Hydrogen Generator Market Size To Worth Around USD 288.41 Bn...| MENAFN.COM

Saturday, 26 November 2022 07:10 GMT

Hydrogen Generator Market Size To Worth Around USD 288.41 Bn By 2030


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Tokyo, Nov. 20, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global hydrogen generator market size will reach at USD 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. It produces high-grade hydrogen gas from water by using a proton exchange membrane. In the beginning, NASA employed this technique to power spacecraft. Currently, hydrogen generators are used in a wide range of processes, such as chemical synthesis, fuel cells , refinement, and petroleum recovery.

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The hydrogen generators market is being driven by growing energy use, increased awareness of the usage of renewable fuel sources, and the quick depletion of fossil resources. Furthermore, it is anticipated that the market for hydrogen generators would be driven by strict emission rules that encourage the use of clean fuels like hydrogen instead of fossil fuels.

There is rising concern about carbon emissions and global warming. Governments from all over the world have put in place a variety of regulations and policies that demand a decrease in carbon emissions from different enterprises. During the electrolysis process, which yields hydrogen, water is split into hydrogen and oxygen using electricity. Energy sources, either renewable or not, are used to produce power. For instance, governments all across the world are setting up electric public transit systems and building public infrastructure. A rise in the need for electrolyzers is also anticipated as the popularity of electric cars increases. Therefore, throughout the foreseeable period, these factors are anticipated to offer profitable chances for industry growth.

Hydrogenics Corporation was purchased by Air Liquide, a French manufacturer of industrial gases, for $20.5 million in January 2019. With this purchase, the Air Liquide business is able to reaffirm its long-term commitment to the hydrogen energy markets and its goal to dominate the supply of carbon-free hydrogen, notably for the industrial and transportation sectors. Based in Canada, Hydrogenics Corporation develops and produces fuel cell and hydrogen generating systems using water electrolysis and proton exchange membrane technology.

Regional Snapshots

Due to the increasing demand for hydrogen for Fuel Cell Electric Vehicles, North America dominated the global market for hydrogen generators in 2019. (FCEVs). Additionally, the growth of auxiliary infrastructure like hydrogen refueling stations is anticipated to propel the regional hydrogen generator market. The cost of renewable energy sources, particularly solar pv and wind turbines , has been declining, which has led to a rise in interest in electrolytic hydrogen throughout the world. Throughout the anticipated period, this is anticipated to boost the North American hydrogen generator market.

Report highlights

  • In 2021, the Asia Pacific region has accounted 41.50% market share in 2021.
  • In terms of revenue, the Asia Pacific hydrogen market is anticipated to develop at the highest CAGR, or roughly 7.2%.
  • According to market trends for hydrogen generators, the onsite category held the biggest market share in 2021 by product type.
  • In terms of capacity, the more than 1 KW sector held the highest share in 2021 and is anticipated to expand steadily during the foreseeable period.
  • The processing category had the biggest market share by application.
  • In 2021, the steam reforming process segment held the greatest market share.
  • The onsite hydrogen generators is poised to grow at a 5% CAGR.
  • By applications, the fuel cells 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
Base Year 2021
Forecast Year 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 manufacturing sector, which is still in its infancy, has a lot of room for expansion and growth. Due to the atmosphere's expanding carbon footprint, the production of clean hydrogen has lately expanded significantly and will do so in the years to come. While hydrogen is frequently available as atoms inside various compounds, it is only found in small amounts as molecules in the Earth's atmosphere (e.g., water, biomasses, and methane). Some of the green and sustainable methods now employed for hydrogen production without factoring in the cost of carbon emissions include electrolysis, solar PV, and offshore wind . These technologies are more expensive than the methods of producing hydrogen from coal and natural gas, but they are anticipated to become commercially available for the production of green and clean hydrogen by the year 2030.

Although the relative costs are mostly unknown, a technological breakthrough might completely upend clean hydrogen generation. Fuel substitution for blue and turquoise fuels that are produced using sustainable bio methane may help to reduce greenhouse gas emissions from the environment. This fuel is also often employed in the transportation industry as a different renewable fuel source. So, in the approaching years, the market for hydrogen generation is projected to rise due to the clean hydrogen production technology.

Restraints

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

On the other side, when hydrogen molecules are required, the ammonia that was previously stored must be broken down using heat energy. As a result, the hydrogen storage for the bespoke tanks comes at a high cost. Aside from this, the main technological obstacle to the advancement and broad use of fuel cell technology in fixed, transit, and portable applications is hydrogen storage. This is thus anticipated to further limit market growth throughout the ensuing years.

Opportunities

Accessibility of cheap natural gas feedstock to drive up demand for hydrogen generators. Throughout the forecast period, the availability of inexpensive natural gas feedstock is projected to grow the market for hydrogen generators globally. In an on-site hydrogen generating operation, natural gas represents a substantial operating expense. It costs less than other low-cost feedstocks like coal, biomass, and water nevertheless. Furthermore, natural gas is the most economical feedstock, even when hydrogen is generated in power plants and supplied through pipelines, gas trailers, or liquid tankers. The feedstock for the steam reforming process is natural gas. It is the most affordable way to provide people with hydrogen.

Challenges

The development of their individual communities is a priority for both established and developing nations. As a result, it is anticipated that the market would be dissatisfied with the lack of funding for extensive hydrogen generation. People are more reliant on liquid fuels when implementing lifestyle adjustments, which by the end of the projection might severely impede market growth. In addition, energy sources are now more expensive than hydrogen energy storage. As a result, liquid hydrogen should be kept apart from gaseous hydrogen since it transmits energy more slowly than hydrogen.

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Recent developments

  • To develop an 88 MW water electrolysis facility for hydro-Quebec, the Canadian government signed a deal with Thyssenkrupp Uhde Chlorine experts in January 2021. This new plant will have the capacity to produce 11,000 metric tons of green hydrogen annually.
  • Air Products and Chemicals began building a green hydrogen factory in Saudi Arabia on July 7, 2020. The project will be fuelled by 4 GW of solar and wind energy. When the facility is finished, it will daily create around 650 tons of green hydrogen.

Market Segmentation

By Product Type

  • Onsite type
  • Portable type

By Process

  • Steam reforming
  • electrolysis
  • others 

By Application

  • Chemical processing
  • Fuel Cells
  • Petroleum recovery
  • Refining
  • others

By Geography

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

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About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

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