Global Electrolyzer Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Electrolyzer Market was worth US$ 461.9 Mn and is expected to grow at a CAGR of 6.3% over the forecast period. While the historical CAGR is 5.9%, the market is expected to hit US$ 850.9 Mn by 2032 end.
The primary application of hydrogen gas, which burns cleanly, is to create compounds like methanol and ammonia. A fundamental component of fertilizers used in the agriculture sector is ammonia (NH3). In contrast, the petroleum sector uses hydrogen in the hydrocracking procedure to create gasoline, diesel, and other petroleum products.
Fuel cells and other recently commercialized hydrogen use create new opportunities in transportation and other energy-related sectors. The gas offers a viable way to stabilize the electrical grid and has already been used as a fuel for cooling power plant units. The processes of coal gasification, steam methane reforming, and electrolyzers, which use water electrolysis, are the main sources of hydrogen gas.
INCREASING INVESTMENTS FOR POWER GENERATION TO FAVOR OVERALL MARKET GROWTH
India, Singapore, and Malaysia have started investing in hydrogen production and storage technology in the Asia Pacific region. The region’s power generation and transportation sectors both use hydrogen. Additionally, China began work on a hydrogen city in Wuhan, investing about USD 290 million in the endeavor.
For environmentally friendly power storage, grid balancing, power to gas, and hydrogen refueling stations, the government is concentrating on technological improvements in large-scale on-site hydrogen production (HRS). Many key players enable firms to improve their market presence to shape the business environment. For instance, Plug Power completed the acquisition of United Hydrogen and GINER ELX in June 2020.
THE HIGH COST OF ELECTRICITY REQUIRED FOR ELECTROLYSIS IMPEDES MARKET GROWTH
The most important aspect that raises the price of manufacturing hydrogen using the electrolytic process is the price of electricity. Furthermore, the real and anticipated costs of renewable hydrogen have decreased due to the recent drops in the cost of solar and wind energy.
For instance, utility-scale solar photovoltaic (PV) capital costs are now 75% lower than in 2010, while onshore wind generation is now around 25% less expensive than it was ten years ago. More potential end users are now carefully examining whether renewable hydrogen is developing into a competitive means of satisfying their needs and lessening their environmental effects.
Market Segments Covered in Report
By Region and Country:
Which electrolyzer type accounts for dominant share in the market?
The alkaline sector accounted for the majority of the electrolyzer market share. These systems use a diaphragm to separate the electrodes and nickel-based catalysts in an alkaline electrolyte solution, such as potassium hydroxide. Because of their greater longevity, demand for these systems is rising quickly. It is widely employed in various industrial applications, such as steel manufacturing facilities, power plants, electronics, and plastic photovoltaics.
Why is the demand for Power Generation is expected to increase during the forecast period?
The power generation category held the largest share of 26.71% in the global market. To time-shift the delivery of electricity for use in electric grid applications, power generation machineries such as fuel cells, reciprocating engines, combustion turbines, and steam turbines are integrated with hydrogen production and storage.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.
Significant players dominate the global electrolyzer market, accounting for more than three-quarters of the market’s revenue. Some major firms aim to establish a niche for a certain market. While this is happening, a few other large- and middle-sized firms are concentrating on developing cutting-edge electrolyzer products. They are also attempting to get a competitive edge in the international market through partnerships and collaborations.
The key developments in the Global Electrolyzer Market are:
A list of some of the key suppliers present in the market are:
Global Electrolyzer Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Type, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 6.3%.
Increasing investments for power generation in Asia pacific to favor overall market growth
The high cost of electricity required for electrolysis impedes market growth.
Key Global Electrolyzer Market players are Nel Hydrogen, Asahi Kasei, Hydrogenics, Shandong Saikesaisi Hydrogen Energy Co., Ltd.Go Top, Teledyne Energy Systems, Siemens, Kobelco Eco-Solutions, Green Hydrogen Systems, Next Hydrogen, H-Tec Systems
North America is expected to account for the largest market revenue share in the Global Electrolyzer Market.
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