PUBLISHER: 360iResearch | PRODUCT CODE: 1470819
PUBLISHER: 360iResearch | PRODUCT CODE: 1470819
[183 Pages Report] The Hydrogen Generation Market size was estimated at USD 323.69 billion in 2023 and expected to reach USD 358.57 billion in 2024, at a CAGR 11.34% to reach USD 686.80 billion by 2030.
Hydrogen generation is a technique and methodology designed specifically to produce or generate a hydrogen gas. Hydrogen is a highly sustainable element with diverse application areas, including chemical, petroleum refining, metal processing, automotive, and transportation industries. Meanwhile, government initiatives around generating cleaner, more sustainable hydrogen present great potential for expanding hydrogen generation technologies. In addition, the rising need for sustainable fuel across several industry verticals has significantly boosted the growth of hydrogen generation. However, the concerns associated with the high capital expenditure in hydrogen production and its safety issues are significant challenges for the key players and end users. To address these challenges, companies focus on cutting costs and continuously invest in research and development activities. Companies are also working towards compliance with safety regulations imposed by various regulatory bodies to remain agile within the sectors. Moreover, the increasing investments in hydrogen generation by several international and regional entities have contributed to the future expansion of hydrogen generation. Companies are aggressively generating sustainable hydrogen through this investment to meet varied industry needs.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 323.69 billion |
Estimated Year [2024] | USD 358.57 billion |
Forecast Year [2030] | USD 686.80 billion |
CAGR (%) | 11.34% |
Process: Increasing adoption of electrolytic and biological processes in the production of renewable energy sources
Hydrogen generation emerges as a potential alternative to achieve sustainable energy goals by providing unique feasibility and efficiency benchmarks. One such process is biological hydrogen production processes, which hold great promise due to their minimal environmental impact and potential use of waste matter. Biohydrogen production is obtained through dark fermentation, microbial electrolysis, and photosynthesis. In addition, direct solar water splitting processes, or photocatalytic water splitting, capitalize on solar energy to induce water fission into hydrogen and oxygen. Renewable solar energy makes this an attractive method for hydrogen generation. Moreover, electrolytic processes involve splitting water into hydrogen and oxygen using an electric current. This method's efficiency depends highly on the electricity source; thus, integrating electrolysis with renewable energy sources ensures sustainable hydrogen production. While in thermochemical processes, heat and a series of chemical reactions are used to produce hydrogen. This process can use high-temperature heat from nuclear energy and concentrated solar power. Each process in hydrogen generation holds significant value and meets the specific needs of several industry applications.
Technology: Utilization of gasification and pyrolysis technology in the zero-carbon hydrogen production
Gasification is a technology that converts organic and fossil-based materials into carbon monoxide, hydrogen, and carbon dioxide. It is a robust method for hydrogen production, especially dealing with solid fuels such as coal and biomass. On the other hand, pyrolysis involves the thermal decomposition of materials without oxygen. It is an innovative approach to producing hydrogen with a zero-carbon footprint, which makes it a sustainable solution for a greener future. In addition, reforming technologies, including autothermal, partial oxidation, and steam reforming, involve the conversion of methane and hydrocarbons in natural gas into hydrogen. Steam methane reforming (SMR) and auto-thermal reforming (ATR) are two widely used processes in hydrogen generation.
Storage: Widening use of on-board and P2G hydrogen storage in transportation and power generation applications
On-board hydrogen storage solutions primarily find utility in electric vehicle applications where hydrogen is stored and used as fuel. Onboard hydrogen storage is primarily derived from the growing push for zero-emission vehicles and the requirement for high energy-density fuels that provide a longer driving range. At the same time, power-to-gas (P2G) hydrogen storage is a technology that converts electrical power into gaseous energy carriers. P2G hydrogen storage is preferential in areas with a heavy reliance on renewable energy sources and excess power generation from intermittent sources such as wind or solar. On the other hand, underground hydrogen storage stores hydrogen in underground formations such as salt caverns, aquifers, and depleted gas reservoirs. This storage solution is typically preferred when a large quantity of hydrogen needs to be stored with minimal risk of leakage. Such conditions are common in areas with significant hydrogen production facilities. While the onboard hydrogen storage serves as fuel cell vehicles, offering a compact and safe storage solution with higher energy density. On the other hand, power-to-gas storage caters to the broader electrical grid, balancing the supply and demand of power, especially in areas employing renewable energy sources.
