The global hydrogen generation market revenue was around US$ 136.9 billion in 2021 and is estimated to reach US$ 262.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 6.8% during the forecast period from 2022 to 2031.

Hydrogen is essential in the chemical and oil and gas industries. Blue, grey, and green hydrogen are the three categories into which hydrogen recovered from various procedures is divided. Grey hydrogen is created using fossil fuels when carbon capture and storage are not used. Furthermore, this form of hydrogen releases carbon dioxide into the atmosphere.

Factors Influencing Market Growth

- Increase in demand from chemical industries and the development of electric vehicles driven by hydrogen cells drive market growth.

- The government's increase in spending on various technologies boosts the effectiveness of hydrogen extraction. Thus, it is expected to propel the market growth.

- Increase in governmental restrictions for the desulfurization of petroleum products. Thus, it is anticipated to boost the market expansion.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a negative impact on the market. Due to the lockdown enacted by the government, the closure of an industrial company caused a reduction in the demand for solar-related equipment in most countries around the world, which slowed the growth of the market for hydrogen generation. Power usage in industrial facilities around the world has decreased due to the pandemic.

Lockdowns initially caused a large drop in hydrogen demand. Furthermore, since a significant amount of hydrogen is produced by natural gas reforming, the supply of hydrogen was constrained. However, governments loosened lockdown regulations. As a result, the production process has been increasing steadily and the need for hydrogen in industrial applications is being driven.

Regional Insights

Asia-Pacific is expected to dominate the market. Hydrogen plays a significant role in this region due to its ease of conversion into and out of power and its ability to generate electricity for future use. This region is the most populous and is made up of numerous emerging and underdeveloped nations. In addition, a sizable number of megacities are located there, and the population is constantly growing. Ammonia, a primary raw element in agricultural chemicals, is in high demand because the majority of the countries in this region are based on agriculture.

Furthermore, a rise in the use of ethanol-blend fuel in this region as well as ongoing reforms in India to enhance the amount of ethanol mixed in the gasoline. During the forecast period, the aforementioned investments and policies will play a significant role in propelling market expansion in this region.

Leading Competitors
The leading competitors in the global hydrogen generation market are:
- Uniper SE
- Siemens AG
- Air Liquide S.A
- Xebec Adsorption Inc
- Iwatani Corporation
- ThyssenKrupp
- McPhy Energy S.A
- Orsted A/S
- Electrochaea GmbH
- Ally Hi-Tech Co. Ltd
- Cummins Inc
- ITM Power
- Iberdrola
- Nel ASA
- Linde plc
- Messer
- Linde
- Air Products &Chemicals
- Engie
- Others
Segmentation Analysis
The global hydrogen generation market segmentation focuses on Source, Process, Delivery Mode, Application, and Region.
Segmentation based on Source
- Green Hydrogen
- Blue Hydrogen
- Gray Hydrogen
Segmentation based on Process
- Steam Methane Reforming
- Coal Gasification
- Electrolysis
- Others
Segmentation based on Delivery Mode
- Captive
- Merchant
Segmentation based on Application
- Chemical Processing
o Ammonia
o Methanol
o Others
- Transportation
- Petroleum Recovery
- Power Generation
- Others
Segmentation based on Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific

- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA

- South America
- Brazil
- Argentina
- Rest of South America