Albany, NY -- (SBWIRE) -- 09/18/2017 -- Transparency Market Research has released a new market report titled Hydrogen Generator Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2016 - 2024. According to this report, the global hydrogen generator market revenue for stood at US$ 792.44 Mn in 2015 and is expected to reach US$ 1,255.76 Mn by 2024 at a CAGR of 5.25% from 2016 to 2024.
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Hydrogen generator is a unit installed in order to produce hydrogen. Technology pertaining to hydrogen generator varies with the choice of feedstock. An on-site hydrogen generator is a hydrogen generation unit installed directly at an end-user site with varying flow rate capacity, depending upon the application and user requirements. A portable hydrogen generator is a hydrogen-powered device that provides temporary electric power. Many construction sites use portable hydrogen generators to power tools and lights at a remote site. Hydrogen generators provide reliable and low-cost hydrogen and increase security and safety by eliminating cylinder handling, hydrogen storage, and routine hydrogen delivery.
The use of hydrogen in applications such as chemical processing, fuel cells, petroleum recovery, refining, and others is expected to increase significantly throughout the forecast period as even more stringent environmental legislation is enforced. Both chemical processing and refining industries are the largest consumers of hydrogen Oil and gas refineries demand more hydrogen in order to lower the sulfur content of diesel in line with stringent government regulations to minimize sulfur content. Chemical processing uses hydrogen to process ammonia, methanol, and other chemicals in a petrochemical complex. Fuel cells are emerging technologies, which are currently utilized as a source of heat and electricity in buildings and the commercial sector.
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Hydrogen is used in F&B to remove harmful bacteria and viruses. Hydrogen would be required by specialty chemical manufacturers and refiners to meet the overall need for cleaner products.
The hydrogen generator market has been segmented in terms of product type, process type, application, capacity, and geography. By product type, the hydrogen generator market has been segmented into on-site generation and portable. By process type, the market has been segmented into steam reformer, electrolysis, and others. By application, the market has been segmented into chemical processing, fuel cells, petroleum recovery, refining, and others. By capacity the market has been segmented into 1-100 W, 100-300 W, 300-700W, 700W-1 KW, 1-3KW, and 3KW and above. On site generation product type held the largest share (72.86%) in 2015. By process type, steam reformer held the largest share i.e. (89.53% and 89.24%) for on-site and portable hydrogen generators respectively in 2015. By application, chemical processing held the largest market share (57.81%) in 2015. By capacity, 3KW and above held the largest market share (38.69%) in 2015
Growth in the hydrogen generator market is driven by the need for adoption of cleaner fuel sources, high electricity demand, excess depletion of fossil fuels and stringent regulatory norms to minimize carbon emissions. Rapid rise in the industrial application of hydrogen gas is expected to boost the demand for hydrogen generators globally. However, distribution and transportation challenges associated with hydrogen coupled with the high cost of hydrogen as against fossil fuels may restrain growth of the hydrogen generator market.
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However, investments in transportation methods, storage methods, and distribution and production methods are likely to augment the global hydrogen generator market. Rapid rise in adoption of green fuel solutions in the residential, commercial, military, industrial, and other sectors, would boost the global hydrogen generator market. Furthermore, convenient and versatile use of a hydrogen generators along with high operational reliability is expected to drive the global hydrogen generator market growth in the future.
Steam reformer and electrolysis have proved to be favorable for users to conveniently buy and operate a hydrogen generation system, (on-site or portable), and achieve the desired parameters for hydrogen production. Due to low energy consumption and low installation and operation costs, electrolysis process based hydrogen generators are considered as a preferable option for large-scale hydrogen production over steam reformers process based hydrogen generators. Key players in the hydrogen generator market include Air Liquide S.A., Air Products and Chemicals, Inc., Epoch Energy Technology Corporation, Hy9 Corporation, Hydrogenics Corporation, Idroenergy S.R.L., Linde AG, McPhy Energy S.A., Proton OnSite, Inc., and Praxair Technology, Inc.