Electrolysis Merchant Hydrogen Generation Market Analysis

Electrolysis Merchant Hydrogen Generation Market Analysis

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Based on application, the electrolysis merchant hydrogen generation industry from petroleum refinery segment is projected to surpass USD 1.5 billion by 2032, owing to increasing pressure on refiners to comply with environmental regulations aimed at reducing greenhouse gas emissions. Rising demand for processes offering zero-emission when powered by renewable energy, enabling refineries to produce green hydrogen and meet stringent regulatory requirements will bolster the industry landscape. Increasing decarbonization strategies by refineries to not only reduce the carbon footprint of the hydrogen supply but also lower the overall emissions associated with fuel production will complement the process adoption.
 

Asia Pacific electrolysis merchant hydrogen generation market is anticipated to cross over USD 2 billion by 2032. Rising government support and hydrogen strategies including Japan's basic hydrogen strategy targets widespread hydrogen utilization by 2030, aiming for 3 GW of electrolyzer capacity, will set ambitious targets for green hydrogen adoption stimulating the business growth. Rising industrial sector coupled with improving clean energy adoption including South Korea’s steel giant POSCO and Japan’s JFE Steel rising exploration of clean fuel-based steel making processes will foster the process adoption.
 

In the U.S. increasing green hydrogen policies such as the Inflation Reduction Act (IRA), coupled with government support including the U.S. hydrogen shot initiative aimed to reduce the cost of clean hydrogen will accelerate the process adoption. Furthermore, rising investments in regional hydrogen hubs to create an integrated hydrogen economy including the Bipartisan Infrastructure Law will propel the market growth.