Market size of hydrogen generators worth approximately USD 288.41

Tokyo, Nov. 20, 2022 (GLOBE NEWSWIRE) — According to Precedence Research, the size of the hydrogen generator market it will reach $146.63 billion in 2022. A hydrogen generator is a device that creates hydrogen from water and fossil fuels using a number of techniques, including electrolysis and steam reforming. Produces high quality hydrogen gas from water using a proton exchange membrane. Early on, NASA used this technique to power spacecraft. Currently, hydrogen generators are used in a wide range of processes, such as chemical synthesis, fuel cellsoil refining and recovery.

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The hydrogen generator market is driven by growing energy consumption, increased awareness of the use of renewable fuel sources and the rapid depletion of fossil resources. Furthermore, the market for hydrogen generators is expected to be driven by stringent emission standards that encourage the use of clean fuels such as hydrogen instead of fossil fuels.

There is growing concern about carbon emissions and global warming. Governments around the world have put in place a variety of regulations and policies that require different businesses to reduce carbon emissions. During the electrolysis process, which produces hydrogen, water is split into hydrogen and oxygen using electricity. Renewable and non-renewable energy sources are used to produce energy. For example, governments around the world are installing electric public transit systems and building public infrastructure. The need for electrolysers is also expected to increase as electric cars become more popular. Thus, over the foreseeable period, these factors are expected to provide lucrative opportunities for industry growth.

Hydrogenics Corporation was acquired by Air Liquide, a French industrial gases producer, for $20.5 million in January 2019. With this purchase, the Air Liquide business is able to reaffirm its long-term commitment to the markets of hydrogen energy and its goal to dominate the supply of carbon-free hydrogen, especially for the industrial and transport sectors. Headquartered in Canada, Hydrogenics Corporation develops and manufactures fuel cells and hydrogen generation systems using water electrolysis and proton exchange membrane technology.

Regional snapshots

Due to the growing demand for hydrogen for fuel cell electric vehicles, North America dominated the global hydrogen generator (FCEV) market in 2019. Additionally, the growth of ancillary infrastructure such as hydrogen fueling stations is expected to fuel the regional hydrogen generator market. The cost of renewable energy sources, in particular solar photovoltaic And wind turbines, is declining, which has led to increased interest in electrolytic hydrogen worldwide. Throughout the forecast period, this is expected to boost the North American market for hydrogen generators.

Report highlights

  • In 2021, Asia-Pacific region accounted for 41.50% market share in 2021.
  • In terms of revenue, the Asia Pacific hydrogen market is expected to develop at the highest CAGR of about 7.2%.
  • According to the market trends for hydrogen generators, the on-site category held the largest market share in 2021 by product type.
  • In terms of capacity, the sector above 1 KW held the largest share in 2021 and is expected to expand steadily over the foreseeable period.
  • The converting category held the largest market share by application.
  • In 2021, the steam reforming process segment held the largest market share.
  • Onsite hydrogen generators are poised to grow at a CAGR of 5%.
  • By applications, the fuel cell segment is growing at a CAGR of 6%.

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Scope of the report

Report attributes Details
Market size in 2021 USD 134.74 billion
Revenue forecast by 2030 USD 288.41 billion
CAGR 8.82% from 2022 to 2030
Reference year 2021
Forecast year from 2022 to 2030
Key players Air Products and Chemicals Inc., Athena Technology, Chromservis sro, Cummins Inc., EPOCH Energy Technology Corp., Chromatec SDO JSC, Air Liquide SA, Linde Plc, LNI Swissgas SRL, Matheson TRI Gas Inc., F-DGSi, McPhy Energy SA, MVS Engineering Pvt. Ltd., Nel ASA, Nuberg Engineering Ltd., PCI Analytics Pvt. Ltd., PerkinElmer Inc., Parker Hannifin Corp., Scientific Repair Inc., Teledyne Technologies Inc.

Market dynamics

Drivers

During the projection period, there will be more need for hydrogen generators as clean hydrogen production receives more emphasis. The clean hydrogen production sector, which is still in its infancy, has plenty of room for expansion and growth. Due to the growing carbon footprint of the atmosphere, the production of clean hydrogen has recently increased significantly and will do so for years to come. While hydrogen is often available as atoms within various compounds, it is only found in small quantities as molecules in the Earth’s atmosphere (for example, water, biomass and methane). Some of the environmentally friendly and sustainable methods now being used to produce hydrogen without regard to the cost of carbon emissions include electrolysis, solar photovoltaics and offshore wind. These technologies are more expensive than methods of producing hydrogen from coal and natural gas, but are expected to become commercially available for green and clean hydrogen production by 2030.

While the related costs are mostly unknown, a technological breakthrough could turn the tide entirely clean hydrogen generation. Replacing fuel with blue and turquoise fuels produced using sustainable biomethane can help reduce greenhouse gas emissions from the environment. This fuel is also often employed in the transportation sector as a different source of renewable fuel. Therefore, in the coming years, the hydrogen generation market is expected to grow due to clean hydrogen production technology.

Restrictions

The high capital cost of storing hydrogen energy is a major threat to the market for hydrogen generators. Currently, hydrogen is most frequently used for small-scale mobile and stationary applications when stored as a gas or liquid in tanks. Hydrogen storage and transit both require compression and cooling systems. Hydrogen storage tanks must be able to adsorb and desorb hydrogen rapidly, on a non-reactive medium, at low temperatures and without the use of thermal energy.

On the other hand, when hydrogen molecules are required, the previously stored ammonia must be decomposed using thermal energy. As a result, hydrogen storage for custom-built tanks is expensive. Apart from this, the main technological obstacle to the advancement and wide use of fuel cell technology in stationary, transit and portable applications is hydrogen storage. This is therefore expected to further limit the growth of the market in the coming years.

Chance

Accessibility of low-cost natural gas feedstocks to increase demand for hydrogen generators. Throughout the forecast period, the availability of inexpensive natural gas feedstocks is expected to grow the hydrogen generator market globally. In an on-site hydrogen generation operation, natural gas represents a substantial operating expense. However, it costs less than other cheap raw materials such as coal, biomass and water. In addition, natural gas is the cheapest feedstock, even when hydrogen is generated in power plants and supplied through pipelines, gas trailers or liquid tankers. The raw material for the steam reforming process is natural gas. It’s the cheapest way to deliver hydrogen to people.

Challenges

The development of their individual communities is a priority for both established and developing nations. As a result, the market is expected to be dissatisfied with the lack of funds for extensive hydrogen production. People are relying more on liquid fuels when making lifestyle adjustments, which could severely hamper market growth by the end of the projection. Furthermore, energy sources are now more expensive than hydrogen energy storage. Consequently, liquid hydrogen should be kept separate from gaseous hydrogen as it transmits energy more slowly than hydrogen.

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Recent developments

  • To develop an 88 MW water electrolysis plant for Hydro-Quebec, the Canadian government signed an agreement with Thyssenkrupp Uhde Chlorine experts in January 2021. This new plant will have the capacity to produce 11,000 tons of green hydrogen per year.
  • Air Products and Chemicals began construction of a green hydrogen factory in Saudi Arabia on July 7, 2020. The project will be powered by 4 GW of solar and wind energy. When the plant is completed, it will create approximately 650 tons of green hydrogen daily.

Market segmentation

By product type

By process

  • Steam reforming
  • electrolysis
  • other

By application

  • Chemical processing
  • Fuel cells
  • Oil recovery
  • Refining
  • other

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa (MEA)

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