Hydrogen Generation Market Size (2024 - 2029)

Hydrogen Generation Market Analysis

The Hydrogen Generation Market size is estimated at USD 184.74 billion in 2024, and is expected to reach USD 227.25 billion by 2029, growing at a CAGR of 4.23% during the forecast period (2024-2029).

Over the medium term, factors such as supportive government policies coupled with the increasing demand from refineries and the industrial sector are likely to drive the hydrogen generation market during the forecast period.

• On the other hand, high production costs of hydrogen energy storage are expected to restrain the hydrogen generation market.
• Nevertheless, technological advancements in extracting hydrogen from renewable sources and increased applications of hydrogen as a fuel are likely to create lucrative growth opportunities for the hydrogen generation market during the forecast period.
• Asia-Pacific is the fastest-growing market during the forecast period due to the rising hydrogen demand. This growth is attributed to increasing investments, coupled with supportive government policies in the countries such as India, China, and Japan.

Hydrogen Generation Industry Segmentation

Hydrogen generation refers to the process of producing hydrogen gas, typically from hydrogen-containing compounds or sources. There are several methods for hydrogen generation, each with its own set of advantages and drawbacks.

The hydrogen generation market is segmented by source, technology, application, and geography. By source, the market is segmented as blue hydrogen, green hydrogen, and grey hydrogen; by technology, the market is segmented as steam methane reforming (SMR), coal gasification, and other technologies. By application, the market is segmented as oil refining, chemical processing, iron and steel production, and other applications. The report also covers the size and forecasts for the hydrogen generation market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD).