Hydrogen Generation Market Export and Import Statistics

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