Hydrogen Generator Market: Current Analysis and Forecast (2021-2027)

Report Description

The global hydrogen generator was stood around $1.5 billion in 2020 and is expected to showcase the CAGR of above 5% during the forecast period (2021-2027). Contemplating the efficiency, cost, and environmental concerns natural gas is considered as one of the suitable fuels for hydrogen production through steam reforming. Moreover, carbons emitted are lower as compared to other sources such as coal or biomass. However, carbon dioxide released to the environment in the process is still very high thereby leading to an increase in overall carbon emissions. Companies in the hydrogen generator market are largely focusing on reducing the cost to produce hydrogen gas commercially which eventually be used in automotive industry and industrial sector. Further, hydrogen generator market is projected to offer an array of opportunities to companies currently operating in market. One of the leading factors driving the innovations in hydrogen generation market is the rising support provided by government authorities and research and development being conducted by research institutions. For instance, according to International Energy Agency, in 2019, minimum and maximum price of low-carbon electricity are 3.2 and 7.7 USD per Kg respectively and are projected to decreased to USD 1.3 per Kg being minimum price and 3.3$ USD per Kg being maximum by the year 2060.

During the Covid-19 pandemic in the early 2020, countries across the globe had taken measures like lockdown and border closure which has affected the production of industries like oil & gas, petrochemical, and chemical among others. Owing to which, the demand of hydrogen gas decreased thus affecting the hydrogen generator market.

Insights Presented in the Report

“Amongst product type, onsite generators dominated the market in 2020.”

Based on product type, hydrogen generators are bifurcated into onsite and portable hydrogen generator. Of both, onsite generator occupies the prominent market share in 2020. However, due to increasing adoption of fuel cell-based vehicles portable hydrogen generators is anticipated to grow substantially in the forecast period.

“Amongst application, industry category held the significant share in the market in 2020.”

Based on application, laboratory and industry are the two hydrogen generator applications that allowed the hydrogen gas generator industry to grow significantly. Between the two categories, industry category is held the significant market share in 2020 and is expected to showcase significant growth during the forecast period. In addition, hydrogen is used in the laboratory for a variety of lab applications such as gas chromatography (GC) as fuel or carrier gas, in the chemical industry to synthesis ammonia, cyclohexane and methanol. Further, industrial use of hydrogen generator is refining petroleum, treating metals, producing fertilizer, and in the food industry for hydrogenation of oils to form fats. In addition, petroleum refineries use hydrogen to reduce the sulfur content of fuels.

“North America represents as the largest markets in the Global Hydrogen Generator Market.”

For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. Owing to significant demand of hydrogen for hydrogen powered electric vehicles and rising demand of hydrogen in laboratories and industrial sector the demand of hydrogen generators is projected to grow in North America in the forecasted period. In addition, the development of supportive infrastructure such as hydrogen refueling stations is anticipated to drive the hydrogen generator market in the region. Further, decreasing cost of renewable energy across the globe, particularly solar photovoltaics and wind energy, population is taking more interest in electrolytic hydrogen. US held the significant revenue share in global hydrogen generator market owing to presence of large number of industries with increasing environmental concerns among the population, rise in demand of hydrogen is observed. As per the data published by Office of Energy Efficiency & Renewable Energy, in 2018, total annual production of hydrogen gas amounted to 10 million ton in U.S. In addition, petroleum processing and fertilizer production industry occupies the largest share of hydrogen in the country. Further, well developed technology and supporting government policies to promote hydrogen gas use in the country with growing focuses of hydrogen producing companies like Linde AG and Cummins Inc. is giving a boost in production.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the hydrogen generator were the three major steps undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the hydrogen Industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the hydrogen generator market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the hydrogen generator market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. Major segments included in the report are by product type, application, capacity, and process. Further regional and country-level analyses were conducted to evaluate the overall adoption of the hydrogen generator globally.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of hydrogen generator. Further, we conducted factor analysis using dependent and independent variables such as growing industrial sector, growing demand for hydrogen due to rising environmental concerns among population etc. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the hydrogen generator industry.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global hydrogen generator market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and sub-segments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of hydrogen generator across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the hydrogen generator market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global hydrogen generator market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, application, capacity and process.

The main objective of the Hydrogen Generator Market Study

The current & future market trends of global hydrogen generator were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of hydrogen generator in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product type, application, capacity and process
• Defined analysis of the regulatory framework for the hydrogen generator industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the hydrogen generator for the major countries
• Major regions/countries analyzed in the report includes North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World.
• Company profiles of the hydrogen generator market players and the growth strategies adopted by them to sustain in the fast-growing market

Deep dive country level analysis of the industry