Pune, India, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The global electrolyzer market size was valued at USD 390.4 million in 2021. The market is projected to grow from USD 416.8 million in 2022 to USD 619.6 million by 2029, exhibiting a CAGR of 5.8% during the forecast period. This information is provided by Fortune Business Insights, in its report, titled, "Electrolyzer Market, 2022-2029."
Key Industry Development:
January 2022: Green Hydrogen Systems entered into an agreement with Edinburgh-located Logan Energy to provide electrolysis equipment for a venture in England. These will be deployed in a 40 ft. container as a complete green hydrogen unit as part of strategies to advance a regional hydrogen economy based in Dorset, England.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 5.8% |
| 2029 Value Projection | USD 619.6 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 390.4 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 250 |
| Segments covered | By Type, By Application, and By Region |
| Growth Drivers | Surging Demand for Hydrogen in Fuel Cell-Based Automobile Sector to Endorse Market Growth |
| Increasing Demand for Hydrogen-Powered Electric Vehicles to Propel Growth |
Drivers and Restraints:
Surging Demand for Hydrogen in Fuel Cell-Based Automobile Sector to Endorse Market Growth
The surging demand for fuel cell-based automobiles such as electric vehicles and buses in North America and Asia Pacific has previously been registered. Furthermore, China, Japan, and South Korea have suggested strong commitments to decrease the rising dependency on gasoline fuel by financing in fuel cell-based vehicle programs.
Nevertheless, the prices of electricity are the most considerable aspect, which augments the charge of generating hydrogen through the electrolytic process. Additionally, recent sharp deteriorations in solar and wind power costs have declined the real and projected prices of renewable hydrogen.
Increasing Demand for Hydrogen-Powered Electric Vehicles to Propel Growth
Due to advancement in technology and the growing demand for clean energy sources in the automotive industry, fuel cell electric vehicles (FCEVs) that are powered by hydrogen are being developed by companies. These EVs are more efficient and do not produce tailpipe emissions. Moreover, they have the ability to achieve longer distance than conventional fuel cell electric vehicles due to their densely packed energy storage. Therefore, the increasing demand for such vehicles is likely to boost the adoption of electrolyzers globally. In addition to this, increasing investment in the APAC region to generate power through renewable sources is expected to contribute to the global electrolyzer market growth in the forthcoming years. For instance, in November 2020, China commenced work for the construction of a hydrogen plant in the city of Wuhan with an investment of about USD 290 million to cater to the growing demand for renewable energy in the country.
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Segments:
Traditional Alkaline Electrolyzer Segment to Lead the Market
Based on type, the global market is categorized into traditional alkaline electrolyzer and Polymer Electrolyte Membrane (PEM) electrolyzer. The traditional alkaline electrolyzer segment was responsible for the prime share of the market in 2021.
Power Plants Segment Backed by Rising Demand for Hydrogen to Generate Electricity
Based on application, the global market is classified into power plants, steel plant, electronics & photovoltaics, industrial gases, energy storage or fueling for FCEVs, power to gas, and others. The power plants segment held the major share of 26.71% in the global market in 2021.
The market has been analyzed geographically across four key regions, Europe, North America, Asia Pacific, and the Rest of the World.
SEGMENTATION:
Power Plants Segment to Hold Largest Market Share
Based on application, the power plants segment is anticipated to remain at the forefront backed by increasing adoption of hydrogen power plants across the automotive industry to reduce the emission of pollutants and greenhouse gases.
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REGIONAL INSIGHTS
North America to Remain Dominant; Increasing Demand for Hydrogen Across Industries to Favor Growth
Among all the regions, North America is expected to hold the largest global electrolyzer market share in terms of revenue during the forecast period. This is attributable to the increasing demand for hydrogen across several industries such as petrochemicals, automotive, glass purification, and others in the region between 2020 and 2027.
The market in Europe is expected to showcase considerable growth owing to the stringent zero-emission rule that is likely to boost the adoption of advanced electrolyzers from the automotive sector in the region.
COMPETITIVE LANDSCAPE:
Merger and Acquisition by Prominent Companies to Intensify Industry Competition
The global market for electrolyzer is fragmented by the presence of major players that are striving to maintain a stronghold by acquiring other small companies to expand their electrolyzer portfolio, Moreover, other key players are adopting strategies such as facility expansion, collaboration, and partnership to gain a competitive edge over their rivals in the highly competitive market.
List of the Companies Profiled in the Market:
- Nel (Proton On-Site) (Norway)
- Asahi Kasei (Japan)
- Hydrogenics (US)
- Areva H2gen (France)
- Shandong Saikesaisi Hydrogen Energy Co., Ltd. (China)
- Teledyne Energy Systems (US)
- Siemens AG (Germany)
- Kobelco Eco-Solutions (Japan)
- McPhy (France)
- Yangzhou Chungdean Hydrogen Equipment Co., Ltd (China)
- Suzhou Jingli (China)
- TianJin Mainland (China)
- ITM Power (UK)
- 718th Research Institute of CSIC (China)
- Idroenergy Spa (Italy)
- Erredue SpA (Italy)
- MVS Engineering (India)
- GreenHydrogen .dk (Denmark)
- Enapter (Italy)
- Giner Inc. (US)
- ShaanXi HuaQin (China)
- Next Hydrogen (Canada)
- H-Tec Systems GmbH (Germany)
- Beijing Zhondian (China)
Report Coverage:
The report offers valuable insights obtained from a thorough study done by our researchers. Extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels are obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
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Regional Insights:
North America to Lead Backed by Increasing Demand for Hydrogen in Manufacturing Sector
The North America region held the majority of the electrolyzer market share with regard to value and volume in 2021 due to the rising demand for hydrogen in numerous applications such as the manufacturing sector, power industry, and others.
Additionally, Europe's market size is backed by the growing investments and tactics to extend and reinforce the grid infrastructure networks to aid the surging renewable energy installation.
In Asia Pacific, the increasing concern for clean energy, government-assisted economic support, and the requirement to fulfill demand & supply discrepancy will counterpart the industry viewpoint.
Competitive Landscape:
Prime Players Sign Considerable Deals to Make Notable Changes in Market
The players functioning in the market often employ various tactics that will assist the electrolyzer market growth and product demand. Among the number of strategies available, one such remarkable strategy to extend the business prospect is engaging in multimillion bonds with government bodies and reinforcing a profitable revenue for their own corporation.
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Electrolyzer Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Electrolyzer Market Analysis (USD Million, MW), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Traditional Alkaline Electrolyzer
- PEM Electrolyzer
- Market Analysis, Insights and Forecast – By Application
- Power Plants
- Steel Plant
- Electronics and Photovoltaics
- Industrial Gases
- Energy Storage or Fueling for FCEV's
- Power to Gas
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of World
- North America Electrolyzer Market Analysis (MW, USD Million), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Traditional Alkaline Electrolyzer
- PEM Electrolyzer
- Market Analysis, Insights and Forecast – By Application
- Power Plants
- Steel Plant
- Electronics and Photovoltaics
- Industrial Gases
- Energy Storage or Fueling for FCEV's
- Power to Gas
- Others
- Market Analysis, Insights and Forecast – By Country
- United States Market Analysis, Insights and Forecast – By Type
- Traditional Alkaline Electrolyzer
- PEM Electrolyzer
- Canada Market Analysis, Insights and Forecast – By Type
- Traditional Alkaline Electrolyzer
- PEM Electrolyzer
- United States Market Analysis, Insights and Forecast – By Type
Continued…
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