Redding, California, Aug. 17, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Hydrogen Generation Market by Type (Gray, Green, Blue), Process (Hydrogen Generation, Hydrogen Storage), Source (Fossil Fuels, Nuclear, Solar), Application (Ammonia Production, Petroleum Refinery, E-mobility, Power Generation) - Global Forecast to 2030’, the hydrogen generation market is expected to reach $188.2 billion by 2030, at a CAGR of 8.4% from 2023 to 2030.
Hydrogen generation involves utilizing diverse sources, including fossil fuels, water, nuclear power, solar energy, and biomass, to produce hydrogen. Various processes are employed for hydrogen generation, such as electrolysis, thermochemical reactions, biological methods, and pressure swing adsorption. These processes produce hydrogen with different color codes, reflecting the specific chemical reactions. The colors of hydrogen, such as gray, green, and blue, denote different production methods. Each type of hydrogen finds applications across various industries, including e-mobility, chemical production, power generation, and manufacturing.
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The growth of the hydrogen generation market is driven by the rising demand for hydrogen in the chemicals industry and increasing government initiatives to transition to clean energy sources. However, 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 hydrogen generation market is segmented by type (gray hydrogen, blue hydrogen, green hydrogen, and other types), process (hydrogen generation process [electrolysis, thermochemical process {steam methane reforming, auto thermal reforming, and gasification}, direct solar water splitting process, biological process, and pressure swing adsorption], hydrogen storage process [cylindering, portables storage, other storage processes]), source (fossil fuels, nuclear, water, solar, biomass, and other sources), application (ammonia production, petroleum refinery, E-mobility, methanol production, district heating, power generation, manufacturing, and synfuel production), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on type, the global hydrogen generation market is segmented into gray hydrogen, blue hydrogen, green hydrogen, and other types. In 2023, 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.
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Based on process, the global hydrogen generation market is segmented into the hydrogen generation process and hydrogen storage process. In 2023, the hydrogen generation process segment is expected to account for a larger share of the global hydrogen generation market. 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.
Based on source, the global hydrogen generation market is segmented into fossil fuels, nuclear, water, solar, biomass, and other sources. In 2023, 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.
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Based on application, the global hydrogen generation market is segmented into ammonia production, petroleum refinery, E-mobility, methanol production, district heating, power generation, manufacturing, and synfuel production. In 2023, 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.
Based on geography, the global hydrogen generation market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global hydrogen generation market, followed by Europe, North America, Latin America, and the Middle East & Africa. The large market share of Asia-Pacific is mainly attributed to the 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, and the growing focus of China to generate hydrogen using renewable energy, natural gas, and coal resources. The region is also expected to witness rapid growth during the forecast period.
The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants in the last three to four years. The key players operating in the hydrogen generation market are Plug Power Inc. (U.S.), Linde GmbH (Germany), Air Products and Chemicals, Inc. (U.S.), L’AIR LIQUIDE S.A. (France), Matheson Tri-Gas, Inc. (U.S.), SOL Spa (Italy), Cummins Inc. (U.S.), Siemens Energy AG (Germany), Shell plc (U.K.), Messer SE & Co. KGaA (Germany), Ballard Power Systems Inc. (Canada), FuelCell Energy, Inc. (U.S.), Iwatani Corporation (Japan), Enapter AG (Germany), CALORIC Anlagenbau GmbH (Germany), SPG Hydrogen Co., Ltd. (South Korea), Uniper SE (Germany), and Nel ASA (Norway).
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Scope of the report:
Hydrogen Generation Market Assessment—by Type
- Robotic Systems
- Gray Hydrogen
- Blue Hydrogen
- Green Hydrogen
- Other Types
Hydrogen Generation Market Assessment—by Process
- Hydrogen Generation Process
- Thermochemical Process
- Electrolysis
- Biological Processes
- Direct Solar Water Splitting Process
- Pressure Swing Adsorption
- Hydrogen Storage Process
- Cylindering
- Portable Storage
- Other Storage Processes
Hydrogen Generation Market Assessment—by Source
- Fossil Fuels
- Nuclear
- Water
- Solar
- Biomass
- Other Sources
Hydrogen Generation Market Assessment—by Application
- Ammonia Production
- Petroleum Refinery
- Methanol Production
- E-mobility
- Synfuel Production
- District Heating
- Manufacturing
- Power Generation
Hydrogen Generation Market Assessment—by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Poland
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Singapore
- Australia & New Zealand
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- Rest of the Middle East & Africa
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