Hydrogen Generator Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021 - 2031
The hydrogen generator market is projected to reach the valuation of US$ 2.2 Bn and grow at a CAGR of 5.8% in the forthcoming years from 2021 to 2031. It is likely to expand at a noticeable speed in the years to come owing to rising awareness among people related to zero-emission and eco-friendly vehicles. This increasing vehicle demand is estimated to lead to novel innovations in hydrogen vehicles. These newly designed vehicles have been powered by electricity that is produced from mixing oxygen and hydrogen (fuel cell). Thus, the growing demand for these fuel cells across the automobile industry is estimated to create revenue generation opportunities in the hydrogen generator market in the years to come.
Further, chemical processing has been serving as one of the prominent end-use applications and hydrogen is used at an increased rate to produce numerous chemical products. In addition to this, the rising demand for different fertilizers around the world is also serving as a vital factor to bring growth avenues to the market.
In recent years, there has been a noteworthy increase in the population around the world. Furthermore, the rising requirement for numerous chemical raw materials across various industries is likely to provide expansion opportunities in the hydrogen generator market.
Hydrogen has been used in refineries in order to lower the content of Sulphur in diesel fuels along with producing some by-products with the use of hydrogen as a catalyst. The partial oxidation procedure is a process that is used to produce hydrogen with the use of refining heavy oil. This product is helpful to reduce the level of pollution. In addition to this, increasing awareness among people related to greenhouse gases is predicted to fuel growth impetuses in the market. The rising requirement for fossil fuels and energy has also been projected to bolster sales opportunities in the hydrogen generator market. Rapid development in different technologies along with the electrical efficiency of the hydrogen generators has also been estimated to contribute to growth impetuses in the market.
On the flip side, hydrogen energy storage is a comparatively expensive than fossil fuels owing to its higher density as the energy transporter. This process for storage involves some complex mechanical plant that further increases the overall price of hydrogen storage. These factors are expected to restrict growth opportunities in the market in the following years.
The hydrogen generator market is basically fragmented in nature which further makes it competitive. Further, the presence of a lot of organizations around the world has also been expected to stimulate fierce competition among industry players across the globe. It leads to the adoption of different organic as well as inorganic strategies for the stimulation of leading positions across the industry. Joint ventures, agreements, acquisitions, mergers, collaborations, and partnerships are some key strategies that have been adopted by players. Along with this, various enterprises are investing at an increased rate in R & D projects. So, based on these novel initiatives the players are estimated to increase the development of novel products in the years to come.
The key players serving in the hydrogen generator market include:
The hydrogen generator market is classified primarily into North America, Asia Pacific, Europe, and LAMEA based on geographical locations. Among these regional locations, North America is likely to account for the maximum share in the market owing to the presence of numerous industry players in the region.
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