According to Transparency Market Research (TMR), the US on-site hydrogen generator market is likely to reach a valuation of US$ 191.4 Mn by 2027. The US on-site hydrogen generator market was valued at US$ 121.3 Mn in 2018 and is expected to exhibit a strong CAGR of 5.20% between 2019 and 2027. The report would provide detailed information about the working dynamics of the US onsite hydrogen generator market.
Use of Natural Gas is Most Beneficial for Market Growth
There are several factors that are helping to drive the growth of the US on-site hydrogen generators market. Amongst the several low expense feedstock utilized for the working of hydrogen generator operations (such as natural gas, biomass, water, or coal), natural gas is by far the most lucrative one. Thus an increasing availability of natural gas is projected to drive the growth of the on-site hydrogen generators market in the US. The generation of on-site hydrogen involves the use of steam reforming technology that utilizes natural gas for the delivery of hydrogen to its end users in most cost efficient way.
“In recent years, there has been a growing demand for on-site hydrogen generators because of the growing productivity and awareness among end-users about their quality of the products that they use”, says research analysts who worked on the report. The growth of the market is also fueled by the increasing application of on-site hydrogen generators for cooling applications.
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Companies to Consider Evolving Demands of End Users
“The leading players in the US onsite hydrogen generator market are making a conscious effort to adopt the use of steam reforming technology over the prevalent electrolysis for the on-site production of hydrogen on a long term basis. This is to be aligned with the consumer as well as environmental demands”, states the lead author of the research report.
The companies in the market are registering progress by tapping into the demand of hydrogen in the remote and far off areas by providing them with on-site hydrogen generators. In addition to this, the companies are also expected to try to make more money by improving and optimizing their manufacturing capabilities and gaining entry into the newer markets by reducing costs involved in the industrial gas supply.
Competitive Landscape: Global US On-Site Hydrogen Generator Market
The research report states that the US market is being dominated by the top three companies operating in the region. These three companies are Praxair Technology Inc., Air Liquide, and Linde AG. The companies cumulatively accounted for around 68% of the overall market share in the year 2018. However, the research report expects large number of players entering into the US onsite hydrogen generator market in the near future. This is expected to create fragmentation of the competitive landscape that will lead the notable and established brands to form strategic alliances and joint ventures in order to stay relevant. Moreover, these companies are also expected to adopt inorganic marketing strategies such as mergers and acquisitions so as to stay on top of the competition in the US onsite hydrogen generator market.
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US On-Site Hydrogen Generator Market – Key Developments