Wilmington, Delaware, United States, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Wilmington, Delaware, United States, Transparency Market Research Inc. - The global hydrogen electrolyzers market is projected to flourish at a CAGR of 8.2% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 702.5 million is anticipated for the market in 2031. As of 2023, the market for hydrogen electrolyzers is expected to close at US$ 375.1 million.
The growing popularity of hydrogen energy and the growing application of hydrogen electrolyzers in metal creation, biotechnology, the hardware manufacturing industry, and energy is anticipated to drive the hydrogen electrolyzer market.
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Competitive Landscape
The hydrogen electrolyzers market is highly fragmented with the presence of several local and global players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global hydrogen electrolyzers market report
- Siemens Energy
- Nel Hydrogen
- Bloom Energy
- Giner Inc.
- Plug Power
- McPhy
- Pure Energy Centre
- Idroenergy
- Star Gate Hydrogen
- Enapter
Key Developments in the Hydrogen Electrolyzers Market
- In May 2023 – Bloom Energy has begun generating hydrogen from the world’s largest solid oxide electrolyzer installation at NASA’s Ames Research Center. This high-temperature, high-efficiency unit produces 20-25% more hydrogen per megawatt (MW) than commercially demonstrated lower-temperature electrolyzers such as proton electrolyte membrane (PEM) or alkaline.
- In December 2022- Plug Power, a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, and Nikola Corporation, a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today announced a strategic relationship focused on moving the hydrogen economy forward.
- In June 2023- Pure Energy Centre (PEC), Pioneers in hydrogen systems, developed a mobile hydrogen refuelling station to be used for training purposes as part of the international North Sea Region project ZEM port NS project. The PEC has also developed a set of training modules to support the training of personnel to develop skills, knowledge and understanding of Hydrogen technology and operational understanding of the mobile hydrogen refuelling station.
The thriving oil industry and growth of the refining sector are anticipated to play a significant role in augmenting the hydrogen electrolyzer market. The rapidly growing chemical industry and rise in the production of fertilizers drive market growth as hydrogen is used for the production of chemicals such as ammonia.
Renewable energy sources like solar and wind creates a need for energy storage solution and the increased shift from fossil fuels to cleaner energy sources is accelerating the demand for hydrogen-based solutions, fueling the growth of the hydrogen electrolyzer market
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Key Takeaways from the Market Study
- As of 2022, the hydrogen electrolyzers market was valued at US$346.9million
- The face care segment remains prominent in terms of product type, accumulating a high revenue share during the forecast period
- Based on product type, Proton Exchange Membrane segment accounts for the highest market share
- Based on the capacityupto150 the kw segment accounts for the dominant market share.
Hydrogen Electrolyzers Market: Key Trends and Opportunistic Frontiers
- The growing demand in industries such as refineries, chemical manufacturing, and steel production as these require large amounts of hydrogen for various processes. Electrolyzers can provide a sustainable and low-carbon source of hydrogen, replacing fossil fuel-based production methods.
- Growing technological innovation and increased research and development are improving the efficiency and cost-effectiveness of hydrogen electrolyzer technologies.
Hydrogen Electrolyzers Market – Regional Analysis
- North America is projected to witness substantial growth in the hydrogen electrolyzer market during the forecast period, driven by renewable energy goals, climate targets, and advancements in technology. The United States is exploring opportunities to integrate hydrogen into its energy mix and is investing in research and development for electrolyzer technologies. Canada is also focusing on developing a hydrogen economy, especially in regions with abundant renewable energy resources.
- Asia Pacific is expected to dominate the global hydrogen electrolyzer market during the forecast period owing to the growing manufacturing industries, which generate high demand for the use of hydrogen, which is driving market dynamics in the region.
Hydrogen Electrolyzers Market
Product Type
- Proton Exchange Membrane
- Alkaline Electrolyzer
- Solid Oxide Electrolyzer
Capacity
- Upto 150 kw
- 151 to 500 kw
- 500 to 1000 kw
- Above 1000 kw
Outlet Pressure
- Upto 10 Bar
- 11-40 Bar
- More than 40 Bar
End-use
- Methanol
- Refining
- Electronics
- Power Gas
- Transport
- Food & Beverage
- Others (Fabrication, Metal Production, etc.)
Distribution Channel
- Direct Sales
- Indirect Sales
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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