, Inc., L’AIR LIQUIDE S.A., Matheson Tri-Gas, Inc., Cummins Inc., Siemens Energy AG, Shell plc, Messer SE, Ballard Power Systems Inc., FuelCell Energy, Inc., Iwatani Corporation, Enapter AG, CALORIC Anlagenbau GmbH, SPG Hydrogen Co., Ltd., Uniper SE |
Report overview
Segments covered: type, process, source, application. Regions: North America, Europe, Asia-Pacific.
The growth of the hydrogen generation market is mainly attributed to the rising demand for hydrogen in the chemicals industry and increasing government initiatives to transition to clean energy sources. The high capital cost of hydrogen storage restrains the growth of this market. The growing focus on developing green hydrogen production technologies and the increasing use of hydrogen in fuel cell electric vehicles (FCEVs) are expected to generate growth opportunities for the players in this market. However, the lack of secure hydrogen transport and storage infrastructure is a major challenge for market growth.
The rising use of renewable energy sources for hydrogen production is a major market trend in the hydrogen generation market. Also, increasing use of carbon capture, utilization, and storage (CCUS) in hydrogen production are technology trends in the market.
Report infographic
Table of contents
12 chapters · 133 sections · 331 pages · click to expandSegmental analysis
| Segment | Largest share (2023) | Fastest growth (2023–2030) |
|---|---|---|
| By Type | Gray Hydrogen | Green hydrogen |
| By Process | Hydrogen Generation Process | — |
| By Source | Fossil Fuels | Solar |
| By Application | Ammonia Production | E-mobility |
By Type
- The gray hydrogen segment is expected to account for the largest share of the global hydrogen generation market.
- The growth of this segment is attributed to the increasing demand for gray hydrogen to produce fertilizer and the growing use of gray hydrogen as fuel.
- However, the green hydrogen segment is expected to register the highest CAGR during the forecast period due to the increasing need to lower the cost of producing renewable energy, the emphasis by market players on the development of electrolysis technologies, and the high demand for green hydrogen by fuel cell electric vehicles (FCEVs) and the power industry.
By Process
- The hydrogen generation process segment is expected to account for a larger share of the global hydrogen generation market.
- The segment is expected to register the highest CAGR during the forecast period.
- The growth of this segment is driven by the increasing demand for hydrogen in industrial applications, the rising need to decrease greenhouse gas emissions from hydrogen generation processes, the increasing use of renewable energy sources for hydrogen production, and the growing adoption of hydrogen generation technologies to achieve decarbonization.
By Source
- The fossil fuels segment is expected to account for the largest share of the global hydrogen generation market.
- The growth of this segment is attributed to the increasing need to reduce greenhouse gas emissions, government initiatives promoting the use of fossil-based hydrogen, and the adoption of renewable energy sources for hydrogen production.
- However, the solar segment is expected to register the highest CAGR during the forecast period due to the increasing demand for green hydrogen in industrial applications, the growing adoption of low-cost hydrogen production methods, and the rising use of solar energy for hydrogen production to reduce greenhouse gas emissions.
By Application
- The ammonia production segment is expected to account for the largest share of the global hydrogen generation market.
- The growth of this segment is driven by the increasing demand for ammonia as a low-carbon fuel and the growing use of ammonia to decarbonize industries.
- However, the E-mobility segment is expected to register the highest CAGR during the forecast period due to the increasing adoption of fuel-cell electric vehicles (FCEVs), the growing demand for hydrogen to curb carbon emissions and promote sustainable mobility solutions, and the expanding range of fueling infrastructure for various transportation and motive power applications.
Geographic analysis
Asia-Pacific
Fastest growthAsia-Pacific is projected to register the highest CAGR and growth during the forecast period. Factors such as the growing potential to produce carbon-free hydrogen in the region, the growing focus of Australia to generate hydrogen using carbon capture, usage, and storage (CCUS) technology, increasing production and consumption of lower-emission hydrogen, the growing focus of China to generate hydrogen using renewable energy, natural gas, and coal resources, and increasing use of hydrogen in power generation and stringent environmental regulations towards cleaner forms of energy. Asia Pacific: Fastest Growing Regional Market
Competitive landscape
- Toubro Limited
- Plug Power Inc.
- Linde GmbH
- Chemicals, Inc.
- L’AIR LIQUIDE S.A.
- Matheson Tri-Gas, Inc.
- Cummins Inc.
- Siemens Energy AG
- Shell plc
- Messer SE
- Ballard Power Systems Inc.
- FuelCell Energy, Inc.
- Iwatani Corporation
- Enapter AG
- CALORIC Anlagenbau GmbH
- SPG Hydrogen Co., Ltd.
- Uniper SE
Frequently asked questions
The global hydrogen generation market is projected to reach $188.2 billion by 2030, at a CAGR of 8.4% during the forecast period.
Cite this report
Meticulous Research. (2023). Hydrogen Generation Market - Global Opportunity Analysis and Industry Forecast (2023-2030) (Report No. MRCHM - 104917). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/hydrogen-generation-market-5600