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Growth and Trends in the Global Hydrogen Generation Market
Key Ideas
  • The global hydrogen generation market is projected to reach $1621.73 billion by 2028, with a significant CAGR of 13.4%, driven by industrial demand, environmental regulations, and energy transition.
  • Key drivers include the increasing demand for hydrogen in the industrial sector, particularly in chemical production and hydrocracking for petroleum products.
  • A prominent trend involves the development of catalyst-coated membrane technology for green hydrogen production, with companies like Honeywell International leading in innovative solutions.
  • Asia Pacific emerged as the largest region in 2023 for the hydrogen generation market, with strong growth expected in the coming years.
The Business Research Company has updated its global market reports on hydrogen generation, providing insights up to 2033. The market size is set to grow from $141.88 billion in 2023 to $154.42 billion in 2024 at a CAGR of 8.8%, attributed to multiple factors such as industrial hydrogen demand and environmental considerations. Forecasts indicate a rise to $210.49 billion by 2028 with a CAGR of 8.1%, driven by infrastructure investments and technology advancements. The report segments the market by type, source, generation mode, technologies, and applications. The industrial sector's reliance on hydrogen, especially in chemical processes and hydrocracking, is fueling market growth. Companies are focusing on green hydrogen production technologies like catalyst-coated membranes to enhance efficiency and reduce costs. Major players include Air Liquide SA, Air Products Inc., and Ballard Power Systems Inc. Asia Pacific leads the market, with robust growth expected in the region. The report underscores the importance of the hydrogen generation market in the context of sustainable energy transition and industrial advancements.
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