Market Research Report
Global Hydrogen Electrolyzer Market - 2021-2028
|Global Hydrogen Electrolyzer Market - 2021-2028|
Published: September 9, 2021
Content info: 232 Pages
Delivery time: 1-2 business days
The Global Hydrogen Electrolyzer Market is expected to grow at a high CAGR of 14.24% during the forecasting period (2021-2028).
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. These systems have the ability to produce onsite demand for hydrogen, pressurized hydrogen without compressors, and 99.999% pure, dry, and carbon-free hydrogen. The technical and economic advantages of hydrogen electrolyzer include producing pure hydrogen, producing hydrogen on-site, and a low-cost method for producing highly efficient hydrogen.
Increasing demand for highly efficient and low-space utilizing energy storage systems to handle the electricity produced from solar, wind and hydropower generation units are primary factors driving the global hydrogen electrolyzers market during the forecast period. The power generation units worldwide shift from traditional battery-based systems for power storage novel technologies such as hydrogen electrolyzers. Post fulfillment of hydrogen storage tanks is further recycled through hydrogen electrolyzers and distributed electricity to the respective grids. Additionally, increasing establishments of renewable power generation units across the globe and growing investments by the organization in future sustainable technologies contributed to the growth of the hydrogen electrolyzer market during the forecast period.
However, the availability of alternatives at much lower costs and minimal flexibility, high after-sales maintenance cost, is a major factor hindering the Hydrogen Electrolyzer market growth during the forecast period.
The global hydrogen electrolyzer market is segmented into an alkaline electrolyzer, proton exchange membrane electrolyzer, and solid oxide electrolyzer.
Proton exchange membrane electrolyzer is expected to dominate the global hydrogen electrolyzer market due to its high technical and economic features over its compatriots, including the ability to withstand higher loads and operate a self-pressurized, compact system and many others. The PEM electrolyzer utilizes the fuel cell similar to a PEM fuel cell, a thin, solid ion-conducting membrane used for aqueous solutions. The hydrogen produced through this electrolyzer is of higher purity than other products.
By region, the global Hydrogen Electrolyzer market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East and Africa.
North America is expected to dominate the global hydrogen electrolyzer market during the forecast period owing to the huge market presence of renewable power generation units and increased disposable income/investments among the respective companies towards future sustainable technologies. According to the study published in Our World in Data, the annual generation of renewable energy in the United States increased from 714.56 TWh in 2017 to 747.23 TWh in 2018. Additionally, increasing government investments to boost renewable energy production unit activities and decrease electricity production from coal-powered stations is further expected to boost huge market demand for hydrogen electrolyzer during the forecast period.
The companies are dominated by 3-4 largcompaniesIisss experiencing new companies entering the hydrogen electrolyzer market space through innovative product launches. The companies focusing on developing innovative high effective large-scale hydrogen electrolyzers to meet the demand for products from industrial customers.
In May 2019, Nel ASA launched M-Series containerized large-scale PEM electrolyzer with 1 and 2 MW configurations with higher reliability with easier and flexible installation.
In March 2019, H-TEC Systems launched Megawatt PEM Electrolyzer ME 450/1400 with the potential of producing 450 kgs of hydrogen per day.
Some of the key players in the global hydrogen electrolyzer market include Siemens Gas and Power GmbH & Co. KG, Nel ASA, Enapter S.r.l., are among many.
*The global hydrogen electrolyzer report will provide access to approximately 53 market data tables, 44 figures, and 180 pages.