Hydrogen Generation Market Overview
The global Hydrogen Generation Market size was valued at USD 147.48 billion in 2021 and is projected to reach USD 312.03 billion by 2028, growing at a CAGR of 11.3% during the forecast period.
The market is being majorly driven by the rising demand for hydrogen for fuel cell electric cars (FECV) and rockets in the aerospace sector. In addition, the use of hydrogen fuel cells in lightweight vehicles, including bicycles, automobiles, buses, trains, material handling equipment, boats, ships, commercial aircraft, auxiliary power units (APUs) of aircraft, marine vessels, and specialty vehicles like forklifts, is promoting market growth in the transportation industry.
COVID-19 Impact on Hydrogen Generation
The COVID-19 situation’s emergence has conflicting impacts on the short-term expansion of the world market for hydrogen generators. The pandemic also negatively affected the automobile sector, decreasing passenger car demand. Because hydrogen fuel vehicles are more expensive than fossil fuel vehicles, customers have put off adopting them on a big scale as a result of the extreme economic decline brought on by the pandemic crisis. In addition, the power demand fell due to the closure of several industrial manufacturing units. Energy production is the main prerequisite for hydrogen production. This is one of the causes of the drop in hydrogen generation.
On the other hand, hydrogen fuel cells are in high demand as a result of the pandemic’s need for constant energy in hospitals. The operating rooms, essential machinery, and other hospital equipment are all powered by these fuel cells. Due to this hydrogen fuel cells’ efficiency, there is more need for hydrogen generators.
Hydrogen Generation Market Segmentation
The global Hydrogen Generation Market is segmented on the basis of source (Blue Hydrogen Gray Hydrogen, Green Hydrogen), technologies (Steam methane reforming (SMR), Partial Oxidation (POX), Coal gasification, Electrolysis), by application (Petroleum refinery, Ammonia production, Methanol production, Transportation, Power generation), by generation and delivery mode (Captive, Merchant).
Gray hydrogen is expected to be the largest segment of the hydrogen generation market
The majority of the hydrogen produced today is grey hydrogen. Grey hydrogen, produced by the reformation of natural gas, is used to rearrange the molecular structure of hydrocarbons. Grey hydrogen production is less expensive than both blue hydrogen and green hydrogen. Compared to blue and green hydrogen, most of the market is covered by grey hydrogen.
The transportation segment is expected to be the fastest-growing market, by application, during the forecast years
The different application segments of the hydrogen generation market are the refinery, ammonia production, methanol production, transportation, and power generation. The market for hydrogen generation in 2021 is expected to experience the fastest growth in the transportation sector. The application segment is driving the need for hydrogen in the coming years as there is an increasing focus on decarbonizing the transportation industry.
Hydrogen Generation Market Dynamics
Drivers:
Extensive Research and Development (R&D) To Develop Green Hydrogen Production Technologies
Petroleum refineries and businesses that make fertilizer use the most hydrogen produced. Since it is the most dependable and economical process, fossil fuel reforming accounts for 99% of all hydrogen production. However, CO2 emissions make it bad for the environment. Electrolysis results in green hydrogen being produced. Creating green hydrogen involves electrolysis, which emits no carbon dioxide while separating water into hydrogen and oxygen. The decarbonization of the world is one of the goals that several governments have set for 2050. One of the essential components in attaining this goal is producing an element like hydrogen, which produces green hydrogen and accounts for more than 2% of global CO2 emissions today. For instance, the European Union (EU) unveiled a novel hydrogen policy in 2020 that combines actions to assist the rapid expansion of green hydrogen generation capacities. Florida Power & Light will operate a 20 MW green hydrogen station by 2023. This hydrogen will be used in a 20% blend at FP&L’s 1.75 gigawatts Okeechobee gas-fired facility.
