Newark, NJ, May 24, 2022 (GLOBE NEWSWIRE) -- As per the report published by MarketQuest.biz, the global hydrogen gas generator market is expected to grow from USD 63 million in 2021 to USD 156 million by 2030, at a CAGR of 10.6% during the forecast period 2022-2030.
The over-exploitation of natural resources has led to severe environmental degradation. The burning of fossil fuels is the cause of all kinds of pollution – water, soil, & air. Exhaust from vehicles is a significant contributor to the number of carbon emissions produced globally. The increasing awareness about developing sustainable fuel and energy solutions will drive the global hydrogen gas generator market. Hydrogen gas can be used in fuel cells for the automobile industry. Furthermore, the chemicals industry also utilizes hydrogen gas to produce various fundamental gases and chemicals. The rising demand for chemicals by the agricultural, pharmaceutical and industrial sectors will also contribute to the growth of the hydrogen gas generator market. Technological advancements aimed at improving efficiency, effectiveness, and production downtime will provide lucrative market opportunities in the future. However, hydrogen energy storage involves complex components that are highly sophisticated and expensive in nature. The high cost of mechanical parts and storage of hydrogen energy will restrict the market's growth. Similarly, the dominance of fossil fuels as the primary choice for energy needs will challenge the hydrogen gas generator market in the coming few years. The shifting government stance to reduce fossil fuel-dependent vehicles by replacing them with electric and hybrid electric vehicles will help overcome the previously mentioned challenges.
Competitive Strategy
To enhance their market position in the global hydrogen gas generator market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- Cummins and Air Liquide signed a joint venture agreement in January 2021 to promote green hydrogen. Cummins has donated a 20-megawatt PEM electrolyzer system for green hydrogen generation, making it the world's largest operation. The electrolyzer, located in Air Liquide's hydrogen production facility in Bécancour, Quebec, can create approximately 3,000 tons of hydrogen per year using pure hydropower.
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Market Growth & Trends
Increased concern about climate change caused by overexploitation of fossil fuels and their non-renewable nature has resulted in government laws and policies directed towards scaling up alternative renewable energy sources like green hydrogen, driving the market for hydrogen gas generators. The increased awareness about the benefits of hydrogen for the automotive, transportation, power, and chemicals industry will also significantly contribute to the development of the global hydrogen gas generator market. The need to reduce carbon emissions with sustainable energy solutions will contribute to the rising popularity of green hydrogen as hydrogen significantly reduces the polluting characteristics of petrol and diesel. The burning of fossil fuels for energy production is the primary and most significant contributor to greenhouse gas emissions responsible for climate change. With major economies pledging to achieve net-zero emissions by 2050-70, alternative renewable and clean energy sources will positively gain from this development and growth over the forecast period. Therefore, hydrogen energy will witness rising adoption in the future, contributing to the global hydrogen gas generator market development.
Key Findings
- In 2021, the traditional alkaline electrolyzer segment dominated the market with the largest market share of 67% and market revenue of 42.21 million.
The type segment is divided into traditional alkaline electrolyzer and PEM electrolyzer. In 2021, the traditional alkaline electrolyzer segment dominated the market with the largest market share of 67% and market revenue of 42.21 million.
- In 2021, the power plants segment accounted for the largest share of the market, with 34% and a market revenue of 21.42 million.
The application segment is divided into industrial, power plants, semiconductors, petroleum, pharmaceutical, laboratory, & others. In 2021, the power plants segment accounted for the largest share of the market, with 34% and a market revenue of 21.42 million.
Regional Segment Analysis of the Hydrogen Gas Generator Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global hydrogen gas generator market, with a market share of around 36% and 22.68 million of the market revenue in 2021. The Asia Pacific is expected to be the largest market during the forecast period. The hydrogen gas generator market in the Asia Pacific has been expanding rapidly. China dominates hydrogen gas generators in the Asia Pacific. With the growing international pressure on the developing countries of the Asia-Pacific like China and India about climate change and net emissions, there has been an increase in government subsidies to increase production capacity and encourage innovations in the hydrogen energy industry.
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Key players operating in the global hydrogen gas generator market are:
- Parker
- Air Products
- Proton OnSite
- LNI Swissgas
- Claimed
- Sertronic
- Hydrogenics
- Teledyne Energy Systems
- F-DGS
- Peak Scientific
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Market Quest has segmented the global hydrogen gas generator market based on the below-mentioned segments:
Global Hydrogen Gas Generator Market by Type:
- Traditional Alkaline Electrolyzer
- PEM Electrolyzer
Global Hydrogen Gas Generator Market by Application:
- Industrial
- Power Plants
- Semiconductor
- Petroleum
- Pharmaceutical
- Laboratory
- Others
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About the report:
The global hydrogen gas generator market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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