The Hydrogen Generation Market is being driven by Growing demand for fertilizers
The Hydrogen Generation Market is expected to grow at a CAGR of 5.52% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 49.7 billion. The cost reduction in fuel cell technology, primarily driven by decreased platinum loading on anodes, larger bipolar plate formation and welding costs, and modified gas diffusion layers, as reported by Original Equipment Manufacturers (OEMs), is leading to a significant decline in production costs of fuel cell systems. This cost reduction is anticipated to increase the adoption of fuel cells across various sectors, subsequently driving the demand for hydrogen gas and propelling the growth of the global hydrogen generation market.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
179 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.52% |
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Market growth 2024-2028 |
USD 49.7 billion |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
5.21 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, Rest of World (ROW), China, US, Japan, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Hydrogen Generation Market is experiencing significant growth due to increasing focus on reducing Greenhouse Gas (GHG) emissions, particularly from sectors like heavy industry, long-distance transport, and electricity production. Traditional sources like fossil fuels contribute substantial energy consumption and GHG emissions, leading to air pollution. However, the shift towards renewable sources like solar and wind for hydrogen production is gaining momentum. Key players like Air Liquide are investing in green hydrogen policies and technological advancements, such as coal gasification and hydro desulphurization, to reduce the carbon footprint of hydrogen production. Prominent companies are also exploring hydrogen energy storage and renewable hydrogen for netzero emissions in refinery projects. The quality of crude oil and carbon footprint are crucial factors influencing the shift towards green hydrogen. Infrared radiation from the sun is harnessed to produce hydrogen from water, reducing the reliance on carbon-intensive fossil fuels like crude oil in industries and oil refineries.
The global industrial gases market, encompassing sectors such as basic chemicals, specialty chemicals, petrochemicals, industrial gases, and polymers, is driven by the expanding oil and gas industry. This sector is a significant consumer of industrial gases, with hydrogen being a key player due to its role in oil and gas extraction and refining processes. The rapid growth of the oil and gas and petrochemical industries, fueled by increasing global population and energy demand, is set to propel market expansion. Technavio's market analysis calculates the market size based on the combined revenue generated by industrial gas manufacturers, including hydrogen, oxygen, nitrogen, carbon dioxide, acetylene, helium, and others. The increasing reliance on industrial gases for energy production, particularly in heavy industry and long-distance transport, further bolsters market growth. Despite the environmental concerns surrounding carbon dioxide emissions from fossil fuel consumption, the demand for industrial gases remains robust due to their essential role in various industries. Infrared radiation and greenhouse gas emissions are by-products of industrial processes, necessitating continuous research and development efforts to minimize their environmental impact.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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