Allied Market Research recently published a report, titled, “Hydrogen Generator Market by Product Type, Process, Capacity, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030.” As per the report, the global hydrogen generator industry generated $1.2 billion in 2020, and is projected to garner $2.2 billion by 2030, growing at a CAGR of 5.8% from 2021 to 2030.
Government regulations over the greenhouse gas emissions and desulfurization, energy storage, and hydrogen cell powered electric vehicles have boosted the growth of the global hydrogen generator market. However, high capital cost of hydrogen energy storage hinders the market growth. On the contrary, development of various eco-friendly hydrogen production technologies would open new opportunities for the market players in the future.
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Rise in awareness regarding the prospects of hydrogen generators is expected to open up opportunities for the market. Moreover, engendering awareness throughout the globe toward the use of eco-friendly products is expected to boost the sales of hydrogen generator market throughout the forecast period. Governments across the globe are promoting sustainable ways, which can reduce greenhouse emissions that are primarily due to consumption of fossil fuels and industrialization. Greenhouse gases such as carbon dioxide, methane, and nitrous dioxide are mostly responsible for increase in the global temperature by around 1 degree Celsius since the last century. Sulphur reduces efficiency of some catalysts, which increases carbon dioxide emissions from more advanced technologies. It also prevents advancements in emission control technologies in several domains such as fuel-efficient gasoline engine designs and hybrid diesel engines.
The global hydrogen generator market is segmented on the basis of product type, process, capacity, application, and region.
By product type, the onsite segment dominated the market in 2020, accounting for nearly three-fourths of the global hydrogen generator market, as it is used in several industrial and commercial sectors such as energy, automobile, medical, pharmaceutical, and food & beverage packing. However, the portable segment is projected to register the highest CAGR of 6.5% during the forecast period, owing to rise in awareness among people regarding the greenhouse gases and surge in demand for energy and fossil fuels.
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By capacity, the less than 300 W segment is expected to showcase the highest CAGR of 6.7% during the forecast period, as they are ideal alternative for standard portable generators. However, the more than 1 kW segment held the lion’s share in 2020, contributing to nearly half of the global hydrogen generator market, owing to rise in demand for sustainable energy solutions and shift toward renewable energy solutions.
By region, the global hydrogen generator market across North America held the largest share in 2020, accounting for nearly one-third of the market. However, the market across Asia-Pacific is expected to manifest the highest CAGR of 7.2% during the forecast period, owing to rise in concern from government across emerging nations regarding zero emission norms.
The major companies profiled in this report include Air Liquide Air Products and Chemical Inc., Praxiar technology Inc., Linde AG., Proton On-site Inc., Hy9 Corporation, Hydrogenics Corporation, Epoch Energy Technology Corporation, MVS Engineering Pvt. Ltd., McPhy Energy SA, and Nel Hydrogen.
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Impact Of Covid-19 On The Global Hydrogen Generator Market
- Emergence of COVID-19 situation has mixed effects toward growth of the global hydrogen generator market for a short period.
- The pandemic also brought a negative impact on the automotive industry, which led to decline in demand for passenger vehicles. The dramatic economic fall due to the pandemic situation led to postponing of consumers from adopting large scale hydrogen fuel vehicles, owing to the cost compared to fossil fuel vehicles.
- Shutdown of various industry production facilities led to decline in demand for electricity. The primary requirement for production of hydrogen is to generate energy. This is one of the reasons for decline of hydrogen production.
- Demand for continuous energy in hospitals during the pandemic has driven demand for hydrogen fuel cells. These fuel cells provide energy for operating rooms, vital machines, and other hospital equipment. Effectiveness of these hydrogen fuel cells has increased demand for the global market.
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