Press release
Hydrogen Generator Market will cross USD 1.32 billion by 2024 | Major Players are Air Liquide, Hydrogenics Corporation, Proton OnSite, Praxair Surface Technologies, Epoch Energy Technology Corporation, Linde A.G, Ideroenergy, MCPHY ENERGY ITALIA SOCIETA A
Hydrogen Generator Market
Rising fuel cell demand for commercial, automotive and residential sectors due to environment friendly features is predicted to promote industry expansion. Global electric automobile sales crossed 2.1 million units for 2015 and is anticipated to touch 7.1 million units by end of 2024. This will result in enhanced demand for hydrogen fuel stations fueling hydrogen generator industry trends during forecast timeframe.
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However, transportation risk and price related with hydrogen along with lack of storage facility can inhibit industry expansion. But rising need to reduce dependence of fossil fuels for power is predicted to promote industry development.
Product Overview
Global hydrogen generator market is segmented into various products like portable generator and onsite generator. Portable generator segment is predicted to experience maximum gains during forecast period due to shifting focus towards renewable power. Ecological sustainability, high power to weight ratio and noise free features are few of the characteristics that can favorably impact product demand.
Process Overview
Global hydrogen generator market is segmented into different processes like electrolysis process and steam reformer electrolysis. Electrolysis process segment is predicted to register CAGR of more than 5.1%. In this procedure, hydrogen is produced by separating water molecule. Rising demand for renewable and clean energy sources like water is predicted to enhance process demand.
Application Overview
Global hydrogen generator industry is segmented into various applications like refinery, chemical processing, fuel cell and petroleum recovery. Refinery application segment is predicted to touch $121 million mark by end of 2024. Enhanced use of hydrogen in crude oil processing is predicted to propel hydrogen generator market trend for this application.
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Regional Overview
Global industry is segmented into key geographical regions like North America, Latin America, MEA, Europe and APAC.North America, led by Canada and U.S. hydrogen generator market share, contributed more than $301 million for 2015. Rising consciousness towards clean fuel for transport coupled with heavy demand in power plants and refueling stations is predicted to enhance industry development. Further, discovery of shale gas in the region is predicted to supplement industry expansion for refinery application.
Competitive Overview
Key industry participants profiled in the report include Epoch Energy Technology Corporation, Airgas Incorporation, Hydrogenics Corporation, Air Liquide SA, Linde AG, Air Products & Chemicals Incorporation, McPhy Energy SA, Idroenergy, Hy9 Corporation, Praxair Incorporation and ParkarBalston.
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