Rising Focus on Achieving Net Zero Emission Target by 2050
Under the scenario of net zero emissions, hydrogen generation undergoes an unprecedented transformation. 70% of global production of H2 when it reaches 200 Mt in 2030 will come from low-carbon technology (electrolysis). Hydrogen production will have increased to 500 Mt H2 by 2050, primarily because of low-carbon technologies. To achieve net zero emissions by 2050, the energy system must be modified using several technologies. The main pillars for decarbonizing the global energy system are anticipated to include energy efficiency, behavioral modification, electrification, renewable energy, hydrogen, and hydrogen-based fuels, and carbon capture, utilization, and storage (CCUS).
According to the situation with net zero emissions, hydrogen and hydrogen-based fuels can avoid up to 60 Gt of CO2 emissions in the years 2021–2050, or 6.5% of all cumulative emissions reductions, thanks to solid growth in hydrogen demand and the adoption of cleaner technologies for their production. Moreover, in hard-to-decarbonize industries like heavy industry (mainly steel and chemical), heavy-duty road transport, shipping, and aviation, where direct electrification is complex, hydrogen fuel is especially crucial for reducing emissions.
Hydrogen Generation Market Regional Analysis
The Asia Pacific Hydrogen Generation Market is predicted to account for the largest market size during the forecast years.
The Asia Pacific is expected to account for the largest market size during the forecast period. The expansion of hydrogen-based economies and fuel cell-based electric vehicles are predicted to be the main drivers of market growth in the Asia Pacific region. China dominated the Asia Pacific hydrogen generation market. Refineries and fuel cell cars are increasing their demand for hydrogen in the nation, which is projected to fuel market expansion.
Key Market Players and Competitive Landscape
Some of the major key players operating in the Hydrogen Generation market are Linde plc (Ireland), Air Liquide (France), Cummins Inc. (US), Air Products Inc. (US), Uniper SE (Germany), Engie (France), Siemens (Germany), Nel ASA (Norway), ITM Power (UK), Ally Hi-Tech Co. Ltd. (China), Iberdrola, S.A. (Spain), Xebec Adsorption Inc. (Canada), McPhy Energy S.A. (France), Messer (Germany), Enapter S.r.l. (Germany), Ørsted A/S (Denmark), ThyssenKrupp AG (Germany), Iwatani Corporation (Japan), Green Hydrogen (Denmark), Plug Power Inc. (US), Starfire energy (US), Aquahydrex (US), EXYTRON (Germany), Electrochaea GmbH (Germany), Atawey (France), Hiringa Energy Limited (New Zealand).
This Hydrogen Generation Market Report categorizes the Hydrogen Generation Market as follows,
Hydrogen Generation Market by Source:
- Blue Hydrogen
- Gray Hydrogen
- Green Hydrogen
Hydrogen Generation Market by Technologies:
- Steam Methane Reforming (SMR)
- Partial Oxidation (POX)
- Coal Gasification
- Electrolysis
Hydrogen Generation Market by Application:
- Petroleum Refinery
- Ammonia Production
- Methanol Production
- Transportation
- Power Generation
Hydrogen Generation Market by System Type:
Hydrogen Generation Market Regional Outlook
- North America
- Europe
- United Kingdom
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
Hydrogen Generation Market Report Scope |
| Report Attribute | Details |
| Market size value in 2022 | USD 164.1 billion |
| Revenue forecast in 2028 | USD 312.03 billion |
| Growth Rate | CAGR of 11.30 % from 2022 to 2028 |
| Base year for estimation | 2021 |
| Historical data | 2017 – 2021 |
| Forecast period | 2022 – 2028 |
