Market Size of Hydrogen Generation Industry
| Study Period | 2020-2029 |
| Market Size (2024) | USD 184.74 Billion |
| Market Size (2029) | USD 227.25 Billion |
| CAGR (2024 - 2029) | 4.23 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hydrogen Generation Market Analysis
The Hydrogen Generation Market size is estimated at USD 184.74 billion in 2024, and is expected to reach USD 227.25 billion by 2029, growing at a CAGR of 4.23% during the forecast period (2024-2029).
Over the medium term, factors such as supportive government policies coupled with the increasing demand from refineries and the industrial sector are likely to drive the hydrogen generation market during the forecast period.
- On the other hand, high production costs of hydrogen energy storage are expected to restrain the hydrogen generation market.
- Nevertheless, technological advancements in extracting hydrogen from renewable sources and increased applications of hydrogen as a fuel are likely to create lucrative growth opportunities for the hydrogen generation market during the forecast period.
- Asia-Pacific is the fastest-growing market during the forecast period due to the rising hydrogen demand. This growth is attributed to increasing investments, coupled with supportive government policies in the countries such as India, China, and Japan.
Hydrogen Generation Industry Segmentation
Hydrogen generation refers to the process of producing hydrogen gas, typically from hydrogen-containing compounds or sources. There are several methods for hydrogen generation, each with its own set of advantages and drawbacks.
The hydrogen generation market is segmented by source, technology, application, and geography. By source, the market is segmented as blue hydrogen, green hydrogen, and grey hydrogen; by technology, the market is segmented as steam methane reforming (SMR), coal gasification, and other technologies. By application, the market is segmented as oil refining, chemical processing, iron and steel production, and other applications. The report also covers the size and forecasts for the hydrogen generation market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD).
| Source | |
| Blue hydrogen | |
| Green hydrogen | |
| Grey Hydrogen |
| Technology | |
| Steam Methane Reforming (SMR) | |
| Coal Gasification | |
| Other Technologies |
| Application | |
| Oil Refining | |
| Chemical Processing | |
| Iron & Steel Production | |
| Other Applications |
| Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)}) | ||||||||
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Hydrogen Generation Market Size Summary
The hydrogen generation market is poised for significant growth over the forecast period, driven by supportive government policies and increasing demand from the industrial sector, particularly refineries. The market's expansion is supported by technological advancements in extracting hydrogen from renewable sources and its growing applications as a fuel. However, high production costs of hydrogen energy storage pose challenges. The Asia-Pacific region is emerging as a key player, with countries like China, India, and Japan leading the charge due to rising hydrogen demand and strategic investments. The region's commitment to clean energy and carbon reduction goals further bolsters its position in the global market.
In the oil refining sector, hydrogen plays a crucial role in processes such as hydro desulphurization, hydro-cracking, and reforming, which are essential for producing high-grade fuels and reducing air pollution. The demand for cleaner fuels and government regulations on petroleum desulfurization are expected to drive the hydrogen generation market. The Asia-Pacific region, with its ongoing refinery projects and investments, is anticipated to witness substantial growth. Companies in the region are actively pursuing green hydrogen initiatives, supported by government policies and private sector efforts, aligning with global sustainability objectives. This dynamic landscape positions the hydrogen generation market for continued expansion and innovation.
Hydrogen Generation Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Favorable Government Policies
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1.5.1.2 Increasing Demand From Refinery and Industrial Sector
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1.5.2 Restraints
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1.5.2.1 Higher Production Cost
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Source
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2.1.1 Blue hydrogen
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2.1.2 Green hydrogen
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2.1.3 Grey Hydrogen
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2.2 Technology
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2.2.1 Steam Methane Reforming (SMR)
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2.2.2 Coal Gasification
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2.2.3 Other Technologies
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2.3 Application
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2.3.1 Oil Refining
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2.3.2 Chemical Processing
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2.3.3 Iron & Steel Production
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2.3.4 Other Applications
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2.4 Geography (Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)})
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 France
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2.4.2.3 Italy
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2.4.2.4 United Kingdom
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2.4.2.5 Russian Federation
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2.4.2.6 Rest of Europe
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2.4.3 Middle East & Africa
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2.4.3.1 Saudi Arabia
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2.4.3.2 United Arab Emirates
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2.4.3.3 South Africa
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2.4.3.4 Rest of Middle East and Africa
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2.4.4 Asia-Pacific
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2.4.4.1 China
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2.4.4.2 India
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2.4.4.3 Japan
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2.4.4.4 South Korea
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2.4.4.5 Rest of Asia-Pacific
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Hydrogen Generation Market Size FAQs
How big is the Hydrogen Generation Market?
The Hydrogen Generation Market size is expected to reach USD 184.74 billion in 2024 and grow at a CAGR of 4.23% to reach USD 227.25 billion by 2029.
What is the current Hydrogen Generation Market size?
In 2024, the Hydrogen Generation Market size is expected to reach USD 184.74 billion.
