Future Market Insights, an ESOMAR-certified market research provider, opines that the long term outlook for hydrogen electrolyzer market will remain optimistic with growth pegged at 10% through 2030.
With costs of renewables substantially dropping, making them more competitive with conventional fuels, their use as feedstock for hydrogen electrolysis will boost market growth subsequently.
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Research for hydrogen fuel cell technology, H-CNG and mobility solutions will play a vital role in the market dynamics of hydrogen electrolyzers. With the growing popularity of fuel cell technology in automotive, notably electric mobility, demand for on-site hydrogen production will proliferate.
“The rising availability of CAPEX subsidies, tax rebates and low electricity costs will strongly intensify the adoption of hydrogen electrolyzers. In addition, hydrogen electrolyzers will provide the missing link between hydrogen and green electricity across various countries as it strives to achieve a de-carbonized environment” says FMI analyst.
Key Takeaways for Hydrogen Electrolyzer Market Study
- PEM electrolyzers are expected to witness a higher demand growth vis-à-vis other electrolyzer variants on back of high purity output and economical features with regards to operations
- Countries in Western Europe and Asia Pacific are key to the growth of hydrogen electrolyzer market, on account of their high growth potential & considerable market size
- Accelerated demand for high purity of hydrogen is boosting the uptake of hydrogen electrolyzer over competitive technologies such as SMR
Hydrogen Electrolyzer Market Analysis
Conventionally, natural gas has been the primary source of hydrogen production. Around 6%-7% of its utilization is channelized towards hydrogen production. Production of hydrogen from natural gas is exorbitant with fuel being the largest cost factor.
With costs of renewable electricity steadily declining, production of hydrogen from water electrolysis will incite demand for hydrogen electrolyzers. Further, a steady dip in prices of solar, wind and PV is being witnessed.
Use of hydrogen electrolyzers at places with abundant supply of natural resources will pave way for a supply option at an affordable cost keeping into account distribution and transmission costs.
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By Segment:
The global Hydrogen Electrolyzer market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
By Product Type
- Proton Exchange Membrane (PEM) Electrolyzer
- Alkaline Electrolyzer
- Solid Oxide Electrolyzer
By Capacity
- Low (<500 kW)
- Medium (500 kW to 2 MW
- High (Above 2 MW)
By Output Pressure
- Low (≤10 bar)
- Medium
- (10 bar – 40 bar)
- High (≥ 40 bar)
By Application
- Ammonia
- Methanol
- Refinery Industry
- Electronics
- Energy
- Power to Gas
- Transport
- Metal Production & Fabrication
- Pharma & Biotech
- Food & Beverages
- Glass Industry
- Others
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Middle East & Africa
- Japan
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Competitive Landscape
The global hydrogen electrolyzer market is a fragmented market due to the presence of a number of regional as well as international players. The strategies of market stakeholders revolve around enhancing scalability, cost efficiency and increasing the production.
Some of the prominent companies in the hydrogen electrolyzer market include Siemens AG, Nel Hydrogen, McPhy Energy S.A, ITM Power Plc, Hydrogenics, Tianjin Mainland Hydrogen Equipment Co. Ltd, Areva H2Gen, Giner Inc., ELB Elektrolysetechnik GmbH, GreenHydrogen.dk ApS, iGas Energy GmbH, Beijing CEI Technology Co., Ltd. And Next Hydrogen, and Accagen SA etc. and others.