Hydrogen Generator Market – Global Industry Analysis Report, Share, Size, Growth, Price Trends and Forecast, 2016 – 2024
Global Hydrogen Generator Market size was more than $800 million for 2015 with industry predicted to expand at more than 5.1% during forecast timeframe. Strict emission rules for clean fuel acceptance like hydrogen as compared to fossil fuels is projected to propel industry demand.
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Growing hydrogen gas applications across chemical sector, oil & gas sector and refinery are predicted to fuel industry expansion. Use of hydrogen gas in refineries is more than 12.1 billion standard cubic feet per day and this is predicted to stimulate industry expansion during forecast timeline.Enormous availability of low priced natural gas feedstock along with highly pure hydrogen is predicted to be major factor fuelling industry growth. Further, growing use of hydrogen across food & beverages to eliminate harmful bacteria and viruses can contribute towards global hydrogen generator industry growth.
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 fuelling hydrogen generator industry trends during forecast timeframe.
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.
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.
Onsite generator segment is predicted to register a CAGR of more than 5.1%. Rising demand for hydrogen gas in refineries, oil, gas and other industries due to its low emission property is predicted to enhance the demand of the product.
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.
Steam reformer electrolysis segment contributed more than $631 million for 2015. The method produces hydrogen from hydrocarbon fuels like natural gas that comprises methanol and methane. Increasing hydrogen demand in chemical production and processing is predicted to fuel process demand.
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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