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Electrolysis Merchant Hydrogen Generation Market Trends

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

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Electrolysis Merchant Hydrogen Generation Market Trends

Growing clean hydrogen demand from industrial applications looking to reduce their carbon footprint coupled with rising clean fuel adoption from the transport sector, particularly heavy-duty vehicles, buses, and maritime shipping will complement the process landscape. Additionally, rising green fuel popularity is a key solution for energy storage and balancing intermittent renewable energy in power grids will support the overall market growth. Increasing investments in hydrogen infrastructure, including storage, distribution, and refueling stations supported by strategic partnerships will stimulate the business landscape.

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.