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Home ➤ Energy and Power ➤ Hydrogen Generator Market
Hydrogen Generator Market
Hydrogen Generator Market
Published date: February 2025 • Formats:
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  • Home ➤ Energy and Power ➤ Hydrogen Generator Market

Global Hydrogen Generator Market Size, Share, And Business Benefits By Source (Blue hydrogen, Gray Hydrogen, Green Hydrogen), By Technology (Steam Methane Reforming (SMR), Partial Oxidation (POX), Auto Thermal Reforming (ATR), Coal Gasification, Electrolysis), By Generation and Delivery Mode (Captive, Merchant), By Product (On-Site, Portable), By Process (Steam Reformer, Electrolysis), By Capacity (Less than 100 Nm3/h, 100-2000 Nm3/h, Greater than 2000 Nm3/h), By Application (Chemical Processing, Petroleum Recovery, Fuel Cells, Refinery, Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2025-2034

  • Published date: February 2025
  • Report ID: 141477
  • Number of Pages: 390
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
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    • Report Overview
    • Key Takeaways
    • By Source Analysis
    • By Technology Analysis
    • By Generation and Delivery Mode Analysis
    • By Product Analysis
    • By Process Analysis
    • By Capacity Analysis
    • By Application Analysis
    • Key Market Segments
    • Driving Factors
    • Restraining Factors
    • Growth Opportunity
    • Latest Trends
    • Regional Analysis
    • Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    Global Hydrogen Generator Market is expected to be worth around USD 1,589.4 million by 2034, up from USD 862.8 million in 2024, and grow at a CAGR of 6.3% from 2025 to 2034. With a market value of USD 374.9 million, Asia-Pacific will represent 43.5% of the global Hydrogen Generator Market share in 2024.

    A hydrogen generator is a device that produces hydrogen gas from various feedstocks such as water, natural gas, or biomass. The most common method for generating hydrogen is electrolysis, where electricity is used to split water into hydrogen and oxygen. These generators are crucial in industries where hydrogen is needed as a clean fuel or as a raw material for chemical processes. They are used in diverse applications, including fuel cells, industrial hydrogen production, and energy storage systems.

    The hydrogen generator market has seen significant growth due to the increasing global demand for clean and sustainable energy solutions. As industries aim to reduce their carbon footprints, hydrogen, known for its clean burning properties, is becoming a key alternative to traditional fossil fuels.

    Hydrogen Generator Market Size

    Moreover, the growing use of hydrogen in fuel cells for electric vehicles and large-scale energy storage is further propelling the market’s expansion. This market is also benefiting from the technological advancements in hydrogen production and storage methods, which are making the process more cost-effective.

    The demand for hydrogen generators is driven by the rising adoption of renewable energy sources, such as wind and solar, which can be stored and transported using hydrogen. Additionally, industries such as steel manufacturing, refining, and chemical processing require large volumes of hydrogen for production, thereby increasing demand.

    Opportunities in the hydrogen generator market are abundant, especially with the increasing government support for hydrogen infrastructure and green hydrogen initiatives. This market is poised for significant growth, with investments in hydrogen production technology, fuel cell development, and associated infrastructure. As hydrogen becomes more commercially viable, especially in regions with strong decarbonization policies, the hydrogen generator market will continue to thrive.

    The Government of India has set an ambitious target to develop a green hydrogen production capacity of at least 5 million metric tons per annum by 2030, aiming to position the country as a global leader in clean energy. However, the cost differential between green and grey hydrogen remains significant, with a difference of $1.5/kg to $2/kg for a 1 GW PEM plant, depending on natural gas prices.

    To bridge this gap, India’s SIGHT scheme offers direct incentives for green hydrogen production, providing $0.63/kg, $0.50/kg, and $0.38/kg for the first three years, respectively, supporting the transition to sustainable hydrogen solutions.

