BCC Research Analysis Predicts Global Hydrogen Generation Market to Surpass $271.1 Billion by 2028

BOSTON, Jan. 4, 2024 /PRNewswire/ — The Global Hydrogen Generation Market stands as a pivotal force in the paradigm shift toward sustainable energy solutions. This market revolves around the production and extraction of hydrogen, an elemental game-changer renowned for its clean energy attributes. Fueled by a confluence of factors, including the integration of renewable energy sources, burgeoning industrial applications, and global environmental imperatives, the market is witnessing unprecedented growth. Continuous technological advancements further enhance the efficiency and cost-effectiveness of hydrogen generation methods. As the market propels forward, it is anticipated to carve a significant niche in various industries, playing a transformative role in shaping a greener and more sustainable energy landscape globally.

Boston: “According to the latest BCC Research study, the demand for Global Hydrogen Generation Market is estimated to increase from $166.7 billion in 2023 to reach $271.1 billion by 2028, at a compound annual growth rate (CAGR) of 10.2% from 2023 through 2028.”

Embark on a journey through the dynamic realm of hydrogen generation with this comprehensive report. Rooted in 2022 and reaching into 2028, it offers visionary insights, navigating market intricacies influenced by events like COVID-19 and the RussiaUkraine war. Excluding hydrogen generation from seawater, the report delves into sources, technology, application, and delivery modes. User-friendly and adorned with tables, charts, and figures, it presents qualitative and quantitative data with a focus on current market sizes, future estimates, and compelling compound annual growth rates (CAGR). The narrative extends to key players, their strategies, and the competitive landscape that shaped the hydrogen generation domain in 2022, making this report an indispensable guide through hydrogen’s transformative journey in the global energy spectrum.

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Fuel cells represent a revolutionary energy technology capable of generating electricity while emitting only pure water as a byproduct, achieved through the combination of hydrogen fuel and oxygen. This eco-friendly process finds utility beyond Earth, as evidenced by astronauts employing fuel cell technology in space shuttles to produce clean, drinkable water. Globally, key players in hydrogen generation, including China, the U.S., Germany, India, Japan, and South Korea, collectively dominate over 80% of the market. Notably, Japan has set an ambitious 2030 objective, targeting a remarkable reduction in the cost of water electrolysis equipment – a “one-fourth cost” aspiration, aiming to decrease from $1,500/kW to $380/kW. This commitment underscores the global efforts to make hydrogen technology more economically viable, fostering its widespread adoption for a sustainable energy future.

The Key Market Drivers of the Global Nanotechnology Market

Green Hydrogen-Generating Systems are being Developed and Researched Constantly: The relentless pursuit of sustainable energy solutions has fueled ongoing research and development in the domain of green hydrogen-generating systems. As the world strives for eco-friendly alternatives, the continuous innovation in these systems aims to harness hydrogen production methods that minimize environmental impact. Advancements in electrolysis and other technologies contribute to the creation of green hydrogen, aligning with global initiatives to transition towards cleaner energy sources.

Increasing Adoption of Fuel Cell Electric Vehicles: The automotive sector is undergoing a transformative shift with the increasing adoption of fuel cell electric vehicles (FCEVs). These vehicles leverage hydrogen fuel cells to generate electricity, offering a zero-emission alternative to traditional internal combustion engines. As governments and industries worldwide intensify efforts to reduce dependence on fossil fuels and mitigate air pollution, the rising popularity of FCEVs plays a pivotal role in driving the demand for hydrogen as a clean energy source.

Growing Demand for Clean Energy: The escalating global demand for clean energy solutions underscores a paradigm shift in the energy landscape. With heightened environmental awareness and a commitment to sustainable practices, industries and consumers alike are seeking cleaner alternatives. Hydrogen, particularly green hydrogen, emerges as a frontrunner in meeting this demand, offering a versatile and efficient energy carrier that aligns with the goals of a low-carbon future.

Reduction of Carbon Emissions: The imperative to combat climate change and reduce carbon emissions is a central driver influencing the hydrogen generation market. Hydrogen, especially when produced through green methods, serves as a potent tool in achieving significant reductions in carbon emissions. Industries and nations are increasingly recognizing the pivotal role of hydrogen in decarbonizing various sectors, such as transportation, manufacturing, and power generation, fostering a concerted effort towards a more sustainable and environmentally conscious future.

