Asia Pacific Electrolysis Hydrogen Generation Market Size - By Application (Petroleum Refining, Chemical, Transportation, Power Generation, Industry Energy) & Forecast, 2024 – 2032

Asia Pacific Electrolysis Hydrogen Generation Market Size

Asia Pacific Electrolysis Hydrogen Generation Market size was valued at USD 8 billion in 2023 and is anticipated to grow at a CAGR of 7% between 2024 and 2032. It is a process that produces hydrogen gas from water through electrolysis, utilizing an electrical current to split water molecules into hydrogen and oxygen. This process typically involves two electrodes submerged in water, an anode and a cathode, separated by an electrolyte solution.
 

Growing emphasis on energy security and independence supports to diversify their energy sources and reduce reliance on fossil fuels, thereby boosting the market statistics. Ongoing technological advancements including improvements in efficiency, durability, and cost-effectiveness coupled with rising innovations in design, materials, and manufacturing processes will drive the market growth. Increasing demand for green hydrogen, produced from renewable sources to decarbonize various sectors, including transportation, industry, and power generation will augment the industry landscape.
 

Asia Pacific Electrolysis Hydrogen Generation Market Trends

Rapid growth in the integration of renewable energy sources coupled with growing emphasis on green hydrogen production driven by environmental concerns and climate targets will stimulate the business landscape. Additionally, rising partnerships and collaborations to accelerate the development and deployment of technology for clean energy generation technology will drive innovation and market expansion.
 

Rising investments in hydrogen infrastructure, including electrolysis plants, storage facilities, and refueling stations are expanding across the region, thereby creating lucrative opportunities for product demand. Additionally, rising research and development (R&D) investments aim to enhance the efficiency, performance, and cost effectiveness of the systems, will drive the business outlook.
 

Asia Pacific Electrolysis Hydrogen Generation Market Analysis

Based on application, the market is segmented into petroleum refining, chemical, transportation, power generation, industry energy and others. Petroleum refining is anticipated to cross USD 5.4 billion by 2032. Rising demand for hydrogen as a feedstock across various refining operations including hydrotreating, hydrocracking, and catalytic reforming to improve the quality and enhance process efficiency will propel the technology dominance across the market. Moreover, rising technological advancements and innovations will enhance the efficiency and scalability of clean energy production systems, making them more attractive in the petroleum industry.
 

China electrolysis hydrogen generation market is projected to exceed USD 6 billion by 2032. Ambitious sustainability goals and commitment to reducing carbon emissions will drive significant investments in clean energy solutions. Chinese government supportive plans to establish a robust hydrogen infrastructure, including hydrogen production, storage, transportation, and utilization facilities will create the opportunities for market expansion. Additionally, the government has introduced a range of measures, including subsidies, tax incentives, and regulatory frameworks, to promote the development and deployment of hydrogen technologies, thereby improving the business scenario.
 

In the U.S., rising supportive policies and government incentives including the U.S. Federal and state level initiatives are incentivizing private sector investment, thereby boosting sustainable source infrastructure and technology deployment, accelerating the technology commercialization. Companies in the region are forming strategic alliances, joint ventures, and research collaborations to develop integrated hydrogen solutions and advance technology thereby strengthening the market outlook.
 

Asia Pacific Electrolysis Hydrogen Generation Market Share

Eminent players are focusing on technological innovation to enhance the efficiency, scalability, and cost effectiveness of hydrogen generation systems. Companies are investing in research and development activities to develop advanced electrolysis technologies, including proton exchange membrane (PEM) electrolysis and alkaline electrolysis, that offer higher production capacities, improved performance, and reduced energy consumption. Companies are also forming strategic partnerships with technology providers, energy firms, government agencies, and research institutions to leverage complementary expertise, resources, and networks.
 

Asia Pacific Electrolysis Hydrogen Generation Market Companies

Eminent players operating in the Asia Pacific electrolysis hydrogen generation industry are:

• Air Liquide
• Cummins Inc.
• Huadian Group
• HyGear
• ITM Power PLC
• McPhy Energy S.A
• Nel ASA
• Plug Power Inc.
• RESONAC HOLDINGS CORPORATION
• Siemens Energy
• TAIYO NIPPON SANSO CORPORATION
• Teledyne Technologies Incorporated
• Tianjin Baofeng Chemical Co.,Ltd
   

Asia Pacific Electrolysis Hydrogen Generation Industry News

• In February 2024, Chiyoda Corporation and Toyota Motors announced a collaboration to develop a large scale electrolysis system for hydrogen production. Their objective is to assist the government aims for the introduction of electrolysis equipment in Japan as well as overseas, in accordance with the government's Basic Strategy on Hydrogen.
   
• In December 2023, Huadian Group, in partnership with Minh Quang, plans to establish a green hydrogen plant in Vietnam worth USD 2.4 billion. In addition to storage and transportation facilities, the project will comprise a solar power plant, 1,200 MW wind power plant, and a water electrolysis facility for the manufacture of green hydrogen. The project aims to overcome the regional hydrogen demand by leveraging renewable energy sources.
   

The market research report for electrolysis hydrogen generation in Asia Pacific includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Billion” from 2019 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Application

• Petroleum Refining
• Chemical
• Transportation
• Power Generation
• Industry Energy
• Others

The above information has been provided for the following countries:

• China
• India
• Japan