Press release
Hydrogen Generators Market Trends Analysis, Size, Share, Growth, Trends and Forecast To 2033
Hydrogen Generators Market
The Business Research Company offers in-depth market insights through Hydrogen Generators Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The hydrogen generators market size has grown steadily in recent years. It will grow from $1.18 billion in 2023 to $1.22 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to industrial hydrogen demand, energy sector applications, government initiatives and subsidies, research and development, hydrogen as a green energy carrier.
The hydrogen generators market size is expected to see steady growth in the next few years. It will grow to $1.43 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to rise in green hydrogen projects, electrification of industries, government policies and carbon reduction targets, expansion of hydrogen fuel cell vehicles, global collaboration on hydrogen economy, integration with renewable energy sources. Major trends in the forecast period include technological innovations in electrolysis, advancements in electrolysis technologies, advancements in electrolysis technologies, integration of artificial intelligence (AI), hydrogen as an energy storage medium.
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Market Segmentation:
The hydrogen generators market covered in this report is segmented -
1) By Product Type: Onsite, Portable
2) By Process: Steam Reforming, Electrolysis, Other Processes
3) By Capacity: Less Than 300 W, 300W - 1 KW, More Than 1 KW
4) By Application: Chemical Processing, Fuel Cells, Petroleum Recovery, Refining, Other Applications
Major Driver - Hydrogen Generators Surge Amidst Tightening Greenhouse Gas Regulations
Government regulations over greenhouse gas emissions are expected to propel the growth of the hydrogen generators market going forward. Global greenhouse gas emissions are increasing, mainly due to fossil fuel consumption and industrialization. Hydrogen generators are being developed by major companies because they produce hydrogen by electrolysis, which produces zero greenhouse gas emissions. For instance, in December 2021, the environmental Protection Agency (EPA), a US-based government agency, has finalized updated national greenhouse gas (GHG) emissions requirements for passenger vehicles and light trucks for model years 2023-2026. The final guidelines would result in significant reductions in GHG emissions in addition to other criterion pollutants. The rule would provide significant public health and welfare advantages while saving customers money on gasoline prices. Hence, Government and environmental organizations are strengthening regulations to control greenhouse gas emissions which drives the hydrogen generators market.
Competitive Landscape:
Major companies operating in the hydrogen generators market report are Toyota Motor Corporation, Honda Motor Co. Ltd., Hyundai Motor Company, Robert Bosch GmbH, Siemens AG, Linde plc, Cummins Inc., Air Liquide S.A., Johnson Matthey plc, Air Products and Chemicals Incorporated, Praxair Technology Inc., Teledyne Energy Systems Inc., Plug Power Inc., Nel Hydrogen Fuel Cells AS, NEL ASA, Ballard Power Systems Inc., Nuvera Fuel Cells LLC, MVS Engineering Pvt. Ltd., Epoch Energy Technology Corporation, McPhy Energy S.A.S., HELBIO S.A., ITM Power Ltd., Proton OnSite LLC, Green Hydrogen System, Ideroenergy Inc., Hy9 Corporation, Suzhou Jingli Hydrogen Equipment Co. Ltd., Deokyang Co. Ltd., Hydrogenics Corporation, Relion Group
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Top Trend - Leading Hydrogen Generator Companies Forge Partnerships For Market Success
Major companies operating in the hydrogen generator market are focused on partnerships to increase their profitability in the market. Partnerships refer to collaborative agreements or alliances formed between different entities, such as companies, organizations, or research institutions, to collectively develop, promote, or enhance hydrogen generator technologies. For instance, in September 2023, CMB.TECH, a UK-based hydrogen solution provider, collaborated with Volvo Penta, a Sweden-based marine and industrial engine manufacturer, to launch a 250 kVA hydrogen dual-fuel generator. This hybrid generator employs hydrogen dual-fuel technology, offering flexibility to run on either full diesel or in a dual-fuel setup. In the latter, hydrogen can substitute for up to 80% of diesel consumption, leading to a noteworthy reduction in CO2 emissions. The power source is intended for harbor activities and decentralized electricity production, serving as a practical and viable transitional measure on the path to entirely emission-free energy generation.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hydrogen Generators Market Characteristics
3. Hydrogen Generators Market Trends And Strategies
4. Hydrogen Generators Market - Macro Economic Scenario
5. Hydrogen Generators Market Size And Growth
…..
27. Hydrogen Generators Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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