In 2021, the market for hydrogen electrolyzers was expected to be worth US$ 350.6 million. By 2032, sales are projected to reach US$ 3.7 billion after growing at a CAGR of 24.2% over the forecast period.Over the course of the forecast period, it is anticipated that the market will benefit from the rising popularity of hydrogen energy.
As a result of the enforcement of stringent government regulations intended to protect the environment by reducing pollution, it is anticipated that the use of hydrogen electrolyzers will steadily increase in the coming years.
In terms of revenue, Europe is expected to dominate the hydrogen electrolyzer market in 2022 and to grow at a rapid pace throughout the forecast period. Due to the increasing use of hydrogen electrolyzer in the metal creation, automotive, biotechnology, energy, and hardware manufacturing industries, Germany is expected to hold the largest share of the European market.
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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.
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 :
• 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
Despite Prevailing Uncertainties, Experts Eying Green Hydrogen Post Pandemic
The global COVID-19 pandemic has put manufacturing, supply and demand of hydrogen electrolyzer 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, Netherlands and Australia are already investing rigorously in this technology. This is in alignment with EU’s green deal plan to decarbonize and bring emissions down to zero by 2050.
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Competitive Landscape:
The global market players are striving to drive their market revenue at more than 20% on a yearly basis. This is being done by bringing down investment costs through joint collaboration.
For instance, ITM Power and Linde have collaborated to open up a factory at 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 at 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.
Hydrogen Electrolyzer Market Outlook by Category
By Product Type:
• Proton Exchange Membrane (PEM) Electrolyzer
• Alkaline Electrolyzer
• Solid Oxide Electrolyzer
By Capacity:
• Low ( 1mW)
o 1 – 10 mW
o 10 – 20 mW
o Above 20 mW
By Outlet Pressure:
• Low ( 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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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 global industry analysis for 2015-2019 and opportunity assessment for the 2020-2030. The report offers complete analysis on 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 of pricing by different application analysis, product life cycle, capacity assessment, key market trends and technologies which are being implemented in the deployment or installation of the hydrogen electrolyzer and product adoption in varied end use industries.
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