Top 50 Companies in Hydrogen Market: Spherical Insights Analysis (2024-2035)
RELEASE DATE: Aug 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Hydrogen Generation Market Size is projected To Grow from USD 68.31 Billion in 2024 to USD 167.12 Billion by 2035, at a CAGR of 8.47% during the forecast Period 2025–2035. Population Growth and the need for different chemical raw materials in different industries are driving up demand for the Hydrogen Generation Market.
Introduction
A hydrogen generation is a machine that uses a number of processes, such as steam reforming and electrolysis, to produce hydrogen from water and fossil fuels. It is currently used in several end uses, such as chemical synthesis, fuel cells, refinement, and petroleum recovery, and it uses a proton exchange membrane to create high-quality hydrogen gas from water. Growing concerns about global warming and the deteriorating climate and environmental conditions caused by excessive pollution have made the development and use of clean and green energy vital. Hydrogen is therefore a clean and sustainable energy source that is expected to increase rapidly throughout the course of the projected period. Global demand for hydrogen generation is increasing as a result of increased government initiatives to reduce carbon emissions, which are encouraging the production and use of hydrogen.
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Hydrogen Generation Market Size & Statistics
- The Market Size for Hydrogen Generations Was Estimated To be worth USD 68.31 Billion in 2024.
- The Market Size is Going To Expand at a CAGR of 8.47% between 2025 and 2035.
- The Global Hydrogen Generation Market Size is anticipated to reach USD 167.12 Billion by 2035.
- North America is expected to generate the highest demand during the forecast period in the Hydrogen Generation Market
- Asia Pacific is expected to grow the fastest during the forecast period in the Hydrogen Generation Market.
Regional growth and demand
Asia Pacific is expected to grow the fastest during the forecast period in the hydrogen generation market. The presence of additional refineries in major countries like China and India has led to a rise in the use of hydrogen generation in the Asia Pacific region. Cleaner, greener ways to produce hydrogen are also being investigated by the governments of some Asia-Pacific countries, such as Australia and Japan. The region's hydrogen producers are looking to expand geographically and concentrate on developing countries like South Africa, Vietnam, and Indonesia in order to boost their earnings. U.S.-based industry heavyweights like Praxair Inc. and Air Liquide want to expand their operations in countries where the demand for hydrogen is growing as part of their strategic growth plans.
North America is expected to generate the highest demand during the forecast period in the hydrogen generation market. North America's hydrogen-generating industry has been growing in the few years ago. Every technology and application has aided in the quick expansion of the sector. The production of methanol and ammonia is the sector with the quickest rate of growth, having grown significantly over the past five years in countries like the U.S. and Canada.
Top 5 trends in the Hydrogen Generation Market
- Green Hydrogen Expansion
- Fuel Cells
- Hydrogen Storage Innovations
- Artificial Intelligence (AI) in Hydrogen Operations
- Advanced Electrolysis
1. Green Hydrogen Expansion
This trend reflects the increasing production of hydrogen using renewable energy sources like solar and wind, which significantly reduces carbon emissions. Green hydrogen is becoming pivotal in achieving sustainability goals and decarbonizing sectors, including transportation and industry.
2. Fuel Cells
Fuel cell technology is rapidly advancing, enabling efficient conversion of hydrogen into electricity for applications such as vehicles, power generation, and portable devices. Innovations in fuel cells improve energy efficiency and support the growing hydrogen economy.
3. Hydrogen Storage Innovations
Efficient storage technologies are critical for addressing the intermittent nature of hydrogen production and demand. Innovations include high-pressure tanks, metal hydrides, and liquid organic hydrogen carriers, facilitating safer, more compact, and cost-effective hydrogen storage.
4. Artificial Intelligence (AI) in Hydrogen Operations
AI is being integrated to optimize hydrogen production processes, enhance operational efficiency, predict maintenance needs, and manage supply chains in real-time. AI applications improve system reliability and reduce operational costs across the hydrogen infrastructure.
5. Advanced Electrolysis
Electrolysis technology, which splits water into hydrogen and oxygen using electricity, is seeing significant improvements in efficiency and cost reduction. Advanced electrolyzers are key to scaling up green hydrogen production and meeting rising global demand.
