WASHINGTON, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Global Hydrogen Generation Market is valued at USD 158.4 billion in 2021 and is projected to reach a value of USD 282.1 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 10.1% over the forecast period 2022-2028.
The Hydrogen Generation Market is one of the most important economic sectors, and future growth in this field is anticipated to remain constant. Despite the industry's volatility, several things could influence its growth or collapse. This research offers a comprehensive industry overview by looking at existing trends and potential developments. It also provides details on the key industry players and their expansion strategies.
The research offers a thorough examination of global producers and suppliers and their present condition and potential for the future. It also provides details on demand-side factors that are affecting the global demand for the Hydrogen Generation Market, such as developing technology, increasing investment demands, and new regulations.
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Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the Hydrogen Generation Market growth over the forecast period include the introduction of various policies focusing on the adoption of clean fuel, rising investments across the refining sector, and limiting the amount of sulfur content in diesel fuel, gasoline, motor, etc. Other significant causes include rising crude oil consumption and rising funding for expanding existing refineries in developing nations. Additionally, increased government funding for several technologies to improve hydrogen extraction efficiency is anticipated to stimulate market growth.
We forecast that coal gasification in Hydrogen Generation Market sales will account for more than 30% of total sales by 2028. The abundance of various coal sources and the significant reliance of various nations on coal as a primary fuel support coal gasification technology. Because of its ability to create, the water electrolysis industry is expected to grow steadily.
The Asia Pacific market is likely to dominate during the forecast period. Favorable government regulations, enormous fuel cell car targets, expanding energy consumption, and increased expenditures in hydrogen infrastructure are just a few of the important elements driving the regional picture.
Market Dynamics
Shifting to Clean Energy Power:
Continuous urban and industrial growth has forced nations to adopt various power-producing technologies to meet demand. Additionally, there are development initiatives in areas like the Middle East, Africa, and Asia Pacific with rapidly growing populations. Concerns about using sustainable energy sources to lessen reliance on fossil fuels like crude oil and natural gas are becoming increasingly important in the global market.
Widespread Use of Vehicles with Hydrogen Fuel Cells:
The requirement for this market is projected to rise because of the rapidly rising demand for fuel cell electric vehicles (FCEVs), such as passenger cars, buses, lorries, and other heavy-duty vehicles. FCEVs are equipped with a fuel cell device and run on hydrogen as their main fuel, eliminating harmful emissions. Additionally, there are now significantly more FCEVs on the road due to massive FCEV deployment targets set by several countries.
Favorable Initiatives and Policies from the Government:
The governments of various developed and emerging nations have expressed a strong interest in achieving carbon neutrality. In addition, the administrations have updated their plans to consider the potential of the clean energy sectors, promoting the growth of the hydrogen generation sector. Consequently, the beneficial government initiatives drive the Hydrogen Generation Market growth over the forecast period.
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Top Players in the Global Hydrogen Generation Market
- Linde PLC
- Air Liquide International S.A.
- Hydrogenics
- Inox
- Messer Group GmbH
- Air Products & Chemicals Inc.
- Weldstar Inc.
- Praxair Inc.
- McPhy
- LNI Swissgas
Top Trends in Global Hydrogen Generation Market
- One trend that Vantage Market Research (VMR) expects to see in the Hydrogen Generation Market industry is an increased demand for fuel cells from the automotive sector. The rapidly increasing demand for fuel cell electric vehicles (FCEVs), such as passenger cars, buses, lorries, and other heavy-duty vehicles, is predicted to cause a surge in the market for hydrogen generation. To give customers access to readily available fuel, fuel cell vehicle deployment is expected to continue, as is the establishment of new hydrogen refueling stations.
- Another trend that VMR predicts will continue in the Hydrogen Generation Market industry is the expanding usage of renewable energy sources across a range of end-use sectors. Water is electrolyzed to create green hydrogen using sustainable energy sources, including solar, wind, and other renewable energy sources. Additionally, it is predicted that the expansion of renewable energy will lower the cost of producing clean energy, favorably impacting market growth over the upcoming years.
