Transparency Market Research has published a new report "Hydrogen Generator Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024" to its report store.
Albany, NY -- (SBWIRE) -- 09/08/2016 -- Until a few years ago, hydrogen was popular as a fuel used in automobiles. However, presently, it is moving from niche to mainstream – powering not just the automotive industry, but also the commercial, residential, military, and other industrial sectors. The latest figures indicate that nearly 12-13 million tons of hydrogen are produced in the U.S. every year, which is enough to power 5-8 million homes or 20-30 million cars. Globally, this figure reaches nearly 60 million tons every year. The global hydrogen generation market is anticipated to receive a great boost from this burgeoning demand for hydrogen.
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Hydrogen generators facilitate production of reliable and low-cost hydrogen and increase safety and security by eliminating cylinder handling, routine hydrogen delivery, and hydrogen storage. As per a report by Transparency Market Research (TMR), the global hydrogen generation market was valued at US$792.44 mn in 2015 and is estimated to reach US$1,255.76 mn by 2024, expanding at a CAGR of 5.25% between 2016 and 2024. TMR analysts state that the growing demand for high quality and cleaner fuel sources, rising concerns regarding excess depletion of fossil fuels, and stringent regulations to cut down carbon emissions are likely to augur well for the demand for hydrogen generators.
What are the trends affecting the demand for steam reformer process type hydrogen generators?
Based on process type, steam reformer accounted for the largest share, with 89.24% in the portable hydrogen generators market and 89.53% in the on-site market in 2015. The process employs natural gas, oil, or coal as a feedstock and is considered to be the most cost-effective method for hydrogen production. On the flip side, the global warming potential of this process is 13.7 kg of CO2 per kg of H2 produced. The U.S. Department of Energy (DOE) has pegged steam reformer process type as a short-term solution in meeting the demands for hydrogen. The DOE is emphasizing more on electrolysis process type to produce hydrogen gas. This trend is likely to challenge the demand for steam reformer process type hydrogen generators.
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However, producing hydrogen using electrolysis from renewable energy is a costly affair. To address these problems, several regulatory firms have compelled vendors to opt for the carbon storage and utilization (CCU) technique in the steam reforming process, which enables the use of carbon as feedstock in other industrial processes.
What are the trends affecting the demand for on-site hydrogen generators?
In 2015, the on-site hydrogen generator was the leading segment with a share of 72.86% of the overall market. Due to their cost effectiveness, end-users prefer purchasing on-site hydrogen generator over portable ones or purchasing hydrogen cylinders. Moreover, the demand for higher quality hydrogen generators is expected to give a boost to the demand for these generators as well.
Which factor characterizes the competitive landscape of the global hydrogen generation market?
The key companies in the hydrogen generator market include Air Products and Chemicals, Inc., Air Liquide S.A., Hy9 Corporation, Epoch Energy Technology Corporation, Idroenergy S.R.L., Hydrogenics Corporation, McPhy Energy S.A., Linde AG, Proton OnSite, Inc., and Praxair Technology Inc. They are coming up with innovate and technologically advanced products that have larger applications and can potentially reduce the production cost of hydrogen.
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