Future Market Insights, an ESOMAR-certified market research provider, opines that the long-term outlook for the hydrogen electrolyzer market will remain optimistic with growth pegged at 10% through 2030.
It is a device that utilizes strength to interrupt water into oxygen and hydrogen in a process known as electrolysis. It incorporates a cathode, an anode, and a membrane. Through electrolysis, the machine creates hydrogen fuel. Energy is implemented to the anode and cathode throughout the device, main to the splitting of water into hydrogen and oxygen. with prices of renewables drastically losing, making them extra competitive with traditional fuels, their use as feedstock for hydrogen electrolysis will improve the market boom sooner or later.
Research for hydrogen gasoline mobile technology, h-CNG, and mobility answers will play an important position in the market dynamics of hydrogen electrolyzers. With the developing reputation of the fuel mobile era in automobiles, significantly electric-powered mobility, and demand for on-website online hydrogen manufacturing will proliferate.
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“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 an 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 the back of high purity output and economical features with regard to operations
- Countries in Western Europe and the Asia Pacific are key to the growth of the 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
Despite Prevailing Uncertainties, Experts Eying Green Hydrogen Post Pandemic
The global COVID-19 pandemic has put the manufacturing, supply, and demand of hydrogen electrolyzers on hold. In the second quarter of 2020, countries such as Italy experienced a 20% reduction in demand for power thus impacting the hydrogen electrolyzer market.
Economies around the world are utilizing this time to invest in green hydrogen to kick start growth. Countries such as Portugal, the Netherlands, and Australia are already investing rigorously in this technology. This is in alignment with the EU’s green deal plan to decarbonize and bring emissions down to zero by 2050.
Hydrogen Electrolyzer Market: Competitive Landscape
The global market players are striving to drive their market revenue by more than 20% every year. This is being done by bringing down investment costs through collaboration.
For instance, ITM Power and Linde have collaborated to open up a factory in Sheffield, UK to enhance their electrolysis capacity per year by at least 1GW.
Similarly, NEL and Hydrogenics are gearing up for projects that aim to produce 20MW of hydrogen in Denmark and Canada respectively. By scaling up the size of the plants, manufacturers are looking at reducing their overall costs in the production of hydrogen.
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Find More Valuable Insights on Hydrogen Electrolyzer Market:
FMI in its new market research study offers an unbiased analysis of the hydrogen electrolyzer market which comprises a global industry analysis for 2015–2019 and an opportunity assessment for 2020–2030. The report offers a complete analysis of the global hydrogen electrolyzer market through four different categories – product type, capacity, outer pressure, end-user, and region. The global hydrogen electrolyzer market study provides information on pricing by different application analyses, product life cycle, capacity assessment, key market trends, and technologies that are being implemented in the deployment or installation of the hydrogen electrolyzer and product adoption in varied end-use industries.
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