Hydrogen Generation market is projected to grow at a CAGR of 3.7% by 2034: Visiongain

Visiongain has published a new report: Hydrogen Generation Market Report 2024-2034: Forecasts by Delivery Mode (Captive, Merchant), by Source (Blue Hydrogen, Grey Hydrogen, Green Hydrogen), by Technology (Steam Reforming, Partial Oxidation, Autothermal Reforming, Coal Gasification, Electrolysis), by Application (Petroleum Refinery, Transportation, Ammonia Production, Methanol Production, Power Generation, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The global Hydrogen Generation market was valued at US$162.3 billion in 2023 and is projected to grow at a CAGR of 3.7% during the forecast period 2024-2034.

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Growing Demand for Low-emission Fuels

Demand for low-emission fuels, including hydrogen, was indeed increasing globally. Hydrogen is considered a versatile and clean energy carrier, and its demand has been driven by efforts to reduce carbon emissions and transition to more sustainable energy sources. Many countries and industries have set ambitious decarbonization targets to combat climate change. Hydrogen is seen as a key element in achieving these goals, especially in sectors that are difficult to electrify directly, such as heavy industry and long-haul transportation.

Hydrogen production using renewable energy sources, such as wind and solar power, is gaining traction. Green hydrogen, produced through electrolysis powered by renewable energy, is considered a clean and sustainable option. Hydrogen is used as a feedstock in various industrial processes, including the production of chemicals and refining. As industries seek cleaner alternatives, the demand for low-emission hydrogen rises.

Higher Cost Than Conventional Energy Options

The market for green hydrogen has various obstacles to its smooth growth, one of which is the relatively higher price of green hydrogen when compared to traditional energy sources. The complicated procedure needed to produce green hydrogen which is usually done by electrolysis using renewable energy sources causes this financial limitation.

The higher cost of producing green hydrogen is a result of the initial investment in renewable infrastructure, such wind or solar farms, as well as equipment expenditures for the electrolysis process. When consumers and businesses prioritise cost when making energy decisions, the cost element becomes a major market limitation. Despite being a greener choice, conventional energy sources pose a threat to green hydrogen since they may be more cost-effective in the near run.

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How will this Report Benefit you?

Visiongain’s 296-page report provides 116 tables and 171 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global hydrogen generations market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for hydrogen generations. Get financial analysis of the overall market and different segments, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing hydrogen generations market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

Hydrogen as a Seasonal Long-term Energy Storage Option

IRENA’s analysis indicates that by 2030, there will likely be a significant increase in the need for storage when linking substantial amounts of solar and wind energy systems. The long-term stability and flexibility of the system can be enhanced by hydrogen storage in conjunction with hydrogen production from renewable energy sources. The energy output of wind and solar power systems is impacted by seasonal weather variations, necessitating the use of energy storage when there is extra capacity to replenish the system during periods of low capacity.

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https://www.visiongain.com/report/hydrogen-generation-market-2024/

Competitive Landscape

Hydrogen generation market is competitive in nature as leading 15 companies operating in this industry dominated the market in 2023 and is expected to continue their dominance over the forecast period. Prominent companies are Shell plc, Mitsubishi Heavy Industries, Air Liquide, Siemens Energy AG, Engie SA, Linde Plc, Aramco, Air Products, Chevron Corporation, Ørsted, Messer Group, Equinor, ExxonMobil, BP, and Iwatani Corporation. Companies are adopting different strategies such as facility expansion, production expansion, merger & acquisitions, partnership, collaboration, and investment in order to stay competitive in the industry.

  • In November 2023, Air Products announced it will build, own and operate a state-of-the-art carbon capture and carbon dioxide (CO2) treatment facility at its existing hydrogen production plant in Rotterdam, the Netherlands. The facility is expected to be on-stream in 2026.

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About Visiongain

Visiongain is one of the fastest growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.

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