Hydrogen Generation Market Size, Share & Trends Analysis Report By System (Merchant, Captive), By Technology (Steam Methane Reforming, Coal Gasification), By Application, By Source, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the hydrogen generation market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for hydrogen generation market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of hydrogen generation market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Hydrogen Generation Market Categorization:

The hydrogen generation market was categorized into four segments, namely technology (Steam Methane Reforming, Coal Gasification), application (Methanol production, Ammonia Production, Petroleum Refining, Transportation, Power Generation), system (Captive, Merchant), source (Natural Gas, Coal, Biomass, Water), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The hydrogen generation market was segmented into technology, application, system, source, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The hydrogen generation market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-one countries, namely, the U.S.; Canada; Mexico; Germany; the UK; Spain; Italy; France; Russia; China; India; Japan; South Korea; Australia; Brazil; Colombia; Paraguay Saudi Arabia; UAE; South Africa; Egypt

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Hydrogen generation market companies & financials:

The hydrogen generation market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Linde plc  - Linde plc was established in 2017 and is headquartered in Guildford, UK. The company was formed through the merger of Linde AG and Praxair, Inc. It is an industrial gas company, whose primary products comprise of atmospheric gases, including nitrogen, oxygen, argon, and rare gases; and process gases, including helium, carbon dioxide, hydrogen, electronic gases, specialty gases, and acetylene. The company is engaged in design, engineering, and development of equipment for production of industrial gases for internal use. It also offers expansive section of gas production and processing services such as air separation plants, olefin plants, natural gas plants, hydrogen and synthesis gas plants, and other types of plants. The company caters to wide range of end-use industries, including petroleum refining, healthcare, food & beverage, manufacturing, aerospace, chemicals & water treatment. Linde plc operates its business in three reportable segments, namely, industrial gases products and manufacturing processes, industrial gases distribution, engineering, and surface technologies. The large percentage of the hydrogen produced by Linde plc is known as grey hydrogen, made from natural gas or methane via steam methane reformation technology. The company also has access to various technologies for manufacturing blue and green hydrogen, which are both regarded as forms of clean energy. 

• Messer SE & Co. KGaA  - Messer SE & Co. KGaA was established in 1898 and is headquartered in Bad Soden, Germany. The company is involved in the manufacturing and supply of hydrogen, medical gases, specialty gases, shielding gases, welding gases, helium, carbon dioxide, argon, nitrogen, oxygen, and many different gas mixtures. Its products and services are offered in America, Asia, and Europe, Asia and under the brand name ‘Messer – Gases for Life’. In addition, it also serves various industries including food & beverage, electronics, rubber & plastics, paper & pulp, and others. The company operates a center of competence in Krefeld, Germany wherein competence tests technologies for gas applications in the areas of environment, chemicals, welding and cutting, industrial cryogenic applications, and food are carried out. Furthermore, the firm engages in gas supply systems and equipment including cylinder pressure regulators, expansion stations, shut-off and metering valves, laboratory equipment and others. The company operates through 30 European and Asian countries and has employed more than 5,131 number of employees as of December 31, 2021. Messer SE & Co. KGaA operations in Western Europe and America are managed via Yeti GermanCo 1 GmbH, a joint venture between Messer Group GmbH and CVC Capital Partners 

• Air Products Inc.  - Air Products Inc. was founded in 1940 and is headquartered in Pennsylvania, the U.S. The company is primarily involved in selling chemicals and gases for industrial use around the globe. Air Products Inc. produce and sell specialty gases, syngax (mixture or carbon monoxide and hydrogen), process gases, and atmospheric gases. The company’ products covered under the process gases include hydrogen, carbon monoxide, carbon dioxide, and helium. It caters to the needs and requirements from various end-use applications including energy, technology, industrial, food, and healthcare. The company is involved in the production of atmospheric and process gases and equipment used for the production and processing of the gases. The company operates in 50 countries and serves customers worldwide. In addition, the company manufactures gas liquefaction equipment, gas cabinets, and coatings & adhesives. It has research and development laboratories located in Saudi Arabia (Dhahran), China (Shanghai), Spain (Barcelona), UK (Basingstoke and Carrington), and the U.S. (Allentown, Pennsylvania). The company employed approximately 21,900 number of personnel as of September 30, 2022. Also, the number of patents owned by the company for the fiscal year 2022 were 674 and 3,245 for the U.S. based and foreign based respectively 

• Air Liquide  - Air Liquide was founded in 1902 and is headquartered in Paris, France. The company’s business divisions include healthcare, electronics, and engineering & construction. It carries out various processes such as carbonation, oxy-combustion, industrial cryogenics, and few others. The company heavily invests in R&D activities to develop innovative and improved products in the fields of bio resources, medical, manufacturing, industrial, and food & beverages. Its flagship product line, namely Aligal gases, meets the Hazard Analysis Critical Control Point (HACCP) guidelines to maintain standards during the manufacture and transportation of gases dedicated to food & beverage industry. The company has a global presence serving the markets in the Americas, Europe, Asia Pacific, and the Middle East & Africa. The firm operates in 75 countries across the globe. The company had nearly 66,400 employees based on data provided by First Half 2022 report with registered patent count 13,500. 

