Over the forecast period of 2022-2032, the global hydrogen electrolyzer market is expected to grow at a CAGR of 24.2%. By the end of 2032, the market value is expected to reach US$ 3.7 billion. Rising demand for hydrogen gas across a wide range of end-use industries is expected to drive growth in the hydrogen electrolyzer market in the coming years.
The market is expected to be fueled by the development of new technologies to reduce the operational costs of hydrogen electrolyzers. Furthermore, rising global awareness of the harmful effects of carbon emissions is expected to create new market growth opportunities.
Higher adoption of renewable energy sources, as well as increased onsite hydrogen production, will drive demand for hydrogen electrolyzers in the coming decade. Aside from that, rising demand for carbon-free steel in industries such as automotive is expected to open up new opportunities in the steel manufacturing sector.
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Increased efforts by several automotive manufacturers to reduce carbon emissions from vehicles is another critical factor that will drive future sales of hydrogen electrolyzers. The market is also expected to be driven by the rapid development of green energy around the world.
Key Takeaways: Hydrogen Electrolyzer Market
- By product type, sales of PEM electrolyzers are expected to grow at a CAGR of 2% during the forecast period.
- By outlet pressure, the low (<= 10 bar) segment is anticipated to dominate the market and is expected to account for about 2/3rd of the share.
- By end use, the transportation segment is projected to lead the hydrogen electrolyzer market and create an absolute $ opportunity worth US$ 5 Mn in 2032.
- In terms of region, the Europe hydrogen electrolyzers market is estimated to exhibit a CAGR of 1%.
“Increasing demand for hydrogen fuel due to rising investments in novel programs for reducing carbon emissions globally is set to create new growth opportunities for companies in the hydrogen electrolyzers market,” says a FMI analyst.
Competitive Landscape: Hydrogen Electrolyzer Market
Some of the key players present in the global hydrogen electrolyzer market include Siemens AG, Nel Hydrogen, McPhy Energy, ITM Power Plc, Tianjin Mainland Hydrogen Equipment Co. Ltd, Gaztransport & Technigaz, Giner Inc., GreenHydrogen Systems, iGas Energy GmbH, Beijing CEI Technology Co., Ltd., Next Hydrogen, Air Liquide, Ballard Power Systems, Enapter , Plug Power Inc., Bloom Energy, Pure Energy Centre, Shandong Saikesaisi Hydrogen Energy Co., Ltd., Idroenergy, Erredue SpA, and SwissHydrogen SA among others.
Manufacturers are strategically collaborating with technology companies for co-developing new products and gaining a competitive edge. A few others are looking forward to helping the oil and gas industry by providing technologically advanced products.
More Valuable Insights on Hydrogen Electrolyzer Market:
The research report analyzes the market demand trend for hydrogen electrolyzer. The global market is based on macroeconomic factors, market trends & market background.
As per Future Market Insights’ research scope, the hydrogen electrolyzer market report is studied and analyzed in the following segments such as by product type (PEM electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer), capacity (low (<= 150 kW), medium (150kW–1mW) [150-400 kW, 400-750kW, 750-1mW], and high (> 1mW) [1 – 10 mW, 10 – 20 mW, above 20 mW], outlet pressure (low (<= 10 bar), medium (150 bar–40 bar), and high (> 40 bar)), end use (ammonia, methanol, refining/ hydrocarbon, electronics, energy, power to gas, transport, metal production & fabrication, pharma & biotech, food & beverages, glass industry, and others), and regions (North America, Latin America, Europe, East Asia, South Asia Pacific, and the Middle East & Africa). The hydrogen electrolyzer market report gives us qualitative and quantitative information about the companies.
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Hydrogen Electrolyzer Market Outlook by Category
By Product Type:
- Proton Exchange Membrane (PEM) Electrolyzer
- Alkaline Electrolyzer
- Solid Oxide Electrolyzer
By Capacity:
- Low (<= 150 kW)
- Medium (150kW–1mW)
- 150-400 kW
- 400-750kW
- 750-1mW
- High (> 1mW)
- 1 – 10 mW
- 10 – 20 mW
- Above 20 mW
By Outlet Pressure:
- Low (<= 10 Bar)
- Medium (150 Bar–40 Bar)
- High (> 40 Bar)
By End Use:
- Ammonia
- Methanol
- Refining/ Hydrocarbon
- Electronics
- Energy
- Power to Gas
- Transport
- Metal Production & Fabrication
- Pharma & Biotech
- Food & Beverages
- Glass Industry
- Other Industrial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
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