Hydrogen Generation Market Size $364.84 Billion By 2032 CAGR 9.1%

Hydrogen Generation Market Size Worth $ 364.84 Billion By 2032 | CAGR: 9.1%

The global hydrogen generation market size is expected to reach USD 364.84 billion by 2032, according to a new study by Polaris Market Research. The report “Hydrogen Generation Market Share, Size, Trends, Industry Analysis Report, By Technology (Coal Gasification, Steam Methane Reforming and Others); By Application; By System; By Source; By Region; Segment Forecast, 2024- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

In the context of the aviation industry, the demand for hydrogen is increasing day by day due to huge advantages in comparison to the fuel used in jets regarding the energy per unit mass. Hydrogen has good energy per unit mass, which is greatly higher than jet fuel, which is used traditionally. Airbus makes such a consideration. Also, the aviation industry has faced huge levels of criticism due to its aircraft, which are greenhouse gas-intensive. To resolve the climatic issues, there must be a change in the fuel used by the aviation industry, and this can be achieved by recognizing the potential of hydrogen, which can also reduce carbon emissions by nearly 50%. This is the driving factor for the hydrogen generation market.

The COVID-19 pandemic has profoundly impacted in a negative sense for the hydrogen generation market, as this has affected financial institutions, infrastructure companies, businesses, and households. In such a way that fall in demand for hydrogen consumption was observed due to shutdown of industrial manufacturers and disturbance in the supply chain and logistics support. The power utilization was reduced in industrial areas all over the world, and this caused the shrinkage to the hydrogen generation market.

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As a huge opportunity to be a dependable, easily available, safe, and reasonably priced energy source, hydrogen is a viable carbon-free fuel option that can solve climate change and global warming while meeting the 21st century's increasing energy demands. It is widely distributed on Earth, although only in mixed form in various compounds, and it can be made in a variety of ways. However, thermochemical water splitting cycles (TWSC) use electricity and heat energy to produce hydrogen from water through a series of electrochemical and thermochemical reactions; this method uses a lot less power than commercial water electrolysis systems. Thus, it is essential to create strategies to scale up hydrogen generation technologies as well as more economical, efficient, and carbon-free hydrogen generation processes to solve the commercial and technical barriers.

Hydrogen Generation Market Report Highlights

  • The ammonia production segment dominated the market in 2023, driven by the potential of hydrogen carriers and carbon-fee fuel, which can be used in the large-scale production of renewable hydrogen.
  • The steam methane reforming segment led the market in 2023 and is expected to maintain its dominance due to rising innovations in hydrogen-generating procedures.
  • Asia Pacific holds a dominant revenue share in the global Hydrogen Generation market, driven by the huge amounts of research and development activities conducted by the governments of regional countries.
  • The global key market players include Air Liquide S.A., Cummins Inc., Nel ASA, ITM Power, Linde plc, Air Products and Chemicals, Inc., FuelCell Energy, Inc., Iwatani Corporation, Showa Denko, The Messer Group GmbH, Taiyo Nippon Sanso Corporation, McPhy, Engie SA, Uniper SE,

Polaris Market Research has segmented the Hydrogen Generation market report based on technology, application, system, source and region:

Hydrogen Generation, Technology Outlook (Revenue - USD Million, 2019 - 2032)

  • Coal Gasification
  • Steam Methane Reforming
  • Others

Hydrogen Generation, Application Outlook (Revenue - USD Million, 2019 - 2032)

  • Power Generation
  • Transportation
  • Petroleum Refining
  • Ammonia Production
  • Methanol Production
  • Others

Hydrogen Generation, System Outlook (Revenue - USD Million, 2019 - 2032)

  • Captive
  • Merchant

Hydrogen Generation, Source Outlook (Revenue - USD Million, 2019 - 2032)

  • Water
  • Biomass
  • Coal
  • Natural Gas

Hydrogen Generation, Regional Outlook (Revenue - USD Million, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of Asia Pacific
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Hydrogen Generation Market Report Scope

Report Attributes


Market size value in 2024

USD 182.37 billion

Revenue forecast in 2032

USD 364.84 billion


9.1% from 2024 – 2032

Base year


Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments covered

By Technology, By Application, By System, By Source,  By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa


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