Lucintel's latest market report analyzed that hydrogen generation provides attractive opportunities in the petroleum refinery, ammonia production, methanol production, transportation, and power generation applications. The hydrogen generation market is expected to reach $XX billion by 2028 with a CAGR of 10% to 12%. In this market, blue hydrogen is the largest segment by source, whereas ammonia production is largest by application.

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Based on source, the hydrogen generation market is segmented into blue hydrogen, green hydrogen, and grey hydrogen. The blue hydrogen segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to because blue hydrogen is derived from natural gas through steam methane reforming (SMR). SMR mixes natural gas with very hot steam in the presence of a catalyst, where a chemical reaction creates hydrogen and carbon monoxide, and the cost of generating blue hydrogen is very low.

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The Hydrogen Generation Market is marked by the presence of several big and small players. Some of the prominent players offering hydrogen generation include Air Liquide, Cummins, Linde, Air Products & Chemicals, Iwatani Corporation, ITM Power, NEL Hydrogen, Fuel Cell Energy, and Messer Group.

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