Hydrogen Generation Market: Global Industry Analysis and Forecast 2030
Hydrogen Generation Market size was valued at US$ 173.05 Bn. in 2023. Hydrogen Generation Market is estimated to grow at a CAGR of 8.91%.
Hydrogen is produced by utilizing a variety of procedures and resources. For example, the thermochemical method requires the use of fossil fuels to release hydrogen, whereas other systems use electrolysis or solar energy to split water into hydrogen and oxygen. At the moment, new technologies based on bacteria and algae are being presented, which are likewise cost-effective, efficient, and environmentally benign. The demand in hydrogen generation market is now increasing in the refining of petroleum, the treatment of metals, the production of fertilizers, and the processing of food goods. In addition, it's gaining popularity as a fuel in electric cars (EVs) across the globe.