Hydrogen Generation Market To witness Huge Expansion By 2030

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Hydrogen Generation Industry Overview

The global hydrogen generation market was valued at USD 170.14 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 9.3% from 2024 to 2030. The growing demand for cleaner fuel sources and increasingly stringent government regulations on the desulphurization of petroleum products are key drivers for this market. Hydrogen serves as an efficient energy carrier, making it a viable solution for diverse applications and contributing to its adoption in new markets. As global electricity demand is expected to increase by approximately two-thirds of current levels over the forecast period, the focus on projects in distributed power and utilities is expected to further support growth in the hydrogen generation industry.

The United States is one of the first countries to adopt clean energy solutions across multiple sectors, including power generation, manufacturing, and transportation. Recognizing hydrogen's potential, the U.S. Department of Energy (DOE) and the Department of Transportation (DOT) introduced the Hydrogen Posture Plan in December 2006. This plan aims to advance research and development (R&D) efforts and validate technologies that can be leveraged to establish a hydrogen infrastructure nationwide. Developed in line with the National Hydrogen Energy Vision and Roadmap, the Hydrogen Posture Plan outlines key deliverables set by the federal government to facilitate hydrogen infrastructure development across the country. Among its primary objectives are the construction of cost-effective, energy-efficient hydrogen fueling stations across the U.S., which are anticipated to stimulate hydrogen generation demand in the coming years.

Similarly, in Germany, the Ministry of Transport launched an initiative in June 2012 to establish a nationwide hydrogen network and strengthen infrastructure for hydrogen refueling stations. As part of this initiative, the ministry signed a letter of intent (LoI) with prominent industry players, including Total, The Linde Group, Air Products and Chemicals, Inc., Daimler AG, and Air Liquide. These companies committed to developing at least 50 hydrogen fueling stations in metropolitan areas and major transportation corridors by 2015. This initiative demonstrates Germany's commitment to enhancing hydrogen infrastructure and supporting the country’s transition to cleaner energy solutions, thereby contributing to the global demand for hydrogen generation.

Gather more insights about the market drivers, restrains and growth of the Hydrogen Generation Market

Regional Insights:

Asia Pacific Market Leadership:

  • Asia Pacific held the largest revenue share in the global hydrogen generation market, accounting for over 35.14% in 2023.
  • China led the region in terms of revenue, driven by its strong industrial demand and extensive infrastructure for hydrogen generation.
  • The presence of numerous refineries in major economies like China and India has accelerated the use of hydrogen generation technologies in these countries.
  • Governments in other Asia Pacific countries, such as Japan and Australia, are actively exploring greener and cleaner technologies to support hydrogen generation, aiming for sustainable energy solutions.

Geographic Expansion by Regional Hydrogen Producers:

  • Regional hydrogen producers in Asia Pacific are increasingly looking to broaden their reach to developing countries, including Vietnam, Indonesia, and South Africa, as part of a strategy to boost revenues.
  • U.S.-based companies, such as Praxair Inc. and Air Liquide, are also targeting these emerging markets to meet the rising demand for hydrogen and expand their global footprint.

Hydrogen Generation Industry Expansion in North America:

  • The hydrogen generation industry in North America has been experiencing expansion for several years, driven by growth across various applications and technologies.
  • Methanol and ammonia production are among the fastest-growing sectors within the industry, particularly in the U.S. and Canada, which have seen rapid development over the past five years.

Fuel Cell Development and Deployment in Europe:

  • In Europe, growth in hydrogen generation is heavily influenced by the development and deployment of fuel cell technology.
  • The European Commission (EU) has introduced several projects through the Fuel Cells and Hydrogen Joint Undertaking (FCH JU) to support the adoption of fuel cell vehicles.
  • These initiatives are designed to expand supportive hydrogen infrastructure across major European countries, facilitating the transition to fuel cell vehicles and enhancing the region’s hydrogen generation capabilities.

Browse through Grand View Research's Sustainable Energy Industry Research Reports.

  • The global carbon dioxide market size was estimated at USD 10,718.18 million in 2024 and is projected to grow at a CAGR of 5.1% from 2025 to 2030.
  • The global voluntary carbon credit market size was estimated at USD 2.97 billion in 2023 and is projected to grow at a CAGR of 34.6% from 2024 to 2030.

Key Hydrogen Generation Company Insights

Hydrogen generation industry is competitive with key participants involved in R&D and constant innovation done by vendors has become one of the most important factors for companies to perform in this industry. For instance, Matheson Tri-Gas, Inc. acquired Linde HyCO business that produces hydrogen, carbon monoxide, or syngas. This acquisition is expected to promote expansion of company’s capabilities and serve petrochemical and refining industries.

Air Liquide announced that it will manufacture and market renewable liquid hydrogen to the U.S. West Coast mobility market. This large-scale project is expected to produce 30 tons of liquid hydrogen per day using biogas technology.

Key Hydrogen Generation Companies:

  • Air Liquide International S.A
  • Air Products and Chemicals, Inc
  • Hydrogenics Corporation
  • INOX Air Products Ltd.
  • Iwatani Corporation
  • Linde Plc
  • Matheson Tri-Gas, Inc.
  • Messer
  • SOL Group
  • Tokyo Gas Chemicals Co., Ltd.

Order a free sample PDF of the Hydrogen Generation Market Intelligence Study, published by Grand View Research.

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