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Top 20 Hydrogen Generation Companies, Worldwide 2023: MarketsandMarkets 360 Quadrant Revealed

CHICAGO, Sept. 4, 2023 -- MarketsandMarkets has released 360 Quadrant for Top 20 Hydrogen Generation Companies, Worldwide 2023 to help businesses make quicker and more informed decisions. Companies' market presence and product footprint are used to build quadrants, which will be revised annually.

The market for hydrogen generation was estimated to be worth $160.0 billion in 2022 and is anticipated to rise to $263.5 billion by 2027, with a predicted CAGR of 10.5% between 2022 and 2027. The market is expanding as a result of the rising demand for hydrogen for fuel cell electric vehicles (FECV) and rockets used in the aerospace industry. The use of hydrogen fuel cells in light-weight vehicles like bicycles, automobiles, buses, trains, material handling equipment, boats, ships, commercial aircraft, auxiliary power units (APUs) of aircraft, marine vessels, and specialty vehicles like forklifts is promoting the market growth in the transportation sector.

Due to the existence of strict emission regulations, the market is anticipated to have significant expansion in North America, Europe, and Asia Pacific. Because the nations in the region are ambitious about decreasing their carbon footprint and are investigating the use cases of renewable energy sources, the Asia Pacific region is predicted to lead the worldwide market.

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Unveiling the Market Leaders: Honoring Excellence in Hydrogen Generation Markets  

  • Linde plc is a global leader that offers industrial gases as well as top-notch technical solutions, technology, and services. With respect to both market share and revenue, it is the biggest industrial gas company worldwide. The Americas, EMEA, APAC, Engineering, and Other business segments make up the company's operational structure. It provides services to clients in the healthcare, oil refining, manufacturing, food, beverage carbonation, fiber optics, aerospace, chemical, electronics, and water treatment industries.
  • Air Liquide offers industrial gases and services to a range of industries, including the pharmaceutical, chemical, and electronics sectors. It is the biggest supplier of industrial gases on the planet. The business provides services to a variety of sectors, including the medical, electronics, and chemical industries. Large Industries, Industrial Merchant, Healthcare, Electronics, Global Markets and Technologies, and Engineering and Construction are the company's six primary business segments.
  • Air Products Inc. offers its services for planning, designing, constructing, and managing industrial gas projects. Industrial Gases- Americas, Industrial Gases- EMEA, Industrial Gases- Asia, Industrial Gases- Global, and Corporate and Other are the company's five business divisions. The business provides services and goods for the production of speciality, process, and atmospheric gases..
  • Engie is a large, international business that provides services and low-carbon energy. The business is active in the areas of natural gas, electric generating, renewable energy, and energy transition. It operates through the segments of Client Solutions, Thermal Energy, Renewable Energies, and Infrastructure. Engie is present in 48 countries globally including 27 nations in Europe. The main rivals of Engie in the market for hydrogen generation are Exelon, Total Energies, and Electricite de France.
  • Siemens is the largest industrial manufacturing enterprise and a leading global technology corporation is Siemens. The corporation primarily concentrates on the sectors of industry, infrastructure, transport, and healthcare. Siemens Healthineers, Digital Industries, Portfolio Companies, Smart Infrastructure, Mobility, and Siemens Financial Services are the six business segments of the corporation. More than 2000 manufacturing and production facilities exist worldwide for Siemens. Air Liquide as well as regional and local firms are Siemens' main rivals.


Hydrogen generation companies evaluation was conducted for 60 companies, of which the top 20 were categorized and placed in the quadrant under Market Leaders, Contenders, Innovators, and Emerging Companies.

All the companies in the market leader segment demonstrated strong offerings and the ability to influence the market's direction with their deep expertise. These companies include Aramco, Linde, Shell, Air Liquide, Chevron and Air Products.

Uniper have been recognized as contenders in the Hydrogen Generation quadrant. The contenders are companies with a strong market presence, excelling in specific niches. While not offering the full range of market leaders, they wield significant influence and impact. These companies focus on specific technologies and aim to establish leadership within their chosen segment.

In the quadrant, innovators are highly innovative companies with a strong product portfolio, but a smaller market presence compared to leaders. They push industry boundaries with forward-thinking approaches and have the potential to become major players despite lower corporate growth strategies. Siemens, Iberdrola, Orsted, Xebec Adsorption, BayoTech and Hiringa have been identified as the innovators in the quadrant.

The 360 Quadrants effectively evaluates emerging companies in the Hydrogen generation industry. They focus on specific areas and offer specialized knowledge, targeted support, flexible terms, and competitive prices. While they may have limited capabilities, they are preferred for specific use cases. These companies employ strategies to expand sales and reach a broader client base. This segment of the quadrant has identified ENGIE, BP, Equinor, ExxonMobil, PETRONAS, Messer Group, and Iwatani Corporation as emerging companies.

Evaluation Criteria

The vendor evaluation was conducted on over 60 companies of which the top 20 were categorized and recognized as the quadrant leaders. Factors such as revenue, geographic presence, vendor's market share, and business strategies have been considered to evaluate the Hydrogen Generation quadrant. The top criteria for company evaluation were Production Technologies (steam methane reforming (SMR), Partial Oxidation (POX), Goal Gasification and Electrolysis), Application (power generation, transportation, petroleum refinery, ammonia production, and methanol production), Source (grey hydrogen, blue hydrogen, and green hydrogen).

360Quadrants Scoring Methodology

360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects, and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons, and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.

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See Also:

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  • Top 21 Flexible Packaging Companies, Worldwide 2023
  • Top 20 Personal Care Ingredients Companies 2023
  • Top 21 Smart Grid Companies, Worldwide 2023
  • Top 20 Composites Companies, Worldwide 2023

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research and facilitates analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

360 Quadrants will also be launching 100 quadrants in Chemicals and Materials, Packaging, Energy & Power, and Healthcare.

Visit to access our interactive quadrants.

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