Press release
Hydrogen Generator Market | Share, Industry Trends, Analysis Report, 2024
The expanding automotive industry will bring enormous growth prospects for the overall market. Increasing adoption of electric vehicles is encouraging the growth of hydrogen fuel stations in turn stimulating the market growth. The government is also encouraging the use of electric vehicles over the conventional means of transport owing to the eco-friendliness, reduced fossil fuel dependency, and operational cost-effectiveness of the former. Key automobile manufacturers such as Ford Motors, Nissan, GM, Mercedes-Benz, Honda, Toyota, and Tesla Motors are also significantly sharing the electric vehicle business space. It is estimated that the global electric vehicle sale will surpass 7 million units by 2024. This will in turn result in a comprehensive increase in the fuel cell demand. Hydrogen generator application in the fuel cell market is anticipated to grow at a CAGR of 6% over the period of 2016-2024.The refinery industry is another major growth prospect for the hydrogen generator market.
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It is estimated that the hydrogen consumption in refineries accounts for 12 billion standard cubic feet per day. The demand for hydrogen in the processing of crude oil into refined fuel such as gasoline and diesel and removing the impurities from these fuels are expected to catalyze the application growth. Hydrogen generator application in refineries is forecast to surpass USD 120 million by 2024. The food and beverage industry is also supporting the hydrogen demand owing to its application in removing contaminants such as bacteria and viruses from the food items.
The refinery, oil & gas, and chemical processing industries usually adopt the onsite installation method, which is predicted to dominate the industry with a CAGR of 5% over the timeframe of 2016-2024. Portable hydrogen generators are popular amongst the transportation and construction industries and are estimated to record an annual growth rate of 5.8% over the coming eight years.
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“Global hydrogen generator market is anticipated to grow at a CAGR of 5% over the period of 2016-2024.” North America market accounted for USD 300 million in 2015, and is estimated to witness substantial gains over the coming period. The growth can be attributed to the rising demand across power generating plants & refueling stations and growing trend of green fuel across this region. The U.S. and Canada will be the major revenue pockets for the North America hydrogen generator market.
Asia Pacific, primarily led by South Korea and Japan, will also grow significantly over the coming years owing to rising demand across the refinery sector, growth in the petroleum industry, and stringent government regulations across this region. The Asia Pacific market is estimated to register a CAGR of 6% over the period of 2016-2024.
Partial Table of Contents (ToC) of the report:
Chapter 4. Hydrogen Generator Industry Product Insights
4.1. Global hydrogen generator market share by product type, 2015 & 2024
4.2. Onsite Generators
4.2.1. Market estimates and forecast, 2013 - 2024
4.2.2. Market estimates and forecast, by region, 2013 - 2024
4.3. Portable
4.3.1. Market estimates and forecast, 2013 - 2024
4.3.2. Market estimates and forecast, by region, 2013 – 2024
Chapter 5. Hydrogen Generator Industry Process Insights
5.1. Global hydrogen generator market share by process, 2015 & 2024
5.2. Steam Reformer
5.2.1. Market estimates and forecast, 2013 - 2024
5.2.2. Market estimates and forecast, by region, 2013 - 2024
5.3. Electrolysis
5.3.1. Market estimates and forecast, 2013 - 2024
5.3.2. Market estimates and forecast, by region, 2013 – 2024
5.4. Others
5.4.1. Market estimates and forecast, 2013 - 2024
5.4.2. Market estimates and forecast, by region, 2013 – 2024
Browse complete table of content of this report @ https://www.gminsights.com/toc/detail/hydrogen-generator-market
Some of the major players in this market are Linde AG, Air Products & Chemicals, Inc., Hydrogenics Corporation, Air Liquide SA, McPhy Energy, Airgas Inc., Praxair Inc., and Idro Energy.
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: mailto:sales@gminsights.com
About Global Market Insights
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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