Hydrogen Generation Market to Reach $220.37 Billion by 2028; Rising Demand for Clean Energy Sources to Propel Growth

The global hydrogen generation market size is projected to reach USD 220.37 billion by 2028. It is set to gain impetus from the increasing demand for clean energy sources owing to the rapid growth of the population worldwide. These are required to curb the emissions of carbon in the atmosphere and to provide long-term energy storage. This information is given by Fortune Business Insights™, in a recently published report, titled, “Hydrogen Generation Market Size, Share & COVID-19 Impact Analysis, By Type (On-site and Portable) By Technology (Steam Methane Reforming, Water Electrolysis, Partial Oil Oxidation, and Coal Gasification), By Application (Ammonia Production, Petroleum Refinery, Methanol Production, Transportation, Power Generation, and Others), and Regional Forecast, 2021-2028.” The report further states that the market size was USD 145.67 billion in 2020. However, it is set to exhibit a CAGR of 5.6% during the forecast period between 2021 to 2028.

Construction of Sinopec’s Hydrogen Fueling Stations to Back Hydrogen Generation Market

In February 2021, China Petroleum & Chemical Corporation (Sinopec), a Chinese oil and gas enterprise based in Beijing, announced its plans to build 1,000 hydrogen fueling stations in the next five years.  The new infrastructure project will increase the production of hydrogen and clean energies in China.

Moreover, In February 2019, Air Products and Saudi Aramco joined hands to construct Saudi Arabia’s very first hydrogen fuel cell vehicle fueling station. This partnership would help in blending Saudi Aramco’s R&D capabilities, facilities, and industrial experience with Air Products’ experience and know-how in the field of hydrogen. The companies would then set up a pilot fleet of fuel cell vehicles. For this, compressed hydrogen of high-purity will be dispensed at the fueling station.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/hydrogen-generation-market-100745

Rising Investments in Energy Efficiency Projects to Drive Growth

The demand for decarbonization is surging day by day owing to its ability to lower carbon emissions and limit the increasing temperatures worldwide. Hence, it has created certain concerns for the development of green energy technologies. Hydrogen, being a clean source of energy, is able to reduce the complete dependency on oil for a long period of time. It would also aid in lowering the emission of several pollutants in the atmosphere, including greenhouse gases. It can be produced from numerous energy resources, namely, clean fossil fuels, wind energy, nuclear energy, solar energy, and biomass.

Moreover, the regulatory bodies of several countries are also investing huge sums in the development of renewable energy and energy efficiency projects to decarbonize the existing energy systems. It would impact the market positively in the coming years. However, the generation process of hydrogen is very expensive in nature as it requires plenty of electricity. This factor may hamper the market growth.

Key Players Aim to Intensify Competition through Strategic Collaborations

The companies operating in the global market are persistently focusing on research and development activities to launch innovative products in the market. Some of the others are adopting the strategy of partnership and collaboration to develop new hydrogen generation stations for specific countries. This way, they are able to intensify competition.

Fortune Business Insights™ presents a list of all the hydrogen generation service providers operating in the global market. They are as follows:

• Air Liquide (France)


• Air Products (US)


• Iwatani Corporation (Japan)


• Hydrogenics (Canada)


• Linde (UK)


• Praxair, Inc (US)


• Messer Group (Germany)


• Showa Denko K.K. (Japan)


• Epoch Energy Technology Corporation (Taiwan)


• Idroenergy Spa (Italy)


• McPhy (France)


• Proton OnSite (US)


• LNI Swissgas (Switzerland)


• Airgas (US)


• Parker Hannifin (US)


• FuelCell Energy (US)

A Notable Industry Development-

• December 2020: U.S. Department of Energy (DoE) launched a funding program worth USD 33 million to expedite the advanced hydrogen and fuel cell R&D. This program will back the cost analysis activities and supply chain development of national hydrogen infrastructure.

Further Report Findings-

• Asia Pacific held USD 50.27 billion in 2020 owing to the rising initiatives by the governmental agencies to surge refinery operations for catering to the increasing demand for fuels from China, South Korea, and India. The region would therefore experience high popularity of generation processes of hydrogen.


• North America is set to exhibit considerable growth backed by the implementation of strict rules and regulations for lowering the adoption of unconventional fuels. It would otherwise result in the emission of excessive greenhouse gases. This would, in turn, surge the demand for hydrogen generation systems in this region.


• Based on application, the ammonia production segment procured 37.9% market share in 2020. This growth is attributable to the increasing usage of hydrogen in ammonia plants.

The global market can be segmented in the following way: