Pune, India, April 26, 2022 (GLOBE NEWSWIRE) -- Electrolyzer market size is projected to reach USD 467.39 Million in 2027, at a CAGR of 6.3%. The global electrolyzer market was worth USD 304.57 million in 2020. According to the report published by Fortune Business Insights, increasing demand for electric vehicles and the growing focus on power generation in the APAC region to bolster electrolyzer market growth. Merger and Acquisition by Siemens and Teledyne Energy Systems to Create Exciting Sales Opportunities.
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.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 6.3% |
| 2028 Value Projection | USD 467.39 Billion |
| Base Year | 2019 |
| Market Size in 2020 | USD 304.57 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 250 |
| Segments covered | By Type, By Application and By Regional |
| Growth Drivers | Increasing Demand for Hydrogen-Powered Electric Vehicles to Propel Growth |
| Increasing Demand for Renewable Sources to Attract Investments amid COVID-19 |
Market Growth Drivers:
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.
Increasing Demand for Renewable Sources to Attract Investments amid COVID-19
The pandemic may have either halted or postponed several industrial projects leading to major disruption in the supply chains. However, the growing demand for renewable sources is anticipated to attract significant investments that will bode well for the market growth in the forthcoming years.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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Market Segmentation:
Electrolyzer Market is segmented into Type, Application, and Region
- In terms of Type, the market is segmented into Traditional Alkaline Electrolyzer and PEM Electrolyzer.
- Based on Application, the market divided into Power Plants, Steel Plant, Electronics & Photovoltaics, Industrial Gases, Energy Storage or Fueling for FCEV, Power to Gas, Others.
- With respect to geography, the market is segmented into North America, Asia Pacific, Europe, and the rest of the world.
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.
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.
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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)
Industry Development:
June 2020 - Plug Power Inc., announced the acquisition of United Hydrogen Group Inc. and Giner ELX that are actively engaged in the production, liquefaction, and distribution of hydrogen in North America. The acquisition is likely to strengthen Plug Power’s position in the region and aid in expansion of its footprint.
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Global Electrolyzer Market Segmentation:
By Type
- Alkaline Traditional Electrolyzer
- PEM Electrolyzer
By Application
- Power Plants
- Steel Plants
- Electronics and Photovoltaics
- Industrial Gases
- Energy Storage or Fueling for FCEV's
- Power to Gas
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Electrolyzer Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Electrolyzer Market Analysis (USD Million) (MW), Insights and Forecast, 2016-2027
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Type
6.2.1. Traditional Alkaline Electrolyzer
6.2.2. PEM Electrolyzer
6.3. Market Analysis, Insights and Forecast – By Application
6.3.1. Power Plants
6.3.2. Steel Plants
6.3.3. Electronics & Photovoltaics
6.3.4. Industrial Gases
6.3.5. Energy Storage or Fueling for FCEV’s
6.3.6. Power to Gas
6.3.7. Others
6.4. Market Analysis, Insights and Forecast – By Region
6.4.1. North America
6.4.2. Europe
6.4.3. Asia Pacific
6.4.4. Latin America
6.4.5. Middle East & Africa
7. North America Electrolyzer Market Analysis (USD Million) (MW), Insights and Forecast, 2016-2027
7.1. Key Findings / Summary
7.2. Market Analysis, Insights and Forecast – By Type
7.2.1. Traditional Alkaline Electrolyzer
7.2.2. PEM Electrolyzer
7.3. Market Analysis, Insights and Forecast – By Application
7.3.1. Power Plants
7.3.2. Steel Plants
7.3.3. Electronics & Photovoltaics
7.3.4. Industrial Gases
7.3.5. Energy Storage or Fueling for FCEV’s
7.3.6. Power to Gas
7.3.7. Others
7.4. Market Analysis, Insights and Forecast – By Country
7.4.1. U.S.
7.4.2. Canada
8. Europe Electrolyzer Market Analysis (USD Million) (MW), Insights and Forecast, 2016-2027
8.1. Key Findings / Summary
8.2. Market Analysis, Insights and Forecast – By Type
8.2.1. Traditional Alkaline Electrolyzer
8.2.2. PEM Electrolyzer
8.3. Market Analysis, Insights and Forecast – By Application
8.3.1. Power Plants
8.3.2. Steel Plants
8.3.3. Electronics & Photovoltaics
8.3.4. Industrial Gases
8.3.5. Energy Storage or Fueling for FCEV’s
8.3.6. Power to Gas
8.3.7. Others
8.4. Market Analysis, Insights and Forecast – By Country
8.4.1. U.K
8.4.2. Germany
8.4.3. France
8.4.4. Italy
8.4.5. Russia
8.4.6. Rest of Europe
9. Asia Pacific Electrolyzer Market Analysis (USD Million) (MW), Insights and Forecast, 2016-2027
Continued…
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