ALBANY, New York, April 29, 2019 /PRNewswire/ -- The global hydrogen generator market is projected to be fragmented due to the presence of large number of players operating in the market. Leading players are using various organic and inorganic activities to get a firm hold in the global market. They are also making efforts in developing new products to meet the growing demand for hydrogen generator. For instance, Osaka Gas Liquid, a Japanese industrial gas manufacturer has recently launched a new steam reformer-type small hydrogen generator. Its parent company Daigas group has been marketing three types of generators under the name of HYSERVE. These generators produce 30Nm3, 100Nm3 and 300Nm3 volume of hydrogen respectively. Developments like these are likely to benefit the growth in the global hydrogen generator market.
Other players include Epoch Energy Technology Corporation, Air Products and Chemicals, Inc., Hy9 Corporation, Idroenergy S.R.L., Hydrogenics Corporation, Linde AG.
As the demand for hydrogen generators in growing, the global hydrogen generator market is expected to reach a valuation of US$1.25 bn by the end of 2024. In 2015, the market earned US$0.792 bn. to reach this figure, the market needs to progress at steady 5.25% CAGR over the forecast period between 2016 and 2024.
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Application of hydrogen generator is largely seen in the chemical processing segment. In 2015, this segment held 57.81% share in the market. This growth is also attributed to growing demand for hydrogen generators in transport and residential areas, due to low emission and minimum operational cost. Based on geography, North America is projected to hold larger share in the global hydrogen generator market. Growing demand for clean fuel for transportation and high demand in refueling station are the key factors that led the dominance of North America in the global hydrogen generator market. United States is likely to be the region in North America hydrogen generator market.
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Supportive Government Policies in Developing Regions to Boost Demand in Hydrogen Generator Market
The demand in the global hydrogen generator market is rising due to an increasing demand for reliable power supply at reduced fuel and operating costs. Supportive government policies in developing regions, rapid economic development, and growing trend for electricity charges are few key factors augmenting demand in the global hydrogen generator market. Moreover, growing demand for fuel cell in the automotive sector and increased demand for hydrogen generators in commercial and residential use will further accelerate growth in this market.
Growing application in different industries such as petroleum recovery, fuel cells, chemical processing, refining, and others have created new growth opportunities in the global hydrogen generator market.
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High Risk Associated While Transporting Hydrogen to Obstruct Market Growth
Though the demand for hydrogen generators is rising substantially, there are few restraining factors that might hamper growth in the global hydrogen generator market. Rapid price fluctuation while trading hydrogen generators in the international market is likely to deter growth in the global hydrogen generator market. Moreover, high risk associated while transporting hydrogen and lack of secured storage infrastructure has further increased the challenges in the global hydrogen generators market. Concern regarding the constant supply of hydrogen is also projected to obstruct growth in this market.
Despite these restraints, the global hydrogen generators market is estimated to rise considerably due to its growing application in residential, commercial, and other areas. Moreover, eco-friendly characteristics of hydrogen generators have also posed to fuel growth in the global hydrogen generator market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled "Hydrogen Generator Market (Product Type - On-Site Generation, Portable; Process Type - Steam Reformer, Electrolysis; Application - Chemical Processing, Fuel Cells, Petroleum Recovery, Refining; Capacity - 1-100 W, 100-300 W, 300-700W, 700W-1 KW, 1-3KW, 3KW and above) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024".
The global hydrogen generators market is segmented based on:
- On-Site Generation
- Steam Reformer
- Chemical Processing
- Fuel Cells
- Petroleum Recovery
- 1-100 W
- 100-300 W
- 700W-1 KW
- 3KW and above
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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