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In a recent market analysis, Fact.MR provides in-depth insights into factors influencing demand in the global hydrogen generation market. It covers recent developments in terms of segments of the market, including technology, system, application, and region.
The global hydrogen generation market is expected to reach a valuation of US$ 139.10 Billion in 2023. The market is estimated to record a CAGR of 7% during the forecast period (2023-2032) and reach US$ 273.63 Billion by 2032. Increasing focus of many countries on the production of green hydrogen owing to its abundance availability in the earth’s crust is anticipated to propel sales.
Increasing demand for sustainable hydrogen energy is expected to play an important role in the market. Moreover, demand for hydrogen in the transportation industry and in the field of refinery dehydrogenation are expected to have a significant influence on the market.
High demand for carbon-less hydrogen generation among various end-use industries is another crucial factor that is projected to augur well for the global market. As per Fact.MR, during the historical period (2023-2032), the global hydrogen generation market recorded a CAGR of 5%.
Furthermore, declining costs of solar power generation tools and rising sales of hydrogen fuel cell vehicles are estimated to positively affect sales of hydrogen generation equipment in the next ten years. Large-scale production of low-carbon hydrogen by using fossil fuels is also driving the adoption of hydrogen generation products among end-use industries.
Growing concerns of global warming combined with deteriorating climate and environmental conditions owing to excessive pollution would necessitate the development & deployment of clean & green energy. Hydrogen is therefore considered to be a source of clean and green energy, which is set to help the market grow at a noteworthy rate during the forecast period.
- In 2032, North America hydrogen generation market is expected to generate a share of nearly 35%.
- Asia Pacific hydrogen generation market is anticipated to showcase a considerable value share of 30% during the evaluation period.
- India hydrogen generation market is likely to exhibit moderate growth at a CAGR of 3% in the next ten years.
- The U.S. hydrogen generation market is projected to showcase steady growth at a CAGR of 5% in the forecast period.
- Based on system, the merchant hydrogen generation segment is anticipated to generate lion’s share of approximately 50% during the assessment period.
- Hydrogen generation businesses are expected to gain impetus as government agencies around the world are working to pass the legislation mandating desulfurization.
- High energy efficiency and power of hydrogen is projected to make it an ideal source of fuel for spaceships.