Growth projected in hydrogen generator market
Transparency Market Research has released a new market report, ‘Hydrogen Generator Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2016 – 2024’. According to this report, the global hydrogen generator market revenue stood at US$792.44 million in 2015 and is expected to reach US$1255.76 million by 2024 at a CAGR of 5.25% from 2016 to 2024. A hydrogen generator is a unit installed in order to produce hydrogen.
New marketing numbers in Jan. 2017 show the market to reach $ 250 Billion by 2024.
Technology pertaining to hydrogen generators varies with the choice of feedstock. An onsite hydrogen generator is a hydrogen generation unit installed directly at an end user’s 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. 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 the 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 minimise 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 utilised as a source of heat and electricity in buildings and the commercial sector. 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 onsite 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 - 700 W, 700 W - 1 KW, 1 - 3 KW, and 3 KW and above.
Onsite 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 onsite and portable hydrogen generators, respectively, in 2015. By application, chemical processing held the largest market share (57.81%) in 2015. By capacity, 3 KW 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 minimise carbon emissions. A 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 against fossil fuels, may restrain growth of the hydrogen generator market However, investments in transportation methods, storage methods, and distribution and production methods are likely to augment the global hydrogen generator market.
A 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 hydrogen generators, along with high operational reliability, is expected to drive the global hydrogen generator market growth in the future. Steam reformers and electrolysis have proved to be favourable for users to conveniently buy and operate a hydrogen generation system, (onsite 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.
Adapted from press release by Rosalie Starling Published on 09/06/2016 by
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