Hydrogen Generator Market - Europe to Top the Global market share with 38.59% by 2024
The
global hydrogen generator market has been envisaged by Transparency
Market Research (TMR) to accommodate an increased threat of new entrants
as a result of high product differentiation based on capacity and
process. However, the threat could be deemed low for existing companies
because of the high initial investment required. The trend that
currently follows in the field of competition on the part of technology
adoption is that an existing technology could only be substituted with a
new ‘competent’ technology. For instance, the catalytic autothermal
reforming technology presented by HyRadix, Inc. could take time to
penetrate the market until it influences the consumer’s mindset and
proves its competency.
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As
per the figures procured in a report by TMR, the world hydrogen
generator market has been envisioned to rake in a revenue of US$1.25 bn
by 2024 while rising from US$0.83 bn in 2016. A CAGR of 5.25% has been
estimated by the analysts for the years between 2015 and 2024. The
market for on-site generation could prove its total dominance over the
portable market with a US$0.91 bn valuation by the end of the forecast
period. By geography, North America has been foretold to closely battle
with Europe to top the global market share with 38.59% by 2024.
Cost-effective Feedstock and Higher Hydrogen Purity Increase Hydrogen Generator Adoption
The
nature of natural gas as the most cost-effective feedstock amongst
other economical feedstock options such as coal, biomass, and even water
has been forecasted to support the growth of the global hydrogen
generator market. The steam reforming technology used in hydrogen
production which employs natural gas is considered to be one of the most
economical methods of delivering hydrogen to end users.
With
a 99.9% hydrogen purity, which is considerably higher compared to that
produced by hydrogen plants, hydrogen generators could be demanded at a
telling level. The switch over to on-site hydrogen generation, owing to
the need for higher-quality products and requirement of elevated
productivity, has been anticipated to offer a strong boost to the global
hydrogen generator market.
On-site
hydrogen generators have a minimal requirement of storage and
transportation to consumption sites. Plus, they are capable of providing
a controlled and constant supply of hydrogen and have proved to be
highly economical than large-scale hydrogen generation plants.
Rising Environmental Footprints Interfere with Global Growth
Even
after the use of natural gas as the best fuel engaged for the steam
reforming process of hydrogen production, carbon dioxide and other
emissions are still a problem. Thus, environmental footprints are
increasing gradually due to the hydrogen generation process. Moreover,
steam reforming cannot be considered as a long-term solution for meeting
hydrogen demands, according to the U.S. Department of Energy, because
of greenhouse gas (GHG) emissions.
Howbeit,
suppliers could be exposed to multiple opportunities in the
under-developed markets for on-site hydrogen generator to extend their
share by offering cost-effective and competitive technology to end
users. Besides this, the rising demand for third-party independent,
efficient, hazard-free, and cost-effective operations has been foreseen
to emerge as a tremendous profit for hydrogen generator manufacturers.
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Linde
AG, Air Liquide, Praxair Technology, Inc., Air Products and Chemicals,
Inc., and Hydrogenics Corporation are some of the key players profiled
in the report.
The
study presented here is based on a report by TMR, titled “Hydrogen
Generator Market (Product - On-Site Generation and Portable; Process -
Steam Reformer and Electrolysis; Application - Chemical Processing, Fuel
Cells, Petroleum Recovery, and Refining; Capacity – 1-100 W, 100-300 W,
300-700W, 700W-1 KW, 1-3KW, and 3KW and above) - Global Industry
Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024.”
The global hydrogen generator market has been segmented as presented below:
Global Hydrogen Generator Market: By Product
-On-Site Generation
-Portable
Global Hydrogen Generator Market: By Process
-Steam Reformer
-Electrolysis
Global Hydrogen Generator Market: By Application
-Chemical Processing
-Fuel Cells
-Petroleum Recovery
-Refining
Global Hydrogen Generator Market: By Capacity
-1-100 W
-100-300 W
-300-700W
-700W-1 KW
-1-3KW
-3KW and above
Global Hydrogen Generator Market: By Region
-North America
-U.S.
-Canada
-Europe
-Germany
-France
-U.K.
-Rest of Europe
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