Report Overview:

By 2034, the global hydrogen generation market is set to expand significantly, growing from USD 179.5 billion in 2024 to about USD 409.6 billion by 2034, showing a steady 8.6% CAGR over the forecast period. Asia-Pacific is projected to lead the way, representing 41.3% of global market share with a value of USD 74.1 billion in 2024. While traditional methods like steam methane reforming still dominate, a shift toward cleaner and more sustainable hydrogen technologies is gaining momentum.

Key Takeaways

Natural gas is the main raw material, used in 66.4% of hydrogen production.

Grey hydrogen, produced without carbon capture, makes up 58.3% of total output.

Steam Methane Reforming (SMR) accounts for 67.4% of the production method share.

Around 73.4% of hydrogen is generated on-site for industrial use (captive generation).

The chemical and petrochemical sectors are the largest consumers, using up 64.6% of the total.

Asia-Pacific’s strong industrial base keeps it at the forefront of demand and growth.


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Key Market Segments
By Source
Natural Gas
Coal
Biomass
Water
By Type
Grey Hydrogen
Blue Hydrogen
Green Hydrogen
By Technology
Steam Methane Reforming
Coal Gasification
Electrolysis
Partial Oxidation
Autothermal Reforming
By Delivery Mode
Captive
Merchant
By Application
Chemical and Refinery
Petroleum Refinery
Ammonia Production
Methanol Production
Others
Energy
Power Generation
CHP
Mobility


Growth Opportunity

Technological advances in electrolysis are making green hydrogen more viable and cost-effective.

Global momentum is growing for hydrogen derived from renewable sources, backed by public policy, investment, and climate targets.



Latest Trends

The transition to green hydrogen is picking up speed. Countries like India (via its Green Hydrogen Mission) and EU nations are investing heavily in large-scale electrolyzer deployments. Falling costs in solar and wind energy are further making green hydrogen competitive, encouraging broader adoption across sectors.

Market Key Players
Linde Plc
Engie SA
Air Products and Chemicals, Inc.
Air Liquide
INOX Air Products Ltd.
Messer Group GmbH
Matheson Tri-Gas, Inc.
SOL Spa
Tokyo Gas Chemicals Co., Ltd.
Iwatani Corporation
FuelCell Energy, Inc.
Chevron Corporation
Cummins Inc.
BP Plc
Other Key Players
Conclusion:

Hydrogen generation is entering a transformative era. While grey hydrogen continues to dominate, growing environmental pressures and technological breakthroughs are fast-tracking a shift toward cleaner alternatives. With its projected 8.6% annual growth, the industry is poised for nearly double the market size by 2034. Businesses that invest in future-forward technologies like electrolysis and infrastructure today are more likely to lead tomorrow’s hydrogen economy.