Hydrogen Generation Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Hydrogen Generation Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Hydrogen Generation Global Market Report 2024, The hydrogen generation market size has grown strongly in recent years. It will grow from $141.88 billion in 2023 to $154.42 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%.  The  growth in the historic period can be attributed to industrial hydrogen demand, environmental regulations, hydrogen as a clean fuel, natural gas reforming, government incentives and subsidies, global energy transition, fuel cell development.

The hydrogen generation market size is expected to see strong growth in the next few years. It will grow to $210.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.  The growth in the forecast period can be attributed to hydrogen infrastructure investments, scaling up hydrogen production, cost reduction in electrolysis, hydrogen from biomass, green hydrogen production projects, hydrogen-powered vehicles, hydrogen for decarbonization.. Major trends in the forecast period include technological innovations, policy support and investments, integration with renewable energy systems, growing interest in blue hydrogen, hydrogen as an energy carrier, hydrogen in heavy industries.

The increasing demand for hydrogen in the industrial sector is expected to propel the growth of the hydrogen generation market going forward. The industrial sector refers to a sector of the economy made up of companies that assist other companies in the production, transportation, or manufacture of their goods. The industrial sector uses a large amount of hydrogen as it is a component of many chemical products and is used in hydrocracking, which produces petroleum products including gasoline and diesel. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the global demand for hydrogen increased by 5% to 94 Mt, primarily due to increased activity in the chemical and refining industries. In addition, the historical peak of 91 Mt for hydrogen consumption in 2019 was reached. The demand for hydrogen-based DRI, electricity, buildings, high-temperature heat in industry, transportation, and other new uses increased by 60% in 2021 to reach about 40 kt H2. Therefore, increasing demand for hydrogen in the industrial sector is driving the growth of the hydrogen generation market.

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The hydrogen generation market covered in this report is segmented –
1) By Type: On-Site, Portable

2) By Source: Blue Hydrogen, Gray Hydrogen, Green Hydrogen

3) By Generation And Delivery Mode: Captive, Merchant

4) By Technologies: Steam Methane Reforming, Coal Gasification, Electrolysis, Partial Oxidation

5) By Application: Methanol Production, Ammonia Production, Petroleum Refining, Transportation, Power Generation, Other Applications

 

The development of green hydrogen production technologies is a key trend gaining popularity in the hydrogen generation market. Major companies operating in the hydrogen generation market are developing technologies to sustain their position in the market. For instance, in March 2022, Honeywell International, a US-based technology company, developed a new catalyst-coated membrane (CCM) technology for green hydrogen production. The Proton Exchange Membrane (PEM) and Anion Exchange Membrane (AEM) CCMs are the focus of the new Honeywell technology. The unique features of Honeywell’s most recent CCMs demonstrated the ability to increase electrolyzer efficiency and electric current density and a groundbreaking, unique membrane with strong ionic conductivity and high activity. The cost of the electrolyzer stack is expected to decrease by 25% as a result.

 

The hydrogen generation market report table of contents includes:
1. Executive Summary

2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis

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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

 

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