Global Hydrogen Generation Market to be Driven by Rising Demand Cleaner for Alternative Fuels in the Forecast Period of 2023-2028

The new report by Expert Market Research titled, ‘Global Hydrogen Generation Market Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Hydrogen Generation Market, assessing the market based on its segments like product, application, end use and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2018-2028)

Historical Market Size (2022): USD 152.08 billion
Forecast CAGR (2023-2028): 9%
Forecast Market Size (2028): USD 260.19 billion

The global Hydrogen Generation market grew steadily over the last few years, owing to rising energy demand, in confluence with the growing environmental concerns. This demand motivated the search for alternative, cleaner fuels, which led to the growth of the market in the historical period.

Industry Definition and Major Segments

Hydrogen is the most abundant element in industrial gases and is found in the atmosphere in a gaseous state. It is created by heating steam with natural gas. It can also be created using water electrolysis and other processes like as biomass gasification. Hydrogen is a renewable energy source that may be used to generate power effectively. Its market is further divided into segments such as:

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The market is divided based on source into:

Blue Hydrogen
Green Hydrogen
Grey Hydrogen

By technology, the market is divided into:

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

Based on system type, the industry can be segmented into:

Merchant
Captive

On the basis of application, the industry can be categorised into:

Methanol Production
Petroleum Refinery
Ammonia Production
Power Generation
Transportation

The regional market for Hydrogen Generation includes:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Market Trends

Globally, Asia Pacific is one of the main markets for green technology adoption in order to satisfy government targets for lowering GHG emissions. Because of the commercial deployment of Japanese fuel cell micro-CHP devices, Japan and South Korea have been significantly investing in fuel cell adoption since 2009. Japan was the first country to commercialise fuel cells and is now funding initiatives involving the use of fuel cells in home and automotive applications. It intends to use green hydrogen on a large scale. Singapore, India, and Malaysia have also expressed interest and have recently launched or are about to launch exclusive programmes to promote fuel cells in regional markets.

Global greenhouse gas emissions are increasing, primarily as a result of the use of fossil fuels and industrialization. Greenhouse gas emissions, such as carbon dioxide (CO2), nitrous oxide, and methane, are to blame for rising global temperatures, which have climbed by around 1° C since the last century. Decarbonization of industries is recognised as a key factor in reducing harmful environmental effects caused by industrial emissions. This can be accomplished by using hydrogen as an energy generator. As a result, this factor may aid the global hydrogen generation market in experiencing tremendous expansion during the forecast period.

Other factors influencing the growth prospects of the hydrogen generating market include the need for hydrogen in the transportation sector and the desulfurization of refinery operations. All of these reasons point to a hopeful future for the hydrogen generating market over the forecast period.

Key Market Players

The major players in the global market are Ally Hi-Tech Co., Ltd., Caloric Anlagenbau GmbH, Linde AG, FuelCell Energy, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.