Wilmington, Delaware, United States, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global electrolyzer market is projected to flourish at a CAGR of 6.0% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 2.3 billion is anticipated for the market in 2031. As of 2023, the market for electrolyzers is expected to close at US$ 1.48 billion.
The increasing demand for clean energy and increased government emphasis on reducing carbon emissions has led to a growing demand for hydrogen as a clean fuel. Electrolyzers play a pivotal role in producing "green hydrogen" using renewable energy sources like solar, wind, and hydropower, thus the growing demand for green hydrogen to drive market growth during the forecast period.
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Company Landscape
The global industry is consolidated, with the presence of large-scale and local electrolyzer manufacturers. The market players operating in the electrolyzer market are enhancing their product portfolio and expanding their market footprint to strengthen their market position. Transparency Market Research has profiled the following players in its global electrolyzer market report:
Air Products and Chemicals, Inc., Asahi Kasei Corporation, Brise Chemicals, C&E Environmental Technology Co., Ltd., Cummins Inc., ITM Power plc, Linde AG, Nel Hydrogen, Siemens AG, and Teledyne Energy Systems Inc. are key entities operating in this industry.
Key Developments in the Electrolyzers Market
- In July 2023 - Asahi Kasei America, Inc., the regional headquarters of the Asahi Kasei Group for North America, announces the successful relocation of its Novi Office to a newer, larger facility. This strategic move is part of the company's commitment to strengthen marketing activities centered on the dynamic automotive industry.
- ITM Power, a UK-based electrolyzer manufacturer, partnered with various organizations for research and deployment of electrolyzer projects focused on developing high-efficiency PEM electrolyzers and integrated hydrogen solutions.
- In July 2023 - Nel Hydrogen Electrolyser AS, has signed a contract for 20 MW of alkaline electrolyzer equipment for about EUR 9 million with Hyd’Occ for its project in Port-La-Nouvelle, France.
- AISIN SEIKI Co., Ltd., a Japanese automotive parts manufacturer, was involved in hydrogen-related technologies, including the development of alkaline and PEM electrolyzers. The company aimed to contribute to the growth of the hydrogen economy.
The companies like power generation, manufacturing, steel, cement, and automotive are using green hydrogen in their value chain, which, in turn, is boosting demand for electrolyzers.
Increased private and public sector investments in clean energy and hydrogen technologies are providing funding for the development, commercialization, and deployment of electrolyzers, fueling the electrolyzer market value.
Key Takeaways from the Market Report
- As of 2022, the electrolyzer market was valued at US$ 1.4 billion
- By product type, the alkaline water electrolysis segment dominated the global market
- Based on end-user, the power plant segment is expected to account for the largest market share during the forecast period.
- By application, the natural gas segment is expected to generate high revenue during the forecast period.
Electrolyzers Market: Key Trends and Opportunistic Frontiers
- Increasing government investment in green hydrogen projects, and increasing demand for hydrogen electrolyzers in various end-use industries to drive the growth of the electrolyzer market during the forecast period.
- Ongoing research and development efforts are leading to advancements in electrolyzer technology, making them more efficient. This technological advance contributes to the electrolyzer market growth.
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Electrolyzer Market – Regional Analysis
- Europe is expected to dominate the global electrolyzer market during the forecast period due to ambitious renewable energy and hydrogen strategies. Increasing investment in electrolyzer projects to support green hydrogen production for various applications, including energy storage, industrial processes, and transportation in countries like Germany, the Netherlands, and Denmark, boosts the market demand. Favorable regulatory frameworks, government incentives, and collaborative efforts between governments and private sector players contributed to market growth.
- The Asia-Pacific is projected to witness substantial growth in the electrolyzer market during the forecast period, owing to the increasing interest in electrolyzers as countries sought to transition to cleaner energy sources. Increasing investment in hydrogen production for sectors like transportation and industrial processes, drive the market demand. Countries like China, also investing in electrolyzers to support its transition to green hydrogen.
Electrolyzer Market – key Segments
Product Type
- Proton Exchange Membrane (PEM)
- Alkaline Water Electrolysis
- Solid Oxide Electrolyte (SOE)
Production
- Below 500 Nm³ / h
- 500-2000 Nm³ / h
- 200-4000 Nm³ / h
- Above 4000 Nm³ / h
Input Power
- Below 2 kW
- 2 kW - 5 kW
- Above 5 kW
Application
- Energy Engineering
- Natural Gas
- Anion Exchange Membrane
- Others
End-use
- Oil & Gas
- Electronics & Semiconductor
- Chemical
- Power Plants
- Steel Plants
- Transportation
- Pharmaceuticals
- Others
Distribution Channel
- Direct Sales
- Indirect Sales
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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