Hydrogen Generators Global Market Report 2024

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 increase observed in the historical period can be ascribed to industrial hydrogen demand, applications in the energy sector, government initiatives and subsidies, research and development, and the recognition of 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 expansion anticipated in the forecast period can be linked to the rise in green hydrogen projects, the electrification of industries, government policies and carbon reduction targets, the expansion of hydrogen fuel cell vehicles, global collaboration on the hydrogen economy, and integration with renewable energy sources. Major trends projected for the forecast period encompass technological innovations in electrolysis, advancements in electrolysis technologies, integration of artificial intelligence (AI), and the utilization of hydrogen as an energy storage medium.

Government regulations aimed at curbing greenhouse gas emissions are anticipated to boost the hydrogen generators market. With global emissions on the rise, companies are developing hydrogen generators that produce zero greenhouse gas emissions through electrolysis. In December 2021, the US Environmental Protection Agency finalized updated national greenhouse gas emissions requirements for passenger vehicles and light trucks, contributing to the reduction of emissions. Strengthened regulations by governments and environmental organizations are driving the hydrogen generators market forward.

The hydrogen generators market is expected to experience growth due to the rising focus on renewable energy production. Renewable energy production involves generating energy from naturally replenished sources with minimal environmental impact. Hydrogen generators play a crucial role in this context by converting excess renewable energy into hydrogen through electrolysis, facilitating clean fuel production or storing it for later use. In January 2023, the Energy Information Administration projected that 16% of total energy generation in 2023 would come from renewable sources, compared to 14% in 2022. Hence, the increasing emphasis on integrating renewable energy is propelling the growth of the hydrogen generators market.

Major companies are focusing on innovation to enhance profitability. A notable development is the introduction of emission-free generators by Hitachi Energy Ltd., a Switzerland-based sustainable energy system provider. In November 2023, the company launched HyFlex, a versatile unit designed for temporary or permanent setups, capable of providing power where grid connections are challenging and diesel generators are not viable. HyFlex is entirely emission-free, generating AC power, usable heat, and water. This innovation caters to various industries, including construction sites in remote areas, noise and pollution-sensitive environments, remote venues, data centers, and hospitals.

Key players in the hydrogen generator market are concentrating on forming partnerships to enhance their market profitability. Partnerships involve collaborative agreements between various entities, such as companies, organizations, or research institutions, to collectively advance hydrogen generator technologies. For instance, in September 2023, UK-based hydrogen solution provider CMB.TECH collaborated with Sweden-based marine and industrial engine manufacturer Volvo Penta to introduce a 250 kVA hydrogen dual-fuel generator. This hybrid generator utilizes hydrogen dual-fuel technology, allowing it to run on full diesel or in a dual-fuel setup, where hydrogen can substitute for up to 80% of diesel consumption. This innovation significantly reduces CO2 emissions, making it suitable for harbor activities and decentralized electricity production, serving as a transitional measure towards emission-free energy generation.

In October 2022, John F Hunt Power, a UK-based company specializing in power solutions, acquired the world's first hydrogen flybrid generator from Bruno Generators Group for an undisclosed amount. This acquisition emphasizes John F Hunt's commitment to achieving zero emissions and reinforces its investment in utilizing hydrogen in the power industry. Bruno Generators Group, an Italy-based company, is a specialist in designing and manufacturing power generation systems, including hydrogen generators.

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, Idroenergy Inc., Hy9 Corporation, Suzhou Jingli Hydrogen Equipment Co. Ltd., Deokyang Co. Ltd., Hydrogenics Corporation, Relion Group.

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. The countries covered in the hydrogen generators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary classifications of hydrogen generators are onsite and portable. Onsite hydrogen generators allow for easy installation and quick start-up with unattended operation. These generators operate through different processes, including steam reforming and electrolysis, and serve various capacities, such as less than 300 W, 300 W to 1 KW, and more than 1 KW. They find applications in chemical processing, fuel cells, petroleum recovery, refining, and other industries.

The hydrogen generators market research report is one of a series of new reports that provides hydrogen generators market statistics, including hydrogen generators industry global market size, regional shares, competitors with a hydrogen generators market share, detailed hydrogen generators market segments, market trends and opportunities, and any further data you may need to thrive in the hydrogen generators industry. This hydrogen generators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The hydrogen generator market consists of sales a hydrogen and oxygen tank, a fuel cell stack, AT PC power supply components. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.