Fairfield Market Research
Hydrogen Generation Market

Hydrogen Generation Market

Global Industry Analysis (2019 - 2022), Growth Trends, and Market Forecast (2023 - 2030)

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Hydrogen Generation Market Gains Spotlight as Nations Remain Steadfast on Green Future

An explosive, and clean-burning bounteous gas is approximately 75% of all baryonic matter, which makes it one of the most renewable sources (cheaper, and cleaner alternative to fossil fuels) of energy on the planet. It can be used as a feedstock, fuel, or energy carrier, and does not emit CO2 when burnt. The by-products, one of which is water, are safe and leave minimal waste, which is gaining prominence for decarbonising the economy. As nations come forward with net-zero strategies to align with their international climate targets, hydrogen has once again become the talking point for Australia, Canada, France, Germany, Japan, Netherlands, the U.S., and UK. It is set to become a globally traded commodity. With this backdrop, the hydrogen generation market is projected to witness an impressive growth outlook during the forecast period.

Supplying hydrogen to industrial users has thus become an incredible business around the world. Hydrogen now supplies less than 5% of the world’s energy and its complete potential in clean energy transitions is yet to be realised. Most of it is used for oil refining, and chemical production and will possibly reach nearly a quarter of the global energy consumption by 2050, backed by strong government policies promoting it.

Potentially, hydrogen could soon power trucks, planes, and ships. It can also be used to make fertilisers, heat homes, generate electricity, and balance electricity grids, and help heavy industry drive everything from steel to cement. Such a broad application base makes hydrogen an exciting segment of the clean energy market, with a plenty of room for growth in the medium and long term.

Blue Hydrogen to Popularity in Global Hydrogen Generation Market

Complete reliance on hydrogen would require staggering quantities of the fuel, which is only as clean as the methods used to produce it. Hydrogen can be extracted from wood, or fossil fuels (which currently provide four-fifths of the world’s energy supply and emit the bulk of global greenhouse gas (GHG) emissions) such as natural gas and oil, biomass, from water, or from a mix of both. Hydrogen can be generated by splitting water with electricity (electrolysis), or by splitting fossil fuels or biomass with heat or steam, using reforming or pyrolysis. On the basis of source, the hydrogen generation market can be segmented into green hydrogen, blue hydrogen, and grey hydrogen. Out of these, the blue hydrogen segment is expected to lead.

Steam methane reforming (SMR) or auto thermal reforming (ATR) produces blue hydrogen - considered blue when the emissions - carbon dioxide, and carbon monoxide - can be captured and stored underground via industrial carbon capture and storage (CSS). This remains the most cost-effective way method for hydrogen generation, which will lead to its dominance.

Hydrogen Generation Market Gains Ground as Governments Accelerate Their Journey Towards Sustainability

The rise of environmental, social, and corporate governance (ESG) is set to draw new attention to clean energy markets such as hydrogen. Governments from around the world have been developing regulatory policy frameworks that promote sustainability through lowering carbon footprint. Most notably, the landmark Paris Agreement. According to Hydrogen Council, as of early 2021, over 30 countries have released hydrogen roadmaps with national hydrogen strategies in place, and governments worldwide have committed public funding in support of decarbonisation through hydrogen technologies. 200+ large-scale projects (with 85% located in Europe, Asia, and Australia) have been announced across the value chain, with a total value exceeding $300 Bn through 2030. Of this investment, $80 Bn can currently be considered mature, which indicates that these projects are either in their planning stage, have passed a final investment decision (FID), or under construction, already commissioned, or operational.

Some of the energy giants are diversifying in the clean energy sector. Utilities NextEra, Iberdrola, and Uniper have recently forayed into green hydrogen, challenging a sector otherwise dominated by oil companies (Shell, BP, Equinor, and ACWA Power). The top emerging opportunities for hydrogen fuel include the electric vehicle (EV) boom which is set to boost the popularity of hydrogen power as it is exceptionally energy-efficient and eliminate the need for prolonger charging. Toyota Mirai is an early example of hydrogen fuel cell technology in EVs.

Hydrogen Generation Market Still Has a Long Way to Go before it Mainstreams

Fuel cells are not completely energy efficient. However, the use of hydrogen is recently gaining prominence across the various industry segments such as oil refining, ammonia production, methanol production, and steel production. Virtually, all this hydrogen is supplied using fossil fuels, thus there is a significant potential to achieving emission reduction from clean hydrogen. On the other side, although hydrogen generation has been spreading its roots to enable hydrogen as a fuel to put significant contribution to clean energy transitions, the pace is remarkably low at this point in time. Adoption needs to be in sectors where it is almost completely absent such as transport, building and construction, and power generation.

