Hydrogen Generation Market Analysis

The Hydrogen Generation Market size is anticipated to reach USD 210.85 billion by 2027, at a CAGR of 9.45% during the forecast period 2021-2027

Market Dynamics

Huge investments are being made for energy systems transformation in cities across the globe for the Paris Agreement targets. China, the world's largest emitter of carbon dioxide, aims to meet a target of 20% of its primary energy in renewable sources. Government regulation for desulphurization will also improve the growth of the hydrogen generation industry. Moreover, the increasing demand for clean fuel is expected to see an exponential rise every year, with rising pollution levels. Hydrogen could be the perfect energy carrier for the transport sector to minimize carbon emissions. Increasing the production of electric vehicles will boost demand for hydrogen generation as countries invest in developing hydrogen fuel cell infrastructure such as fuel stations. The global hydrogen generation market is predicted to expand at a high rate during the forecast period, primarily due to favorable government regulations and research and development activities of hydrogen. For example, the Institution of Mechanical Engineers (IMECHE) has approached the government to set up aid for the use of hydrogen to decarbonize the energy system overpower, heat, and the transport sector. In addition, the UK has a strong track record for new energy developments, heading ahead to becoming the global leader in power-to-gas and hydrogen technology. These initiatives and developments will further boost demand for the hydrogen generation market.

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Competitive Landscape

With the participation of a number of international and regional players, the global hydrogen generation market is highly fragmented and competitive. Market players are actively engaged in technological development, geographic expansion, and mergers and acquisitions to maintain their presence in the global market.

Notable players in the global hydrogen generation market are Praxair, Inc. (US), Air Liquide S.A. (France), Iwatani (Japan), Air Products and Chemicals, Inc. (US), Hydrogenics (Canada), Messer Group (Germany), Plug Power (US), Linde (US), Ballard Power systems (Canada), Showa Denko (Japan), and Fuelcell Energy (US), among others.

Major factors propelling the hydrogen generation market include rising demand to decarbonize energy end-use and a shift in the trend towards cleaner energy. Huge investments are taking place for energy systems transformation in cities around the globe for the Paris Agreement targets. China, the largest emitter of carbon dioxide, intends to meet a target of 20% of its primary energy in renewable sources. Government regulation for desulphurization would also drive the growth of the hydrogen generation industry. Moreover, the growing demand for clean fuel is expected to see an exponential rise every year, with rising levels of pollution.

COVID-19 Impact on the Global Hydrogen Generation Market

The outbreak of COVID-19 began in December 2019, which also affected the global hydrogen generation market in all of the main regions considered in the study. Major countries affected by the outbreak of COVID-19 include China, the United States, the United Kingdom, Italy, and a number of other economies around the world. Electricity demand has been drastically reduced as a result of the COVID-19 pandemic, while the use of electricity in residential buildings has increased. However, governments worldwide have been forced to restrict business activities in response to minimizing the threat of coronavirus. Restriction in business activities has further negatively impacted residential energy management solutions in the short term.

Market Segmentation

The global hydrogen generation industry has been segmented based on generation delivery type, storage, and application.

By generation and delivery type, the global hydrogen generation market has been segmented into captive and merchant.

Based on storage, the global hydrogen generation market has been divided into on-board, underground, and power-to-gas.

By application, the global hydrogen generation market has been segmented into petroleum refinery, ammonia production, methanol production, transportation, power generation, and others.

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Regional Analysis

Regionally, the global hydrogen generation industry has been segmented into North America, Asia Pacific, Europe, and the rest of the world. 

APAC to lead the market with the largest share

The Asia Pacific earned the largest share in the hydrogen generation market due to rising demand for hydrogen fuel cell technology in the automotive industry. With the rising demand for fossil fuels in transport operations and a growing need to decarbonize energy end-use, hydrogen is anticipated to play a crucial role in the fuel transition.

Europe ranks second in the hydrogen generation industry. The growing demand for reliable supply for numerous end industries, mainly in the commercial sector, is expected to be the primary regional driver.