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Report Synopsis        

Report Metrics


Base year considered


Forecast Period considered


Base year market size

$ 157.7 Billion

Market Size Forecast

$ 271.1 Billion

Growth Rate

CAGR of 10.2% for the forecasted period of 2023 to 2028

Segment Covered

By Type, Source, Technology, Application, Delivery Mode, and Region

Regions covered

North America, Europe, Asia-Pacific, and Rest of the World

Countries covered      

United States, Canada, Mexico, Germany, France, United Kingdom, Norway, The Netherlands, China, Japan, India, South Korea, Australia, New Zealand, Middle East and Africa

Key Market Drivers

•  Green Hydrogen-Generating Systems are being Developed and Researched Constantly

•  Increasing Adoption of Fuel Cell Electric Vehicles

•  Growing Demand for Clean Energy

•  Reduction of Carbon Emissions


The Green Promise of Hydrogen:

At the heart of this transformative journey is the commitment to green hydrogen generation. With a fundamental shift towards renewable energy sources and a growing emphasis on reducing carbon emissions, the market is witnessing a surge in the development and research of green hydrogen-generating systems. These systems, utilizing methods such as electrolysis, hold the promise of harnessing hydrogen production with minimal environmental impact.

Revolutionizing Transportation:

The adoption of Fuel Cell Electric Vehicles (FCEVs) is a key driver propelling the hydrogen generation market forward. FCEVs, leveraging hydrogen fuel cells to generate electricity, offer a zero-emission alternative, addressing the pressing need for cleaner transportation solutions. The market’s growth is intricately linked to the increasing acceptance of FCEVs, transforming the dynamics of the automotive industry.

Global Leaders and Market Dominance:

As of now, Asia-Pacific leads the charge, commanding the highest share of the global market. Countries such as China, the U.S., Germany, India, Japan, and South Korea collectively contribute to over 80% of the market, showcasing a global collaboration towards a hydrogen-powered future.

Beyond Earth: Fuel Cells in Space:

The application of fuel cells extends beyond our planet, finding utility in space shuttles where astronauts leverage fuel cell technology to produce clean and drinkable water. This exemplifies the versatility and reliability of hydrogen generation in the most demanding and remote environments.

This report on the global hydrogen generation market provides comprehensive insights and analysis, addressing the following key questions:

  1. What is the anticipated market scale and rate of expansion?

    •  In 2022, the global hydrogen generation market achieved a valuation of $157.7 billion and is projected to attain $271.1 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 10.2%.
  2. What factors are propelling market expansion?

    •  The increasing uptake of renewable and grid electricity, rising demand for sustainable energy, and efforts towards carbon emission reduction constitute the primary drivers fostering market growth.
  3. Which categories are encompassed within the market?

    •  The market for hydrogen generation is categorized based on source, type, technology, delivery mode, application, and region.
  4. Regarding type, which segment is poised to lead the market by the conclusion of 2028?

    •  The green hydrogen segment is anticipated to be the dominant force in the market by 2028.
  5. Which geographic region commands the largest market percentage?

    •  Asia-Pacific boasts the highest share in the global market.

Some of the Key Market Players Are:


Browse More Related Reports:

Hydrogen Fuel Cell: Global Markets: This comprehensive report delves into the realm of fuel cells, addressing their utilization in both stationary power generation and storage applications, as well as mobility applications. Notably, it excludes consideration of fuel cell electrolyzers, which produce hydrogen from electricity input. The report offers meticulous estimates and forecasts for the global market, presenting in-depth analyses of key fuel cell types, regions, countries, applications, and prevailing market trends. The segmentation of the fuel cell market is twofold: a) based on the type of fuel cell, with a focus on solid oxide fuel cells and proton exchange membrane fuel cells (PEMFC), and b) application, encompassing combined heating and power (CHP), stationary power supply units, auxiliary power units (APU), and vehicle propulsion systems. This comprehensive approach provides definitive insights into the intricate landscape of the fuel cell market, offering stakeholders a nuanced understanding of its dynamics and future trajectories.

Global Fuel Cell Forklift Market: This comprehensive report meticulously analyzes various technologies, applications, and regional market developments within the fuel cell forklifts market. Focusing on key countries such as the U.S., China, Japan, and others, where opportunities for fuel cell forklifts are particularly promising, the report provides a detailed market analysis. While deployment data for fuel cell forklifts is not universally available, the report is presented in a user-friendly format, complemented by tables and figures to elucidate historical, current, and future market scenarios. The coverage extends to prominent companies, offering insights into product types, business footprint, revenue, and employee strength. A comprehensive list of other global and regional market players, along with their product-related information, is also provided. The analyst delves into patent analysis for the fuel cell forklift market, enriching the report’s depth. Inflation is factored into product pricing, influencing the market value for the historic year, while forecasted values remain nominal. The report meticulously examines the impact of COVID-19 on both global and regional levels, considering 2021 as the base year, estimating 2022, and forecasting market values for the subsequent five years until 2027. All market values are denoted in million dollars ($) and volume is quantified in units.

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