Hydrogen Generation Market: Recent Industry Developments

Siemens, and Air Liquide have plans to work together to develop electrolysis, and hydrogen technologies. Siemens, GE, and Mitsubishi Power also have programmes underway to make their combustion turbines 100% hydrogen-capable. The world´s largest-class hydrogen production - Fukushima Hydrogen Energy Research Field (FH2R) - was inaugurated in March 2020. Toshiba also installed a 3.5-kW H2Rex pure hydrogen fuel cell system that produces power, and heat at the facility, using hydrogen supplied by FH2R.

HYFLEXPOWER pilot – the consortium of European companies, research institutes, and universities has launched the world’s first demonstration of a fully integrated power-to-hydrogen-to-power project. Siemens Gas and Power is the project coordinator. Moreover, a Green Hydrogen Catapult initiative is a global coalition that will accelerate the scale, and production of green hydrogen by 50-fold in the next six years. The seven founding partners in this initiative are ACWA Power, CWP Renewables, Envision, Iberdrola, Ørsted A/S, Snam, and Yara.

Global Hydrogen Generation Market: Key Players

AFC Energy, Air Liquide, Air Products, Ballard Power Systems, Inc., Bloom Energy Corp., C3 BioEnergy, Ceres Power, CTP Hydrogen, Chevron Hydrogen Company LLC, Clean Hydrogen Producers Ltd, Doosan Fuel Cell, Enegix Energy, FuelCell Energy, Inc., Gaskatel, GmbH, Hydrogenics, HyperSolar, Inc, ITM Power, Linde Plc, nacero, NIKOLA, Plug Power, Inc., Proton Power Systems, and Rouge H2 Engineering GmbH constitute some of the key producers in the global hydrogen generation market.

Regional Classification of the Global Industrial Diamond Market is Listed Below:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • Spain
  • U.K.
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

 Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East and Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Hydrogen Generation Market

  • Hydrogen Generation Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2019 - 2022
  • Market Value at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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1. Executive Summary
     1.1. Global Hydrogen Generation Market Snapshot
     1.2. Key Market Trends
     1.3. Future Projections
     1.4. Analyst Recommendations

2. Market Overview
     2.1. Market Definitions and Segmentations
     2.2. Market Dynamics
            2.2.1. Drivers
                    2.2.1.1. Driver 1
                    2.2.1.2. Driver 2
            2.2.2. Restraints
                    2.2.2.1. Restraint 1
                    2.2.2.2. Restraint 2
            2.2.3. Market Opportunities Matrix
     2.3. Value Chain Analysis
     2.4. Porter’s Five Forces Analysis
     2.5. Covid-19 Impact Analysis
            2.5.1. Supply
            2.5.2. Demand
     2.6. Economic Analysis
     2.7. Government Regulations/ Promotion Activities
     2.8. PESTEL Analysis
     2.9. Upcoming Technologies
     2.10. Hydrogen Ecosystem - At Glance

3. Production Output and Trade Statistics, 2019 - 2022
     3.1. Supply-Demand Analysis
     3.2. Production Output Analysis
     3.3. Major Exporting Countries, by Destination

4. Price Trends Analysis and Future Projects
     4.1. Key Highlights
     4.2. Key Factors Impacting the Prices
     4.3. Average Price, By Source
     4.4. Average Price, By Region

5. Global Hydrogen Generation Market Outlook, 2019 - 2030
     5.1. Global Hydrogen Generation Market Outlook, by Market Place, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            5.1.1. Key Highlights
                    5.1.1.1. Captive
                    5.1.1.2. Merchant
            5.1.2. BPS Analysis/Market Attractiveness Analysis
     5.2. Global Hydrogen Generation Market Outlook, by Source, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            5.2.1. Key Highlights
                    5.2.1.1. Natural Gas
                           5.2.1.1.1. Without CCUS (Carbon capture, utilization, and storage)
                           5.2.1.1.2. With CCUS
                    5.2.1.2. Coal
                    5.2.1.3. Biomass
                    5.2.1.4. Water Electrolysis
                    5.2.1.5. By-product
                    5.2.1.6. Misc.
            5.2.2. BPS Analysis/Market Attractiveness Analysis
     5.3. Global Hydrogen Generation Market Outlook, by Application, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            5.3.1. Key Highlights
                    5.3.1.1. Oil Refinery & Biofuels
                    5.3.1.2. Methanol Production
                    5.3.1.3. Ammonia Production
                    5.3.1.4. Iron and Steel (DRI)
                    5.3.1.5. Transportation
                    5.3.1.6. Power Generation
                    5.3.1.7. Misc.
            5.3.2. BPS Analysis/Market Attractiveness Analysis
     5.4. Global Hydrogen Generation Market Outlook, by Region, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            5.4.1. Key Highlights
                    5.4.1.1. North America
                    5.4.1.2. Europe
                    5.4.1.3. Asia Pacific
                    5.4.1.4. Latin America
                    5.4.1.5. Middle East & Africa
            5.4.2. BPS Analysis/Market Attractiveness Analysis

