Hydrogen Market Growing Trends and Demands Analysis, Size, Share, Business Opportunity Forecast

 

  The market for hydrogen generation is expected to be driven by an exponential increase in demand for clean and green fuel due to rising pollution levels, as well as growing government regulations to control and reduce sulfur content in fuels. The increased application of the product in various industries is expected to be the primary driving force for the industry globally. Hydrogen is produced using a variety of resources, including biomass, natural gas, coal, and a variety of other renewable and nonrenewable energy sources.

   A hydrogen generator is a unit that is installed to produce hydrogen. The technology of a hydrogen generator varies depending on the feedstock used. An on-site hydrogen generator is a hydrogen generation unit that is installed directly at the end-user site and has varying flow rate capacity based on the application and user requirements. A portable hydrogen generator is a hydrogen-powered device that generates temporary electricity.

  Portable hydrogen generators are commonly used on construction sites to power tools and lights at remote locations. Hydrogen generators provide dependable and low-cost hydrogen while also increasing security and safety by removing the need for cylinder handling, hydrogen storage, and routine hydrogen delivery to boost the hydrogen market in the forecast period.

  The use of the hydrogen market in applications such as chemical processing, fuel cells, petroleum recovery, and refining, among others, is expected to rise significantly over the forecast period as more stringent environmental regulations are implemented. The chemical processing and refining industries consume the most hydrogen. Oil and gas refineries require more hydrogen in order to reduce the sulfur content of diesel in accordance with stringent government regulations. In a petrochemical complex, the hydrogen market is used to process ammonia, methanol, and other chemicals. Fuel cells are emerging technologies that are currently used in buildings and the commercial sector as a source of heat and electricity.

  Item-power, Ballard Power Systems, Plug Power, Proton Power Control Pvt Ltd., Quantum Fuel Systems Technologies Worldwide Inc., HyperSolar – Technology, Kingkar technologies, Acta S.p.A, and others are key players in the global hydrogen electrolyzer market value chain. Companies are primarily focused on R&D to reduce overvoltage of the oxygen evolution reaction (OER) in electrolyzers in order to make the process more cost-efficient.