Hydrogen Generator Market to Reach $2.2 Bn, Globally, by 2030 at 5.8% CAGR: Allied Market Research

PORTLAND, Ore., Aug. 17, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Hydrogen Generator Market by Product Type (Onsite and Portable), Process (Steam Reforming, Electrolysis, and Others), Capacity (Less than 300 W, 300W–1 KW, and More than 1 KW), and Application (Chemical Processing, Fuel Cells, Petroleum Recovery, Refining, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." As per the report, the global hydrogen generator industry generated $1.2 billion in 2020, and is projected to garner $2.2 billion by 2030, growing at a CAGR of 5.8% from 2021 to 2030.

Drivers, restraints, and opportunities

Government regulations over the greenhouse gas emissions and desulfurization, energy storage, and hydrogen cell powered electric vehicles have boosted the growth of the global hydrogen generator market. However, high capital cost of hydrogen energy storage hinders the market growth. On the contrary, development of various eco-friendly hydrogen production technologies would open new opportunities for the market players in the future.

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Covid-19 scenario:

• The advent of Covid-19 negatively affected the automotive industry due to decline in demand for passenger vehicles and economic fall during the pandemic. Moreover, several consumers delayed adoption of large scale hydrogen fuel vehicles due to high cost compared to fossil fuel vehicles.
• Moreover, closure of several production facilities resulted in reduction in demand for electricity, which hampered the hydrogen production.
• On the other hand, demand for continuous energy in hospitals during the pandemic increased the demand for hydrogen fuel cells.

The onsite segment held the lion's share

By product type, the onsite segment dominated the market in 2020, accounting for nearly three-fourths of the global hydrogen generator market, as it is used in several industrial and commercial sectors such as energy, automobile, medical, pharmaceutical, and food & beverage packing. However, the portable segment is projected to register the highest CAGR of 6.5% during the forecast period, owing to rise in awareness among people regarding the greenhouse gases and surge in demand for energy and fossil fuels.

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The less than 300 W segment to portray the highest CAGR through 2030

By capacity, the less than 300 W segment is expected to showcase the highest CAGR of 6.7% during the forecast period, as they are ideal alternative for standard portable generators. However, the more than 1 kW segment held the lion's share in 2020, contributing to nearly half of the global hydrogen generator market, owing to rise in demand for sustainable energy solutions and shift toward renewable energy solutions.

North America held the largest share

By region, the global hydrogen generator market across North America held the largest share in 2020, accounting for nearly one-third of the market. However, the market across Asia-Pacific is expected to manifest the highest CAGR of 7.2% during the forecast period, owing to rise in concern from government across emerging nations regarding zero emission norms.

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Major market players

• Air Liquide Air Products and Chemical Inc.
• Linde AG
• Praxiar technology Inc.
• Hy9 Corporation
• Proton On-site Inc.
• Epoch Energy Technology Corporation
• Hydrogenics Corporation
• McPhy Energy SA
• MVS Engineering Pvt. Ltd.
• Nel Hydrogen

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