    Key Takeaways

    • Global Hydrogen Generator Market is expected to be worth around USD 1,589.4 million by 2034, up from USD 862.8 million in 2024, and grow at a CAGR of 6.3% from 2025 to 2034.
    • The hydrogen generator market is predominantly driven by gray hydrogen, which accounts for 48.5% of production.
    • Steam methane reforming (SMR) is the leading technology in hydrogen generation, contributing to 51.2% market share.
    • Captive generation and delivery mode dominate the market, with 67.3% of hydrogen produced on-site.
    • On-site hydrogen generation holds the largest market share at 73.4%, providing efficiency for industrial applications.
    • The steam reformer process, responsible for 59.4% of hydrogen generation, ensures cost-effective production at large scales.
    • Hydrogen generators with capacities of 100-2000 Nm³/h represent 48.2% of the market, catering to varying needs.
    • The chemical processing industry remains a major consumer of hydrogen generators, accounting for 45.8% of demand.
    • The region’s rapid industrial growth contributed to its 43.5% market share, valued at USD 374.9 million.

    By Source Analysis

    Gray hydrogen dominates the hydrogen generator market, accounting for 48.5% of the total share.

    In 2024, Gray Hydrogen held a dominant market position in the “By Source” segment of the Hydrogen Generator Market, with a 48.5% share. Gray hydrogen, produced from natural gas via steam methane reforming (SMR) without carbon capture, remains the most widely used method for hydrogen generation due to its established infrastructure and cost-effectiveness.

    This process, despite its environmental concerns related to carbon emissions, is preferred by industries that prioritize lower upfront investment. The energy-intensive nature of SMR, however, is being increasingly challenged by greener alternatives, driving investments in more sustainable hydrogen generation methods.

    The large market share of Gray Hydrogen can be attributed to its prevalent use in sectors such as petrochemicals, refineries, and ammonia production, where hydrogen is a critical feedstock. Its ability to generate large volumes of hydrogen efficiently at a lower cost compared to newer technologies contributes to its continued dominance in the market.

    As sustainability initiatives and decarbonization goals rise globally, the market share of Gray Hydrogen may face downward pressure. However, its current dominance is supported by established production infrastructure and ongoing demand from industries with limited immediate access to alternative hydrogen production methods.

    By Technology Analysis

    Steam Methane Reforming (SMR) technology leads hydrogen generation, representing 51.2% of the market.

    In 2024, Steam Methane Reforming (SMR) held a dominant market position in the “By Technology” segment of the Hydrogen Generator Market, with a 51.2% share. SMR is the most widely used technology for hydrogen production, primarily due to its long-established industrial applications and cost-effectiveness.

    This method involves reacting methane with steam over a catalyst to produce hydrogen, carbon monoxide, and a small amount of carbon dioxide. Despite the environmental concerns surrounding the carbon emissions associated with SMR, its efficiency and relatively low capital investment requirements continue to make it the preferred choice for large-scale hydrogen production.

    SMR’s dominance in the market is largely driven by its established infrastructure, particularly in the oil and gas sector, where it plays a crucial role in hydrogen production for refining and ammonia production. The technology’s ability to generate large volumes of hydrogen with a lower operational cost compared to newer, more sustainable technologies further solidifies its leading position.

    While the shift toward greener hydrogen production methods, such as electrolysis, is gaining momentum, SMR remains the primary method of hydrogen generation in many regions. However, increasing pressure to reduce carbon emissions could drive future investments into carbon capture and storage (CCS) technologies to mitigate the environmental impact of SMR processes.

    By Generation and Delivery Mode Analysis

    The captive generation and delivery mode is the most popular, covering 67.3% of demand.

    In 2024, Captive held a dominant market position in the “By Generation and Delivery Mode” segment of the Hydrogen Generator Market, with a 67.3% share. Captive hydrogen generation, where hydrogen is produced on-site for direct consumption by the generating facility, remains the preferred method for many industries.

    This approach offers several advantages, including cost-effectiveness, reliability, and the ability to meet specific operational needs without depending on external suppliers. Industries such as petrochemical refining, ammonia production, and steel manufacturing rely heavily on captive hydrogen generation for their day-to-day operations, contributing to its strong market share.

