Categories: Market Research

Hydrogen Generators Market Growth Outlook Through 2024-2033

Overview and Scope
The hydrogen generators refers to generator that produce hydrogen from water using an electrolysis process. A proton exchange membrane (PEM) is used in a hydrogen generator to produce high-quality hydrogen gas from water. Hydrogen generators can be either hydrogen-powered or hydrogen-producing machines.

Sizing and Forecast
The hydrogen generators market size has grown steadily in recent years. It will grow from $1.18 billion in 2023 to $1.22 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to industrial hydrogen demand, energy sector applications, government initiatives and subsidies, research and development, hydrogen as a green energy carrier.

The hydrogen generators market size is expected to see steady growth in the next few years. It will grow to $1.43 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to rise in green hydrogen projects, electrification of industries, government policies and carbon reduction targets, expansion of hydrogen fuel cell vehicles, global collaboration on hydrogen economy, integration with renewable energy sources. Major trends in the forecast period include technological innovations in electrolysis, advancements in electrolysis technologies, advancements in electrolysis technologies, integration of artificial intelligence (AI), hydrogen as an energy storage medium.

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Segmentation & Regional Insights
The hydrogen generators market covered in this report is segmented –

1) By Product Type: Onsite, Portable
2) By Process: Steam Reforming, Electrolysis, Other Processes
3) By Capacity: Less Than 300 W, 300W – 1 KW, More Than 1 KW
4) By Application: Chemical Processing, Fuel Cells, Petroleum Recovery, Refining, Other Applications

North America was the largest region in the hydrogen generators market in 2023. The regions covered in the hydrogen generators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Government regulations over greenhouse gas emissions are expected to propel the growth of the hydrogen generators market going forward. Global greenhouse gas emissions are increasing, mainly due to fossil fuel consumption and industrialization. Hydrogen generators are being developed by major companies because they produce hydrogen by electrolysis, which produces zero greenhouse gas emissions. For instance, in December 2021, the environmental Protection Agency (EPA), a US-based government agency, has finalized updated national greenhouse gas (GHG) emissions requirements for passenger vehicles and light trucks for model years 2023-2026. The final guidelines would result in significant reductions in GHG emissions in addition to other criterion pollutants. The rule would provide significant public health and welfare advantages while saving customers money on gasoline prices. Hence, Government and environmental organizations are strengthening regulations to control greenhouse gas emissions which drives the hydrogen generators market.

Key Industry Players

Major companies operating in the hydrogen generators market report are Toyota Motor Corporation, Honda Motor Co. Ltd., Hyundai Motor Company, Robert Bosch GmbH, Siemens AG, Linde PLC, Cummins Inc., Air Liquide S.A., Johnson Matthey PLC, Air Products and Chemicals Incorporated, Praxair Technology Inc., Teledyne Energy Systems Inc., Plug Power Inc., Nel Hydrogen Fuel Cells AS, NEL ASA, Ballard Power Systems Inc., Nuvera Fuel Cells LLC, MVS Engineering Pvt. Ltd., Epoch Energy Technology Corporation, McPhy Energy S.A.S., HELBIO S.A., ITM Power Ltd., Proton OnSite LLC, Green Hydrogen System, Ideroenergy Inc., Hy9 Corporation, Suzhou Jingli Hydrogen Equipment Co. Ltd., Deokyang Co. Ltd., Hydrogenics Corporation, Relion Group

The hydrogen generators market report table of contents includes:

1. Executive Summary
2. Hydrogen Generators Market Characteristics
3. Hydrogen Generators Market Trends And Strategies
4. Hydrogen Generators Market – Macro Economic Scenario
5. Global Hydrogen Generators Market Size and Growth
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31. Hydrogen Generators Market Other Major And Innovative Companies
32. Global Hydrogen Generators Market Competitive Benchmarking
33. Global Hydrogen Generators Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Hydrogen Generators Market
35. Hydrogen Generators Market Future Outlook and Potential Analysis
36.Appendix

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