Global Hydrogen Electrolyzer Market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Vikas Kumar
- October 11, 2021
- CHEMICAL, NEWS
- Hydrogen Electrolyzer Market, Hydrogen Electrolyzer Market Growth, Hydrogen Electrolyzer Market news, Hydrogen Electrolyzer Market Share, Hydrogen Electrolyzer Market Size, Hydrogen Electrolyzer Market Trend
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Global hydrogen electrolyzer market is expected to cross the market size of US$500 million by 2027 expanding at a reasonable growth rate during the forecast period (2021-2027). The factors that are driving the demand are the technical and economic advantages of hydrogen electrolyzer include producing pure hydrogen, producing hydrogen on-site, and is expected to be a low-cost method for producing highly efficient hydrogen during the foreseeable future. The power generation units across the globe shifting from traditional battery-based systems for power storage to novel technologies such as hydrogen electrolyzers are driving the market outlook.
Factors that are driving the market size of hydrogen electrolyzer are surging demand for hydrogen as a feedstock across the chemical and other industries along with a positive outlook toward industrial base expansion will energize the business scenario. Increasing research & development activities to produce green hydrogen coupled with rising government spending on H2 energy design & development programs will influence product penetration over the forecast timeline. For instance, in 2019, IEA introduced multiple policy targets including the Green Act for a variety of sectors.
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The sudden outbreak of coronavirus has caused health emergency across the globe that has significantly affected the various industrial verticals. The pandemic has halted the activities in various industries due to the surge in active virus cases that led to urgent shutdown of ongoing work. The economic crisis following the Covid-19 pandemic had caused significant delay to the adoption and commercial roll-out of clean hydrogen. Moreover, devastating economic conditions has reduced and in some countries, government has stopped the investment on H2 energy design and development program that also had adverse impact on the market.
Based on product, the market is classified into alkaline electrolyzer, PEM electrolyzer, and solid oxide electrolyzer. Currently, PEM electrolyzer captured substantial share in the global hydrogen electrolyzer market. It is mainly owing to its high current densities, compact system design, and rapid response toward current fluctuations. The ongoing adoption of various policies and norms by developing nations to increase the share of renewables in the overall energy mix is set to boost the product adoption.
Based on capacity, the market is segmented into ≤ 500 kW, > 500 kW – 2 MW, above 2 MW. In 2020, the electrolyzer with capacity >500 KW to 2MW dominated the market owing to ongoing electrification programs across off grid/rural areas along with growing industrialization will fuel the market outlook. However, the electrolyzer with capacity above 2 MW are expected to grow at a higher pace during the forecast period.
Based on application, the market is segmented power generation, transportation, industry energy, industry feedstock, building heating & power and others. Currently power generation segment caters considerable market share. It is mainly owing to an increasing proportion of renewables coupled with increasing infrastructural investments across the commercial sector and the growing need for energy imports will energize the industry dynamics.
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For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada, rest of North America); Europe (Germany, UK, France, rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific) and Rest of World. Currently, Europe constitutes the largest market for the industry in 2020 predominantly because of focus toward alternative power solutions.
Some of the major companies operating in the global hydrogen electrolyzer market includes Green Hydrogen, Areva H2gen, Giner Inc., Enapter S.r.l., MVS Engineering Pvt. Ltd, Pure Energy Centre, Cummins Inc., ITM Power plc, McPhy Energy S.A, Siemens AG and Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Hydrogen Electrolyzer Market Segmentation
Market Insight, by Product
Market Insight, by Capacity
- ≤ 500 kW
- > 500 kW – 2 MW
- Above 2 MW
Market Insight, by Application
Market Insight, by Region
- North America Hydrogen Electrolyzer Market
- United States
- Rest of North America
- Europe Hydrogen Electrolyzer Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Hydrogen Electrolyzer Market
- Rest of Asia-Pacific
- Rest of World Hydrogen Electrolyzer Market
Top Company Profiles
- Green Hydrogen
- Areva H2gen
- Giner Inc.
- Enapter S.r.l.
- MVS Engineering Pvt. Ltd
- Pure Energy Centre
- Cummins Inc.
- ITM Power plc
- McPhy Energy S.A
- Siemens AG