According to a research report, the hydrogen generation market is projected to reach USD 226.37 billion by 2030 from USD 157.81 billion in 2025, registering a CAGR of 7.5% during the forecast period.
The global hydrogen generation market is projected to grow during the forecast period, driven by the increasing emphasis on reducing carbon emissions, transitioning to cleaner energy sources, and strong government support through policies and national hydrogen strategies. While green hydrogen is gaining momentum due to its potential for zero-emission production, gray hydrogen currently dominates the market owing to its cost-effectiveness, mature technology, and well-established production infrastructure using natural gas.
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By application, the petroleum refinery segment is expected to be the largest during the forecast period
The petroleum refinery segment is likely to hold a dominant position in the hydrogen generation market between 2025 and 2030 due to the extensive use of hydrogen in refining processes, such as hydrocracking and desulfurization, which help produce cleaner fuels and meet stringent environmental regulations. The rising global demand for ultra-low sulfur diesel and other refined petroleum products is a major driver pushing refineries to adopt higher hydrogen consumption levels. Additionally, the increasing emphasis on reducing sulfur content to comply with tightening emission standards across regions further fuels hydrogen demand in petroleum refineries.
Based on technology, the electrolysis segment is projected to grow at the highest CAGR from 2025 to 2030
The electrolysis segment is poised to register the highest growth rate during the forecast period due to the global push toward decarbonization and the increasing demand for green hydrogen as a sustainable energy carrier. Electrolysis enables the production of hydrogen using renewable electricity sources, such as solar and wind, offering a zero-emission solution that aligns with ambitious net-zero targets and clean energy policies worldwide. Growing investments in renewable energy infrastructure accelerate the deployment of electrolysis technology at scale. Additionally, government incentives, subsidies, and national hydrogen strategies, particularly in regions such as Europe and Asia Pacific, further propel the market.
Europe is expected to be the second-fastest-growing region from 2025 to 2030
Europe is projected to be the second fastest-growing region in the hydrogen generation market during the forecast period, driven by ambitious climate targets, stringent emission reduction regulations, and strong policy support for clean energy technologies. The European Union’s Green Deal and national hydrogen strategies accelerate large-scale investments in green and low-carbon hydrogen projects. Expanding renewable energy capacity and the push to decarbonize industrial sectors and heavy transport further fuel market growth. Strategic partnerships, cross-border hydrogen infrastructure development, and significant funding programs position hydrogen as a key pillar of the energy transition, reinforcing the region’s leadership in advancing a sustainable hydrogen economy.
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Key Market Players
Some major players in the hydrogen generation market are Linde plc (Ireland), Air Liquide (France), Saudi Arabian Oil Co. (Saudi Arabia), Air Products and Chemicals, Inc. (US), Shell plc (UK), ENGIE (France), Chevron Corporation (US), Ørsted A/S (Denmark), and Messer SE & Co. KGaA (Germany). Major strategies adopted by these players include acquisitions, sales contracts, collaboration, investments, agreements, partnerships, and expansions.