    The high share of captive hydrogen generation can be attributed to its ability to offer a continuous, uninterrupted supply of hydrogen at scale, which is crucial for industries with high, consistent hydrogen demand. Additionally, captive systems eliminate the need for complex and costly transportation and storage logistics, making them more efficient for large-scale, centralized production facilities.

    As industries increasingly prioritize energy security and cost control, the dominance of captive hydrogen generation is expected to continue. However, with the growing focus on decentralizing hydrogen production and exploring alternative delivery models, such as merchant and transportable systems, the market dynamics may shift in the coming years.

    By Product Analysis

    On-site hydrogen generation products are the most common, making up 73.4% of sales.

    In 2024, On-Site held a dominant market position in the “By-Product” segment of the Hydrogen Generator Market, with a 73.4% share. On-site hydrogen generation involves producing hydrogen directly at the location where it is used, offering significant advantages in terms of cost efficiency, supply chain reliability, and flexibility.

    This method is particularly favored by industries that have high and consistent hydrogen demand, such as refineries, chemical plants, and metal manufacturing. By generating hydrogen on-site, these industries can avoid the complexities and costs associated with transportation and storage, which are often challenges in the hydrogen supply chain.

    The dominance of on-site generation is driven by its ability to meet specific operational needs while minimizing external dependencies. With the rise in demand for hydrogen as a clean fuel and for use in fuel cells, on-site generation provides a reliable and uninterrupted supply tailored to the precise needs of the facility. Additionally, the lower infrastructure and logistics costs associated with on-site generation further contribute to its widespread adoption.

    As the hydrogen market continues to grow, the trend toward on-site generation is expected to maintain its stronghold. However, increasing interest in centralized hydrogen production and alternative delivery methods may influence market dynamics in the future.

    By Process Analysis

    Steam reformer processes are prevalent in hydrogen generation, constituting 59.4% of the market.

    In 2024, Steam Reformer held a dominant market position in the “By Process” segment of the Hydrogen Generator Market, with a 59.4% share. Steam reforming is the most widely adopted process for hydrogen production, primarily due to its efficiency and established technology base.

    This process involves the reaction of natural gas with steam over a catalyst to produce hydrogen and carbon monoxide. It remains the preferred method of hydrogen generation, particularly in industries such as petrochemical refining, ammonia production, and methanol manufacturing, where large volumes of hydrogen are required.

    The significant market share of steam reforming is attributed to its ability to generate hydrogen at scale while maintaining relatively low production costs compared to newer, more complex technologies like electrolysis.

    The process is well-integrated into existing industrial infrastructures, offering a proven and reliable solution for high-demand applications. Furthermore, steam reforming allows for the use of abundant and cost-effective natural gas, making it a favored option in many regions.

    While the growing push for green hydrogen production and carbon capture technologies may challenge the future dominance of steam reforming, it remains a cornerstone of the hydrogen production market. The widespread adoption of steam reforming is expected to continue in the short term, especially in industries with significant hydrogen consumption.

    By Capacity Analysis

    Hydrogen generators with capacities between 100-2000 Nm³/h make up 48.2% of the market share.

    In 2024, 100-2000 Nm³/h held a dominant market position in the “By Capacity” segment of the Hydrogen Generator Market, with a 48.2% share. This capacity range is widely preferred across various industrial applications due to its versatility and suitability for medium-scale hydrogen generation needs. Industries such as chemical processing, petroleum refining, and food production require a reliable and continuous supply of hydrogen within this range for operations like hydrogenation, fuel cell production, and refining processes.

    The popularity of the 100-2000 Nm³/h capacity is driven by its ability to meet the hydrogen demands of smaller to mid-sized facilities while maintaining cost efficiency. These generators provide an optimal balance between output volume and operational costs, making them an attractive option for both new installations and upgrades in existing facilities. Additionally, they are scalable, allowing companies to adjust production volumes based on demand fluctuations without the need for large, capital-intensive infrastructure.

    This capacity range’s dominance is also linked to its flexibility in various applications, including on-site hydrogen generation for industrial plants, as well as serving as a reliable solution for industries with moderate hydrogen consumption needs. The continued growth of the hydrogen market and advancements in generation technologies are expected to support the ongoing prominence of this capacity segment.