Empower your strategic planning:
Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the hydrogen generation market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 25 Companies Leading The Hydrogen Generation Market
- Siemens Energy
- Nel ASA
- ITM Power
- Ballard Power Systems
- Plug Power
- McPhy Energy
- Hydrogenics Corporation
- Air Products and Chemicals, Inc.
- Linde PLC
- ENGIE
- Mitsubishi Power
- Enapter
- Snam S.P.A.
- Cummins Inc.
- Green Hydrogen Systems
- Chart Industries, Inc.
- Nikola Motor Company
- Hyundai Motor Group
- SK Ecoplant
- HyAxiom, Inc.
- Symbio
- cellcentric GmbH & Co. KG
- GP JOULE Gruppe
- Hydrogen Gentech
- Pure Hydrogen
1. Linde plc — Headquarters: Dublin, Ireland
Linde plc is a global leader in industrial gases and advanced hydrogen production technologies. The company specializes in scalable hydrogen generation installations and has a strong presence in engineering and project execution. Linde’s proprietary technologies support sectors such as chemicals and refining while enabling large-scale clean hydrogen production, including green and blue hydrogen projects. Notably, Linde operates the largest hydrogen gas refueling station network worldwide and invests heavily in developing clean hydrogen infrastructure, helping accelerate the global transition to low-carbon energy solutions.
2. Air Liquide S.A. — Headquarters: Paris, France
Air Liquide S.A. is renowned for its comprehensive portfolio of hydrogen production technologies, including alkaline and PEM electrolyzers. The company provides integrated hydrogen supply networks supporting mobility, electronics, and industrial applications. Air Liquide focuses on innovation and partnerships to drive hydrogen generation for low-carbon energy solutions worldwide. It runs multiple hydrogen plants and is advancing green and renewable hydrogen production capacity to meet rapidly growing market demand while emphasizing safety, sustainability, and efficiency.
3. Air Products and Chemicals, Inc. — Headquarters: Allentown, USA
Air Products is a key player in large-scale hydrogen production and provides turnkey hydrogen generation solutions. It serves essential markets such as power generation, refining, and chemicals, leveraging proprietary reforming and electrolysis technologies. With the world’s largest hydrogen distribution network and extensive hydrogen fueling projects, Air Products is central to advancing hydrogen infrastructure globally. The company partners on mega projects like the NEOM Green Hydrogen Complex to produce carbon-free hydrogen and green ammonia.
4. Cummins Inc. — Headquarters: Columbus, USA
Cummins Inc. is a leading provider of power generation and alternative fuel technologies, including hydrogen generations. Its Accelera brand focuses on zero-emission solutions such as PEM electrolyzers and hydrogen fuel cells. Cummins delivers scalable, reliable hydrogen generation systems designed for renewable integration and industrial applications. Its innovative technologies support decarbonization efforts in transport and energy sectors, with strategic projects such as supplying one of Europe’s largest PEM electrolyzers in Germany.
5. Nel ASA — Headquarters: Oslo, Norway
Nel ASA is a global pioneer in water electrolyzers and hydrogen generation technology, offering flexible and efficient solutions for green hydrogen production. Nel's electrolysis systems are widely deployed across industrial, energy, and transport sectors. With a strong focus on cost reduction, efficiency improvements, and modular deployment, Nel supports the global shift to sustainable hydrogen. The company operates internationally, providing hydrogen refueling stations and large-scale electrolyzers to meet increasing demand for clean hydrogen fuel.
Are you ready to discover more about the hydrogen generation market?
The report provides an in-depth analysis of the leading companies operating in the global hydrogen generation market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Siemens Energy
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Nel ASA
- ITM Power
- Ballard Power Systems
- Plug Power
- McPhy Energy
- Hydrogenics Corporation
- Air Products and Chemicals, Inc.
- Linde PLC
- Others.
Conclusion
The hydrogen generation market is experiencing rapid growth, driven by the global shift toward clean energy and decarbonization. Leading companies like Siemens Energy, Nel ASA, ITM Power, Ballard Power Systems, and Plug Power are innovating in electrolyzer technologies and large-scale hydrogen production. Growing demand for green hydrogen, fueled by renewable integration and government initiatives, is accelerating market adoption across industries. Advances in storage, distribution, and fuel cell applications are expanding hydrogen’s role in transportation, power, and industrial sectors. With ongoing investments and technological breakthroughs, the hydrogen generation market is poised for sustained global expansion in the coming decade.
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