Top Companies in Hydrogen Generation Market by Size, Share, Historical and Future Data & CAGR | Vantage Market Research Market

Hydrogen generation market is projected to reach USD 282.2 Billion by 2028 at a CAGR of 10.10% over the forecast period.

Top Companies in Hydrogen Generation Market by Size, Share, Historical and Future Data & CAGR | Vantage Market Research Market
hydrogen generation market

Market Overview

The Global Hydrogen Generation Market is valued at USD 158.4 Billion in 2021 and is projected to reach USD 282.2 Billion by 2028 at a CAGR of 10.10% over the forecast period. Under the net zero emissions scenario, where global hydrogen production is anticipated to reach 200 metric tonnes in 2030, the main factors propelling the market growth for Hydrogen Generation. Around 70% of hydrogen will reportedly be produced in 2030 using low-carbon methods like electrolysis. The hydrogen produced is anticipated to reach 500 metric tonnes by 2050. The government's increased funding of various technologies to boost hydrogen extraction effectiveness is anticipated to fuel market expansion. Energy efficiency is one of the main technological pillars of decarbonizing the global energy system. Other major pillars include electrification, renewable energy, hydrogen, and hydrogen-based fuels, and carbon capture, use, and storage.

The introduction of various policies focusing on the adoption of clean fuel, increasing investments across the refining sector, and limiting the amount of sulfur content in diesel fuel, gasoline, motor, etc., are some of the major factors anticipated to accelerate the market growth over the forecast period. Other major factors include growing crude oil consumption and increasing investments toward expanding existing refining facilities in developing economies.

However, different methods are used to commercially manufacture H2 fuel, which slows down the growth of the world market because it costs a lot of money to set up and run the facilities. Additionally, it is exceedingly expensive to manufacture hydrogen using methods like water electrolysis due to the high energy consumption required to separate water molecules into hydrogen and oxygen.

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Amidst Exponential Growth in Hydrogen Generation Adoption, What Trends Should We Look Forward to?

  1. The governments of various industrialized and rising nations have expressed a strong interest in reaching carbon neutrality. In addition, the governments have modified their plans to consider the potential of the clean energy sectors, promoting the growth of the Hydrogen Generation sector. 
  1. The market for Hydrogen Generation is projected to experience a spike due to the rapidly rising demand for fuel cell electric vehicles (FCEVs), such as passenger cars, buses, lorries, and other heavy-duty vehicles. 
  1. The global need for green hydrogen projects, which have the potential to reduce the 830 million tonnes of CO2 that are emitted each year from the burning of fossil fuels, is a key factor in the market's expansion. 
  1. A procedure known as desulfurization is used to lower the emissions of sulfur oxides and acid rain. Hydrogen is needed because it aids in decreasing the sulfur content of hydrocarbons. The refining industry makes substantial use of this gas to split apart heavy hydrocarbons. This is anticipated to boost the market's growth for Hydrogen Generation in the upcoming years. 

The Hydrogen Generation market is dominated by globally established players such as Linde plc, Air Liquide International S.A., Hydrogenics, Inox, Messer Group GmbH, Air Products and Chemicals, Inc., Weldstar, Inc., Praxair, Inc., McPhy and LNI Swissgas. These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Hydrogen Generation market. 

Let's Look at the Top 5 Companies That are Taking the Hydrogen Generation Market by Storm

The Hydrogen Generation market is expected to grow from USD 158.4 billion in 2021 to USD 282.2 billion in 2028 due to the increased government rules for the desulphurization of petroleum products and the desire for cleaner gasoline. Since hydrogen is a powerful energy transporter, its continued expansion into additional markets is anticipated to benefit greatly from this property.

  1. Linde PLC

With projected revenues of $31 billion (€26 billion) in 2021, Linde is a top industrial gas and engineering firm globally. It is committed to advancing global productivity every day by offering top-notch products, services, and technology like Hydrogen Generation that boosts our clients' productivity while preserving and safeguarding the environment.

  1. Air Liquide International S.A.

Air Liquide, a global leader in gases, technology, and services for industry and health, has roughly 66,400 people across 75 countries and serves more than 3.8 million clients and patients. Small molecules like oxygen, nitrogen, and hydrogen are necessary for life, matter, and energy.

  1. Messer Group GmbH

The largest family-run industrial gas expert in the world, Messer is active in the pertinent markets in Europe, Asia, and America. Our shared responsibility for people, the environment, and advancement with the generation of different gases like oxygen, hydrogen, and nitrogen is the foundation for its sustainable actions, which are focused on the demands of our clients.

  1. Air Products and Chemicals Inc.

Every day, Air Products makes a positive difference in the lives of customers all around the world. With a focus on serving the energy, environmental, and emerging markets, it offers customers in dozens of industries, including petrochemical, chemical, metals, electronics, manufacturing, food and beverage, refining, essential industrial gases like Hydrogen Generation, related equipment, and applications expertise. Additionally, we are the market leader in equipment and process technologies for liquefied natural gas.

  1. LNI Swissgas

The sale of premium gas generators for on-site gas production, premium gas mixers such as hydrogen generators, and premium gas calibrators is the focus of the global company LNI Swissgas. Products meet all requirements for analytical, industrial, environmental, and laser applications with world-renowned Swiss quality and precision mixed with Italian innovation, design, and continuing research.

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