South Korea Hydrogen Generation Market Size, Share, and COVID-19 Impact Analysis, By Systems Type (Merchant and Captive), By Technology (Coal Gasification, Steam Methane Reforming, and Others), and South Korea Hydrogen Generation Market Insights, Industry Trend, Forecasts to 2035

South Korea Hydrogen Generation Market Insights Forecasts to 2035

• The South Korea Hydrogen Generation Market Size was Estimated at USD 3,187.6 Million in 2024
• The Market Size is Expected to Grow at a CAGR of around 4.88% from 2025 to 2035
• The South Korea Hydrogen Generation Market Size is Expected to Reach USD 5,382.6 Million by 2035

According to a research report published by Spherical Insights and Consulting, The South Korea Hydrogen Generation Market Size is anticipated to reach USD 5,382.6 Million by 2035, growing at a CAGR of 4.88% from 2025 to 2035. Rapid technological advancements and innovations in electrolysis, the implementation of various government initiatives, the growing demand for clean and sustainable energy sources, and the growing number of strategic partnerships and collaborations are some of the major factors propelling the market.

Market Overview

The South Korea hydrogen generation market refers the production and supply of hydrogen for a range of uses, such as power generation, transportation, industrial processes, and chemical production, is referred to as the South Korean hydrogen generation market. Government programs, technical developments, and the switch to clean energy are the main factors propelling the market. Steam methane reforming (SMR), coal gasification, and electrolysis are important production techniques; green hydrogen from renewable sources is becoming more and more popular. Additionally, the country's growing need for sustainable and clean energy sources to reduce greenhouse gas emissions and ease the shift to a low-carbon economy is driving market expansion. Furthermore, the automotive industry's abrupt transition to hydrogen fuel cell vehicles (FCVs) is driving up demand for hydrogen generation in South Korea.

Report Coverage

This research report categorizes the market for the South Korea hydrogen generation market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea hydrogen generation market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea hydrogen generation market.

Driving Factors

In the context of South Korea’s evolving energy landscape, the hydrogen generation market is witnessing strong growth driven by strategic government initiatives that position hydrogen as a cornerstone of national energy policy. Additionally, increased recognition of hydrogen’s role in reducing dependence on imported fossil fuels and promoting environmental sustainability is further accelerating market expansion.

Restraining Factors

The market's expansion is being hampered by high production costs for hydrogen generation and a shortage of hydrogen refueling stations.

Market Segmentation

The South Korea Hydrogen Generation Market share is classified into systems type and technology.

• The merchant segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea hydrogen generation market is segmented by systems type into merchant and captive. Among these, the merchant segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. With its extensive availability, affordability, and scalability, merchant hydrogen is the go-to option for power generation, transportation, and industrial applications.

• The steam methane reforming segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea hydrogen generation market is segmented by technology into coal gasification, steam methane reforming, and others. Among these, the steam methane reforming segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. SMR is the main technique for producing industrial hydrogen because of its affordability, scalability, and well-established infrastructure. SMR is still the best option for large-scale hydrogen supply, even though coal gasification and electrolysis are becoming more popular.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea hydrogen generation market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Hyundai Energy Solutions Co. Ltd
• Doosan Mobility Innovation
• HAEZOOM
• EIPGRID Inc.
• Othera

Recent Developments:

• In May 2025, the hydrogen production facility in South Korea was built by Hyundai Engineering & Construction Co. (Hyundai E&C) using water electrolysis as part of a sustainable energy project funded by the government.

• In June 2024, In South Korea, the Nikkiso Clean Energy & Industrial Gases Group announced a number of contracts to build and operate about two dozen LH2 fueling stations.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea Hydrogen Generation Market based on the below-mentioned segments:

South Korea Hydrogen Generation Market, By Systems Type

• Merchant
• Captive

South Korea Hydrogen Generation Market, By Technology

• Coal Gasification
• Steam Methane Reforming
• Others