| Quantitative units | Revenue in USD billion and CAGR from 2022 to 2030 |
| Report Coverage | Revenue forecast, company ranking, Trends
competitive landscape, and growth factors |
| Segments Covered | Source, Technologies, Application, System Type, and Region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others |
| Key companies profiled | Linde plc (Ireland), Air Liquide (France), Cummins Inc. (US), Air Products Inc. (US), Uniper SE (Germany), Engie (France), Siemens (Germany), Nel ASA (Norway), ITM Power (UK), Ally Hi-Tech Co. Ltd. (China), Iberdrola, S.A. (Spain), Xebec Adsorption Inc. (Canada), McPhy Energy S.A. (France), Messer (Germany), Enapter S.r.l. (Germany), Ørsted A/S (Denmark), ThyssenKrupp AG (Germany) and others |
Table of Content
Hydrogen Generation Market Size, Share, Growth, and Forecast Report
1. Introduction
1.1. Report Description
1.1.1. Aim of the Report
1.1.2. Prospective Audience
1.1.3. Unique Selling Prepositions and Key Takeaways from the Report
1.2. Scope of the Research Study
1.3. Approach/Research Methodology
1.3.1. Secondary Research
1.3.2. Primary Research
1.3.3. Expert Panel Review
1.3.4. Market Data Breakdown and Data Triangulation
1.3.5. Research Approach for Market Size Estimation
1.3.5.1. Top-Down Approach
1.3.5.2. Bottom-Up Approach
1.3.6. Key Assumptions
1.4. Market Segmentation
1.4.1. Source
1.4.2. Technologies
1.4.3. Application
1.4.4. System Type
2. Hydrogen Generation Market Overview
2.1. Introduction
2.2. Analysis by Source, 2016-2028 (US$ Billion)
2.3. Analysis by Technologies, 2016-2028 (US$ Billion)
2.4. Analysis by Application, 2016-2028 (US$ Billion)
2.5. Analysis by System Type, 2016-2028 (US$ Billion)
2.6. Market Analysis by Region, 2016-2028 (US$ Billion)
3. Hydrogen Generation Market Dynamics
3.1. Introduction
3.2. Growth Drivers
3.3. Growth Restraints
3.4. Growth Opportunities
3.5. Porter’s Five Forces Analysis
3.5.1. Threat of New Entrants
3.5.2. Bargaining Power of Buyers/Consumers
3.5.3. Bargaining Power of Suppliers
3.5.4. Threat of Substitute Sources
3.5.5. Intensity of Competitive Rivalry
3.6. Attractiveness Analysis
3.6.1. Source
3.6.2. Technologies
3.6.3. Application
3.6.4. System Type
3.6.5. Region
3.7. Value Chain Analysis
4. Hydrogen Generation Market Competition Analysis
4.1. Hydrogen Generation Market Share Analysis by Company, 2019 – 2021
4.1.1. Top 3 Players, 2019 – 2021
4.1.2. Top 6 Players, 2019 – 2021
4.2. Strategic Initiatives
4.2.1. New Products Launch
4.2.2. Mergers/Acquisitions
4.2.3. Agreement and Collaborations
4.2.4. Partnerships, Joint Ventures, Expansion, and Distribution
5. Global Hydrogen Generation Market Analysis by Source and Application, 2016-2028 (US$ Billion)
5.1. Source
5.1.1. Global Hydrogen Generation Market Share, by Source, 2021 and 2028
5.1.2. Global Hydrogen Generation Market Revenue, by Source, 2016-2028 (US$ Billion)
5.1.3. By Blue Hydrogen Market Analysis 2016-2028 (US$ Billion)
5.1.4. By Gray Hydrogen Market Analysis 2016-2028 (US$ Billion)
5.1.5. By Green Hydrogen Market Analysis 2016-2028 (US$ Billion)
5.2. Technologies
5.2.1. Global Hydrogen Generation Market Share, by Technologies, 2021 and 2028
5.2.2. Global Hydrogen Generation Market Revenue, by Technologies, 2016-2028 (US$ Billion)
5.2.3. By Steam Methane Reforming (SMR) Market Analysis 2016-2028 (US$ Billion)
5.2.4. By Partial Oxidation (POX) Market Analysis 2016-2028 (US$ Billion)
5.2.5. By Coal Gasification Market Analysis 2016-2028 (US$ Billion)
5.2.6. By Electrolysis Market Analysis 2016-2028 (US$ Billion)
5.3. Application
5.3.1. Market Share, by Application, 2021 and 2028
5.3.2. Market Revenue, by Application, 2016-2028 (US$ Billion)
