PUBLISHER: Grand View Research | PRODUCT CODE: 1574929
PUBLISHER: Grand View Research | PRODUCT CODE: 1574929
The global hydrogen generator market size was estimated at USD 702.09 million in 2023 and expected to grow at a CAGR of 6.9% from 2024 to 2030. The market growth is driven by several key factors that are shaping its growth trajectory. One of the primary drivers is the increasing demand for clean and renewable energy sources, as global concerns about climate change and carbon emissions intensify. Governments worldwide are implementing supportive policies and incentives to promote hydrogen as a viable alternative to fossil fuels, particularly in sectors such as transportation and industrial applications. The declining costs of renewable energy technologies, especially solar and wind, are facilitating the adoption of electrolytic hydrogen production methods, further boosting market growth.
Additionally, advancements in hydrogen generation technologies, including steam methane reforming and electrolysis, are enhancing efficiency and reducing production costs. The rising interest in hydrogen fuel cell electric vehicles (FCEVs) is also contributing to market expansion, particularly in regions like North America where infrastructure development for hydrogen refueling stations is underway. Furthermore, the increasing utilization of hydrogen in chemical processing and refining applications underscores its versatility and importance in various industries, solidifying its role in the transition to a sustainable energy future.
Global Hydrogen Generator Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented hydrogen generator market report based on product, process, application, and region: