Global hydrogen generators market to reach $1.2 billion by 2024.
A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, released its report titled “Hydrogen Generators – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Pool: 28487
Companies: 68 – Players covered include Air Liquide S.A.; Air Products and Chemicals, Inc.; Deokyang Co., Ltd.; EPOCH Energy Technology Corporation; Hydrogenics Corporation; Idroenergy; ITM Power Plc; Linde plc; McPhy Energy S.A.; Messer Group; Nel ASA; Nuvera Fuel Cells, LLC; Proton OnSite and Others.
Coverage: All major geographies and key segments
Segments: Product Type (On-Site, Portable); Process (Steam Reformer, Electrolysis); Application (Chemicals, Fuel Cells, Petroleum, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT
Global Hydrogen Generators Market to Reach $1.2 Billion by 2024
Hydrogen has for long been considered as a potential carrier of energy and also as a major contender among the available options of ideal energy resources that could be exploited for future energy needs of the world. The history of artificial production of hydrogen gas can be traced back to four centuries. Upon burning, the only emission that hydrogen lets out is water.
This has formed the basis for its name ‘hydrogen’ which means ‘water former’ in the Greek language. However, hydrogen on its own cannot be an energy source. It needs to burn and react with oxygen for creating the heat required for generating energy. Hydrogen therefore has since long been used as a carrier of energy rather than an energy source.
Hydrogen was used for storing energy created elsewhere. It was only a few decades ago that hydrogen fuel production began, using electrolysis of nuclear, wind, solar and hydro powers. Over the past few decades, hydrogen fuel has been applied safely for an increasing number of applications in chemical, glass, metal and food sectors.
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As of 2019, about 70 million tons of the fuel was produced for applications in various industries across the world. The important benefits of hydrogen fuel, namely clean, carbon-free, odorless, non-toxic and light-weight capabilities, are contributing towards the rising use of hydrogen fuel.
Hydrogen generators are used for production of hydrogen. Technology used by these generation units varies in accordance with the feedstock used. An onsite unit is installed at the premises of the consumer for producing hydrogen required by various processes. Technology employed varies depending on the feedstock used. Portable hydrogen generators on the other hand are units that provide electric power to a facility, on a temporary basis.
Portable units are small-sized units that find widespread application in the form of power backup units and for charging of electronic devices. Portable units are also installed at construction sites for powering lights and tools. Hydrogen generators offer low cost and reliable hydrogen and aid in increasing safety and security of on-site energy generation.
They also eliminate the need for hydrogen cylinders, delivery, storage and handling, which require extreme caution. Residential and commercial buildings are also deploying hydrogen solutions because of the cost-effectiveness of especially the on-site units. On-site generation proves to be cheaper than purchasing hydrogen from exclusive hydrogen producers.
Also end-users can also eliminate the issues pertaining to purity of hydrogen and also timely delivery when choosing on-site systems. Hydrogen is usually generated at the pressure of 13.8 bar/200 psi, without compressor and with 99.9995% purity, if generator units are operated continuously, with no intervention.
Amid the COVID-19 crisis, the global market for Hydrogen Generators market is projected to reach US$1.2 Billion by 2024, registering a compounded annual growth rate (CAGR) of 4.0% over the analysis period.
The United States represents the largest regional market for Hydrogen Generators, accounting for an estimated 29.8% share of the global total. The market is projected to reach US$372.1 Million by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 5.7% over the analysis period.
The market is being driven by the rising awareness about the adoption of clean fuel sources, growing electricity demand, faster fossil fuel depletion and adoption of increasingly stringent regulatory norms related to carbon emissions. Further, expanding end-use application areas for hydrogen gas in the chemical, refinery, and oil & gas sectors are likely to support demand.
The strong availability of natural gas feedstock along with demand for highly pure hydrogen is anticipated to drive market growth. The increasing focus on using hydrogen in the food and beverage sector for eliminating harmful bacteria and viruses is also expected to foster demand for hydrogen generators across the world.
Given its environmental friendliness, escalating adoption of hydrogen in commercial, residential and automotive sectors is expected to drive demand for hydrogen generators in the coming years. However, efficient distribution as well as transportation of hydrogen produced continues to be a major challenge.
Another major impediment to market growth is the high cost of hydrogen as a fuel when compared to fossil fuels. New technologies for cost effective production, storage and distribution of hydrogen are also vital for driving adoption of hydrogen as the predominant fuel solution in industrial, military, commercial and residential sectors.
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Global Hydrogen Generators Market to Reach $1.2 Billion by 2024, SAN FRANCISCO, August 6, 2021