5.3.3. By Petroleum Refinery Market Analysis 2016-2028 (US$ Billion)
5.3.4. By Ammonia Production Market Analysis 2016-2028 (US$ Billion)
5.3.5. By Methanol Production Market Analysis 2016-2028 (US$ Billion)
5.3.6. By Transportation Market Analysis 2016-2028 (US$ Billion)
5.3.7. By Power Generation Market Analysis 2016-2028 (US$ Billion)
5.4. System Type
5.4.1. Global Hydrogen Generation Market Share, by System Type, 2021 and 2028
5.4.2. Global Hydrogen Generation Market Revenue, by System Type, 2016-2028 (US$ Billion)
5.4.3. By Captive Market Analysis 2016-2028 (US$ Billion)
5.4.4. By Merchant Market Analysis 2016-2028 (US$ Billion)
6. Global Hydrogen Generation Market Source Analysis by Region, 2016-2028 (US$ Billion)
6.1. Blue Hydrogen Market Analysis 2016-2028 (US$ Billion)
6.1.1. North America
6.1.2. Europe
6.1.3. Asia Pacific
6.1.4. Latin America
6.1.5. Middle East & Africa
6.2. Gray Hydrogen Market Analysis 2016-2028 (US$ Billion)
6.3. Green Hydrogen Market Analysis 2016-2028 (US$ Billion)
7. Global Hydrogen Generation Market Technologies Analysis by Region, 2016-2028 (US$ Billion)
7.1. Steam Methane Reforming (SMR) Market Analysis 2016-2028 (US$ Billion)
7.1.1. North America
7.1.2. Europe
7.1.3. Asia Pacific
7.1.4. Latin America
7.1.5. Middle East & Africa
7.2. Partial Oxidation (POX) Market Analysis 2016-2028 (US$ Billion)
7.3. Coal Gasification Market Analysis 2016-2028 (US$ Billion)
7.4. Electrolysis Market Analysis 2016-2028 (US$ Billion)
8. Global Hydrogen Generation Market Application Analysis by Region, 2016-2028 (US$ Billion)
8.1. Petroleum Refinery Market Analysis 2016-2028 (US$ Billion)
8.1.1. North America
8.1.2. Europe
8.1.3. Asia Pacific
8.1.4. Latin America
8.1.5. Middle East & Africa
8.2. Ammonia Production Market Analysis 2016-2028 (US$ Billion)
8.3. Methanol Production Market Analysis 2016-2028 (US$ Billion)
8.4. Transportation Market Analysis 2016-2028 (US$ Billion)
8.5. Power Generation Market Analysis 2016-2028 (US$ Billion)
9. Global Hydrogen Generation Market System Type Analysis by Region, 2016-2028 (US$ Billion)
9.1. Captive Market Analysis 2016-2028 (US$ Billion)
9.1.1. North America
9.1.2. Europe
9.1.3. Asia Pacific
9.1.4. Latin America
9.1.5. Middle East & Africa
9.2. Merchant Market Analysis 2016-2028 (US$ Billion)
10. Hydrogen Generation Market Analysis by Geography, 2016-2028 (US$ Billion)
10.1. North America Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.1.1. U.S. Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.1.1.1. Source
10.1.1.2. Technologies
10.1.1.3. Application
10.1.1.4. System Type
10.1.2. Canada Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.1.3. Mexico Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.2. Europe Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.2.1. UK Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.2.1.1. Source
10.2.1.2. Technologies
10.2.1.3. Application
10.2.1.4. System Type
10.2.2. France Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.2.3. Germany Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.2.4. Spain Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.2.5. Russia Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.2.6. Italy Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.2.7. Rest of Europe Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.3. Asia Pacific Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.3.1. China Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.3.1.1. Source
10.3.1.2. Technologies
10.3.1.3. Application
10.3.1.4. System Type
