The hydrogen generator market is projected to reach $2.73 billion with a CAGR of 6.37% by 2030

Future of market research

Future of market research

Growing awareness of zero emission vehicles to fuel hydrogen generator market growth

New York, USA, Nov. 23, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Hydrogen generator market Report by Product, by Process, by Capacity, by Application and by Region – Global Forecast to 2030, the market is anticipated to acquire a valuation of approximately USD 2.73 billion by the end of 2030. The reports further predict that the market will prosper at a rate Solid CAGR of over 6.37% during the evaluation period.

Hydrogen Generators Market: Key Players

The eminent market players profiled in the Global Hydrogen Generator Market report include-

  • Air Products and Chemicals, Inc. (USA)

  • Air Liquide SA (France)

  • Epoch Energy Technology Corporation (Taiwan)

  • LNI Swissgas SA (Switzerland)

  • Hydrogenics-Corporation (Canada)

  • Idroenergy SRL (Italy)

  • Linde AG (Germany)

  • McPhy Energy SA (France)

  • Proton OnSite (USA)

  • Praxair, Inc. (USA)

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Hydrogen generator market Scope of the report:

report metric

Details

Hydrogen Generator Market Revenue Forecast in 2030

$2.73 billion

Hydrogen Generator Market Growth Rate

CAGR of 6.37% from 2022 to 2030

base year

2021

Study period

2022-2030

Key market opportunities

Increased application of hydrogen in oil and gas, refinery and chemical industry

Key Market Drivers

technological breakthrough

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Hydrogen generator market drivers

Growing awareness of zero emission vehicles to fuel market growth

The development of hydrogen vehicles was sparked by an increase in public awareness of emission-free and environmentally friendly vehicles. These vehicles run on electricity that is created by combining hydrogen and oxygen (fuel cell). This will drive the growth of the market during the forecast period.

Opportunities

Growing need for hydrogen-based fuels to offer strong opportunities

The growing need for hydrogen-based fuels to generate power for use in commercial buildings will provide lucrative opportunities for this market in the forecast period.

Constraints and challenges

High storage cost to act as market challenge

The high capital cost to store hydrogen power and the inevitable power loss may continue to be market challenges over the forecast period.

Hydrogen generator market segmentation

The global market for hydrogen generators has bifurcated on the basis of application, capacity, process, and product.

By product, the face-to-face segment will lead this market in the forecast period.

By process, steam reformer will dominate this market during the forecast period.

By capacity, the hydrogen generator market is segmented into >2000 Nm3/h, 100-2000 Nm3/h, <100 Nm3/h.

By application, chemical processing will lead this market during the forecast period.

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COVID-19 Analysis of the Hydrogen Generator Market

The demand for energy has decreased: COVID-19 has had a great impact on the development of the different industrial markets. Power generation is the main prerequisite for the manufacture of hydrogen gas, however the global total shutdown, with the exception of vital services, has greatly reduced the need for power in various industries. Also, due to the current uncertainty, it is projected to fall by 6% in 2020. Negative Effects on Auto Industry: COVID is predicted to have negative effects on the auto industry and will likely result in a decrease in passenger demand. cars. Due to significant price differences, customers have delayed large-scale adoption of hydrogen fuel cell vehicles as a result of the pandemic-related economic downturn. Hospitals must have a continuous power source to run emergency rooms, crucial machinery and other equipment as millions of people with the coronavirus are admitted to hospitals. Any power interruption or outage could result in fatalities. Because hydrogen fuel cells are effective at producing electricity and provide excellent backup power, this emergency has increased demand for them. Hydrogen fuel cell customers include the University of California, Waterbury Hospital and Chino Valley Medical Center in California. The hydrogen generator market has grown as a result of this effort.

Regional Analysis

APAC will lead the market for hydrogen generators

In 2021, the Asia Pacific region had a commanding 41.40% revenue share and dominated the global market. In terms of revenue, China was the largest country in the Asia Pacific area in 2021. The use of hydrogen generation has increased in the Asia Pacific region due to the existence of more refineries in major nations such as China and India. The governments of certain Asia-Pacific nations, such as Australia and Japan, are also investigating cleaner, greener methods of producing hydrogen. To increase their revenue, hydrogen manufacturers in the area are aiming to broaden their geographic reach and focus on developing countries such as South Africa, Vietnam and Indonesia. As part of their strategic growth strategies, US-based industry leaders like Praxair Inc. and Air Liquide want to increase their operations in nations where the need for hydrogen is increasing. The region that uses the most hydrogen electricity is Asia Pacific. The hydrogen generation market in this region has been expanding due to the rapid growth of numerous industries in various economies, including South Korea, China, Japan, and India. The region’s promising growth is mainly due to the growing demand for electric cars powered by fuel cells. Additionally, the region is experiencing tremendous growth in energy production using renewable resources. China is the leader in the Asia Pacific region, where it will account for the largest share of the region’s revenue in 2020 (around 50%). The main driver of the region’s exponential growth is the extensive research and development being done there to reduce the cost of producing green hydrogen. As a result of the growing need for hydrogen for power generation in countries like China and India, the Asia Pacific region is also anticipated to have the fastest growing market. Furthermore, the market is growing as a result of increasing government initiatives in countries like Australia, Japan and India to encourage clean and green energy.

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North America will see admirable growth in the hydrogen generator market

For a few years now, the hydrogen generation sector has been expanding in North America. Every application and technology has contributed to the rapid growth of the industry. The fastest growing industry is methanol and ammonia manufacturing, which has seen tremendous expansion in the last five years in countries like the US and Canada. North America dominated the global hydrogen generator market in 2019 due to the growing need for hydrogen for fuel cell electric vehicles. The regional market for hydrogen generators is also expected to be boosted by the expansion of ancillary infrastructure, such as hydrogen recharging stations. Electrolytic hydrogen is becoming more popular around the world as a result of the falling cost of renewable energy sources, particularly solar photovoltaics and wind turbines. This is anticipated to grow the North American hydrogen generator market over the forecast period.

Related reports:

Hydrogen generation market Research Report: Information by Generation and Delivery Type, Storage, Application, and Region – Global Forecast to 2030

Hydrogen energy storage market Research Report: Information by Technology, End User, and Region – Global Forecast to 2030

Green Hydrogen Market Research Report: Insights by Technology, Application, Location, and Region: Forecast to 2030

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Market Research Future (MRFR) is a global market research company that prides itself on its services, offering complete and accurate analysis on various markets and consumers around the world. Market Research Future has the distinguished goal of providing optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users and market players for global, regional and national market segments, enable our clients to see more, know more and do more, helping to answer your most important questions. questions.

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