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
- 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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