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Hydrogen Generators Global Market 2024 - Trends, Opportunities, Competitive Analysis And Forecast To 2033
Hydrogen Generators Global Market
As per the report, 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 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%.
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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.
Revolutionizing Power Solutions With Emission-Free Hydrogen Generators
Major companies operating in the hydrogen generators market are developing innovative products such as emission-free generators to increase their profitability in the market. Emission-free hydrogen generators are devices or systems designed to produce hydrogen gas without releasing greenhouse gas emissions or other harmful pollutants into the environment. For instance, in November 2023, Hitachi Energy Ltd, a Switzerland-based sustainable energy system provider launched HyFlex. The HyFlex unit, engineered for either temporary or permanent setup, supplies power in situations where grid connections are unfeasible and diesel generators are not viable. The medium-power model supports temporary installations, offering a power range of 400-600 kVA, while the high-power version serves permanent setups, delivering 1 MVA or more per unit. HyFlex is entirely emission-free, generating solely AC power, usable heat, and water. It proves applicable to diverse industries, including construction sites situated in remote areas or those sensitive to noise and pollution. Additionally, it suits remote venues, data centers, and hospitals.
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
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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
Contents of the report:
1. Executive Summary
2. Hydrogen Generators Market Report Structure
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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