Hydrogen Generator Market Will Register 5% Growth to Cross $1.32 Billion by 2024
North America, led by the U.S. and Canada hydrogen generator market share, was valued more than USD 300 million in 2015 and poised to grow at moderate CAGR by 2024, propelled by increasing awareness towards clean fuel for transportation along with high demand in refueling stations (for FCEV) and power generation plants.
Selbyville, DE -- (ReleaseWire) -- 03/30/2018 --The Industry growth report "Hydrogen Generator Market By Capacity (<100 Nm3/h, 100-2,000 Nm3/h, >2,000 Nm3/h), By Product (Onsite, Portable), By Process (Steam Reformer, Electrolysis), By Application (Chemical Processing, Petroleum Recovery, Fuel Cells, Refinery), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Sweden, China, Japan, India, South Korea, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024" by Global Market Insights, Inc. forecast Hydrogen Generator Market share is expected to cross $1.32 billion by 2024.
The global hydrogen generator market share has been broadly classified on product basis as onsite and portable generator. Onsite hydrogen generators market, owing to their wide application scope across oil and gas, chemical processing and refinery sector should continue to dominate demand. In addition, portable generator is projected to expand at 5.8% growth, it produces temporary energy which finds application in transportation and remote construction site.
Global hydrogen generator industry has also been categorized on process basis (Steam Reformer, Electrolysis, Others). Steam reformer was largest process accounting at over 70% of global share in 2015. Whereas, rising electrolysis process in small scale hydrogen generator is likely drive industry growth.
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Hydrogen generator market is further segregated on application basis as chemical processing, petroleum recovery, fuel cells, refinery, and others. Fuel cell market accounted over 15% of global share in 2015. Increasing fuel cells demand in residential and transport owing to its low emission characteristics is likely to complement industry growth.
Rising demand for low emission fuel coupled with increasing need to minimize fossil fuel dependency is forecast to boost hydrogen generators over the forecast timeframe. In addition, low cost availability of abundant natural gas is forecast to be key growth driving factor. Also, increasing hydrogen use across food & beverage to eliminate viruses and bacteria may further compliment growth. However, transportation cost and risk synced with hydrogen coupled with deficient storage infrastructure may hamper industry growth.
Browse key industry insights spread across 85 pages with 106 market data tables & 9 figures & charts from the report, "Hydrogen Generator Market" in detail along with the table of contents:
Chapter 1. Methodology and Scope
1.1. Research methodology
1.1.1. Initial data exploration
1.1.2. Statistical modeling and forecast
1.1.3. Industry insights and validation
1.2. Data sources
Chapter 2. Executive Summary
2.1. Hydrogen generator industry 3600 synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Application trends
2.1.3. Regional trends
Onsite generators are set to see more than 5% growth from 2016 to 2024. High hydrogen transportation cost and risk pertaining to it may positively impact for onsite generators demand. Electrolysis process is forecast to reach USD 225 million by 2024. Chemical processing was valued at over USD 480 million in 2015. Increasing chemical processing activities where hydrogen is used as feedstock is forecast to drive hydrogen generator market trends.
U.S. hydrogen generator market size accounted more than 25% of global share in 2015. Growing fuel cells electric vehicles (FCEV) industry in the region has increasing demand for hydrogen fueling stations will stimulate demand. Asia Pacific, led by China, Japan, India, and South Korea, market is estimated to witness gains at over 6% CAGR up to 2024. Stringent low emission norms coupled with rapid industrialization in the region is anticipated to drive hydrogen generator demand in the region.
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Global hydrogen generator market share is fairly consolidated. Major industry players include Hydrogenics Corporation, Linde A.G, and Air Products & Chemicals Inc. Other significant market share contributors are Air Liquide SA, Idroenergy, Praxair Inc., McPhy Energy, Airgas Inc., and ParkarBalston.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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