Hydrogen Generation Market Analysis

Hydrogen Generation Market Expected to Reach $262.0 Billion by 2031 — Allied Market Research

WILMINGTON, DELAWARE, UNITED STATES, February 5, 2024 /EINPresswire.com/ -- The rapid surge in technological innovations related to the extraction of hydrogen through sustainable resources such as Green hydrogen has a significant impact on the hydrogen generation market. The government initiatives towards zero carbon emissions led to the increase in the utilization of fuel cell-powered vehicles. Furthermore, the increased population across the globe has led to an increase in the demand for food; hence to increase the food production hydrogen is used in the production of ammonia. The hydrogen generation market size was valued at $136.3 billion in 2021, and the hydrogen generation industry is estimated to reach $262.0 billion by 2031, growing at a CAGR of 6.8% from 2022 to 2031.

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Hydrogen production is the family of industrial methods for generating hydrogen gas. As of 2020, the majority of hydrogen (∼95%) is produced from fossil fuels by steam reforming of natural gas and other light hydrocarbons, partial oxidation of heavier hydrocarbons, and coal gasification.

Hydrogen produced is mostly used by petroleum refineries and fertilizer-producing companies. A total of 99% of hydrogen comes from fossil fuel reforming, as it is the most conventional and cost-effective method. However, it is not beneficial for the environment due to CO2 emissions. Green hydrogen is produced from electrolysis. Electrolysis is the method used to produce green hydrogen as it uses electricity to split water into hydrogen and oxygen and gives out zero carbon emissions. One of the objectives that various nations have set for 2050 is the decarbonization of the earth. The generation of an element like hydrogen, which produces green hydrogen, is one of the key factors in achieving this goal because it now accounts for more than 2% of worldwide CO2 emissions. For instance, the European Union (EU) released a unique hydrogen policy in 2020 that combines initiatives to support green hydrogen generation capacities’ rapid growth. By 2023, Florida Power & Light plans to have a 20 MW green hydrogen plant up and running. The 1.75 gigawatts Okeechobee gas-fired plant owned by FP&L will utilize this hydrogen in a 20% blend.

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An increase in governmental regulations for the desulphurization of petroleum products is projected to drive the growth of the hydrogen generation market opportunities. Hydrogen is an effective energy carrier, and this quality is expected to contribute significantly to its further penetration into newer markets. The global electricity demand is expected to witness an increase of nearly two-thirds of the current demand during the forecast period. Focus on projects related to distributed power & utility, is expected to boost the hydrogen generation market growth during the forecast period.

Competitive Analysis:

The Hydrogen Generation industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players in the global Hydrogen Generation market include,

Linde plc
Iberdrola
Siemens AG
Electrochaea GmbH
Iwatani Corporation
Uniper SE
Cummins Inc.
Messer
Nel ASA
Xebec Adsorption Inc.
Ally Hi-Tech Co. Ltd
McPhy Energy S.A
ThyssenKrupp
L'Air Liquide S.A.
ITM Power
Orsted A/S

The hydrogen generation market forecast is segmented based on source, process, delivery mode, application, and region. Based on the source, it is classified into blue hydrogen, gray hydrogen, and green hydrogen. Based on process, the market is categorized into steam methane reforming, coal gasification, electrolysis, and others. Based on delivery mode, the market is bifurcated into captive and merchant. Based on application, the global hydrogen generation market is divided into chemical processing, transportation, petroleum recovery, power generation, and others. Furthermore, the chemical processing segment is bifurcated into ammonia, methanol, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest hydrogen generation market share, followed by North America, and Europe.

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Key findings of the study:

- As per hydrogen generation market analysis, by source, the grey hydrogen segment accounted for the largest share in 2021.
- By process, the steam methane reforming segment was the leading segment in 2021.
- By delivery mode, the captive segment held the largest market share in 2021.
- By application, the chemical processing segment held the largest market share in 2021.
- By region, Asia-Pacific is projected to exhibit a CAGR of 7.3% from 2022 to 2031.

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