Hydrogen Generation Market to Be Worth $204.0 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., July 24, 2024 /PRNewswire/ -- According to a new market research report titled, 'Hydrogen Generation Market Size, Share, Forecast, & Trends Analysis by Type (Gray, Green, Blue), Process (Hydrogen Generation, Hydrogen Storage), Source (Fossil Fuels, Nuclear, Solar), Application (Ammonia Production, Petroleum Refinery, E-mobility, Power Generation)—Global Forecast to 2031,' the hydrogen generation market is projected to reach $204.0 billion by 2031, at a CAGR of 8.4% from 2024 to 2031.

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Hydrogen generation involves the utilization of diverse sources, including fossil fuels, water, nuclear power, solar energy, and biomass, to produce hydrogen. Various processes are employed for hydrogen generation, such as electrolysis, thermochemical reactions, biological methods, and pressure swing adsorption. The different types of hydrogen produced through these processes are color-coded to indicate the specific chemical reactions used for production. The color codes of hydrogen, i.e., gray, green, and blue, denote different production methods. Each type of hydrogen finds applications across various industries, such as e-mobility, chemical production, power generation, and manufacturing.

The growth of the hydrogen generation market is driven by the rising demand for hydrogen in the chemicals industry and increasing government initiatives to accelerate the transition to clean energy sources. However, the high capital cost of hydrogen storage restrains the growth of this market. Furthermore, the growing focus on developing green hydrogen production technologies and the increasing use of hydrogen in Fuel Cell Electric Vehicles (FCEVs) are expected to generate growth opportunities for the players operating in this market. However, the lack of secure hydrogen transport and storage infrastructure is a major challenge impacting market growth.

The hydrogen generation market is segmented by type (gray hydrogen, blue hydrogen, green hydrogen, and other types), process (hydrogen generation processes [electrolysis, thermochemical processes {steam methane reforming, auto thermal reforming, and gasification}, direct solar water splitting process, biological process, and pressure swing adsorption] and hydrogen storage processes [cylindering, portable storage, and other storage processes]), source (fossil fuels, nuclear, water, solar, biomass, and other sources), application (ammonia production, petroleum refineries, E-mobility, methanol production, district heating, power generation, manufacturing, and synfuel production), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Based on type, the hydrogen generation market is segmented into gray hydrogen, blue hydrogen, green hydrogen, and other types. In 2024, the gray hydrogen segment is expected to account for the largest share of around 87.0% of the hydrogen generation market. However, the green hydrogen segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing need to reduce renewable energy production costs, market players' focus on the development of electrolysis technologies, and the high demand for green hydrogen in FCEV and power generation applications.

Based on process, the hydrogen generation market is segmented into hydrogen generation processes and hydrogen storage processes. In 2024, the hydrogen generation processes segment is expected to account for the larger share of around 80.0% of the hydrogen generation market. The segment's large share is attributed to the increasing demand for hydrogen in industrial applications, the rising need to decrease greenhouse gas emissions from hydrogen generation processes, the increasing use of renewable energy sources for hydrogen production, and the growing adoption of hydrogen generation technologies for decarbonization. Moreover, this segment is also expected to register the higher CAGR during the forecast period.

Based on source, the hydrogen generation market is segmented into fossil fuels, nuclear, water, solar, biomass, and other sources. In 2024, the fossil fuels segment is expected to account for the largest share of around 60.0% of the hydrogen generation market. However, the solar segment is expected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing demand for green hydrogen in industrial applications, the growing adoption of low-cost hydrogen production methods, and the rising use of solar energy for hydrogen production to reduce greenhouse gas emissions.

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Based on application, the hydrogen generation market is segmented into ammonia production, petroleum refineries, E-mobility, methanol production, district heating, power generation, manufacturing, and synfuel production. In 2024, the ammonia production segment is expected to account for the largest share of over 55.0% of the hydrogen generation market. The segment's large share is attributed to the increasing demand for ammonia as a low-carbon fuel and the growing use of ammonia to decarbonize industries.

However, the E-mobility segment is expected to register the highest CAGR during the forecast period.

Based on geography, the hydrogen generation market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 41.0% of the hydrogen generation market, followed by Europe, North America, Latin America, and the Middle East & Africa. The large market share of Asia-Pacific is mainly attributed to the region's growing potential to produce carbon-free hydrogen, Australia's increasing focus on generating hydrogen using carbon capture, usage, and storage technology, and China's increasing use of renewable energy, natural gas, and coal for hydrogen generation. Moreover, APAC is also expected to register the highest CAGR of over 9.2% during the forecast period.

The key players operating in the hydrogen generation market are Plug Power Inc. (U.S.), Linde GmbH (Germany), Air Products and Chemicals, Inc. (U.S.), L'AIR LIQUIDE S.A. (France), Matheson Tri-Gas, Inc. (U.S.), SOL Spa (Italy), Cummins Inc. (U.S.), Siemens Energy AG (Germany), Shell plc (U.K.), Messer SE & Co. KGaA (Germany), Ballard Power Systems Inc. (Canada), FuelCell Energy, Inc. (U.S.), Iwatani Corporation (Japan), Enapter AG (Germany), CALORIC Anlagenbau GmbH (Germany), SPG Hydrogen Co., Ltd. (South Korea), Uniper SE (Germany), and Nel ASA (Norway).

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Scope of the Report:

Hydrogen Generation Market Assessment—by Type 

• Gray Hydrogen
• Blue Hydrogen
• Green Hydrogen
• Other Types

Hydrogen Generation Market Assessment—by Process 

• Hydrogen Generation Processes
  • Thermochemical Processes
  • Electrolysis
  • Biological Process
  • Direct Solar Water Splitting Process
  • Pressure Swing Adsorption
• Hydrogen Storage Processes
  • Cylindering
  • Portable Storage
  • Other Storage Processes

Hydrogen Generation Market Assessment—by Source 

• Fossil Fuels
• Nuclear
• Water
• Solar
• Biomass
• Other Sources

Hydrogen Generation Market Assessment—by Application

• Ammonia Production
• Petroleum Refineries
• Methanol Production
• E-mobility
• Synfuel Production
• District Heating
• Manufacturing
• Power Generation

Hydrogen Generation Market Assessment—by Geography 

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Netherlands
  • Poland
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Singapore
  • Australia & New Zealand
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • Rest of Middle East & Africa 

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Hydrogen Market Size, Share, Forecast, & Trends Analysis by Offering (Hydrogen Generation, Hydrogen Storage, Hydrogen Transportation), Application (Chemical Production, Automotive & Transportation, Power Generation, Industrial Manufacturing) – Global Forecast to 2031

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