Hydrogen Generation Market Overview
The global hydrogen generation market is valued at USD 203.34 billion in 2024 and is projected to reach USD 478.83 billion by 2032, growing at a compound annual growth rate (CAGR) of 11.3% from 2024 to 2032.
With the global shift toward sustainable energy, the Hydrogen Generation Market is at the forefront of the clean energy revolution. This report examines the demand for hydrogen as a clean fuel source, technological advancements in hydrogen production, and the role of hydrogen in achieving net-zero emissions. The report also provides an analysis of key players, emerging technologies, and market projections for the next decade.
The market’s growth is primarily driven by the increasing demand for hydrogen in fuel-cell electric vehicles (FCEVs) and rocket applications within the aerospace sector. Furthermore, the transportation industry is seeing significant adoption of hydrogen fuel cells in various vehicles, including bicycles, automobiles, buses, trains, ships, boats, aircraft auxiliary power units (APUs), marine vessels, and specialized vehicles like forklifts, which is contributing to the market’s expansion.
COVID-19 Impact on Hydrogen Generation Market
The COVID-19 pandemic had a mixed effect on the global hydrogen generation market. On one hand, the downturn in the automotive sector, particularly the reduced demand for passenger cars, negatively impacted short-term growth. Hydrogen fuel vehicles, being more expensive than traditional fossil-fuel-powered cars, saw slower adoption due to the economic challenges brought on by the pandemic. Additionally, industrial closures during the pandemic reduced power demand, which in turn affected hydrogen production, as energy generation is essential for producing hydrogen.
However, the demand for hydrogen fuel cells increased in sectors such as healthcare, where hospitals required uninterrupted power supply for operating rooms and essential medical equipment. The reliability and efficiency of hydrogen fuel cells in these applications heightened the demand for hydrogen generators.
Gray Hydrogen Dominates the Market
Gray hydrogen, produced via natural gas reforming, currently holds the largest share of the hydrogen generation market due to its lower production cost compared to blue and green hydrogen.
Transportation Segment Shows Rapid Growth
Among the various application segments, transportation is expected to experience the fastest growth. The increasing focus on decarbonizing the transportation industry is driving the demand for hydrogen, particularly in fuel-cell electric vehicles (FCEVs) and other related applications.
Hydrogen Generation Market Dynamics
Key Drivers:
- Extensive R&D in Green Hydrogen Production: Hydrogen is essential in industries like petroleum refining and fertilizer production, with fossil fuel reforming accounting for 99% of current hydrogen production. However, green hydrogen, produced through electrolysis, emits no carbon dioxide, aligning with global decarbonization goals. Several governments, including the European Union, are pushing for large-scale green hydrogen adoption, with initiatives such as Florida Power & Light’s 20 MW green hydrogen station, operational by 2023, supporting the movement.
- Focus on Net Zero Emissions by 2050: Achieving net-zero emissions by 2050 requires a massive shift in the energy system, with hydrogen playing a key role. It is estimated that by 2050, 500 Mt of hydrogen will be produced globally, primarily from low-carbon technologies. Hydrogen-based fuels are also crucial in decarbonizing hard-to-electrify industries, such as steel, chemicals, heavy-duty transport, shipping, and aviation.
Hydrogen Generation Market Regional Analysis
The Asia Pacific region is expected to hold the largest market share during the forecast period, driven by the rapid expansion of hydrogen-based economies and the growth of fuel-cell electric vehicles. China, in particular, is leading the region’s hydrogen generation market, with increasing demand from refineries and the automotive sector.
Key Market Players and Competitive Landscape
Key players in the hydrogen generation market include:
- 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)
Hydrogen Generation Market Segmentation Overview:
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:
- Captive
- Merchant
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 2024 | USD 203.34 billion |
| Revenue Forecast in 2032 | USD 478.83 billion |
| Growth Rate | CAGR of 11.30 % from 2024 to 2032 |
| The base year for estimation | 2023 |
| Historical data | 2018 – 2023 |
| Forecast period | 2024 – 2032 |
| Quantitative units | Revenue in USD billion and CAGR from 2024 to 2032 |
| 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
Chapter 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
Chapter 2. Hydrogen Generation Market Overview
2.1. Introduction
2.2. Analysis by Source, 2018-2032 (US$ Billion)
2.3. Analysis by Technologies, 2018-2032 (US$ Billion)
2.4. Analysis by Application, 2018-2032 (US$ Billion)
2.5. Analysis by System Type, 2018-2032 (US$ Billion)
2.6. Market Analysis by Region, 2018-2032 (US$ Billion)
Chapter 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
Chapter 4. Hydrogen Generation Market Competition Analysis
4.1. Hydrogen Generation Market Share Analysis by Company, 2019 – 2023
4.1.1. Top 3 Players, 2019 – 2023
4.1.2. Top 6 Players, 2019 – 2023
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
Chapter 5. Global Hydrogen Generation Market Analysis by Source and Application, 2018-2032 (US$ Billion)
5.1. Source
5.1.1. Global Hydrogen Generation Market Share, by Source, 2023 and 2032
5.1.2. Global Hydrogen Generation Market Revenue, by Source, 2018-2032 (US$ Billion)
5.1.3. By Blue Hydrogen Market Analysis 2018-2032 (US$ Billion)
5.1.4. By Gray Hydrogen Market Analysis 2018-2032 (US$ Billion)
5.1.5. By Green Hydrogen Market Analysis 2018-2032 (US$ Billion)
5.2. Technologies
