PUBLISHER: DataM Intelligence | PRODUCT CODE: 1208701
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1208701
The global hydrogen electrolyzer market was valued at US$ XX billion in 2021; it is projected to reach US$ XX billion by 2029, with growth at a CAGR of 25.0% over the forecast period 2022-2029.
Electrolysis is the process of utilizing electricity to split water into hydrogen and oxygen. The different processes used for Hydrogen production include traditional alkaline electrolysis and PEM electrolysis. The systems can produce on-site demand for Hydrogen, pressurized Hydrogen without compressors and 99.999% pure, dry and carbon-free hydrogen. Hydrogen electrolyzer's technical and economic advantages include producing pure Hydrogen on-site and the low-cost method for producing highly efficient hydrogen.
The tremendously improving demand for renewable energy has positively impacted the hydrogen electrolyzer market and is expected to grow even further in the forecast period. Increasing investment by the leading players to establish new renewable energy sources for electricity generation to meet the growing global demand for electricity is a major factor in driving the demand for hydrogen electrolyzers. Growing innovation and adoption of hydrogen fuel cell vehicles also create demand for sustainably produced hydrogen.
Over the forecast period, easy availability of other renewable energy sources such as natural gas and electric battery charging stations with growing utilization of these resources may hamper the global hydrogen electrolyzer market's growth. Further increasing consumption of other resources, such as rising oil consumption and increasing natural gas utilization in various developing countries, may hamper the demand for hydrogen electrolyzers.
Government initiatives and funding to fulfill the local demand for electricity and electricity storage systems with post-fulfillment of hydrogen storage tanks through Hydrogen electrolyzers and distribution of the electricity to the respective grids. Growing demand for highly efficient and low-space energy storage systems to operate renewable energy sources such as solar and wind has increased public and private investment in developing hydrogen electrolyzers.
A large amount of electricity is required to produce hydrogen through electrolysis. Therefore, the hydrogen produced through electrolysis endures high production costs. Major innovation and the development of new technologies are required to decrease production costs. The high cost of hydrogen produced through electrolysis will be a major challenge for the growth of the global hydrogen electrolyzers market.
The global hydrogen electrolyzers market was affected by the COVID-19 pandemic. The demand for the Hydrogen electrolyzer amid COVID-19 is increasing due to a surge in government funding and investment in cleaner and green energy for an emission-free environment. Hydrogen electrolyzer market demand will increase once the COVID-19 situation gets under control due to a surge in demand for Hydrogen by the manufacturing industries, including pharmaceuticals, biotechnology, automotive, metal and glass industries. The pandemic is not expected to impact the long-term growth of the global hydrogen electrolyzer market and
The scope of the report covers segmentation based on type, end-user and region. The global hydrogen electrolyzer market is segmented by type into alkaline electrolyzers, proton exchange electrolyzers and solid oxide electrolyzers. The global Hydrogen electrolyzer market is segmented by end-user into automotive industry, electricity, pharmaceutical and biotechnology industry, metal industry, glass industry and others. The global Hydrogen electrolyzer market is segmented by region into North America, South America, Europe, Asia-Pacific, Middle East and Africa.
According to the DataM Intelligence market research report, the global Hydrogen electrolyzer market is divided into North America, South America, Europe, Asia-Pacific, Middle East and Africa.
In North America, renewable power generation has a huge market presence and increased disposable income/investments among the respective companies toward future sustainable technologies. Green hydrogen is a potentially significant way for renewable-energy-powered grids to store. Most early-stage work on hydrogen's grid storage potential happens in North American countries like U.S. and Canada. Growing public and private investment in the development of green hydrogen is expected to propel the North American hydrogen electrolyzer market during the forecast period.
In Europe, the production capacity for clean hydrogen continues to grow, driven by increasing government support and new large-scale projects being announced regularly. Germany, Netherlands and Austria are undertaking significant green hydrogen projects with financial support from the European Union's green horizons project. The huge market presence, government support and increased investments have led major companies to expand, acquire and innovate new launches in the region. It will be a major factor in driving the growth of the European hydrogen electrolyzers market.
Asia-Pacific is a rapidly industrializing region that is experiencing high economic growth. The industrialized countries of the region, such as South Korea, Japan and Australia, are rolling out green hydrogen projects to increase carbon-free energy production and develop alternative energy sources. Due to growing demand from many key regional countries, the Asia-Pacific hydrogen electrolyzer market will likely witness sustained growth in the coming years.
The global hydrogen electrolyzer market is consolidated, with major international players having a large market share. The major players use project acquisition, partnership, market expansion and product launches to hold their market position.
Some key companies contributing to the global Hydrogen electrolyzer market growth include: Cummins Inc., Toshiba Corporation, Cummins Inc., McPhy Energy S.A, Enapter S.r.l., Nel ASA, H-tec Systems, Inc., ITM Power, Amtronics, Green Hydrogen Systems, H2B2 Electrolysis Technologies SL and Plug Power Inc., among others.
The Full Report has the below insights.
By Type: Alkaline Electrolyzer, Proton Exchange Electrolyzer and Solid Oxide Electrolyzer
By End-User: Automotive Industry, Electricity, Pharmaceutical And Biotechnology Industry, Metal Industry, Glass Industry and Others
By Region: North America, South America, Europe, Asia-Pacific, Middle East and Africa
The global hydrogen electrolyzer market report would provide access to an approx. 53 market data table, 45 figures and 206 pages.
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