    By Application Analysis

    Chemical processing applications account for the largest share of hydrogen demand at 45.8%.

    In 2024, Chemical Processing held a dominant market position in the “By Application” segment of the Hydrogen Generator Market, with a 45.8% share. Hydrogen plays a critical role in chemical manufacturing, particularly in processes such as hydrogenation, which is used in the production of various chemicals, including edible oils, synthetic fuels, and polymers.

    The chemical industry’s significant share in hydrogen demand can be attributed to the essential need for hydrogen in refining processes, as well as its role in producing ammonia for fertilizers, one of the most widely consumed chemicals globally.

    The dominance of chemical processing in the hydrogen generator market is further supported by the industry’s ongoing expansion, particularly in emerging markets where chemical production is growing rapidly. Hydrogen is indispensable in optimizing production processes, improving yield, and meeting environmental standards in chemical production. Additionally, hydrogen’s versatility in various reactions ensures its continued demand within this sector.

    As the global chemical industry continues to prioritize efficiency and sustainability, hydrogen generation technologies are expected to evolve, further solidifying chemical processing as a leading application for hydrogen generators. With increasing regulatory pressure on reducing emissions, hydrogen is also seen as a cleaner alternative to traditional feedstocks, reinforcing its role in the industry’s long-term growth and sustainability.

    Hydrogen Generator Market Share

    Key Market Segments

    By Source

    • Blue hydrogen
    • Gray Hydrogen
    • Green Hydrogen

    By Technology

    • Steam Methane Reforming (SMR)
    • Partial Oxidation (POX)
    • Auto Thermal Reforming (ATR)
    • Coal Gasification
    • Electrolysis

    By Generation and Delivery Mode

    • Captive
    • Merchant

    By Product

    • On-Site
    • Portable

    By Process

    • Steam Reformer
    • Electrolysis

    By Capacity

    • <100 Nm3/h
    • 100-2000 Nm3/h
    • >2000 Nm3/h

    By Application

    • Chemical Processing
    • Petroleum Recovery
    • Fuel Cells
    • Refinery
    • Others

    Driving Factors

    Rising Demand for Clean and Sustainable Energy

    One of the key driving factors for the hydrogen generator market is the increasing global demand for clean and sustainable energy solutions. As industries and governments focus on reducing carbon emissions and shifting away from fossil fuels, hydrogen has gained recognition as a cleaner alternative.

    Hydrogen, when used in fuel cells or industrial processes, emits only water vapor, making it an ideal energy source for sectors aiming to reduce their environmental impact. Additionally, the growing push towards renewable energy, such as solar and wind, enhances the need for efficient energy storage solutions like hydrogen.

    This trend is further accelerated by international policies and agreements targeting carbon neutrality, thereby significantly boosting the demand for hydrogen generators in various industries worldwide.

    Restraining Factors

    High Production Costs and Infrastructure Investment

    A major restraining factor for the hydrogen generator market is the high production costs and the substantial infrastructure investment required. While hydrogen is a promising clean energy solution, the technology behind its production, storage, and distribution remains expensive, particularly for smaller-scale applications.

    The capital cost of installing hydrogen generators, especially those using methods like electrolysis, can be significant due to the need for specialized equipment and infrastructure. Furthermore, the lack of widespread refueling stations and transportation networks for hydrogen adds to the logistical challenges.

    For industries considering hydrogen as a fuel or feedstock, these high upfront costs and the need for extensive infrastructure may limit the widespread adoption of hydrogen generators, especially in regions with limited resources or support for large-scale investments.

    Growth Opportunity

    Expansion of Green Hydrogen Production Technologies

    A significant growth opportunity for the hydrogen generator market lies in the expansion of green hydrogen production technologies. Green hydrogen, produced through water electrolysis powered by renewable energy sources like wind and solar, is emerging as a key solution for industries aiming to meet sustainability goals.

