Hydrogen Generation Market Trends, Size, Analysis 2031
The Hydrogen Generation Market is expected to register a CAGR of 9.8% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Type (Green Hydrogen, Brown Hydrogen, Blue Hydrogen, Others). The report further presents analysis based on the Technologies (Steam Methane Reforming (SMR), Partial Oxidation (POX), Coal Gasification, Electrolysis). The report further presents analysis based on the Application (Petroleum Refinery, Ammonia Production, Methanol Production, Transportation, Power Generation). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Hydrogen Generation Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Hydrogen Generation Market Segmentation
Type- Green Hydrogen
- Brown Hydrogen
- Blue Hydrogen
- Others
- Steam Methane Reforming
- Partial Oxidation
- Coal Gasification
- Electrolysis
- Petroleum Refinery
- Ammonia Production
- Methanol Production
- Transportation
- Power Generation
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Hydrogen Generation Market Growth Drivers- Rising Global Plans for Net-zero Emission by 2050: Green hydrogen is produced through the process of electrolysis using renewable energy sources. Green hydrogen has versatile applications in transportation, chemical, power, petrochemical, food & beverages, and other sectors. It can be used as a fuel for fuel cell electric vehicles, a feedstock for industrial processes, and a clean energy source for heating and power generation. With the rising need to decarbonize these sectors, the demand for green hydrogen as a clean, sustainable alternative fuel and energy source is growing significantly across the globe. Hence the rise in planning towards net-zero emissions by 2050 by the economies in the world is driving the market growth.
- Increasing Investment in Renewable Energy: According to the International Energy Agency (IEA), in 2022, the global energy demand will increase by 8%. Investments in cleaner technologies are significantly growing due to a structural shift in capital flows toward such technologies. In January 2023, The Saudi Arabian Ministry announced its plan to invest US$ 226 billion in the development of clean energy across the country. This investment will be utilized for the development of wind and solar energy infrastructure and the generation of power to meet the country-wide demand. Such rise in renewable energy infrastructure across the globe is expected to fuel the market growth in the coming years.
- Technological Advancements in Hydrogen Production: Technological advancements are driving the hydrogen generation market. There are different ways of producing hydrogen, namely, grey hydrogen, blue hydrogen, and green hydrogen. Green hydrogen is produced by water electrolysis from renewable energy, which is the most sustainable and attracts lots of attention. Advances in more efficient electrolysis technologies, such as solid oxide electrolyzers and alkaline electrolyzers, are reducing the cost and scaling of hydrogen production. Other innovations, such as biological hydrogen production and hydrogen extraction from waste, will continue to broaden options for hydrogen generation and reduce costs.
- Increasing Demand for FCEV: Fuel cell electric vehicles (FCEVs) use hydrogen as a fuel and employ fuel cells to generate electricity, providing a clean and efficient alternative to traditional internal combustion engine vehicles. With countries striving to reduce carbon emissions and transition to low-carbon transportation, the demand for FCEVs is increasing across the globe. As a result, various market players are involved in strategic development, such as partnerships, collaborations, and agreements, to enhance their product offerings and fulfill the growing demand for FCEVs. For instance, in July 2023, Toyota Canada, one of the leading automobile manufacturers, signed a deal with Edmonton International Airport (YEG) for the supply of a fleet of 100 Mirai hydrogen fuel cell electric vehicles.
- Green Hydrogen and Renewable Energy Integration: The most promising trend in the hydrogen generation market is the initiative to promote green hydrogen, which is generated using renewable energy sources. The integration of hydrogen along with renewable energy sources such as solar and wind allows excess energy to be stored in the form of hydrogen, which can then be used as and when needed, thus overcoming the problem of intermittency associated with renewable power. On one hand, the energy production through electrolysis, based on renewable sources, might show supply-demand balance in the grid by the synergy between renewable energy and hydrogen. On the other hand, the development of renewable energy capacities will lead to greater contributions of hydrogen in achieving stability in the grid, storage, and decarbonization.
- Increasing Investment in Green Hydrogen Projects: Governments of various across the globe are recognizing the potential of green hydrogen as a clean and sustainable energy solution. They are taking proactive measures to support its development and deployment across various sectors. The increasing focus on decarbonization and climate change mitigation is prompting governments to prioritize investments in green hydrogen as a means to reduce carbon emissions. For instance, in January 2023, the Indian government approved an investment of US$ 2.3 billion for the growth of the green hydrogen sector in the country. Increased government investment provides financial support as well as promotes the long-term viability and potential of green hydrogen to investors, businesses, and other market players.
