PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1663362
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1663362
Global Electrolyzer Market Size, Share & Trend Analysis by Product, Capacity, Application, and Regional Forecasts 2022-2032
The Global Electrolyzer Market, valued at approximately USD 2.26 billion in 2023, is projected to expand at a robust CAGR of 65.9% during the forecast period 2024-2032. The surge in market demand stems from the increasing emphasis on reducing carbon emissions, promoting green energy solutions, and the widespread adoption of hydrogen technologies across diverse industries. Electrolyzers, pivotal in hydrogen production, play an instrumental role in decarbonization strategies and sustainable energy solutions.
Electrolyzers, comprising an anode, cathode, and membrane, are utilized in breaking down water into hydrogen and oxygen through electrolysis. The resultant hydrogen serves multiple applications, including industrial feedstock, power generation, and transportation. The increasing focus on green hydrogen, propelled by supportive government regulations and incentives, is expected to drive market growth further. For instance, initiatives such as subsidies, exemptions from grid fees, and grid service revenues underscore governmental commitment to this sector.
The market's growth trajectory is bolstered by advancements in technology, including solid oxide electrolyzers (SOEs) and proton exchange membrane (PEM) electrolyzers. Innovations such as Hysata's capillary technology, achieving 80% efficiency, and the integration of waste-heat utilization in SOE systems exemplify the industry's dedication to efficiency and sustainability. However, challenges like high initial costs, delayed equipment supply, and limited technological progress may impede growth to some extent.
The Asia-Pacific region dominates the market owing to its substantial industrial base, strong government policies promoting renewable energy, and expanding infrastructure for electric vehicles and sustainable practices. Meanwhile, regions such as Europe and North America are experiencing steady growth driven by policy-driven incentives and significant investments in hydrogen technologies.
Major market players included in this report are:
- Cummins, Inc.
- Nel ASA
- Siemens AG
- Toshiba Corporation
- Plug Power Inc.
- ITM Power
- Air Liquide
- McPhy Energy
- Bloom Energy
- Iberdrola S.A.
The detailed segments and sub-segment of the market are explained below:
By Product:
By Capacity:
By Application:
By Region: North America:
Europe:
Asia Pacific:
LAMEA:
Years considered for the study are as follows:
Key Takeaways:
Table of Contents
Chapter 1. Global Electrolyzer Market Executive Summary
- 1.1. Global Electrolyzer Market Size & Forecast (2022-2032)
- 1.2. Regional Summary
- 1.3. Segmental Summary
- 1.3.1. By Product
- 1.3.2. By Capacity
- 1.3.3. By Application
- 1.4. Key Trends
- 1.5. Recession Impact
- 1.6. Analyst Recommendations & Conclusion
Chapter 2. Global Electrolyzer Market Definition and Research Assumptions
Chapter 3. Global Electrolyzer Market Dynamics
Chapter 4. Global Electrolyzer Market Industry Analysis
Chapter 5. Global Electrolyzer Market Size & Forecasts by Product 2022-2032
Chapter 6. Global Electrolyzer Market Size & Forecasts by Capacity 2022-2032
Chapter 7. Global Electrolyzer Market Size & Forecasts by Application 2022-2032
Chapter 8. Global Electrolyzer Market Size & Forecasts by Region 2022-2032
Chapter 9. Competitive Intelligence
Chapter 10. Research Process
