Hydrogen Generation Market Size

Hydrogen Generation Market size was valued at USD 157.17 billion in 2023 and is likely to reach USD 523.67 billion by 2036, registering around 9.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hydrogen generation is estimated at USD 169.37 billion.

The growth of the market can be attributed to the increasing demand for green energy resources, high requirement to balance demand and supply in the power sector, and the growing need for long term power storage across the world. Along with these, high emissions of greenhouse gases are also expected to drive market growth in the coming years. Greenhouse gases are responsible for rising temperatures globally. Hydrogen is assessed to play a crucial role in facing climate emergency as renewable and nuclear electricity alone will never be able to provide all our energy needs, which in turn is projected to be a major factor to lead to market expansion in the near future.

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of hydrogen generation is estimated at USD 169.37 billion.

Hydrogen Generation Market size was valued at USD 157.17 billion in 2023 and is likely to reach USD 523.67 billion by 2036, registering around 9.7% CAGR during the forecast period i.e., between 2024-2036. Rising demand for green & clean resources of energy and growing need for balancing demand and supply in the power sector will fuel the market growth.

Asia Pacific is expected to account for largest revenue share by 2036, owing to rising requirement of energy in the region and escalating adoption of greener technologies to fulfil government's targets for reducing GHG emissions, especially in China and India.

The major players in the market include Air Liquide, Cummins Inc., Linde plc, ITM Power plc, Nel ASA, and others.

Hydrogen Generation Market Size