Hydrogen Generation Market is expected to grow at a CAGR of 4.01% By 2029

Written by Lisa Tate  »  Updated on: April 01st, 2024

Hydrogen Generation Market is expected to grow at a CAGR of 4.01% By 2029

Growing Demand for Clean Energy and Government Initiatives and Policies is expected to drive the market during the forecasted period.

According to TechSci Research report, “Hydrogen Generation Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029”, the Global Hydrogen Generation Market is expected to register robust growth during the forecast period. Long-term factors that are expected to propel the hydrogen generation market during the forecast period include government regulations pertaining to desulphurization, greenhouse gas emissions, and the promotion of hydrogen production and consumption. However, it is anticipated that the market for hydrogen generation will be constrained by the high capital costs of hydrogen energy storage.

Throughout the course of the forecast period, the steam methane reforming technology segment is anticipated to lead the hydrogen market. However, during the course of the forecast period, the market for hydrogen generation is expected to see profitable growth opportunities due to technological advancements in the extraction of hydrogen from renewable sources and increased applications of hydrogen as a fuel. Due to the rising demand for hydrogen, Asia-Pacific is the market with the fastest rate of growth during the forecast period. Growing investments and encouraging government policies in this region—including in Australia, China, and India—are credited with this growth.

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Based on Source, Blue Hydrogen segment is expected to dominate the market during the forecast period. Blue hydrogen is made by combining natural gas with heated steam in the steam reforming process. Blue hydrogen is made from natural gas and is a low-carbon fuel. Among other things, it powers cars, produces energy, and heats buildings. Blue hydrogen does not release its CO2 into the atmosphere. CO2 is instead captured and kept apart at the production site. A method that helps lower carbon emissions into the atmosphere is carbon capture and storage, or CCS. Because of this, it is less harmful to the environment than grey hydrogen, even though blue hydrogen makes carbon storage more expensive.

The rising use of hydrogen in fuel cell-powered vehicles is anticipated to propel the blue hydrogen market. Fossil fuels can be replaced by fuel cells, an environmentally friendly form of transportation. In addition, governments everywhere encourage the use of fuel cell automobiles as a way to reduce greenhouse gas emissions. Tax breaks and subsidies are being provided, and more funds are being allocated to the infrastructure development of fuel cell automobiles. Therefore, over the course of the forecast period, it is anticipated that the growing use of hydrogen in the automotive industry will propel demand for blue hydrogen.

At least 50 blue hydrogen projects were underway worldwide as of January 2022, according to IEA, and capacity was predicted to increase by more than ten times by. A collaborative effort between Equinor and Engie aims to generate hydrogen with reduced carbon emissions on a large scale and at a cost that is competitive. They plan to employ auto thermal reforming (ATR), a method that can achieve decarbonization rates higher than 95%. Because of the aforementioned factors, the hydrogen generation market's blue hydrogen segment is anticipated to grow significantly over the forecast period.

Based on Region, Asia Pacific is projected to dominate the market throughout the forecast period. The Asia- Pacific region is the fastest-growing market due to the rising hydrogen demand for power generation in China and India. Furthermore, increased government measures to promote clean and green energy in countries such as India, Japan, and Australia are encouraging market growth. The rapid advancement across various sectors in economies like South Korea, China, Japan, and India has bolstered economic growth and propelled the hydrogen-generating industry in this region. Increased demand for fuel cell-powered electric vehicles and the expansion of renewable energy-based power generation are key drivers.

China, particularly, stands out as the largest and fastest-growing market for hydrogen generation. Recent significant expansion in its oil, gas, and manufacturing sectors has fueled this growth. According to the National Development and Reform Commission (NDRC) and the National Energy Administration (NEA), China aims to produce 100,000-200,000 metric tons of green hydrogen annually by 2025, resulting in a substantial reduction of CO2 emissions. These factors are expected to contribute to the growth of the hydrogen market in the Asia-Pacific region in the coming years.

Key market players in the Global Hydrogen Generation Market are:-

Linde plc

Air Liquide S.A.

Messer Group GmbH

ITM Power plc

Engie SA

Cummins Inc.

Air Products and Chemicals, Inc.

FuelCell Energy, Inc.

Nippon Sanso Holdings Corporation

McPhy Energy SA

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“The global hydrogen generation market is propelled by several key drivers. Increasing demand for clean energy solutions and a global commitment to carbon reduction drive the market's growth. Government initiatives and policies, including subsidies and regulations, support the development and adoption of hydrogen technologies. The integration of renewable energy sources, particularly in the production of green hydrogen, is a significant driver aligned with sustainability goals. Ongoing technological advancements, especially in electrolysis and steam methane reforming, enhance efficiency and reduce production costs. Hydrogen's role in industrial applications, transportation, and the broader global energy transition contributes to its growing significance, making it a crucial player in the transition towards a more sustainable and low-carbon energy landscape.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Hydrogen Generation Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented Source (Blue hydrogen, Green hydrogen, and Grey Hydrogen), Technology (Steam Methane Reforming (SMR), Coal Gasification, and Other Technologies), Applications (Oil Refining, Chemical Processing, Iron & Steel Production, and Other Applications), By Region, By Competition 2019-2029.” has evaluated the future growth potential of Global Hydrogen Generation Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Hydrogen Generation Market.

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