Hydrogen Generation Market Primed for Sustained Growth: Set to Expand from $153.42B in 2024 to $229.72B in 2029

Hydrogen Generation Market

How is the Hydrogen Generation Market Performing and What’s Driving its Growth?
The hydrogen generation market size has shown robust growth in recent years, expanding from $153.42 billion in 2024 to an anticipated $166.5 billion in 2025, marking a Compound Annual Growth Rate (CAGR) of 8.5%. This growth in the historical period can be attributed to factors such as the demand for hydrogen in the industrial sector, environmental regulations, hydrogen as a clean fuel, natural gas reforming, government incentives and subsidies, global energy transition, and fuel cell development.

Looking forward, the hydrogen generation market size is projected to continue its solid growth trend, with expectations to reach $229.72 billion in 2029 at a CAGR of 8.4%. This growth over the forecast period can be attributed to factors such as investments in hydrogen infrastructure, scaling up of hydrogene production, cost reduction in electrolysis, hydrogen production from biomass, green hydrogen production projects, proliferation of hydrogen-powered vehicles, and hydrogen for decarbonization. Key trends anticipated for the forecast period include technological innovations, policy support and investments, integration with renewable energy systems, growing interest in blue hydrogen, use of hydrogen as an energy carrier, and utilization of hydrogen in heavy industries.

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What Factors are Fueling the Hydrogen Generation Market?
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 uses a large amount of hydrogen as it is an integral component of various chemical products and is also utilized in hydrocracking to produce petroleum products such as gasoline and diesel. For instance, global hydrogen usage rose to 95 million tons in 2022, showing a nearly 3% increase from the previous year, according to the International Energy Agency (IEA). Consequently, escalating demand for hydrogen in the industrial sector drives the growth of the hydrogen generation market.

How is the Hydrogen Generation Market Segmented?
• By Type: On-Site, Portable
• By Source: Blue Hydrogen, Gray Hydrogen, Green Hydrogen
• By Generation And Delivery Mode: Captive, Merchant
• By Technologies: Steam Methane Reforming, Coal Gasification, Electrolysis, Partial Oxidation
• By Application: Methanol Production, Ammonia Production, Petroleum Refining, Transportation, Power Generation, Other Applications

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Who are the Major Players in the Hydrogen Generation Market?
Major players taking a lead in the hydrogen generation market include Air Liquide SA, Air Products Inc., Iwatani Corporation, McPhy Energy SA, Messer Group GmbH, Altergy Systems, Ballard Power Systems Inc., BayoTech Inc., Doosan Fuel Cell Co. Ltd., EKME S.A., Enapter AG, Frame Power India Pvt. Ltd., and others.

What Trends are Dominating the Hydrogen Generation Market?
One of the key trends gaining popularity in the hydrogen generation market is the development of green hydrogen production technologies, with major companies focusing on technological development to sustain their market position. For instance, Honeywell International, a US-based technology company, developed a new catalyst-coated membrane (CCM) technology for green hydrogen production in March 2022. This should help increase electrolyzer efficiency by significantly reducing the electrolyzer stack cost by up to 25%.

Which Region Dominates the Hydrogen Generation Market?
Asia Pacific stands as the largest and fastest-growing region in the hydrogen generation market in 2024. The market report sheds light on various regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

What Does The Hydrogen Generation Market Report 2025 Offer?
Hydrogen generation process includes generating hydrogen from a variety of domestic sources, such as biomass, fossil fuels, and water electrolysis. It is used to provide a clean fuel source for various applications, including fuel cells, industrial processes, and renewable energy storage. The Hydrogen Generation Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.

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