The world market for hydrogen generation is estimated to be worth USD 169.3 million by 2023 and will grow at 9.4% per annum between 2024 and 2030 with an expected value of 315.3 million USD by 2030.
This development of the market can be credited to the growing need for this gas for fuel-cell electric vehicles, aircraft, and rockets. These days, the acceptance of hydrogen is growing in new applications, like heavy-duty EV trucks in China, the steel sector, commercial airplanes and their auxiliary power units, and hydrogen trains, which are in progress in Germany.
During the projection period, transportation is projected to be the fastest-advancing category, at a CAGR of 10.0%. The growing emphasis on decreasing carbon emissions from the transport industry is the major propelling reason for the increasing demand for this clean fuel.
For example, NewHydrogen has made a generator that utilizes renewable power and water to produce low-cost green hydrogen. Similarly, North Carolina State University has made a new method for extracting hydrogen gas from liquid carriers, which is quicker, less expensive, and more effective than the previous methods.
In 2023, the APAC region is expected to be the world's largest market with USD 0.09 billion in revenue; it will continue to grow at a double-digit rate until 2030. Increasing use of FCEVs, consistent with a growing emphasis on hydrogen as an economic method and increased H2 production, are key factors that have boosted the growth in the market for hydrogen generation in this region. There are more than 100 oil refineries in the Asia Pacific region.
The need for H2 in North America is projected to advance at a substantial rate, because of the increasing need for it for petroleum refining. Moreover, the money for hydrogen research and development rose by over 30% in 2021 compared to 2020, and there are more than 130 refineries in the U.S.
Hence, the hydrogen generation industry is propelled by the growing focus on cleaner fuels for producing heat and electricity.