Top Report Findings
- Based on technology, the coal gasification category held the largest revenue share in the Hydrogen Generation Market. The vast availability of various coal reserves and the great reliance of various countries on coal as a primary fuel support coal gasification technology. The ability to produce H2 with no emissions while maintaining technical performance will likely lead to the water electrolysis segment growing steadily, which has enormous potential.
- Based on application, most of the Hydrogen Generation Market's revenue is controlled by methanol production. A sizeable amount of the hydrogen produced is consumed by methanol. In methanol production plants, hydrogen is often produced locally using fossil fuel as a feedstock. This application has always attracted a sizable user base due to its simplicity and affordable price.
- Based on type, the blue category dominated the Hydrogen Generation Market, and this trend is anticipated to continue. Natural gas and heated steam are combined during the steam reforming process to produce blue hydrogen. Blue hydrogen, a low-carbon fuel, is created using natural gas. The market for blue hydrogen is anticipated to be driven by the expanding use of hydrogen in fuel-cell vehicles. An alternative to using fossil fuels for transportation is fuel cells.
- Based on system type, the merchant category dominated the Hydrogen Generation Market, and this trend is anticipated to continue. Using a pipeline, bulk tank, or cylinder truck to transport and sell hydrogen to a customer is called "merchant generation of hydrogen." Substantial natural gas pipeline networks might transport and distribute hydrogen in several nations, including the U.S., Canada, and Russia.
- Based on the source, the natural gas category dominated the Hydrogen Generation Market, and this trend is anticipated to continue. When natural gas is converted, hydrogen, carbon dioxide and carbon monoxide are created. The least expensive way to produce hydrogen is from natural gas. During the predicted period, it is anticipated to maintain its lead.
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Top 10 Players Generates More Than 45% of the Global Hydrogen Generation Market Revenue
The report also found that the largest players in the Hydrogen Generation Market are technology providers such as Linde PLC, Air Liquide International S.A., Hydrogenics, Inox, Messer Group GmbH, Air Products & Chemicals Inc. These companies are expected to benefit from increased demand for their products and services, as well as growing investments in new mines. Other major players include Linde PLC, Air Liquide International S.A., Hydrogenics, Inox, Messer Group GmbH, Air Products & Chemicals Inc., Weldstar Inc., Praxair Inc., McPhy, LNI Swissgas and others. As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Steam Methane Reforming Category in Hydrogen Generation Market to Generate Over 30% Revenue
Hydrogen Generation Market is an expensive investment. Vantage Market Research has analyzed the market for Hydrogen Generation Market to understand its current state and potential future growth factors. For better understanding, based on technology Hydrogen Generation Market is divided into coal gasification, steam methane reforming, partial oxidation (POX), electrolysis and other technologies.
The coal gasification category is anticipated to have the largest share in Hydrogen Generation Market over the forecast period. The use of coal in the Hydrogen Generation Market has historically been driven by the abundant availability of coal in various countries like India. Since coal is used as the primary raw material in coal gasification, which has been in use for almost 200 years, it is considered a mature technique for creating hydrogen.
On the other hand, the steam methane reforming category is anticipated to grow significantly over the forecast period. To produce hydrogen, a mature and sophisticated method is used called steam methane reforming. Since steam methane reforming is the most practical way to produce hydrogen, the rising global demand for it is a significant factor in developing steam methane reformers.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Hydrogen Generation Market Forecast Report (2022-2028).
Global Hydrogen Generation Market Segmentation
By Technology
- Coal Gasification
- Steam Methane Reforming
- Partial Oxidation (POX)
- Electrolysis
- Other Technologies
By Application
- Methanol Production
- Ammonia Production
- Petroleum Refinery
- Transportation
- Power Generation
- Other Applications
By Type
- Blue Hydrogen
- Gray Hydrogen
- Green Hydrogen
By System Type
- Merchant
- Captive
By Source
- Natural Gas
- Coal
- Biomass
- Water
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 158.4 Billion |
| Revenue Forecast by 2028 | USD 282.1 Billion |
| CAGR | 10.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Linde PLC, Air Liquide International S.A., Hydrogenics, Inox, Messer Group GmbH, Air Products & Chemicals Inc., Weldstar Inc., Praxair Inc., McPhy, LNI Swissgas |
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