5.2.1. Global Hydrogen Generation Market Share, by Technologies, 2023 and 2032
5.2.2. Global Hydrogen Generation Market Revenue, by Technologies, 2018-2032 (US$ Billion)
5.2.3. By Steam Methane Reforming (SMR) Market Analysis 2018-2032 (US$ Billion)
5.2.4. By Partial Oxidation (POX) Market Analysis 2018-2032 (US$ Billion)
5.2.5. By Coal Gasification Market Analysis 2018-2032 (US$ Billion)
5.2.6. By Electrolysis Market Analysis 2018-2032 (US$ Billion)
5.3. Application
5.3.1. Market Share, by Application, 2023 and 2032
5.3.2. Market Revenue, by Application, 2018-2032 (US$ Billion)
5.3.3. By Petroleum Refinery Market Analysis 2018-2032 (US$ Billion)
5.3.4. By Ammonia Production Market Analysis 2018-2032 (US$ Billion)
5.3.5. By Methanol Production Market Analysis 2018-2032 (US$ Billion)
5.3.6. By Transportation Market Analysis 2018-2032 (US$ Billion)
5.3.7. By Power Generation Market Analysis 2018-2032 (US$ Billion)
5.4. System Type
5.4.1. Global Hydrogen Generation Market Share, by System Type, 2023 and 2032
5.4.2. Global Hydrogen Generation Market Revenue, by System Type, 2018-2032 (US$ Billion)
5.4.3. By Captive Market Analysis 2018-2032 (US$ Billion)
5.4.4. By Merchant Market Analysis 2018-2032 (US$ Billion)
Chapter 6. Global Hydrogen Generation Market Source Analysis by Region, 2018-2032 (US$ Billion)
6.1. Blue Hydrogen Market Analysis 2018-2032 (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 2018-2032 (US$ Billion)
6.3. Green Hydrogen Market Analysis 2018-2032 (US$ Billion)
Chapter 7. Global Hydrogen Generation Market Technologies Analysis by Region, 2018-2032 (US$ Billion)
7.1. Steam Methane Reforming (SMR) Market Analysis 2018-2032 (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 2018-2032 (US$ Billion)
7.3. Coal Gasification Market Analysis 2018-2032 (US$ Billion)
7.4. Electrolysis Market Analysis 2018-2032 (US$ Billion)
Chapter 8. Global Hydrogen Generation Market Application Analysis by Region, 2018-2032 (US$ Billion)
8.1. Petroleum Refinery Market Analysis 2018-2032 (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 2018-2032 (US$ Billion)
8.3. Methanol Production Market Analysis 2018-2032 (US$ Billion)
8.4. Transportation Market Analysis 2018-2032 (US$ Billion)
8.5. Power Generation Market Analysis 2018-2032 (US$ Billion)
Chapter 9. Global Hydrogen Generation Market System Type Analysis by Region, 2018-2032 (US$ Billion)
9.1. Captive Market Analysis 2018-2032 (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 2018-2032 (US$ Billion)
Chapter 10. Hydrogen Generation Market Analysis by Geography, 2018-2032 (US$ Billion)
10.1. North America Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.1.1. U.S. Hydrogen Generation Market Analysis 2018-2032 (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 2018-2032 (US$ Billion)
10.1.3. Mexico Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.2. Europe Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.2.1. UK Hydrogen Generation Market Analysis 2018-2032 (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 2018-2032 (US$ Billion)
10.2.3. Germany Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.2.4. Spain Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.2.5. Russia Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.2.6. Italy Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.2.7. Rest of Europe Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.3. Asia Pacific Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.3.1. China Hydrogen Generation Market Analysis 2018-2032 (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 2018-2032 (US$ Billion)
10.3.3. South Korea Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.3.4. India Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.3.5. Australia Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.3.6. Southeast Asia Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.3.7. Taiwan Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.3.8. Rest of Asia Pacific Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.4. Latin America Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.4.1. Brazil Hydrogen Generation Market Analysis 2018-2032 (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 2018-2032 (US$ Billion)
10.4.3. Rest of Latin America Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.5. Middle East Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.5.1. Israel Hydrogen Generation Market Analysis 2018-2032 (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 2018-2032 (US$ Billion)
10.5.3. Saudi Arabia Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.5.4. UAE Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.5.5. Rest of Middle East Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.6. Africa Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
10.6.1. Egypt Hydrogen Generation Market Analysis 2018-2032 (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 2018-2032 (US$ Billion)
10.6.3. Rest of Africa Hydrogen Generation Market Analysis 2018-2032 (US$ Billion)
Chapter 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)
Chapter 12. COVID-19 Impact Analysis
12.1. Global Hydrogen Generation Market, 2020 – 2032, Pre-V/S Post COVID 19
12.2. Estimated Impact of The Coronavirus (Covid-19) Epidemic on the Hydrogen Generation Market Size In 2023, By Scenario
12.3. Impact on Supply Chain and Production in Hydrogen Generation Market
12.4. Impact on Import and Export
Chapter 13. Import-Export Analysis
13.1. North America Hydrogen Generation Import-Export, 2018 – 2023
13.2. Europe Hydrogen Generation Import-Export, 2018 – 2023
13.3. Asia Pacific Hydrogen Generation Import-Export, 2018 – 2023
13.4. Latin America Hydrogen Generation Import-Export, 2018 – 2023
13.5. Middle East America Hydrogen Generation Import-Export, 2018 – 2023
13.6. Africa Hydrogen Generation Import-Export, 2018 – 2023
Chapter 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
Chapter 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
Chapter 16. Conclusion
