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Fuel Cell Market size worth $25.5bn by 2024

Hydrogen Generator Market – Global Industry Analysis Report, Share, Size, Growth, Price Trends and Forecast, 2016 – 2024:

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Global Hydrogen Generator Market size was more than $800 million for 2015 with industry predicted to expand at more than 5.1% during forecast timeframe. Strict emission rules for clean fuel acceptance like hydrogen as compared to fossil fuels is projected to propel industry demand.

Growing hydrogen gas applications across chemical sector, oil & gas sector and refinery are predicted to fuel industry expansion. Use of hydrogen gas in refineries is more than 12.1 billion standard cubic feet per day and this is predicted to stimulate industry expansion during forecast timeline.Enormous availability of low priced natural gas feedstock along with highly pure hydrogen is predicted to be major factor fuelling industry growth. Further, growing use of hydrogen across food & beverages to eliminate harmful bacteria and viruses can contribute towards global hydrogen generator industry growth.

Overview:

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Rising fuel cell demand for commercial, automotive and residential sectors due to environment friendly features is predicted to promote industry expansion. Global electric automobile sales crossed 2.1 million units for 2015 and is anticipated to touch 7.1 million units by end of 2024. This will result in enhanced demand for hydrogen fuel stations fuelling hydrogen generator industry trends during forecast timeframe.

However, transportation risk and price related with hydrogen along with lack of storage facility can inhibit industry expansion. But rising need to reduce dependence of fossil fuels for power is predicted to promote industry development.

Product Trends:

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Global hydrogen generator industry is segmented into various applications like refinery, chemical processing, fuel cell and petroleum recovery.Refinery application segment is predicted to touch $121 million mark by end of 2024. Enhanced use of hydrogen in crude oil processing is predicted to propel hydrogen generator market trend for this application.

Chemical processing segment contributed more than $481 million for 2015. Rising hydrogen demand across various chemical processes is predicted to fuel industry expansion during forecast timeline.Fuel cell application segment is predicted to experience more than 6.1% CAGR. Rising demand in transport sector as well as residential sector due to low emissions and minimal functional costs can drive industry growth.

Application Trends:

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Global industry is segmented into key geographical regions like North America, Latin America, MEA, Europe and APAC.North America, led by Canada and U.S. hydrogen generator market share, contributed more than $301 million for 2015. Rising consciousness towards clean fuel for transport coupled with heavy demand in power plants and refueling stations is predicted to enhance industry development. Further, discovery of shale gas in the region is predicted to supplement industry expansion for refinery application.

APAC, led by South Korea and Japan hydrogen generator market share, is predicted to register CAGR of more than 6.1%. Rising application of hydrogen generator in refineries due to improved demand for petroleum items along with strict rules in region is predicted to promote industry expansion.

Regional Trends:

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U.S Hydrogen Generator Market Size, By Application, 2013-2024 (USD million)

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Key industry participants profiled in the report include Epoch Energy Technology Corporation, Airgas Incorporation, Hydrogenics Corporation, Air Liquide SA, Linde AG, Air Products & Chemicals Incorporation, McPhy Energy SA, Idroenergy, Hy9 Corporation, Praxair Incorporation and ParkarBalston.

Competitive Trends:

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