Hydrogen is used for numerous applications such as chemical processing, metal production, petroleum recovery, and refining to fuel cells. However, ammonia production and petroleum recovery remain key markets for hydrogen. This is creating a high demand for hydrogen generator.
The global transportation industry is thriving and this is anticipated to fuel the growth of the hydrogen generators market, since transportation is one of the key markets for hydrogen. According to a report published by Transparency Market Research (TMR), the global hydrogen generator market is anticipated to rise from US$792.44 mn in 2015 to US$1,255.76 mn by 2024, expanding at a CAGR of 5.25% between 2016 and 2024.
What are the factors driving the growth of the global hydrogen generator market?
Hydrogen demand is increasing across the globe as the need for clean fuel is increasing on account of strict emission regulations. Hydrogen is being increasingly accepted as a clean fuel as compared to fossil fuels. The growing use of hydrogen in chemical sector, refineries, and oil and gas sectors will further fuel the growth of the market. Hydrogen is also used in the food and beverage industry to get rid of bacteria and viruses, which will push the growth of the market.
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Growing fuel cell demand for residential, automotive, and commercial sectors on account of environmental friendly features will ensure a growth of the global hydrogen generator market. The high sale of electric vehicles will also create a high demand for hydrogen and thus drive the hydrogen generator market. The need to reduce dependence on fossil fuel will also help drive the growth of the global hydrogen generator market.
What are the challenges faced by the global hydrogen generator market?
The lack of storage facility will pose a challenge for the growth of the market. There lies increased risk of transportation of hydrogen and this will also pose a challenge for the hydrogen generator market. In addition to this, the high price of hydrogen as compared to fossil fuels will restrict the growth of the market. Distribution is another challenge that will hamper the growth of the market. On a positive side, the high operational reliability of hydrogen generators will create growth opportunities in the market. The investments in transportation, distribution, storage, and production methods will also drive the growth prospects of the market.
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What are the growth opportunities in the market?
The category and flow rate segments will drive the growth of the market. The growing applications of fuel cells are estimated to drive the demand for on-site hydrogen generators. The growing preference for small sized hydrogen generators has become a trend in the industry. On account of the low installation and operation costs, hydrogen generators will be considered increasingly. Low energy consumption is a factor which is increasing the preference for electrolysis process based hydrogen generators for large scale production as opposed to steam reformers process based hydrogen generators.