The global hydrogen generation market size was US$ 127.8 billion in 2021. The global hydrogen generation market is forecast to grow to US$ 210.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 7.8% during the forecast period from 2022 to 2030.
Hydrogen is a clean, flexible, and efficient zero-emission carrier that is abundant on Earth. However, it is not available in a clear form and is developed through the water. The commodity can be made from a variety of feedstocks or as the principal product. Hydrogen is a fully renewable fuel that can be produced and transformed into power effectively to meet energy demands. It can be stored in the form of hydrogen gases, fluids, concrete, etc.
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Factors Influencing the Market
Decreased efficiency of crude oil, combined with the shortage of non-renewable resources will primarily drive the demand for hydrogen generation during the study period. Furthermore, the growing global population and increasing energy needs will also contribute to the growth of hydrogen generation. The market may experience significant growth potential due to growing government initiatives on increasing industrialization. Thus, all of these factors will drive the growth of the hydrogen generation market during the study period.
Demand for cleaner and potential energy is also increasing. Growing concerns related to environmental pollution and increasing government initiatives to combat this problem will offer lucrative growth opportunities for the market. Apart from that, various companies in the automotive and aerospace industry are performing R&D to boost the use of hydrogen. Apart from that, strict rules enforced by governments to avoid problems with desulfurization will contribute to the growth of the hydrogen generation market.
On the flip side, the fact that hydrogen is highly inflammable will limit the growth of the hydrogen generation market.
COVID-19 Impact Analysis
The COVID-19 pandemic has highlighted the need to adopt pure energy in order to limit environmental pollution caused by the use of crude oil. Thus, it will primarily benefit the hydrogen generation market during the study period. However, the market witnessed several challenges during the COVID-19 pandemic, such as nationwide lockdowns in various countries, which hampered the growth of the hydrogen generation market.
Regional Analysis
The Asia-Pacific hydrogen generation market is forecast to record the highest growth rate. It is owing to the rapid economic development of nations like China and India. Further, the large-scale R&D investments and stringent government regulations will also drive the growth of the hydrogen generation market during the study period. China, one of the highly populous countries in the region, is undergoing radical changes in the fuel and petroleum industry, which will benefit the hydrogen generation market during the study period.
Competitors in the Market
• Air Liquide
• Messer Group
• Nuvera Fuel Cells
• Xebec
• Ballard Power Systems
• Plug Power
• Air Products and Chemicals
• Teledyne Energy Systems
• Showa Denko
• Nippon Sanso
• Hydrogenics
• Ally Hi-Tech
• Other prominent players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Hydrogen Generation industry experienced notable growth in its workforce. Starting in January, employment within the Hydrogen Generation sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Hydrogen Generation output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Hydrogen Generation output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Hydrogen Generation market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Hydrogen Generation market.
Market Segmentation
The global hydrogen generation market segmentation focuses on Technology, Application, Systems, Source, and Region.
Technology Outlook
• Steam Methane Reforming
• Coal Gasification
• Others
Application Outlook
• Methanol Production
• Ammonia Production
• Petroleum Refining
• Transportation
• Power Generation
• Others
Systems Outlook
• Captive
• Merchant
Source Outlook
• Natural Gas
• Coal
• Biomass
• Water
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
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