Grey Hydrogen Market to Reach $174.9 Billion, Globally, by 2032 at 2.9% CAGR: Allied Market Research

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May 31, 2023, 02:58 ET

PORTLAND, Ore., May 31, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Grey Hydrogen Market by Source (Natural Gas, Coal, Others), by Nature (Disposable, Reusable), by Production Method Steam Reformation, Gasification, and Others), by Application (Ammonia Production, Methanol Production, Refineries, Chemical Production, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global grey hydrogen industry generated $131.8 billion in 2022 and is anticipated to generate $174.9 billion by 2032, witnessing a CAGR of 2.9% from 2023 to 2032.

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Prime determinants of growth

The global grey hydrogen market is driven by factors such as an increased commercial viability, growth in energy demand and industrial applications, rise in demand for hydrogen as alternative fuels, and rise in demand for hydrogen from the transportation sector. However, lack of policies and regulatory framework and rise in blue and green hydrogen demand restrains the market growth. On the contrary, flexibility of hydrogen leading to integration on site is expected to procide ample opportunities for the industry.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$131.8 billion
Market Size in 2032	$174.9 billion
CAGR	2.9 %
No. of Pages in Report	400
Segments covered	Source, Production Method, Application, and Region
Drivers	Increased commercial viability. Growth in energy demand and industrial applications. Rise in demand for hydrogen as alternative fuels. Rise in demand for hydrogen from the transportation sector.
Opportunities	Flexibility of hydrogen leading to integration on site.
Restraints	Lack of policies and regulatory framework. Rise in blue and green hydrogen demand.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global grey hydrogen market, owing to the temporary closure of feminine care manufacturing firms during the lockdown.
Not only the production but also the sale of hydrogen was hampered across the world, especially in the initial period of the pandemic.
Although the grey hydrogen industry faced losses, revenue was generated through sales on e-commerce websites, which aided in its recovery.

The natural gas segment maintained its leadership status throughout the forecast period.

Based on source, the natural gas segment held the highest market share in 2022, accounting for more than three-fifths of the global grey hydrogen market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 3.1% from 2023 to 2032, as it has comparatively lower carbon emissions.

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The steam reformation segment to maintain its leadership status throughout the forecast period.

Based on the production method, the steam reformation segment held the highest market share in 2022, accounting for nearly three-fifths of the global grey hydrogen market, and is estimated to maintain its leadership status throughout the forecast period portraying the largest CAGR of 3.1% from 2023 to 2032.Steam reforming (SMR) is the most common method for producing grey hydrogen, which involves reacting natural gas with steam in the presence of a catalyst to produce hydrogen and carbon monoxide. The resulting mixture, known as synthesis gas or syngas, is then further processed to remove impurities and separate the hydrogen from the carbon monoxide.

The ammonia production segment is expected to lead through the forecast period.

Based on application, the refineries segment accounted for the largest share in 2022, contributing to nearly two-fifths of the global grey hydrogen market revenue. However, the ammonia production segment is projected to take the lead position during the forecast period and portray the largest CAGR of 3.2% from 2023 to 2032.

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Asia-Pacific to maintain its dominance throughout the forecast period.

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global grey hydrogen market revenue, and is likely to dominate the market during the forecast period. The region is expected to witness the fastest CAGR of 3.1% from 2023 to 2032. The rise of grey hydrogen production in the region has increased, owing to the presence of high-potential markets such as India and China, this factor is expected to drive the growth of the grey hydrogen market.

Leading Market Players: -

Linde plc
Air Liquide
Orsted A/S
Iberdrola SA
Air Products & Chemicals, Inc.
Indian Oil Corporation Ltd.
Reliance Industries
China National Petroleum Corporation
Exxon Mobil Corporation
Messer Group GmbH

The report provides a detailed analysis of these key players in the global grey hydrogen market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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