Dublin, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The "Hydrogen Generation Market 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 2030" report has been added to ResearchAndMarkets.com's offering.
In the ever-evolving landscape of energy solutions, the global hydrogen generation market stands poised for remarkable growth, projected to soar to an impressive value of $188.2 billion by 2030. This anticipated ascent is underpinned by a robust compound annual growth rate (CAGR) of 8.4% during the forecast period spanning from 2023 to 2030.
Driving this growth trajectory is a confluence of factors, spearheaded by the burgeoning demand for hydrogen across the chemicals industry and reinforced by sweeping government initiatives aimed at transitioning toward cleaner energy sources. However, amid these promising prospects, the market faces a challenge in the form of the substantial capital costs associated with hydrogen storage.
As the global discourse on sustainable energy intensifies, the spotlight turns to the development of green hydrogen production technologies and the ever-expanding utilization of hydrogen within fuel cell electric vehicles (FCEVs). These emerging avenues offer promising opportunities for market players.
Yet, amidst these prospects, a critical hurdle remains in the form of a lack of secure hydrogen transport and storage infrastructure, casting a shadow on the otherwise promising landscape. Further shaping the contours of the hydrogen generation market is the escalating adoption of renewable energy sources for hydrogen production, a trend poised to leave a lasting impact.
Additionally, the integration of carbon capture, utilization, and storage (CCUS) technologies into hydrogen production is gaining momentum, representing a significant technological trend in the market. As we navigate this dynamic arena, the hydrogen generation market charts its course toward an era of transformative growth and innovation.
In 2023, the gray hydrogen segment is expected to account for the largest share of the global hydrogen generation market.
The growth of this segment is attributed to the increasing demand for gray hydrogen to produce fertilizer and the growing use of gray hydrogen as fuel.
However, the green hydrogen segment is expected to register the highest CAGR during the forecast period due to the increasing need to lower the cost of producing renewable energy, the emphasis by market players on the development of electrolysis technologies, and the high demand for green hydrogen by fuel cell electric vehicles (FCEVs) and the power industry.
In 2023, the hydrogen generation process segment is expected to account for a larger share of the global hydrogen generation market.
The growth of this segment is driven by 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 to achieve decarbonization. The segment is expected to register the highest CAGR during the forecast period.
In 2023, the fossil fuels segment is expected to account for the largest share of the global hydrogen generation market.
The growth of this segment is attributed to the increasing need to reduce greenhouse gas emissions, government initiatives promoting the use of fossil-based hydrogen, and the adoption of renewable energy sources for hydrogen production.
However, the solar segment is expected to register the highest CAGR during the forecast period due to 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.
In 2023, the ammonia production segment is expected to account for the largest share of the global hydrogen generation market.
The growth of this segment is driven by 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 due to the increasing adoption of fuel-cell electric vehicles (FCEVs), the growing demand for hydrogen to curb carbon emissions and promote sustainable mobility solutions, and the expanding range of fueling infrastructure for various transportation and motive power applications.
In 2022, the Asia-Pacific region is expected to account for the largest share of the hydrogen generation market
The region is also expected to witness rapid growth during the forecast period. The large market share of Asia-Pacific is mainly attributed to the growing potential to produce carbon-free hydrogen in the region, the growing focus of Australia to generate hydrogen using carbon capture, usage, and storage (CCUS) technology, increasing production and consumption of lower-emission hydrogen.
Also, the growing focus of China to generate hydrogen using renewable energy, natural gas, and coal resources, increasing use of hydrogen in power generation, and stringent environmental regulations towards cleaner forms of energy are contributing to the market growth.
Key questions answered in the report:
- Which are the high growth market segments in terms of type, process, source, application, and countries?
- What is the historical market for hydrogen generation across the globe?
- What are the market forecasts and estimates from 2023-2030?
- What are the major drivers, restraints, and opportunities in the global hydrogen generation market?
- Who are the major players in the global hydrogen generation market, and what shares of the market do they hold?
- Who are the major players in various countries, and what shares of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the global hydrogen generation market?
- What are the different strategies adopted by the major players in the global hydrogen generation market?
- What are the geographical trends and high-growth countries?
- Who are the local emerging players in the global hydrogen generation market, and how do they compete with the other players?
Market Insights
Factors Affecting Market Growth
- Rising Demand for Hydrogen in the Chemicals Industry Boosting the Utilization of Hydrogen Generation Services
- Increasing Government Initiatives to Transition to Clean Energy Sources Driving the Demand for Alternative Fuels Such as Hydrogen
- High Capital Cost of Storage Limiting Hydrogen Production
- Growing Focus on Developing Green Hydrogen Production Technologies Generating Growth Opportunities for Market Players
- Increasing Use of Hydrogen n Fuel Cell Electric Vehicles (FCEVS) to Promote Environmental Sustainability
- Lack of Secure Hydrogen Transport and Storage Infrastructure Creating Safety Challenges
Market Trends
- Rising Use of Renewable Energy Sources for Hydrogen Production
Technology Trends
- Increasing Use of Carbon Capture, Utilization, and Storage (CCUS) in Hydrogen Production
Supply Chain Analysis
- Hydrogen Production
- Hydrogen Storage
- Hydrogen Transport
- Hydrogen Utilization
Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Strategic Developments)
- 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)
- Nel ASA (Norway)
Scope of the report:
Hydrogen Generation Market Assessment - by Type
- Robotic Systems
- Gray Hydrogen
- Blue Hydrogen
- Green Hydrogen
- Other Types
Hydrogen Generation Market Assessment - By Process
- Hydrogen Generation Process
- Thermochemical Process
- Electrolysis
- Biological Processes
- Direct Solar Water Splitting Process
- Pressure Swing Adsorption
- Hydrogen Storage Process
- 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 Refinery
- Methanol Production
- E-mobility
- Synfuel Production
- District Heating
- Manufacturing
- Power Generation
For more information about this report visit https://www.researchandmarkets.com/r/l120ns
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