Hydrogen Electrolyzer Market: Current Analysis and Forecast (2023-2030)

Report Description

The Hydrogen Electrolyzer Market was valued at USD 350 million in 2022 & is expected to grow at a CAGR of 8% from 2023-2030. Hydrogen electrolyser is an apparatus that generates hydrogen using a chemical process (electrolysis). It is capable of splitting oxygen and hydrogen molecules with the use of electricity. By using a hydrogen electrolyzer, hydrogen may be created sustainably without releasing carbon dioxide into the atmosphere. 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. In addition, surging need for highly efficient and low space utilizing energy storage systems to handle the electricity produced from solar, wind, and hydropower generation units are primary factors driving the global hydrogen electrolyzers market during the forecast period. In additional in January 2023, Enapter S.r.l received a contract from Adsensys, one of the leading suppliers of fuels, for supplying an AEM Multicore electrolyzer. This electrolyzer can produce about 450 kilograms of green hydrogen per day.

• Some of the major players operating in the market include Green Hydrogen Systems A/S, Areva H2gen Inc., Giner Inc., Enapter S.r.l., MVS Engineering Pvt. Ltd, Pure Energy Centre, Cummins Inc, ITM Power plc, McPhy Energy S.A, Siemens AG.

Insights Presented in the Report

“Amongst Product, PEM Electrolyzer Segment Holds the Major Share”

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.

“Amongst Capacity, > 500 Kw – 2 MW Segment Holds the Major Share”

Based on capacity, the market is segmented into ≤ 500 kW, > 500 kW – 2 MW, above 2 MW. Currently > 500 kW – 2 MW segment acquired considerable market share in hydrogen electrolyzer 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.

“Amongst Application, Power Generation Segment Holds the Major Share”

Based on application, the market is segmented into Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heating & Power and Others. Currently power generation segment caters considerable growth. 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.

“Europe to grow with high CAGR during the forecast period”

The Europe market is expected to register the highest growth rate in the forecast period due to the rising prevalence of green energy is anticipated to fuel the market growth. The increasing prevalence and increasing region’s expanding hydrogen electrolyzer market results from the rising prevalence of decarbonization is anticipated to fuel the market growth. During the anticipated period, Europe is anticipated to hold the greatest market share in the hydrogen electrolyzers sector. Germany, the UK, France, Denmark, Austria, Spain, the Netherlands, Norway, and the rest of Europe’s markets have all been researched. Currently, fewer than 2% of Europe’s energy needs

Hydrogen Electrolyzer Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global hydrogen electrolyzer market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Hydrogen Electrolyser Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the hydrogen electrolyser market were the three major steps undertaken to create and analyze the adoption of hydrogen electrolyser in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global hydrogen electrolyser market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the hydrogen electrolyser market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the hydrogen electrolyser market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, capacity and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the hydrogen electrolyser market. Further, we conducted factor analysis using dependent and independent variables such as product, capacity and application of the cold chain market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the ion chromatography market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 2 steps, we arrived at the current market size, key players in the global cold chain market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the cold chain market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global ion chromatography market in terms of offering. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global hydrogen electrolyser market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, capacity and application in the global hydrogen electrolyser market.

The main Objective of the Global Hydrogen Electrolyser Market Study

The current & future market trends of the global hydrogen electrolyser market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the hydrogen electrolyser market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the product, capacity and application.
• Define and analysis of the regulatory framework for the hydrogen electrolyser
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the hydrogen electrolyser market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the hydrogen electrolyser market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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