Application: Extensive applications of hydrogen generation in varied industry sectors
In the progressive field of hydrogen generation, varied sectors rely on and contribute towards its evolution. The ammonia production industry profoundly relies on hydrogen for the Haber process, a critical method for ammonia synthesis. At the same time, hydrogen is the lifeline for the methanol production sector, involving the catalytic combination of hydrogen and carbon monoxide. In addition, within petroleum refineries, hydrogen finds extensive use in hydrocracking and desulfurization processes. Notable examples, such as Exxon Mobil, have adopted hydrogen generation practices in the process of petroleum refining in their manufacturing plants. Furthermore, power generation represents an emergent application of hydrogen, especially in fuel cells used in electricity generation. While, the compatibility of hydrogen in power generation and transportation is contingent on the fuel cell's efficiency. In the transportation industry, hydrogen is used as a sustainable fuel, significantly contributing to the zero-carbon emission.
Regional Insights
In the Americas, the United States and Canada are progressive countries in the quest for next-generation fuel sources such as hydrogen. The adoption of hydrogen generation technology in these areas is driven by increasing climate awareness, technological progress, and formidable government support, which activates consumer needs and purchasing behavior. Several entities also show considerable interest in backing hydrogen fuel projects through investments, offering immense opportunities for hydrogen generation growth within this region. On the other hand, European countries and the Middle East region present a mixed market with diverse factors influencing hydrogen generation. With its commitment to green energy, the European region encourages the adoption of hydrogen as a sustainable fuel source. Extraordinary research initiatives spearhead hydrogen energy, as seen in the breakthrough hydrogen generation process recently patented in Germany. Furthermore, the expanding automotive industry within the European region also contributes to expanding the hydrogen generation landscape. The hydrogen generation within the African region presents significant potential, owing to the continent's increasing focus on sustainable and green energy. The dynamics of the hydrogen generation landscape in Africa are gradually taking shape with the acceleration towards clean energy resources and the reduction of carbon emissions. Furthermore, the Asia Pacific region is characterized by increased hydrogen generation installations. The numerous research initiatives and investments illustrate the region's keen interest in embracing alternative fuel sources. For instance, Tokyo's 2020 goal to become a 'Hydrogen Society' demonstrates a commitment to advancing hydrogen energy through several government-supported initiatives, such as Japan's ENE-FARM project. In addition, emerging economies such as China and India provide promising avenues through their several government initiatives in support of sustainable energy production, which significantly contributed to the expansion of hydrogen generation.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Hydrogen Generation Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Hydrogen Generation Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Hydrogen Generation Market, highlighting leading vendors and their innovative profiles. These include Air Liquide S.A., Air Products and Chemicals, Inc., Ally Hi-Tech Co., Ltd., AquaHydrex, Inc., Ballard Power Systems Inc., Caloric Anlagenbau GmbH, Claind S.r.l., Cummins Inc., Enapter S.r.l., ErreDue SpA, FuelCell Energy, Inc., Hiringa Energy Limited, HyGear, Hyster-Yale Materials Handling, Inc., Iwatani Corporation, Linde PLC, Mahler AGS GmbH, McPhy Energy S.A., Messer Se & Co. KGaA, Nel ASA, NewHydrogen, Inc., Nippon Sanso Holdings Corporation, Plug Power Inc., Proton Energy Systems, Inc., Teledyne Energy Systems, Inc., and Xebec Adsorption Inc..
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Hydrogen Generation Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Hydrogen Generation Market?
3. What are the technology trends and regulatory frameworks in the Hydrogen Generation Market?
4. What is the market share of the leading vendors in the Hydrogen Generation Market?
5. Which modes and strategic moves are suitable for entering the Hydrogen Generation Market?