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Electrolysis Merchant Hydrogen Generation Market Size

Report ID: GMI11867
Published Date: Oct 2024
Report Format: PDF

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Electrolysis Merchant Hydrogen Generation Market Size

The global electrolysis merchant hydrogen generation market was valued at USD 2.1 billion in 2023 and is estimated to grow at a CAGR of over 8.2% from 2024 to 2032. It refers to hydrogen production using electrolysis technology specifically for commercial sale and distribution, rather than on-site or captive use. In the merchant model, the hydrogen is generated at a centralized facility and sold to various industries, such as transportation, chemicals, and energy, enabling businesses to access clean hydrogen without investing in their production systems.

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Rising decarbonization goals across the globe to mitigate climate change will boost the product adoption for clean fuel production. Increasing government support including the Green Deal and the Hydrogen Strategy to adopt processes generating no direct emissions along with growing targets to meet international climate agreements including the Paris Agreement will augment the business outlook.

Electrolysis Merchant Hydrogen Generation Market Report Attributes
Report Attribute	Details
Base Year:	2023
Electrolysis Merchant Hydrogen Generation Market Size in 2023:	USD 2.1 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	8.2%
2032 Value Projection:	USD 4.2 Billion
Historical Data for:	2021 - 2023
No. of Pages:	40
Tables, Charts & Figures:	15
Segments covered:	Application and Region
Growth Drivers:	Decarbonization goals and climate targets Supportive policy frameworks and incentives Technological advancements
Pitfalls & Challenges:	High production costs

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Growing investments in developing advanced electrolysis technology, particularly proton exchange membrane and solid oxide electrolyzers with improved efficiency and reduced costs will stimulate the market growth. Furthermore, rising innovations such as modular electrolyzer designs and gigawatt-scale projects to enable faster deployment and scaling will foster the process adoption.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The global market for electrolysis merchant hydrogen generation was reached USD 2.1 billion in 2023 and is estimated to grow at a CAGR of 8.2% from 2024 to 2032, driven by decarbonization goals and climate targets.

The petroleum refinery segment is projected to surpass USD 1.5 billion by 2032, due to increasing pressure on refiners to comply with environmental regulations aimed at reducing greenhouse gas emissions.

The Asia Pacific electrolysis merchant hydrogen generation market is anticipated to exceed USD 2 billion by 2032, fueled by rising government support and strategic hydrogen initiatives.

Key players in the electrolysis merchant hydrogen generation industry include Air Liquide, Cummins, H2B2, ITM Power, McPhy Energy, Nel Hydrogen, Plug Power, Siemens Energy, Sunfire, Thyssenkrupp, and Verdagy.