- International Hydrogen Trade: Hydrogen can be traded as a global commodity, just like oil and natural gas. Countries that have abundant renewable energy resources, such as Australia and the Middle East, are exporting hydrogen to regions that lack such resources. This could result in the emergence of a global hydrogen supply chain, where hydrogen is produced in regions with favorable conditions and then transported through ships, pipelines, or tankers to international markets. The creation of trade routes and infrastructure for hydrogen export would unlock new economic opportunities both for hydrogen producers and consumers.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Hydrogen Generation Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Hydrogen Generation Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Hydrogen Generation Market is estimated to witness a CAGR of 9.8% from 2023 to 2031
The major factors driving the Hydrogen Generation Market are: Rising Global Plans for Net-zero Emission by 2050 and Increasing Investment in Renewable Energy
Increasing investment in green hydrogen projects is the key future trend of the Hydrogen Generation Market
The leading players operating in the Hydrogen Generation Market include Linde Plc, Air Liquide, Cummins Inc., Siemens AG, Thyssenkrupp Industrial Solutions AG, Air Products and Chemicals, Inc., Hydrogenics Corporation, Iwatani Corporation, Hy9 Corporation, and Caloric Anlagenbau GmbH
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1 Introduction
1.1 Scope of Study
1.2 The Insight Partners Research Report Guidance
2 Key Takeaways
3 Hydrogen Generation Market Landscape
3.1 Market Overview
3.2 Market Segmentation
3.2.1 Hydrogen Generation Market - By Delivery Mode
3.2.2 Hydrogen Generation Market - By Process
3.2.3 Hydrogen Generation Market - By Application
3.2.4 Hydrogen Generation Market - By Region
3.2.4.1 By Countries
3.3 PEST Analysis
3.3.1 North America - PEST Analysis
3.3.2 Europe - PEST Analysis
3.3.3 Asia Pacific - PEST Analysis
3.3.4 Middle East and Africa - PEST Analysis
3.3.5 South America - PEST Analysis
4 Hydrogen Generation Market - Key Industry Dynamics
4.1 Key Market Drivers
4.2 Key Market Restraints
4.3 Key Market Opportunities
4.4 Future Trends
4.5 Impact Analysis
5 Hydrogen Generation Market Analysis- Global
5.1 Global Hydrogen Generation Market Overview
5.2 Global Hydrogen Generation Market Forecasts and Analysis
6 Hydrogen Generation Market Revenue and Forecasts to 2028 - Delivery Mode
6.1 Overview
6.2 Delivery Mode Market Forecasts and Analysis
6.3 Captive Market
6.3.1 Overview
6.3.2 Captive Market Forecasts and Analysis
6.4 Merchant Market
6.4.1 Overview
6.4.2 Merchant Market Forecasts and Analysis
7 Hydrogen Generation Market Revenue and Forecasts to 2028 - Process
7.1 Overview
7.2 Process Market Forecasts and Analysis
7.3 Steam Reformer Market
7.3.1 Overview
7.3.2 Steam Reformer Market Forecasts and Analysis
7.4 Electrolysis Market
7.4.1 Overview
7.4.2 Electrolysis Market Forecasts and Analysis
7.5 Coal Gasification Market
7.5.1 Overview
7.5.2 Coal Gasification Market Forecasts and Analysis
7.6 Others Market
7.6.1 Overview
7.6.2 Others Market Forecasts and Analysis
8 Hydrogen Generation Market Revenue and Forecasts to 2028 - Application
8.1 Overview
8.2 Application Market Forecasts and Analysis
8.3 Petroleum Refinery Market
8.3.1 Overview
8.3.2 Petroleum Refinery Market Forecasts and Analysis
8.4 Ammonia Production Market
8.4.1 Overview
8.4.2 Ammonia Production Market Forecasts and Analysis
8.5 Methanol Production Market
8.5.1 Overview
8.5.2 Methanol Production Market Forecasts and Analysis
8.6 Others Market
8.6.1 Overview
8.6.2 Others Market Forecasts and Analysis
9 Hydrogen Generation Market Revenue and Forecasts to 2028 - Geographical Analysis
9.1 North America
9.1.1 North America Hydrogen Generation Market Overview
9.1.2 North America Hydrogen Generation Market Forecasts and Analysis
9.1.2.1 North America Market Forecasts and Analysis - By Countries
9.1.2.1.1 US market
9.1.2.1.2 Canada market
9.1.2.1.3 Mexico market
9.1.2.2 North America Market Forecasts and Analysis - By Delivery Mode
9.1.2.3 North America Market Forecasts and Analysis - By Process