6. North America Hydrogen Generation Market Outlook, 2019 - 2030
     6.1. North America Hydrogen Generation Market Outlook, by Market Place, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            6.1.1. Key Highlights
                    6.1.1.1. Captive
                    6.1.1.2. Merchant
     6.2. North America Hydrogen Generation Market Outlook, by Source, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            6.2.1. Key Highlights
                    6.2.1.1. Natural Gas
                           6.2.1.1.1. Without CCUS
                           6.2.1.1.2. With CCUS
                    6.2.1.2. Coal
                    6.2.1.3. Biomass
                    6.2.1.4. Water Electrolysis
                    6.2.1.5. By-product
                    6.2.1.6. Misc.
     6.3. North America Hydrogen Generation Market Outlook, by Application, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            6.3.1. Key Highlights
                    6.3.1.1. Oil Refinery & Biofuels
                    6.3.1.2. Methanol Production
                    6.3.1.3. Ammonia Production
                    6.3.1.4. Iron and Steel (DRI)
                    6.3.1.5. Transportation
                    6.3.1.6. Power Generation
                    6.3.1.7. Misc.
     6.4. North America Hydrogen Generation Market Outlook, by Country, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            6.4.1. Key Highlights
                    6.4.1.1. U.S.
                    6.4.1.2. Canada
            6.4.2. BPS Analysis/Market Attractiveness Analysis

7. Europe Hydrogen Generation Market Outlook, 2019 - 2030
     7.1. Europe Hydrogen Generation Market Outlook, by Market Place, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            7.1.1. Key Highlights
                    7.1.1.1. Captive
                    7.1.1.2. Merchant
     7.2. Europe Hydrogen Generation Market Outlook, by Source, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            7.2.1. Key Highlights
                    7.2.1.1. Natural Gas
                           7.2.1.1.1. Without CCUS
                           7.2.1.1.2. With CCUS
                    7.2.1.2. Coal
                    7.2.1.3. Biomass
                    7.2.1.4. Water Electrolysis
                    7.2.1.5. By-product
                    7.2.1.6. Misc.
     7.3. Europe Hydrogen Generation Market Outlook, by Application, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            7.3.1. Key Highlights
                    7.3.1.1. Oil Refinery & Biofuels
                    7.3.1.2. Methanol Production
                    7.3.1.3. Ammonia Production
                    7.3.1.4. Iron and Steel (DRI)
                    7.3.1.5. Transportation
                    7.3.1.6. Power Generation
                    7.3.1.7. Misc.
     7.4. Europe Hydrogen Generation Market Outlook, by Country, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            7.4.1. Key Highlights
                    7.4.1.1. Germany
                    7.4.1.2. France
                    7.4.1.3. U.K.
                    7.4.1.4. Italy
                    7.4.1.5. Netherlands
                    7.4.1.6. Russia
                    7.4.1.7. Rest of Europe
            7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Asia Pacific Hydrogen Generation Market Outlook, 2019 - 2030
     8.1. Asia Pacific Hydrogen Generation Market Outlook, by Market Place, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            8.1.1. Key Highlights
                    8.1.1.1. Captive
                    8.1.1.2. Merchant
     8.2. Asia Pacific Hydrogen Generation Market Outlook, by Source, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            8.2.1. Key Highlights
                    8.2.1.1. Natural Gas
                           8.2.1.1.1. Without CCUS
                           8.2.1.1.2. With CCUS
                    8.2.1.2. Coal
                    8.2.1.3. Biomass
                    8.2.1.4. Water Electrolysis
                    8.2.1.5. By-product
                    8.2.1.6. Misc.
     8.3. Asia Pacific Hydrogen Generation Market Outlook, by Application, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            8.3.1. Key Highlights
                    8.3.1.1. Oil Refinery & Biofuels
                    8.3.1.2. Methanol Production
                    8.3.1.3. Ammonia Production
                    8.3.1.4. Iron and Steel (DRI)
                    8.3.1.5. Transportation
                    8.3.1.6. Power Generation
                    8.3.1.7. Misc.
     8.4. Asia Pacific Hydrogen Generation Market Outlook, by Country, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            8.4.1. Key Highlights
                    8.4.1.1. China
                    8.4.1.2. Japan
                    8.4.1.3. South Korea
                    8.4.1.4. India
                    8.4.1.5. Southeast Asia
                    8.4.1.6. Australia
                    8.4.1.7. Rest of Asia Pacific
            8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Latin America Hydrogen Generation Market Outlook, 2019 - 2030
     9.1. Latin America Hydrogen Generation Market Outlook, by Market Place, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            9.1.1. Key Highlights
                    9.1.1.1. Captive
                    9.1.1.2. Merchant
     9.2. Latin America Generation Market Outlook, by Source, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            9.2.1. Key Highlights
                    9.2.1.1. Natural Gas
                           9.2.1.1.1. Without CCUS
                           9.2.1.1.2. With CCUS
                    9.2.1.2. Coal
                    9.2.1.3. Biomass
                    9.2.1.4. Water Electrolysis
                    9.2.1.5. By-product
                    9.2.1.6. Misc.
     9.3. Latin America Hydrogen Generation Market Outlook, by Application, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            9.3.1. Key Highlights
                    9.3.1.1. Oil Refinery & Biofuels
                    9.3.1.2. Methanol Production
                    9.3.1.3. Ammonia Production
                    9.3.1.4. Iron and Steel (DRI)
                    9.3.1.5. Transportation
                    9.3.1.6. Power Generation
                    9.3.1.7. Misc.
     9.4. Latin America Hydrogen Generation Market Outlook, by Country, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            9.4.1. Key Highlights
                    9.4.1.1. Brazil
                    9.4.1.2. Mexico
                    9.4.1.3. Chile
                    9.4.1.4. Rest of Latin America
            9.4.2. BPS Analysis/Market Attractiveness Analysis