10.3.2. Japan Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.3.3. South Korea Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.3.4. India Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.3.5. Australia Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.3.6. Southeast Asia Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.3.7. Taiwan Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.3.8. Rest of Asia Pacific Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.4. Latin America Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.4.1. Brazil Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.4.1.1. Source
10.4.1.2. Technologies
10.4.1.3. Application
10.4.1.4. System Type
10.4.2. Argentina Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.4.3. Rest of Latin America Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.5. Middle East Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.5.1. Israel Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.5.1.1. Source
10.5.1.2. Technologies
10.5.1.3. Application
10.5.1.4. System Type
10.5.2. Turkey Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.5.3. Saudi Arabia Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.5.4. UAE Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.5.5. Rest of Middle East Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.6. Africa Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.6.1. Egypt Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.6.1.1. Source
10.6.1.2. Technologies
10.6.1.3. Application
10.6.1.4. System Type
10.6.2. South Africa Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
10.6.3. Rest of Africa Hydrogen Generation Market Analysis 2016-2028 (US$ Billion)
11. Company Profiles
11.1. Linde plc (Ireland)
11.1.1. Company Overview
11.1.2. Financial Performance
11.1.3. Product Benchmarking
11.1.4. Strategic Initiatives
11.2. Air Liquide (France)
11.3. Cummins Inc. (US)
11.4. Air Products Inc. (US)
11.5. Uniper SE (Germany)
11.6. Engie (France)
11.7. Siemens (Germany)
11.8. Nel ASA (Norway)
11.9. ITM Power (UK)
11.10. Ally Hi-Tech Co. Ltd. (China)
11.11. IberdrolaS.A. (Spain)
11.12. Xebec Adsorption Inc. (Canada)
11.13. McPhy Energy S.A. (France)
11.14. Messer (Germany)
11.15. Enapter S.r.l. (Germany)
11.16. Orsted A/S (Denmark)
11.17. ThyssenKrupp AG (Germany)
11.18. Iwatani Corporation (Japan)
11.19. Green Hydrogen (Denmark)
11.20. Plug Power Inc. (US)
11.21. Starfire energy (US)
11.22. Aquahydrex (US)
11.23. EXYTRON (Germany)
11.24. Electrochaea GmbH (Germany)
11.25. Atawey (France)
11.26. Hiringa Energy Limited (New Zealand)
12. COVID-19 Impact Analysis
12.1. Global Hydrogen Generation Market, 2020 – 2028, Pre-V/S Post COVID 19
12.2. Estimated Impact of The Coronavirus (Covid-19) Epidemic on the Hydrogen Generation Market Size In 2022, By Scenario
12.3. Impact on Supply Chain and Production in Hydrogen Generation Market
12.4. Impact on Import and Export
13. Import-Export Analysis
13.1. North America Hydrogen Generation Import-Export, 2016 – 2021
13.2. Europe Hydrogen Generation Import-Export, 2016 – 2021
13.3. Asia Pacific Hydrogen Generation Import-Export, 2016 – 2021
13.4. Latin America Hydrogen Generation Import-Export, 2016 – 2021
13.5. Middle East America Hydrogen Generation Import-Export, 2016 – 2021
13.6. Africa Hydrogen Generation Import-Export, 2016 – 2021
14. Hydrogen Generation Marketing Channel Analysis
14.1. Marketing Channel
14.1.1. Direct Marketing
14.1.2. Indirect Marketing
14.1.3. Development Trend
14.2. Market Positioning
15. Hydrogen Generation Manufacturing Cost Analysis
15.1. Key Raw Materials
15.2. Key Raw Material Suppliers
15.3. Market Concentration Rate
15.4. Manufacturing Cost Structure
15.5. Process Analysis
16. Conclusion