    As the cost of renewable energy continues to decrease and electrolysis technologies improve, the production of green hydrogen becomes more economically viable. Governments and businesses worldwide are investing heavily in green hydrogen as part of their decarbonization strategies, which offers new market potential for hydrogen generators.

    This shift not only aligns with global environmental targets but also opens up new revenue streams for companies in industries like transportation, energy storage, and industrial manufacturing, making it a key growth area in the hydrogen generation market.

    Latest Trends

    Integration of Hydrogen Generation with Renewable Energy

    A key latest trend in the hydrogen generator market is the increasing integration of hydrogen generation with renewable energy sources. As the demand for clean energy grows, many companies are adopting hydrogen as a way to store excess energy produced by solar, wind, or other renewable sources.

    This trend allows for better utilization of renewable energy by converting it into hydrogen, which can be stored and used later when energy demand is high or when renewable generation is low.

    This approach not only improves energy efficiency but also helps balance grid supply and demand. Additionally, governments are providing incentives and funding to encourage this integration, further boosting the market potential of hydrogen generation systems paired with renewable energy.

    Regional Analysis

    In 2024, Asia-Pacific held a dominant market share of 43.5% in the Hydrogen Generator Market, valued at USD 374.9 million.

    In 2024, the Hydrogen Generator Market is witnessing significant growth across various regions, with Asia-Pacific holding a dominant position. The region captured 43.5% of the market share, valued at USD 374.9 million. This growth is primarily driven by rapid industrialization, increasing energy demands, and strong governmental support for hydrogen as a clean energy source.

    Countries like China, Japan, and South Korea are leading the charge, with ongoing investments in hydrogen infrastructure and research, particularly in the automotive and energy sectors.

    North America is also experiencing substantial growth, driven by technological advancements and favorable policies promoting green energy solutions. The U.S., in particular, is focusing on hydrogen as part of its decarbonization strategy, leading to growing demand for hydrogen generators across industries like transportation, power generation, and chemicals.

    Europe, while growing, is focusing heavily on green hydrogen production, especially in countries like Germany and the UK, which are pioneers in implementing hydrogen-based energy solutions. The European Union’s strategic hydrogen roadmap further boosts market potential.

    In the Middle East & Africa, the market is expanding due to increasing investment in clean energy alternatives, while Latin America is gradually adopting hydrogen technology, with countries like Brazil focusing on renewable energy integration. However, Asia-Pacific remains the dominating region, continuing to lead both in market share and growth.

    Hydrogen Generator Market Region

    Key Regions and Countries

    • North America
      • US
      • Canada
    • Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Australia
      • Rest of APAC
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • GCC
      • South Africa
      • Rest of MEA

    Key Players Analysis

    In 2024, several key players are driving the growth and innovation within the global Hydrogen Generator Market, each contributing distinct strengths and strategic approaches to meet the rising demand for clean hydrogen solutions.

    Epoch Energy Technology stands out for its focus on innovative and cost-effective hydrogen generation technologies, especially in the field of electrolysis. The company’s ability to develop scalable solutions for both small- and large-scale hydrogen production has helped it carve out a strong presence in markets requiring decentralized energy solutions.

    Equinor ASA, a global energy giant, has been leveraging its expertise in offshore and renewable energy to develop green hydrogen production through electrolysis powered by renewable sources. Equinor’s strategic investments in hydrogen projects, particularly in Europe and North America, align with its sustainability goals, helping position it as a leader in the transition to green hydrogen. Its collaborations with governmental bodies and other energy players further strengthen its market position.

    Exxon Mobil Corporation continues to dominate the market, especially in the grey hydrogen segment, through its steam methane reforming (SMR) technology. With its vast resources and established infrastructure, ExxonMobil is at the forefront of providing hydrogen for industrial applications such as refining and chemicals. The company’s focus on integrating carbon capture and storage (CCS) technologies with hydrogen production enhances its sustainability efforts.

    Hiringa Energy Limited is expanding its footprint in the hydrogen market by focusing on hydrogen fuel cells and generation systems for transport and industrial applications. The company’s collaborations in New Zealand and Australia position it as a rising player in hydrogen infrastructure development.

