Hydrogen Generation Market | Exactitude Consultancy Reports
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Hydrogen Generation Market Overview
The hydrogen generation market is expected to grow at 10.2% CAGR from 2022 to 2029. It is expected to reach above USD 316.45 billion by 2029.
Hydrogen generation is an industrial method to generate hydrogen gas. Hydrogen plays an important role in the chemicals and oil & gas industry. It can be produced with the help of various domestic resources such as fossil fuels, biomass, and water electrolysis with electricity. The use of hydrogen fuel cells in lightweight vehicles, including bicycles, automobiles, buses, trains, material handling equipment, boats, ships, commercial aircraft, auxiliary power units (APUs) of aircraft, marine vessels, and specialty vehicles like forklifts, is promoting market growth in the transportation industry.
Segment Analysis
The global hydrogen generation market is segmented into source, application, technology, delivery mode and Region. By source the hydrogen generation market is classified into three types blue hydrogen, grey hydrogen, and green hydrogen. The grey hydrogen segment dominates the global hydrogen generation market. Grey hydrogen is obtained from natural gas and produced from fossil fuels, creating it the least renewable form of hydrogen. Most of the hydrogen produced is grey hydrogen. It is frequently used in the chemical industry to refine oil and make fertilizer because it is reasonably cheap. The demand for grey hydrogen in the market for hydrogen generation is projected to be driven by factors such as rapid globalization, industrialization, and an increase in the use of hydrogen in fuel cell powered automobiles.
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