Major players in the hydrogen generation market are Air Liquide S.A., Air Products Inc., Iwatani Corporation, McPhy Energy S.A., Messer Group, Atawey, Enapter S.r.l., Hiringa Energy Limited, SOL Group, INOX Air Products Ltd., Ally Hi-Tech Co. Ltd., Cummins Inc., ITM Power, Matheson Tri-Gas Inc. and FuelCell Energy.
The global hydrogen generation market is expected to grow from $131.21 billion in 2022 to $142.66 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hydrogen generation market is expected to grow to $195.50 billion in 2027 at a CAGR of 8.2%.
The hydrogen generation market consists of sales of brown hydrogen, yellow hydrogen, turquoise hydrogen, and pink hydrogen.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Hydrogen generation refers to the process of generating hydrogen from a variety of domestic sources, such as biomass, fossil fuels, and water electrolysis.
Asia Pacific was the largest region in the hydrogen generation market in 2022.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of hydrogen generation include on-site and portable. The sources include blue hydrogen, gray hydrogen, and green hydrogen generated and delivered by captive, merchants with different technologies such as steam methane reforming, coal gasification, electrolysis, and partial oxidation used in various applications such as methanol production, ammonia production, petroleum refining, transportation, power generation, and other applications.
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 International Energy Agency, a France-based autonomous intergovernmental organization, in 2021, 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 2019.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.
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 (CCMs) 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.
In April 2020, Air Products, a US-based chemical industry company completed acquisition of five steam methane reformer (SMR) hydrogen production plants from PBF Energy Inc., for $530 million. Through this deal, Air Products increases its capacity of almost 300 million standard cubic feet per day that are located in Torrance and Martinez, California and Delaware City, Delaware. PBF Energy Inc. is a US-based petroleum refineries company.
The countries covered in the Hydrogen Generation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The hydrogen generation market research report is one of a series of new reports that provides hydrogen generation market statistics, including hydrogen generation industry global market size, regional shares, competitors with a hydrogen generation market share, detailed hydrogen generation market segments, market trends and opportunities, and any further data you may need to thrive in the hydrogen generation industry. This hydrogen generation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.