    Hydrogenics Corporation, now part of Cummins Inc., continues to be a strong player in electrolyzer manufacturing. It is particularly focused on advancing high-efficiency hydrogen generation technologies, which support the growing demand for green hydrogen.

    Top Key Players in the Market

    • Air Products and Chemicals, Inc.
    • BayoTech
    • BP p.l.c.
    • Chevron Corporation
    • ENGIE
    • Epoch Energy Technology
    • Equinor ASA
    • Exxon Mobil Corporation
    • Hiringa Energy Limited
    • Hydrogenics-Corporation
    • HyGear
    • Iberdrola, S.A.
    • Idroenergy
    • Iwatani Corporation
    • Linde plc
    • LNI Swissgas
    • McPhy Energy
    • Messer Group
    • Orsted A/S
    • Praxair Inc
    • Proton OnSite
    • Saudi Arabian Oil Co.
    • Shell plc
    • Siemens
    • Uniper SE

    Recent Developments

    • In December 2024, Xebec (parent company of HyGear) launched a new hydrogen strategy, positioning itself to accelerate its distributed renewable gas strategy through the integration of HyGear’s technologies.
    • In September 2024, Air Products completed the $1.81 billion sale of its LNG business to Honeywell, reflecting a focus on its industrial gases and clean hydrogen growth strategy.

    Report Scope

    Report Features Description
    Market Value (2024) USD 862.8 Million
    Forecast Revenue (2034) USD 1,589.4 Million
    CAGR (2025-2034) 6.3%
    Base Year for Estimation 2024
    Historic Period 2020-2023
    Forecast Period 2025-2034
    Report Coverage Revenue Forecast, Market Dynamics, Competitive Landscape, Recent Developments
    Segments Covered By Source (Blue hydrogen, Gray Hydrogen, Green Hydrogen), By Technology (Steam Methane Reforming (SMR), Partial Oxidation (POX), Auto Thermal Reforming (ATR), Coal Gasification, Electrolysis), By Generation and Delivery Mode (Captive, Merchant), By Product (On-Site, Portable), By Process (Steam Reformer, Electrolysis), By Capacity (<100 Nm3/h, 100-2000 Nm3/h, >2000 Nm3/h), By Application (Chemical Processing, Petroleum Recovery, Fuel Cells, Refinery, Others)
    Regional Analysis North America – US, Canada; Europe – Germany, France, The UK, Spain, Italy, Rest of Europe; Asia Pacific – China, Japan, South Korea, India, Australia, Singapore, Rest of APAC; Latin America – Brazil, Mexico, Rest of Latin America; Middle East & Africa – GCC, South Africa, Rest of MEA
    Competitive Landscape Air Products and Chemicals, Inc., BayoTech, BP p.l.c., Chevron Corporation, ENGIE, Epoch Energy Technology, Equinor ASA, Exxon Mobil Corporation, Hiringa Energy Limited, Hydrogenics-Corporation, HyGear, Iberdrola, S.A., Idroenergy, Iwatani Corporation, Linde plc, LNI Swissgas, McPhy Energy, Messer Group, Orsted A/S , Praxair Inc, Proton OnSite, Saudi Arabian Oil Co., Shell plc, Siemens, Uniper SE
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)
    Hydrogen Generator Market
    Hydrogen Generator Market
    Published date: February 2025
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    • Air Products and Chemicals, Inc.
    • BayoTech
    • BP p.l.c.
    • Chevron Corporation
    • ENGIE
    • Epoch Energy Technology
    • Equinor ASA
    • Exxon Mobil Corporation Company Profile
    • Hiringa Energy Limited
    • Hydrogenics-Corporation
    • HyGear
    • Iberdrola, S.A.
    • Idroenergy
    • Iwatani Corporation
    • Linde plc
    • LNI Swissgas
    • McPhy Energy
    • Messer Group
    • Orsted A/S
    • Praxair Inc
    • Proton OnSite
    • Saudi Arabian Oil Co.
    • Shell plc
    • Siemens Aktiengesellschaft Company Profile
    • Uniper SE
  • settingsSettings

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