The Hydrogen Generation Market is projected to reach $188.2 billion by 2030, at a CAGR of 8.4% during the forecast period 2023–2030. The growth of the hydrogen generation market is mainly attributed to the rising demand for hydrogen in the chemicals industry and increasing government initiatives to transition to clean energy sources. The high capital cost of hydrogen storage restrains the growth of this market. The growing focus on developing green hydrogen production technologies and the increasing use of hydrogen in fuel cell electric vehicles (FCEVs) are expected to generate growth opportunities for the players in this market. However, the lack of secure hydrogen transport and storage infrastructure is a major challenge for market growth.
The rising use of renewable energy sources for hydrogen production is a major market trend in the hydrogen generation market. Also, increasing use of carbon capture, utilization, and storage (CCUS) in hydrogen production are technology trends in the market.