Global Hydrogen Generation Market Expected to Reach USD 272.4 Billion by 2033 - IMARC Group

December 02, 2024 | Energy & Mining

Global Hydrogen Generation Market Statistics, Outlook and Regional Analysis 2025-2033

The global hydrogen generation market size was valued at USD 172.5 Billion in 2024, and it is expected to reach USD 272.4 Billion by 2033, exhibiting a growth rate (CAGR) of 5.14% from 2025 to 2033.

Hydrogen Generation Market

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The global push to reduce carbon emissions is driving significant demand for hydrogen generation, especially as a clean energy alternative. Governments and industries are embracing hydrogen for its zero-emission profile in fuel cells, aiming to replace fossil fuels. India’s National Green Hydrogen Mission earmarked INR 197 Billion (USD 2.3 Billion) to develop domestic production of at least 5 million metric tonnes of green hydrogen annually by 2030. In January, 0.41 million tonnes of capacity were allocated to 10 companies under the scheme’s initial phase. This shift aligns with investments in renewable energy infrastructure and decarbonization efforts across transportation, power, and industrial manufacturing sectors. Policies favoring green hydrogen production through renewable energy and advancements in electrolyzer technology position hydrogen as a cornerstone in the transition to a low-carbon economy, catering to scalable applications across multiple industries.

Hydrogen's versatility is driving its widespread adoption across industries, augmenting the hydrogen generation market. Gold H2's B2G technology, launched on July 18, 2024, transforms depleted oil reservoirs into hydrogen biorefineries, producing clean hydrogen at USD 0.80/kg. Leveraging microbes, it repurposes idle oil wells, supporting the energy transition and creating new economic opportunities in the oil and gas sector. In refining, hydrogen is vital for desulfurization, meeting strict fuel regulations. It also plays a key role in producing ammonia and methanol, essential for fertilizers and industrial applications. Emerging industries such as metallurgy are increasingly using hydrogen as a carbon-free reducing agent. Its growing integration into energy storage systems further highlights its potential. Advances in storage and transportation technologies are broadening hydrogen’s appeal, ensuring its importance across diverse sectors, and driving consistent growth in demand for clean energy solutions.

Global Hydrogen Generation Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share on account of rapid industrialization, government investments in clean energy, and high demand from refining, chemical manufacturing, and energy storage sectors.

Asia-Pacific Hydrogen Generation Market Trends:

Asia Pacific leads the hydrogen generation market, driven by significant investments from countries such as China, Japan, and South Korea. According to the International Energy Agency (IEA), most investment currently supports hydrogen use in refining and chemicals rather than new sectors including mobility. China holds the largest share, contributing 40% of global electrolyzer investments, with Europe at less than a third and the U.S. at 15%. A 32,000 mt/year green hydrogen plant for ammonia production is set to begin operations in China in 2024, alongside 20+ projects over 100 MW expected by 2026, totaling 6.9 GW capacity. Moreover, policies promoting green hydrogen production and advanced hydrogen technologies fuel the region’s dominance.

North America Hydrogen Generation Market Trends:

Government initiatives and investments in green hydrogen infrastructure are fueling rapid growth in the North American hydrogen generation market. Sectors such as transportation and energy are incorporating hydrogen technologies more, with the help of improvements in fuel cell systems. The U.S. is taking the lead in funding hydrogen projects, while Canada is prioritizing hydrogen in its net-zero emissions strategy.

Europe Hydrogen Generation Market Trends:

The European Union's Green Deal is augmenting the growth of Europe's hydrogen generation market, with a focus on renewable hydrogen to achieve climate targets. Germany, the Netherlands, and France are all putting money into big hydrogen initiatives to cut carbon emissions in industries including manufacturing and transportation. The cooperation between governments and private companies is progressing the development of electrolyzer technologies and enhancing the capabilities for producing and storing green hydrogen.

Latin America Hydrogen Generation Market Trends:

The market for hydrogen generation in Latin America is growing, with Brazil, Chile, and Argentina at the forefront of renewable hydrogen projects. Solar and wind energy resources, which are favorable for the environment, are allowing for affordable production of green hydrogen. Governments are collaborating with foreign investors to build hydrogen export infrastructure, positioning Chile as a prominent global center for green hydrogen given its plentiful natural resources.

Middle East and Africa Hydrogen Generation Market Trends:

The Middle East and Africa are becoming significant participants in the market by utilizing their knowledge on energy and plentiful solar assets. Nations like Saudi Arabia and the UAE are engaging in green hydrogen initiatives to broaden economies and decrease dependence on oil exports. The extensive renewable energy resources in Africa indicate its future role as a leader in producing hydrogen for both domestic and international markets.

Top Companies Leading in the Hydrogen Generation Industry

Some of the leading hydrogen generation market companies include Air Liquide International S.A., Air Products Inc, CLAIND srl, INOX Air Products Ltd., Linde plc, Mahler AGS GmbH, McPhy Energy S.A., Messer Group GmbH, NEL Hydrogen, Taiyo Nippon Sanso Corporation, Weldstar Inc. and Xebec Adsorption Inc. among many others. On November 25, 2024, Air Liquide announced that it will build and operate a 25,000-tonne/year renewable hydrogen production unit at TotalEnergies' La Mède biorefinery, using recycled biogenic by-products instead of fossil hydrocarbons. The €80 million project, operational by 2028, will decarbonize biofuel and SAF production, reducing CO₂ emissions by 130,000 tonnes annually. Strengthening Air Liquide's hydrogen network in Fos-sur-Mer, it supports industrial decarbonization and low-carbon mobility. This initiative aligns with Air Liquide's strategy to advance hydrogen-based decarbonization solutions and the energy transition.

Global Hydrogen Generation Market Segmentation Coverage

  • On the basis of technology, the market has been categorized into coal gasification, steam methane reforming, and others, wherein steam methane reforming represents the leading segment. Their popularity is due due to its cost-effectiveness and high efficiency in producing large hydrogen volumes. This method utilizes abundant and affordable natural gas as a feedstock, making it the preferred choice for industrial applications, including refining and chemical manufacturing. Its well-established infrastructure and widespread adoption across regions further contribute to its leading position in the hydrogen generation market.
  • Based on application, the market is classified into methanol production, ammonia production, petroleum refinery, transportation, power generation, and others, amongst which ammonia production dominates the market due to its critical role in fertilizers and industrial applications. Hydrogen is a key component in the Haber-Bosch process, used extensively to produce ammonia. The growing agricultural sector and increasing demand for food drive ammonia production, while its use in energy storage and as a potential clean fuel further solidify its dominance in the hydrogen market.
  • On the basis of systems type, the market has been divided into merchant and captive, wherein merchant represented the largest segment. This is due to its flexibility and cost-effectiveness in supplying hydrogen to various industries. Merchant producers cater to diverse end-users, including refining, chemicals, and transportation, without the need for on-site production facilities. This model reduces infrastructure costs for customers and allows easy access to hydrogen, meeting the growing demand for clean energy solutions across industrial and commercial sectors efficiently.

 

Report Features Details
Market Size in 2024 USD 172.5 Billion
Market Forecast in 2033 USD 272.4 Billion
Market Growth Rate 2025-2033 5.14%
Units Billion USD
Segment Coverage Technology, Application, Systems Type, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Air Liquide International S.A., Air Products Inc, CLAIND srl, INOX Air Products Ltd., Linde plc, Mahler AGS GmbH, McPhy Energy S.A., Messer Group GmbH, NEL Hydrogen, Taiyo Nippon Sanso Corporation, Weldstar Inc. and Xebec Adsorption Inc.
Customization Scope 10% Free Customization
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


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