The global hydrogen electrolyzer market is expected to grow at a CAGR of 24.2% over the forecast period of 2022-2032. The market valuation is set to reach US$ 3.7 Bn by the end of 2032. Rising demand for hydrogen gas across various end-use sectors is estimated to drive growth in the hydrogen electrolyzer market during the forthcoming years.
Development of new technologies to reduce the operational cost of hydrogen electrolyzers is anticipated to fuel the market. Moreover, rising awareness about the harmful effects of carbon emissions worldwide are set to create new growth opportunities in the market.
Higher adoption of renewable energy sources and increasing onsite hydrogen production are set to boost the demand for hydrogen electrolyzers in the upcoming decade. Apart from that, surging demand for carbon-free steel in various industries such as automotive is projected to create new growth opportunities in the steel manufacturing sector.
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Increasing initiatives taken by several automotive manufacturers to reduce carbon emission from vehicles is another vital factor that would propel sales of hydrogen electrolyzers in future. Surging development of green energy worldwide is also expected to drive the market.
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.
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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
About Industrial Automation Division at Future Market Insights
The industrial automation division of FMI offers a novel approach and innovative perspective in analyzing industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial and special purpose machinery across manufacturing sector and distinctive analysis about installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustain, grow and identify new revenue prospects.
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