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.
The development of new technologies that will reduce the operational costs of hydrogen electrolyzers is anticipated to stimulate the market. As the negative effects of carbon emissions become more widely known, there will also be new opportunities for market expansion.
Demand for hydrogen electrolyzers will rise in the upcoming decade due to an increase in on-site hydrogen production and the use of renewable energy sources. Additionally, it’s expected that growing demand for carbon-free steel in a number of industries, including the automotive sector, will create new growth opportunities for 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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