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Hydrogen Generation Market Size & Share, by Source (Blue, Green, Grey Hydrogen); Technology (Steam Methane Reforming (SMR), Partial Oxidation (POX), Coal Gasification, Electrolysis); Application (Petroleum Refinery, Ammonia Production, Methanol Production, Transportation, Power Generation) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2025-2037

  • Report ID: 3134
  • Published Date: Dec 24, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2025-2037

Hydrogen Generation Market size was over USD 172.42 billion in 2024 and is poised to exceed USD 574.48 billion by 2037, growing at over 9.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of hydrogen generation is evaluated at USD 186.64 billion.

The growth of the market can be attributed to the increasing demand for green energy resources, high requirement to balance demand and supply in the power sector, and the growing need for long term power storage across the world. Along with these, high emissions of greenhouse gases are also expected to drive market growth in the coming years. Greenhouse gases are responsible for rising temperatures globally. Hydrogen is assessed to play a crucial role in facing climate emergency as renewable and nuclear electricity alone will never be able to provide all our energy needs, which in turn is projected to be a major factor to lead to market expansion in the near future.

Global-Hydrogen-Generation-Market-Overview
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Growth Drivers

  • Rising Demand for Green & Clean Resources of Energy

  • Growing Need for Balancing Demand and Supply in the Power Sector

Challenges

  • Decarbonizing Hydrogen Production

Hydrogen Generation Market: Key Insights

Report Attribute Details

Base Year

2024

Forecast Year

2025-2037

CAGR

9.7%

Base Year Market Size (2024)

USD 172.42 billion

Forecast Year Market Size (2037)

USD 574.48 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Hydrogen Generation Segmentation

The market is segmented based on source into blue hydrogen, green hydrogen, and grey hydrogen. Among these, the segment for blue hydrogen is anticipated to occupy the largest market share during the forecast period accounting to its low production cost and the usage of energy efficient technology for its production. Additionally, on the basis of application, the transportation segment in the hydrogen generation market is projected to grow with a significant CAGR over the forecast period. The growth of the segment is mainly driven by the rise in demand for fuel cell electric vehicles (FCEV) and increasing requirement of energy in developing countries. 

Our in-depth analysis of the global market includes the following segments

 By Source

  • Blue Hydrogen

  • Green Hydrogen

  • Grey Hydrogen

     

  By Technology

  • Steam Methane Reforming (SMR)

  • Partial Oxidation (POX)

  • Coal Gasification

  • Electrolysis

  By Application

 

  • Petroleum Refinery

  • Ammonia Production

  • Methanol Production

  • Transportation

  • Power Generation

  • Others
Vishnu Nair
Vishnu Nair
Head - Global Business Development

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Hydrogen Generation Industry - Regional Synopsis

APAC Market Statistics

Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. Asia Pacific industry is predicted to dominate majority revenue share by 2037, owing to rising requirement of energy in the region and escalating adoption of greener technologies to fulfil government's targets for reducing GHG emissions, especially in China and India.

North America Market Analysis

Furthermore, North America is anticipated to garner the largest market share during the forecast period owing to the growing investment in research and development and the government’s support to promote hydrogen generation using innovation funds, mandatory targets, and public-private partnerships. In 2021, the United States’ hydrogen production is evaluated to constitute to about 12%–15% of global hydrogen production. Similarly, the market in Europe is also anticipated to occupy a significant share in the market on account of the increasing adoption of electric vehicles in the region.

Hydrogen-Generation-Market-Share
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Companies Dominating the Hydrogen Generation Landscape

    • L’AIR LIQUIDE S.A.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Cummins Inc.
    • Linde plc
    • ITM Power plc
    • Nel ASA
    • Air Products Inc.
    • Iwatani Corporation
    • Messer Group
    • Taiyo Nippon Sanso Corporation
    • Showa Denko K.K.

Recent Developments

  • April 27, 2021: In its report ‘Making the Hydrogen Economy Possible: Accelerating clean hydrogen in an electrified economy’, Energy Transitions Commission (ETC) states that the production costs for clean hydrogen can be brought well below USD 2/kg by 2030.

  • Report ID: 3134
  • Published Date: Dec 24, 2024
  • Report Format: PDF, PPT
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Frequently Asked Questions (FAQ)

In the year 2025, the industry size of hydrogen generation is evaluated at USD 186.64 billion.

Hydrogen Generation Market size was over USD 172.42 billion in 2024 and is poised to exceed USD 574.48 billion by 2037, growing at over 9.7% CAGR during the forecast period i.e., between 2025-2037.

Asia Pacific industry is predicted to dominate majority revenue share by 2037, owing to rising requirement of energy in the region and escalating adoption of greener technologies to fulfil government's targets for reducing GHG emissions, especially in China and India.

The major players in the market include Air Liquide, Cummins Inc., Linde plc, ITM Power plc, Nel ASA, and others.

Hydrogen Generation Market Report Scope

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