Hydrogen Generator Market is Projected to Hit USD 2.73 Billion at a CAGR of 6.37% by 2030 - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Growing Awareness of Zero-Emission Vehicles to Boost the Hydrogen Generator Market Growth
New York, US, Nov. 23, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Hydrogen Generator Market Report by Product, by Process, by Capacity, by Application and by Region - Global Forecast to 2030, the market is anticipated to acquire a valuation of approximately USD 2.73 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 6.37% during the assessment timeframe.
Hydrogen Generator Market- Key Players
Eminent market players profiled in the global hydrogen generator market report include-
Growing Awareness about Zero-Emission Vehicles to Boost Market Growth
The development of hydrogen vehicles was sparked by a rise in public awareness of environmentally beneficial and emission-free vehicles. These vehicles run on electricity that is created by combining hydrogen & oxygen (fuel cell). This will fuel market growth over the forecast period.
Opportunities
Increasing Need for Hydrogen-Based Fuels to offer Robust Opportunities
The increasing need for hydrogen-based fuels to generate power with its use in commercial buildings will provide lucrative opportunities for this market in the forecast period.
Restraints and Challenges
High Storage Cost to act as Market Challenge
The high capital cost to store hydrogen energy and unavoidable energy loss may remain as market challenges over the forecast period.
Hydrogen Generator Market Segmentation
The global hydrogen generator market has been bifurcated based on application, capacity, process, and product.
By product, the on-site segment will lead this market in the forecast period.
By process, steam reformer will domineer this market over the forecast period.
By capacity, the hydrogen generator market is segmented into >2,000 Nm3/h, 100-2,000 Nm3/h, <100 Nm3/h.
By application, chemical processing will spearhead this market over the forecast period.
Energy demand has decreased: COVID-19 has possessed a big impact on the development of the different industrial markets. Energy generation is the main prerequisite for the manufacture of hydrogen gas, however the global total shutdown, with the exception of vital services, has greatly reduced the need for energy across various industries. Furthermore, due to the ongoing uncertainty, it is anticipated to fall by 6% in 2020. Negative effects on the auto industry: It is predicted that the COVID will have negative effects on the auto industry and probably result in a decline in demand for passenger cars. Due to the significant price differences, customers have delayed the adoption of large-scale hydrogen fuel cell vehicles as a result of the pandemic-related economic downturn. Hospitals must have a continuous power source in order to run emergency rooms, crucial machinery, and other equipment as millions of individuals who have the Coronavirus are admitted to hospitals. Any disruption or power outage could result in fatalities. Because hydrogen fuel cells are effective at producing electricity and provide excellent power backup, this emergency has increased demand for them. Customers of hydrogen fuel cells include the University of California, Waterbury Hospital, and Chino Valley Medical Center in California. The market for hydrogen generators has grown as a result of this endeavor.
Regional Analysis
APAC to Head Hydrogen Generator Market
In 2021, the Asia Pacific region held a commanding 41.40% revenue share and dominated the global market. In terms of revenue, China was the largest country in the Asia Pacific area in 2021. The use of hydrogen generation has increased in the Asia Pacific region for the existence of more refineries in important nations like China and India. Governments in certain Asia-Pacific nations, like Australia & Japan, are also researching cleaner, greener methods of producing hydrogen. To increase their revenue, hydrogen manufacturers in the area are aiming to broaden their geographic reach and focus on developing nations like South Africa, Vietnam, & Indonesia. As part of their strategic growth strategies, U.S.-based industry leaders like Praxair Inc. & Air Liquide want to increase their operations in the nations where the need for hydrogen is rising. The region that uses the most hydrogen electricity is Asia Pacific. The market for hydrogen generation in this region has expanded due to the rapid growth of numerous industries in several economies, including South Korea, China, Japan, & India. The region's promising growth is primarily due to the rising demand for fuel cell-powered electric automobiles. In addition, the region is experiencing tremendous growth in the production of power using renewable resources. China is the leader in the Asia Pacific region, where it will account for the majority of the region's revenue share in 2020 (about 50%). The primary driver of the region's exponential growth is the extensive research and development being done there to lower the cost of producing green hydrogen. As a result of the expanding need for hydrogen for power generation in nations like China and India, the Asia Pacific region is also predicted to have the fastest growing market. Additionally, the market is growing as a result of growing government initiatives in countries like Australia, Japan, and India to encourage clean and green energy.
North America to Have Admirable Growth in Hydrogen Generator Market
Since a few years ago, the hydrogen generation sector has been expanding in North America. Each application and technology has contributed to the industry's rapid growth. The fastest-growing industry is the manufacturing of methanol and ammonia, which has seen tremendous expansion in the previous five years in nations like the U.S. & Canada. North America domineered the global market for hydrogen generators in 2019 because of the rising need for hydrogen for Fuel Cell Electric Vehicles. The regional hydrogen generator market is also projected to be driven by the expansion of ancillary infrastructure like hydrogen recharging stations. Electrolytic hydrogen is becoming more popular across the world as a result of the falling cost of renewable energy sources, in particular solar PV and wind turbines. This is predicted to grow the market for hydrogen generators in North America over the anticipated timeframe.
Related Reports:
Hydrogen Generation Market Research Report: Information by Generation and Delivery Type, Storage, Application and Region - Global Forecast till 2030
Hydrogen Energy Storage Market Research Report: Information by Technology, End-User & Region - Global Forecast till 2030
Green Hydrogen Market Research Report: Information by Technology, Application, Location, and Region - Forecast till 2030
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