Pune, India, May 04, 2023 (GLOBE NEWSWIRE) -- Fortune Business Insights has released a report titled "Electrolyzer Market, 2022-2029," according to report, the global electrolyzer market was USD 390.4 million in 2021 & USD 416.8 million in 2022. The market is projected to expand at a CAGR of 5.8% during the forecast period, and reach USD 619.6 million by 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 2022 | USD 416.8 Billion |
| Historical Data for | 20218-2020 |
| No. of Pages | 326 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Rising Digital and Automation to Navigate Market Growth |
| Asia Pacific to Lead Backed by Greater Electricity Demand |
Market Drivers:
Rising demand for green hydrogen as an alternative fuel source to reduce carbon emissions is driving the growth of the electrolyzer market.
Government initiatives and investments in the development of hydrogen infrastructure and research and development of fuel cells are fueling market growth.
The growing demand for hydrogen in various industries, including petroleum refineries, chemical plants, and steel manufacturing, is driving the demand for electrolyzers.
Market Restraints:
The high capital cost of electrolyzers and the associated infrastructure is a significant challenge for market growth.
The lack of a well-established hydrogen supply chain and distribution network is hindering the growth of the electrolyzer market.
The safety concerns associated with hydrogen production and storage pose a challenge to market growth, as accidents can lead to significant damages and safety hazards.
COVID-19 Impacts:
Supply Chain Upheavals amid COVID-19 Pandemic to Obstruct Market Growth
Health emergency across the world commenced by the unexpected outbreak of COVID-19 infections has notably impacted various dynamics. Practically, all the major economies have perceived a large expansion in the number of impacted cases right from the start of 2020. The outcome of the global pandemic has also affected the financial prudence of countless fast-growing developing countries in unrest. The market has been directly affected accordingly by the outbreak of COVID-19. At present, the chemical sector, oil refining industry, and steel production industry incur high demand for hydrogen, which the COVID-19 outbreak has reportedly influenced.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/electrolyzer-market-103919
Segments:
The electrolyzer market is segmented on the basis of product type, capacity, application, and region.
Based on product type, the market is segmented into alkaline electrolyzer, PEM (Proton Exchange Membrane) electrolyzer, and solid oxide electrolyzer.
On the basis of capacity, the market is segmented into less than 500 kW, 500 kW to 2 MW, and above 2 MW.
Based on application, the market is segmented into power generation, transportation, industrial gas, energy storage, and others.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The segmentation helps in understanding the demand and supply of electrolyzers in different regions, their capacity, and applications. It also helps the manufacturers to focus on specific product types and capacities based on the demand in different regions and industries.
By Type
- Traditional Alkaline Electrolyzer
- PEM Electrolyzer
By Application
- Power Plants
- Steel Plant
- Electronics and Photovoltaics
- Industrial Gases
- Energy Storage or Fueling for FCEVs
- Power to Gas
- Others
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.
Regional Insights:
The electrolyzer market is segmented into various regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
North America and Europe are expected to dominate the electrolyzer market during the forecast period, owing to the increasing adoption of renewable energy sources and the presence of several key market players in these regions.
The Asia Pacific region is expected to witness significant growth in the market due to the increasing investments in hydrogen infrastructure and growing demand for hydrogen in various industries, including transportation and power generation. Countries such as China, Japan, and South Korea are expected to be major contributors to the growth of the electrolyzer market in the Asia Pacific region.
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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.
Key Players Mentioned in the Report:
- Nel Hydrogen (Norway)
- Asahi Kasei (Japan)
- Hydrogenics (Canada)
- Shandong Saikesaisi Hydrogen Energy Co., Ltd. (China)
- Teledyne Energy Systems (U.S.)
- Siemens (Germany)
- Kobelco Eco-Solutions (U.S.)
- Green Hydrogen Systems (Denmark)
- Next Hydrogen (Canada)
- H-Tec Systems (Germany)
Table of Contents:
- 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
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