The Hydrogen Generators Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hydrogen Generators Global Market Report 2024, The hydrogen generators market size has grown steadily in recent years. It will grow from $1.18 billion in 2023 to $1.22 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to industrial hydrogen demand, energy sector applications, government initiatives and subsidies, research and development, hydrogen as a green energy carrier.
The hydrogen generators market size is expected to see steady growth in the next few years. It will grow to $1.43 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to rise in green hydrogen projects, electrification of industries, government policies and carbon reduction targets, expansion of hydrogen fuel cell vehicles, global collaboration on hydrogen economy, integration with renewable energy sources. Major trends in the forecast period include technological innovations in electrolysis, advancements in electrolysis technologies, advancements in electrolysis technologies, integration of artificial intelligence (AI), hydrogen as an energy storage medium.
Government regulations over greenhouse gas emissions are expected to propel the growth of the hydrogen generators market going forward. Global greenhouse gas emissions are increasing, mainly due to fossil fuel consumption and industrialization. Hydrogen generators are being developed by major companies because they produce hydrogen by electrolysis, which produces zero greenhouse gas emissions. For instance, in December 2021, the environmental Protection Agency (EPA), a US-based government agency, has finalized updated national greenhouse gas (GHG) emissions requirements for passenger vehicles and light trucks for model years 2023-2026. The final guidelines would result in significant reductions in GHG emissions in addition to other criterion pollutants. The rule would provide significant public health and welfare advantages while saving customers money on gasoline prices. Hence, Government and environmental organizations are strengthening regulations to control greenhouse gas emissions which drives the hydrogen generators market.
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The hydrogen generators market covered in this report is segmented –
1) By Product Type: Onsite, Portable
2) By Process: Steam Reforming, Electrolysis, Other Processes
3) By Capacity: Less Than 300 W, 300W - 1 KW, More Than 1 KW
4) By Application: Chemical Processing, Fuel Cells, Petroleum Recovery, Refining, Other Applications
Major companies operating in the hydrogen generator market are focused on partnerships to increase their profitability in the market. Partnerships refer to collaborative agreements or alliances formed between different entities, such as companies, organizations, or research institutions, to collectively develop, promote, or enhance hydrogen generator technologies. For instance, in September 2023, CMB.TECH, a UK-based hydrogen solution provider, collaborated with Volvo Penta, a Sweden-based marine and industrial engine manufacturer, to launch a 250 kVA hydrogen dual-fuel generator. This hybrid generator employs hydrogen dual-fuel technology, offering flexibility to run on either full diesel or in a dual-fuel setup. In the latter, hydrogen can substitute for up to 80% of diesel consumption, leading to a noteworthy reduction in CO2 emissions. The power source is intended for harbor activities and decentralized electricity production, serving as a practical and viable transitional measure on the path to entirely emission-free energy generation.
The hydrogen generators market report table of contents includes:
- Executive Summary
- Hydrogen Generators Market Characteristics
- Hydrogen Generators Market Trends And Strategies
- Hydrogen Generators Market - Macro Economic Scenario
- Global Hydrogen Generators Market Size and Growth
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- Global Hydrogen Generators Market Competitive Benchmarking
- Global Hydrogen Generators Market Competitive Dashboard
- Key Mergers And Acquisitions In Hydrogen Generators Market
- Hydrogen Generators Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Toyota Motor Corporation
- Daimler AG
- General Motors Company
- BMW AG
- Honda Motor Company Ltd.
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