10. Middle East & Africa Hydrogen Generation Market Outlook, 2019 - 2030
     10.1. Middle East & Africa Hydrogen Generation Market Outlook, by Market Place, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            10.1.1. Key Highlights
                    10.1.1.1. Captive
                    10.1.1.2. Merchant
     10.2. Middle East & Africa Hydrogen Generation Market Outlook, by Source, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            10.2.1. Key Highlights
                    10.2.1.1. Natural Gas
10.2.1.1.1. Without CCUS
10.2.1.1.2. With CCUS
                    10.2.1.2. Coal
                    10.2.1.3. Biomass
                    10.2.1.4. Water Electrolysis
                    10.2.1.5. By-product
                    10.2.1.6. Misc.
     10.3. Middle East & Africa Hydrogen Generation Market Outlook, by Application, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            10.3.1. Key Highlights
                    10.3.1.1. Oil Refinery & Biofuels
                    10.3.1.2. Methanol Production
                    10.3.1.3. Ammonia Production
                    10.3.1.4. Iron and Steel (DRI)
                    10.3.1.5. Transportation
                    10.3.1.6. Power Generation
                    10.3.1.7. Misc.
     10.4. Middle East & Africa Hydrogen Generation Market Outlook, by Country, Volume (Thousand Tons) and Value (US$ Mn), 2019 - 2030
            10.4.1. Key Highlights
                    10.4.1.1. GCC
                    10.4.1.2. South Africa
                    10.4.1.3. Morocco
                    10.4.1.4. Rest of Middle East & Africa
            10.4.2. BPS Analysis/Market Attractiveness Analysis

11. Competitive Landscape
     11.1. Company Market Share Analysis, 2020
     11.2. New Developments
     11.3. Market Structure (Blue, Green & Grey Hydrogen)
     11.4. Company Profiles
            11.4.1. Air Liquide S.A.
                    11.4.1.1. Company Overview
                    11.4.1.2. Product Portfolio
                    11.4.1.3. Financial Overview
                    11.4.1.4. Business Strategies and Development
            11.4.2. Deokyang Co. Ltd.
            11.4.3. Spg Hydrogen Co., Ltd.
            11.4.4. Air Products and Chemicals, Inc.
            11.4.5. CHN ENERGY Investment Group Co.,LTD
            11.4.6. Hydrogenics Corporation
            11.4.7. Linde plc
            11.4.8. Iwatani Corporation
            11.4.9. REFHYNE
            11.4.10. Matheson Tri-Gas, Inc.
            11.4.11. INOX Air Products Ltd.
            11.4.12. Messer
            11.4.13. Nippon Sanso Holdings Corporation
            11.4.14. SOL Group
            11.4.15. McPhy Hydrogen
            11.4.16. Nel ASA
            11.4.17. Aker Solutions ASA
            11.4.18. ITM Power plc
            11.4.19. Tokyo Gas Chemicals Co., Ltd.

12. Appendix
     12.1. Research Methodology
     12.2. Report Assumptions
     12.3. Acronyms and Abbreviations

Our Research Methodology

Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

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