• INOX-Air Products Inc.  - INOX-Air Products Inc. was formed in 2009, a joint venture of Air Products and Chemicals, Inc. and Jain Family Trust. The company is headquartered in Mumbai, India. It is primarily involved in the manufacturing and distribution of gases and caters to the several industries including, chemicals, pharmaceuticals, and food & beverages. The product and service portfolio of the company includes special gases, cylinder gases, bulk gases, and on-site generation of gases. The company’s gas distribution channel encompasses all three methods including on-site supply, pipeline supply, and liquid hydrogen supply through a cryogenic vessel, depending on the client requirement. The firm supplies five major gases including gaseous and liquid hydrogen, liquid nitrogen, liquid carbon dioxide, liquid argon, and liquid oxygen. It has 36 manufacturing plants across India. The company had more than 1,250 employees as of March 31, 2021. 

• SOL Group -  SOL Group was established in 1927 and is headquartered in Italy. The company is engaged in the production, applied research and distribution of industrial, medical, and pure technical gases. In addition, the company is also involved in production and sale of in door-to-door medical care and supply of related medical equipment in Italy. It also designs, manufactures, and operates on-site gas production plant, storage and distribution plants. In addition, SOL Group provides services related to the usage of the produced gases. The company has its production plants located in Italy, Holland, Belgium, France, Germany, Austria, Greece, Slovenia, Croatia, Macedonia, Albania, Bosnia, Bulgaria and Serbia. The average number of employees as of December 31, 2021 accounted to 4,916 personnel. 

• Iwatani Corporation -  Iwatani Corporation was established in 1930 and is headquartered in Osaka, Japan. Its business is split into 4 reportable segments such as materials, energy, industrial gases & machinery, and agri-bio & foods. The Industrial Gases & Machinery business includes the production and supply of gases, equipment for a variety of gases, semiconductor manufacturing equipment, environmental equipment, welding equipment, and factory automation systems. The Industrial Gases business produces hydrogen, carbon dioxide, helium, medical gases, and air separation gases (argon, nitrogen, and oxygen). Under the materials segment the company also produces hydrogen and LPG from plastic waste and with the help of biomass power generation. Even under the agri-bio foods business segment the company carries out manufacturing of hydrogen and LPG from biogas. 

• Tokyo Gas Chemicals Co., Ltd. - Tokyo Gas Chemicals Co., Ltd. was established in 1973 and is headquartered in Tokyo, Japan. The business of the company is consists of 5 reportable segments namely gases, electrical equipment, onsite gas generation, engineering, and chemicals. The company is primarily engaged in production and sales of industrial gases including liquid nitrogen, liquid carbon dioxide, liquid oxygen and on-site hydrogen production from natural gas. In addition, it deals with sales of liquefied natural gas (LNG) and compressed natural gas (CNG). The chemicals business segment includes manufacturing of chemical products such as toluene, xylene, and other solvents, tar products such as coal tar, petroleum products, water chemicals and other heavy chemicals. The engineering segment includes construction of LNG satellite stations, industrial gas-related facilities, plant maintenance, equipment repairs and contract services. 

• Taiyo Nippon Sanso Corporation - Taiyo Nippon Sanso Corporation (TNSC) was established in 1910 and is headquartered in Tokyo, Japan. The company operates through three business segments including industrial gases, electronics-related products and energy-related products. It is a supplier of bulk and on-site gases, packaged gases, electronics gases, LPG. The company further engages in plants & equipment installation. The electronics segment product portfolio includes exhaust gas abatement system, high-purity gas refining equipment, and high-sensitivity trace oxygen analyzer. The company is a supplier of energy-released products such as LP gas, LP gas filing stations, dispensers and bulk storage tanks. As of April 2022, the company employed approximately 1,467 personnel. 

• Teledyne Technologies Incorporated - Teledyne Technologies Incorporated was established in 1968 and is headquartered in Thousand Oaks, the U.S. The company caters to four business segments including instrumentation, digital imaging, aerospace & defense electronics, and engineered systems. The instrumentation segment offers monitoring and control instrumentation, and connectivity devices for marine, environmental, electronics and other applications. Engineered systems segment includes systems engineering, manufacturing and specialized products for government, space, energy and industrial customers. Teledyne Energy Systems, a subsidiary of Teledyne Technologies Incorporated handles the hydrogen generation business. Its product portfolio includes hydrogen/oxygen generation systems, fuel cell products, thermal power and energy storage systems. Teledyne Technologies Incorporated operations are primarily located in the U.S., Canada, Western Europe, Northern Europe, and the UK. As of January 2022, the company employed approximately 14,500 personnel in 38 countries.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Hydrogen Generation Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Hydrogen Generation Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.