Market Size of Hydrogen Generation Industry
| Study Period | 2020-2029 |
| Market Size (2024) | USD 184.74 Billion |
| Market Size (2029) | USD 227.25 Billion |
| CAGR (2024 - 2029) | 4.23 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hydrogen Generation Market Analysis
The Hydrogen Generation Market size is estimated at USD 184.74 billion in 2024, and is expected to reach USD 227.25 billion by 2029, growing at a CAGR of 4.23% during the forecast period (2024-2029).
Over the medium term, factors such as supportive government policies coupled with the increasing demand from refineries and the industrial sector are likely to drive the hydrogen generation market during the forecast period.
- On the other hand, high production costs of hydrogen energy storage are expected to restrain the hydrogen generation market.
- Nevertheless, technological advancements in extracting hydrogen from renewable sources and increased applications of hydrogen as a fuel are likely to create lucrative growth opportunities for the hydrogen generation market during the forecast period.
- Asia-Pacific is the fastest-growing market during the forecast period due to the rising hydrogen demand. This growth is attributed to increasing investments, coupled with supportive government policies in the countries such as India, China, and Japan.
