Hydrogen Generation Market to Set Phenomenal Growth by 2027
Key Highlights of Hydrogen Generator Market
- The global hydrogen generator market is expected to expand at a CAGR of 3.34% during the forecast period. The hydrogen generator market is anticipated to reach US$1,439.7 Mn by 2027.
- Based on product, the on-site hydrogen generator segment held dominant share of the global hydrogen generator market in 2018. On-site and portable hydrogen generators are likely to eliminate or reduce problems associated with transportation and delivery of hydrogen. Furthermore, on-site generation also lowers the cost of hydrogen generation as against merchant generation. These generators find considerable application in fuel cells, chemical processing, refining, and petroleum recovery. Among these, chemical processing reports a greater demand for hydrogen generators.
- Based on process, the steam reformer process segment held dominant share of the global hydrogen generator market in 2018. Increase in demand for hydrogen in production of chemicals and processing is expected to propel market growth. A steam reformer technology is widely employed in large-scale hydrogen production using natural gas, naphtha, kerosene, or LPG as a feedstock.
- The hydrogen generator market in Europe is likely to expand at a moderate pace during the forecast period. The market growth is attributed to the stringent government regulations to minimize carbon emissions. Growing energy security concerns have further supported the hydrogen generator market growth.
Key Drivers of Global Hydrogen Generator Market
- The rising uptake of clean fuel sources is creating a substantial demand for hydrogen generators across the world. Consumers are increasingly being aware of the eco-friendliness of clean fuel sources, which has boosted their uptake among them. Apart from this, the rising demand for electricity and the depletion of fossil fuels at an alarming rate are also creating a need for hydrogen generators, globally. Over the coming years, strict regulatory policies related to carbon emission and increasing industrial application of hydrogen are likely to support the growth of the global hydrogen generators market.
- Furthermore, the increasing investment in developing the transportation, storage, production, and distribution of hydrogen is expected to add considerably to the global hydrogen generator market in the long term. The swift rise in the uptake of green fuel in the commercial, industrial, and residential sectors is also predicted to propel this market over the next few years, states the research report.
North America Dominates Global Hydrogen Generator Market
- North America dominated the global hydrogen generator market in 2018. With the U.S. becoming the key contributor to the global market, North America is anticipated to remain on the top in the coming years. The rising awareness about the need for clean fuel for transportation purposes and the increasing requirement for refueling stations and power generation plants will aid this market. The surge in shale gas exploration will also add to this market in future.
- Among other regional hydrogen generator market, Asia Pacific is registering a promising growth. The increasing production of hydrogen generators in Japan and South Korea is supporting the growth of the Asia Pacific hydrogen generator market considerably. Over the coming years, the surge in the application of hydrogen generators in refineries, thanks to the high demand for petroleum products, is likely to propel this regional market
Major Developments in Global Hydrogen Generator Market
- In October 2018, TCP, a leading innovator of hydrogen fuel cell products and Intelligent Energy, a fuel cell engineering company has jointly introduced ECO GH2, a new zero emission hydrogen fuel cell power product. The ECO GH2 can be used with a TCP inverter power pack or with DC power loads to generate an off-grid generator unit up to 5kW for power tools, accessories and welfare units.
- In September 2018, Peak Scientific, the global leader in gas generation for analytical laboratories, has introduced a new hydrogen gas solution to the market.
Competition Landscape of Global Hydrogen Generator Market
- Key players operating in the global hydrogen generator market are Praxair Technology, Inc., Proton OnSite, Inc., McPhy Energy S.A., Linde AG, Idroenergy S.R.L., Hydrogenics Corporation, Hy9 Corporation, Epoch Energy Technology Corporation, Air Products and Chemicals, Inc., Air Liquide S.A., and others.
- Market players adopt various strategies such as mergers & acquisitions, investments in new plants, and technological innovations in order to boost their share in the global hydrogen generator market.
REQUEST FOR COVID19 IMPACT ANALYSIS -https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=130