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The hydrogen power generator market size is forecast to increase by USD 498.23 million, at a CAGR of 15.54% between 2023 and 2028. The market research and growth report includes historic market data from 2018-2022. The market is witnessing a growing demand for the increasing product launch initiatives, the emergence of dual-fuel generator technology in hydrogen power generators, and the favorable government regulations for hydrogen power generators.
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Increasing product launch initiatives is the primary trend shaping market growth. Market players are engaging in the expansion of their product portfolios and strengthening their business operations. Companies also consistently innovate and launch products to remain competitive in the market. For instance, in November 2023, Hitachi Energy announced the launch of its new hydrogen power generator called HyFlex. It is an emission-free alternative to diesel-powered generators and only produces AC power, usable heat, and water.
Similarly, in December 2022, Energy Observer, an innovative Greentech industrial company based in France, announced the launch of a range of high-power hydrogen generators, which are zero-emission, electro-hydrogen power generators. Hence, the increasing number of new product launches is expected to drive the growth of the market during the forecast period.
The commercial segment is an important asset to the overall global economy. The commercial sector includes the hospitality segment, data centers, telecom, special economic zones (SEZs), large commercial complexes, and event management companies. This sector also needs continuous electricity supply to operate normally and generate revenue. The construction industry in the US is one of the major end-users of hydrogen power generators.
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Furthermore, another commercial activity driving the demand for hydrogen power generators is the growing data center industry. The increasing number of data centers being constructed across the world is expected to increase the demand for hydrogen power generators. Also, the growing information technology-enabled services (ITES) industry in Southeast Asian countries has increased the demand for data centers. Therefore, the data center industry offers considerable potential for the growth of the market during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The North American market, primarily influenced by the US, sees growth driven by the increasing adoption of hydrogen as a clean energy solution. Construction expansion, spurred by urbanization and industrialization, fuels demand, especially for uninterrupted power in heavy machinery operations. Government infrastructure investments in the US, Canada, and Mexico further boost demand for reliable power sources like hydrogen generators. Additionally, heightened awareness of natural disaster preparedness necessitates backup power solutions, with hydrogen generators emerging as a reliable choice due to rapid response time and easy fuel availability.
Growing instances of power grid failure is the key factor driving market growth. The growing frequency of power grid failure across the world has increased the adoption of portable generators worldwide. Developing countries are urbanizing rapidly because of the rising population and an increase in industrial development, thus raising the overall power consumption levels. Consequently, the pressure exerted on older components in power transmission and distribution networks due to this high power consumption, in conjunction with the low capacity of present power grids, leads to overload and, subsequently, power grid failures, resulting in blackouts and power outages.
Further, the availability of portable hydrogen power generators has made it convenient for users to generate power even in remote locations or during emergencies and reduces the reliance on centralized power grids. Industrial consumers have started adopting portable generators for several applications that require smooth, uninterrupted power supply for operation. Thus, the growing frequency of power grid failures is likely to enhance growth in the market during the forecast period.
The high cost of storing hydrogen is a challenge that affects market growth. Nowadays, hydrogen is most widely used in small-scale electronics manufacturers and stationary applications, where the hydrogen is stored in tanks as a liquid or gas. Thus, systems for cooling and compression are needed for both hydrogen transport and storage. Additionally, hydrogen refueling requires proper infrastructure, which must not be set up in confined spaces or densely populated areas. Most developing countries like India, China, and Brazil, do not have appropriate infrastructure for the refueling of hydrogen.
Furthermore, the already stored ammonia needs to be broken down using heat energy to produce hydrogen molecules. Consequently, the cost of storing hydrogen in custom tanks is very expensive. Besides, hydrogen storage represents a prior technological barrier to the development and widespread deployment of fuel cell technology in fixed and portable applications. Thu, such factors may impede market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth analysis by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Hydrogen Power Generator Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.54% |
Market Growth 2024-2028 |
USD 498.23 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
14.66 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 34% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AFC Energy PLC, ALSTOM SA, Ballard Power Systems Inc., Battery Backup Power Inc., Belgische Scheepvaartmaatschappij Compagnie Maritime Belge N.V. , Denyo Co. Ltd., Energy Observer, GAUSSIN SA, GeoPura Ltd., H2SYS, H2X Global Limited, Hitachi Energy Ltd., Hyster Yale Materials Handling Inc., Linde Plc, Panasonic Holdings Corp., Plug Power Inc., Renewable Innovations Inc., SFC Energy AG, Taylor Construction Plant Ltd, and Ultrananotech Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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