9.1.2.4 North America Market Forecasts and Analysis - By Application
9.2 Europe
9.2.1 Europe Hydrogen Generation Market Overview
9.2.2 Europe Hydrogen Generation Market Forecasts and Analysis
9.2.2.1 Europe Market Forecasts and Analysis - By Countries
9.2.2.1.1 France market
9.2.2.1.2 Germany market
9.2.2.1.3 Italy market
9.2.2.1.4 Spain market
9.2.2.1.5 UK market
9.2.2.2 Europe Market Forecasts and Analysis - By Delivery Mode
9.2.2.3 Europe Market Forecasts and Analysis - By Process
9.2.2.4 Europe Market Forecasts and Analysis - By Application
9.3 Asia pacific (APAC)
9.3.1 Asia Pacific Hydrogen Generation Market Overview
9.3.2 Asia Pacific Hydrogen Generation Market Forecasts and Analysis
9.3.2.1 Asia Pacific Market Forecasts and Analysis - By Countries
9.3.2.1.1 Australia market
9.3.2.1.2 China market
9.3.2.1.3 India market
9.3.2.1.4 Japan market
9.3.2.2 Asia Pacific Market Forecasts and Analysis - By Delivery Mode
9.3.2.3 Asia Pacific Market Forecasts and Analysis - By Process
9.3.2.4 Asia Pacific Market Forecasts and Analysis - By Application
9.4 Middle East and Africa (MEA)
9.4.1 Middle East and Africa Hydrogen Generation Market Overview
9.4.2 Middle East and Africa Hydrogen Generation Market Forecasts and Analysis
9.4.2.1 Middle East and Africa Market Forecasts and Analysis - By Countries
9.4.2.1.1 South Africa market
9.4.2.1.2 Saudi Arabia market
9.4.2.1.3 UAE market
9.4.2.2 Middle East and Africa Market Forecasts and Analysis - By Delivery Mode
9.4.2.3 Middle East and Africa Market Forecasts and Analysis - By Process
9.4.2.4 Middle East and Africa Market Forecasts and Analysis - By Application
9.5 South America (SAM)
9.5.1 South America Hydrogen Generation Market Overview
9.5.2 South America Hydrogen Generation Market Forecasts and Analysis
9.5.2.1 South America Market Forecasts and Analysis - By Countries
9.5.2.1.1 Brazil market
9.5.2.2 South America Market Forecasts and Analysis - By Delivery Mode
9.5.2.3 South America Market Forecasts and Analysis - By Process
9.5.2.4 South America Market Forecasts and Analysis - By Application
10 Industry Landscape
10.1 Mergers & acquisitions
10.2 Market Initiatives
10.3 New developments
10.4 Investment scenarios
11 Competitive Landscape
11.1 Competitive Product mapping
11.2 Market Positioning/ Market Share
12 Hydrogen Generation Market, Key Company Profiles
12.1 Air Products and Chemicals, Inc.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Financial Overview
12.1.4 SWOT Analysis
12.1.5 Key Developments
12.2 Hydrogenics Corporation
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Financial Overview
12.2.4 SWOT Analysis
12.2.5 Key Developments
12.3 Ally Hi-Tech Co., Ltd.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Financial Overview
12.3.4 SWOT Analysis
12.3.5 Key Developments
12.4 Caloric Anlagenbau GmbH
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Financial Overview
12.4.4 SWOT Analysis
12.4.5 Key Developments
12.5 Erredue S.P.A.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Financial Overview
12.5.4 SWOT Analysis
12.5.5 Key Developments
12.6 Hy9 Corporation
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Financial Overview
12.6.4 SWOT Analysis
12.6.5 Key Developments
12.7 Taiyo Nippon Sanso Corporation
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Financial Overview
12.7.4 SWOT Analysis
12.7.5 Key Developments
12.8 Xebec Adsorption Inc.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Financial Overview
12.8.4 SWOT Analysis
12.8.5 Key Developments
12.9 Iwatani Corporation
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Financial Overview
12.9.4 SWOT Analysis
12.9.5 Key Developments
12.10 Air Liquide S.A.
12.10.1Key Facts
12.10.2Business Description
12.10.3Financial Overview
12.10.4SWOT Analysis
12.10.5Key Developments
13 Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
13.3 Research Methodology
- Air Products and Chemicals, Inc.
- Hydrogenics Corporation
- Ally Hi-Tech Co., Ltd.
- Caloric Anlagenbau GmbH
- Erredue S.P.A.
- Hy9 Corporation
- Taiyo Nippon Sanso Corporation
- Xebec Adsorption Inc.
- Iwatani Corporation
- Air Liquide S.A.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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