Hydrogen Generation Market to reach $366.9 million by 2030; The growing trend for more feasible low-carbon and sustainable energy solutions, government incentives to increase hydrogen production and numerous applications for hydrogen in several indus

The Hydrogen Generation Market size is estimated to reach $366.9 million by 2030, growing at a CAGR of 10.1% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “ Hydrogen Generation Market - By Source (Blue Hydrogen, Green Hydrogen and Gray Hydrogen), By Type (Onsite and Portable), By Technology (Steam Methane Reforming (SMR), Water Electrolysis, Partial Oil Oxidation and Coal Gasification), By System (Merchant and Captive), By Application (Ammonia Production, Petroleum Refining, Methanol Production, Transportation, Power Generation and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”. 

The main driver of the hydrogen generation market is the rising demand for low-emission fuel that helps reduce carbon emissions and decarbonize sectors of the economy. Hydrogen can be produced with near-zero greenhouse gas emissions. When used in a fuel cell, it only emits water vapor and warm air. Additionally, the adoption of hydrogen in several industrial applications globally is driving the growth of hydrogen storage industry during the forecast period. 

North America accounted for the largest share of the Hydrogen Generation Market in 2023. For instance, according to data from Fuel Cell and Hydrogen Energy Association (FCHEA), A coalition of major oil & gas, power, automotive, fuel cell, and hydrogen companies have come together to develop a Road Map to a US Hydrogen Economy in 2024. This Road Map shows how critically important hydrogen is to achieve a lower-carbon energy mix, and with the right actions now, can reinforce U.S. energy leadership and strengthen economy by generating $140 billion per year in revenue and $750 billion per year in revenue and 3.4 million jobs by 2050. Additionally, The U.S. heavily engaged in the hydrogen economy with hundreds of millions of dollars of public and private investment per year, and boasting more than half the world’s fuel cell vehicles, 25,000 fuel cell material handling vehicles, more than 8,000 small scale fuel systems in 40 states, and more than 550 MW of large-scale fuel cell power installed or planned. Such investments and advancements in this region are fueling the growth of Hydrogen generation market. 

The rising demand to reduce the greenhouse gas emissions is the primary driver which is driving the hydrogen generation market globally. For instance, according to International Energy Agency’s Global Hydrogen Review 2024, 19 new hydrogen strategies were published in the past 12 months, bringing the total to 60, and now covering countries that account for over 84% of global energy-related CO2 emissions. Most of the new strategies were from emerging markets and developing economies (EMDEs), and most new targets are for production. Such policies and initiatives are driving the hydrogen generation market growth globally. 

Rise in adoption of fuel cells in automotive & Transportation sector is driving the hydrogen generation market globally. Fuel cell electric vehicles (FCEVs) offer zero-tailpipe emissions, contributing to cleaner air and reduced greenhouse gas emissions. Governments worldwide are implementing stringent regulations to reduce carbon emissions, particularly from the transportation sector, which is a major contributor to global greenhouse gas emissions. Fuel cell vehicles, which emit only water vapor, align with these regulatory requirements, pushing manufacturers and governments to adopt hydrogen storage solutions. Such regulations and several policies are collectively driving the adoption of fuel cells in automotives, which in turn propelling the growth of hydrogen generation globally. 

Key companies profiled in the Hydrogen Generation Market are Air Liquide S.A., Alumifuel Power Corporation, Caloric Anlagenbau GmbH, Claind S.R.L, Erredue S.P.A., Hydrogenics Corporation, Hygear, Iwatani Corporation, Linde plc, Messer Group GmbH and Others. 

Hydrogen Storage Pressure Vessel Market - The Hydrogen Storage Pressure Vessel market size is forecast to reach USD 1.2 billion by 2028, after growing at a CAGR of 30.8% during the forecast period 2023-2028. Physically hydrogen can be stored as a liquid or as a gas. Generally, high-pressure tanks (tank pressure:250–700 bar) are needed to store hydrogen as a gas. 

Coiled Tubing Market - The Coiled Tubing Market size is estimated to reach US$ 75.49 billion by 2030, after growing at a CAGR of 4.3% from 2024 to 2030. The coiled tubing market is defined by its continuous steel or composite tubing that is both flexible and robust, specifically designed for oil and gas exploration applications. 

Wind Turbine Casting Market - The Wind Turbine Casting Market size is forecast to reach $2.85 billion by 2027, growing at a CAGR of 6.02% from 2022 to 2027. Rising government investment toward green electricity generation by integrating wind power technology is positively impacting the installation of wind turbines across the globe.