New York, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Hydrogen Generator Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Hydrogen Generator Market Research Report, Product, Process, Capacity, Application and Region - Forecast till 2030”, the market is projected to be worth USD 2.73 Billion by 2030, registering a CAGR of 6.37% during the forecast period (2022 - 2030).
List of the key companies profiled in the global hydrogen generator market research report include –
- Air Liquide S.A. (France)
- Epoch Energy Technology Corporation (Taiwan)
- LNI Swissgas SA (Switzerland)
- Hydrogenics-Corporation (Canada)
- Air Products and Chemicals Inc. (U.S)
- Idroenergy S.R.L. (Italy)
- Linde AG (Germany)
- McPhy Energy S.A. (France)
- Proton OnSite. (U.S)
- Praxair Inc. (U.S).
- Among others.
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The global hydrogen generator market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more. Besides, they are also investing in various research and development activities.
Industry Updates
Panasonic Corporation has lately announced the launch of its latest 5kW hydrogen generator in Japan for commercial use.
Market Research Future’s Review on Hydrogen Generator Market
COVID-19 Analysis
Due to the COVID-19 outbreak there has been a fall in the demand for energy. The crisis impacted the growth of different industrial markets. The primary need to produce hydrogen gas is in generating energy, yet the total shutdown except for essential services across the globe has reduced the need for energy across different industries significantly. There have also been some negative effects on the auto industry and a downfall in the need for passenger vehicles. Due to dramatic economic fall owing to the pandemic, consumers have set back their timelines to adopt large-scale hydrogen fuel cell cars for the noteworthy cost differences.
On the brighter side, the market had a positive growth for the constant need for power supply in hospitals. As countless people are infected via the COVID-19 outbreak and hospitalized, a constant power supply is crucial to operate emergency rooms, instruments, and vital machines. Any power failure or disruption may lead to loss of lives. This emergency has led to the need for hydrogen fuel cells as these are effective to generate electricity and provides excellent power back up facility.
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Drivers
Growing Awareness for Zero-Emission and Eco-friendly Vehicles to Boost Market Growth
The growing awareness amid people regarding zero-emission and eco-friendly vehicles that led to the innovation of hydrogen vehicles will boost market growth over the forecast period. Such vehicles are powered via electricity produced from mixing of oxygen and hydrogen (fuel cell). The increasing need for fuel cells in the auto industry is adding market growth.
Opportunities
Increasing Hydrogen Uses in Food & Beverage to offer Robust Opportunities
The increasing hydrogen use in the food & beverage for removing bacteria and harmful viruses will offer robust opportunities for the hydrogen generator market over the forecast period.
Restraints
Lack of Well-Established Infrastructure to act as Market Restraint
The lack of well-established infrastructure for electric cars may act as market restraint over the forecast period.
Challenges
High Prices May act as Market Challenge
The high process and heavy investment costs of hydrogen generators over conventional fossil fuel-based power generators may act as market challenge over the forecast period.
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Market Segmentation
The global hydrogen generator market is bifurcated based on product, process, capacity, and application.
By product, the onsite segment will lead the market over the forecast period as this is used in different commercial and industrial sectors like food & beverage packaging, pharmaceutical, medical, automobile, and energy.
By process, the steam reformer electrolysis will dominate the market over the forecast period. This process produces hydrogen gas from hydrocarbon fuels like natural gas that comprises methanol and methane. The burgeoning need for hydrogen to produce chemicals and processing is adding to the growth of the segment.
By capacity, the global hydrogen generator market is segmented into <100 Nm3/h, 100-2,000 Nm3/h and >2,000 Nm3/h.
By application, the chemical processing segment will spearhead the market over the forecast period for the increasing need for hydrogen across various chemical processes.
Regional Analysis
North America to Lead Hydrogen Generator Market
North America will lead the hydrogen generator market over the forecast period. Growing conversion of conventional coal-fired power plants to cleaner fuel power plants like hydrogen, the growth in chemical industries, refineries, and oil & gas, increasing shale gas exploration, increasing demand in Canada and the US, increasing awareness towards clean fuel for transportation, high demand in refueling stations for FCEV as well as power generation, the development of supporting infrastructure like hydrogen refueling stations, declining price of renewable electricity that generates from wind turbines and solar PV cells, and interest in electrolytic hydrogen are adding to the global hydrogen generator market growth in the region.
APAC to Have Admirable Growth in Hydrogen Generator Market
The APAC region will have admirable growth in the hydrogen generator market over the forecast period. Growing hydrogen generator application in refineries for the growing need for petroleum products and strict norms are adding to the global hydrogen generator market over the forecast period.
Segmentation of Market covered in the research:
Hydrogen Generator Market Report by Product (On-Site and Portable), by Process (Steam Reformer and Electrolysis), by Capacity (<100 Nm3/h, 100-2,000 Nm3/h and >2,000 Nm3/h), by Application (Chemical Processing, Petroleum Recovery, Fuel Cells and Refinery) and by Region - Global Forecast to 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
