Fort Collins, Colorado, Sept. 20, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Hydrogen Generation Market Size, Growth, Share, Statistics Report, By Source (Natural Gas, Coal, Biomass, Water), By Technology (Steam Methane Reforming, Coal Gasification, Others), By Application, By Delivery Mode, By Region, and Segment Forecasts, 2023-2032.”
According to DataHorizzon Research, The hydrogen generation market size was valued at USD 165.8 Billion in 2022 and is expected to have USD 433.9 Billion by 2032 with a CAGR of 10.2%. The report offers a comprehensive analysis of the overall market conditions with major takeaways in the global market.
The rising penetration of renewable energy sources like wind and solar power in the energy generation sector as these sources are dependent on weather conditions. Hydrogen is crucial in storing renewable energy. Renewable energy can produce excess electricity that can be transformed into hydrogen through electrolysis. This hydrogen can then be stored and utilized when the renewable energy supply is low. The hydrogen generation market is experiencing growth due to the increasing demand for hydrogen as an energy storage and grid-balancing solution.
As the world focuses on reducing greenhouse gas emissions and combating climate change, there is a growing demand for clean energy alternatives. Hydrogen is a promising solution for several industries and offers a cleaner energy source. Besides, most organizations in the manufacturing sector are now transitioning to hydrogen as an energy source to meet ESG objectives.
Governments worldwide are implementing supportive policies and regulations to promote the adoption of hydrogen as an energy carrier. Many countries have announced hydrogen strategies and allocated significant funding for research, development, and deployment of hydrogen technologies. These initiatives include subsidies, tax incentives, and grants to encourage hydrogen production and utilization. Government support provides a favorable environment for the growth of the hydrogen generation market.
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Report Snapshot:
| Report Title | Hydrogen Generation Market |
| Market Size in 2022 | USD 165.8 Billion |
| Market Size by 2032 | USD 433.9 Billion |
| CAGR from 2023 to 2032 | 10.2% |
| Largest Market | Asia Pacific |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors. |
| By Source | Natural Gas, Coal, Biomass, and Water. |
| By Technology | Steam Methane Reforming, Coal Gasification, Electrolysis, and Others |
| By Application | Methanol Production, Ammonia Production, Petroleum Refining, Transportation, Power Generation, and Others. |
| By Delivery Mode | Captive and Merchant. |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others. |
| Major Market Players | Linde Plc, Messer, Air Products and Chemicals, Inc., Air Liquide International S.A, INOX Air Products Ltd., Matheson Tri-Gas, Inc., SOL Group, Iwatani Corporation, Hydrogenics Corporation, Tokyo Gas Chemicals Co., Ltd., Taiyo Nippon Sanso Corporation, Teledyne Technologies Incorporated, Hygear, Claind, and Advanced Specialty Gases Inc. among others. |
Segmentation Overview
The global hydrogen generation market has been segmented based on source, technology, application, delivery mode, and region. Steam methane reforming is leading in the technology segment attributed to several factors such as cost, scalability, energy source availability, and environment. Ammonia production leads in the application segment, accounting for over 50% of the market share, as hydrogen constitutes an essential component for ammonia production.
North America is the fast-growing market for hydrogen generation, attributed to the availability of funding for energy projects, the availability of transportation, and logistics. The U.S. industry is well-equipped to conduct gas exploration and distribution projects. Europe is at the forefront owing to the constant demand for renewable energies. Moreover, stringent regulations by the government for gas and fuel usage have become highly evident in the past few years.
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Hydrogen Market Report Highlights:
- The global hydrogen market growth is poised to attain a CAGR of 10.2% by 2032.
- The hydrogen market is likely to grow at a high scale due to the rise in demand for renewable energy sources.
- Steam methane reforming is fast-growing in the technology segment and is projected to attain significant growth in the forthcoming years.
- Ammonia production is the fastest-growing segment attributed to the high accountability and market share.
- Asia Pacific is the leading region for hydrogen generation due to the high fuel and cooking gas demand. North America is a fast-growing region for hydrogen generation, with a significant availability of transportation and logistics.
- Some of the prominent players in the global hydrogen market research report include Linde Plc, Messer, Air Products and Chemicals Inc., Air Liquide International S.A, INOX Air Products Ltd., Matheson Tri-Gas, Inc., SOL Group, Iwatani Corporation, Hydrogenics Corporation, Tokyo Gas Chemicals Co., Ltd., Taiyo Nippon Sanso Corporation, Teledyne Technologies Incorporated, Hygear, Claind, and Advanced Specialty Gases Inc.
Key Developments in the Industry:
- In 2023, Mitsubishi Power went into full-scale operation with its newly integrated hydrogen facility, Takasago Machinery works plant in West Central Japan. Through this, the company aims at enhancing product reliability in the energy sector.
- In 2023, SEFE, a German gas trader and importer, expressed its interest in producing clean hydrogen with objectives to accelerate towards the green energy transition. It also plans to hike its stake with WIGA.
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Hydrogen Generation Market Report Segmentation:
Hydrogen Generation Market, By Source (2023-2032)
- Natural Gas
- Coal
- Biomass
- Water
Hydrogen Generation Market, By Technology (2023-2032)
- Steam Methane Reforming
- Coal Gasification
- Electrolysis
- Others
Hydrogen Generation Market, By Application (2023-2032)
- Methanol Production
- Ammonia Production
- Petroleum Refining
- Transportation
- Power Generation
- Others
Hydrogen Generation Market, By Delivery Mode (2023-2032)
- Captive
- Merchant
Hydrogen Generation Market, By Region (2023-2032)
- North America
-
- U.S.
- Canada
- Europe
-
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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