According to the latest report by IMARC Group “Hydrogen Generation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global hydrogen generation market size reached US$ 153.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 222.4 Billion by 2028, exhibiting a CAGR of 6.9% during 2023-2028.
Hydrogen (H2) is a colorless, odorless, and tasteless gas that is highly flammable and insoluble in water. It is an abundant chemical element available in nature in various forms. It is generated through various methods, such as steam reforming of natural gas, electrolysis of water, partial oil oxidation, and coal gasification. As a result, it finds extensive applications in ammonia and methanol production, petroleum refinery, transportation, and power generation across the globe.
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Market Trends:
At present, the increasing demand for green hydrogen as a clean and renewable source of energy represents one of the primary factors supporting the growth of the market. Apart from this, the rising awareness among the masses about eco-friendly and zero-emission vehicles is contributing to the growth of the market. In addition, the growing demand for H2 in fuel cell electric vehicles (FCEVs) as an alternative to other harmful fuels is offering lucrative growth opportunities to industry investors. Additionally, governing agencies of various countries are implementing stringent regulations to reduce carbon footprints and encourage the adoption of H2, which is bolstering the growth of the market. Furthermore, the rising adoption of H2 to fulfill the increasing demand for electricity across the globe is strengthening the growth of the market.
Breakup by Technology:
- Coal Gasification
- Steam Methane Reforming
- Others
Breakup by Application:
- Methanol Production
- Ammonia Production
- Petroleum Refinery
- Transportation
- Power Generation
- Others
Breakup by Systems Type:
- Merchant
- Captive
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Air Liquide International S.A.
- Air Products Inc
- CLAIND srl
- INOX Air Products Ltd.
- Linde plc
- Mahler AGS GmbH
- McPhy Energy S.A.
- Messer Group GmbH
- NEL Hydrogen
- Taiyo Nippon Sanso Corporation
- Weldstar Inc.
- Xebec Adsorption Inc.
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