Hydrogen Electrolyzer Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Product (Alkaline Electrolyzer, PEM Electrolyzer and Solid Oxide Electrolyzer); Capacity (≤ 500 kW, > 500 kW – 2 MW, Above 2 MW), Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heating & Power and Others), and Region/Country
Global hydrogen electrolyzer market is expected to cross the market valuation of US$ 500 million by 2027 and is expected to grow at a significant growth rate during the forecast period (2021-2027). 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 addition, 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
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 may cause a significant delay to the adoption and commercial roll-out of clean hydrogen. It may even permanently endanger the capacity of the clean hydrogen sector to take-up its role as the missing link in the energy transition.
Different Types of Hydrogen Electrolyzer Product, 2020
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 are some of the prominent players operating in the global hydrogen electrolyzer market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
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 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 Represents the Largest Market for Global Hydrogen Electrolyzer Market”
For a better understanding of the market dynamics of the global hydrogen electrolyzer market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe and Rest of the World. Europe constitutes the largest market in 2020 predominantly because of focus toward alternative power solutions.
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- 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 portfolio, 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
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|1.4.||Currency Used in Report|
|2.1.||Research Methodology for the Global Hydrogen Electrolyzer Market|
|2.1.1.||Main Objective of the Global Hydrogen Electrolyzer Market|
|5||Global HYDROGEN ELECTROLYZER MARKET AMID COVID-19|
|6||Global Hydrogen Electrolyzer MARKET REVENUE (USD MN), 2019-2027F|
|7.3.||Solid Oxide Electrolyzer|
|8.1.||≤ 500 kW|
|8.2.||> 500 kW – 2 MW|
|8.3.||Above 2 MW|
|9.5.||Building Heating & Power|
|10.1.||North America HYDROGEN ELECTROLYZER Market|
|10.1.3.||Rest of North America|
|10.2.||Europe Hydrogen Electrolyzer Market|
|10.2.4.||Rest of Europe|
|10.3.||Asia Pacific Hydrogen Electrolyzer Market|
|10.3.5.||Rest of Asia-Pacific|
|10.4.||Rest of World Hydrogen Electrolyzer Market|
|12||HYDROGEN ELECTROLYZER MARKET OPPORTUNITIES|
|13||HYDROGEN ELECTROLYZER MARKET TRENDS|
14 LEGAL & REGULATORY FRAMEWORK
|15.1.||Demand Side Analysis|
|15.2.||Supply Side Analysis|
|15.2.1.||Top Product Launches|
|15.2.2.||Top Business Partnerships|
|15.2.3.||Top Business Expansions, Investments and Divestitures|
|15.2.4.||Top Merger and Acquisitions|
|16||VALUE CHAIN ANALYSIS|
|17.1.||Porter’s Five Forces Analysis|
|17.1.1.||Bargaining power of Supplier|
|17.1.2.||Bargaining power of Buyer|
|17.1.4.||Availability of Substitute|
|17.1.5.||Threat of new Entrants|
|17.2.1.||Company Shares, By Revenue|
|18.5.||MVS Engineering Pvt. Ltd|
|18.6.||Pure Energy Centre|
|18.8.||ITM Power plc|
|18.9.||McPhy Energy S.A|
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global hydrogen electrolyzer market were the three major steps undertaken to create and analyze the adoption of hydrogen electrolyzer system 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 electrolyzer 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 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 global hydrogen electrolyzer market through company internal sources such as annual report & 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 global hydrogen electrolyzer market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments 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 global hydrogen electrolyzer market. Further, we conducted factor analysis using dependent and independent variables such as increasing product of hydrogen electrolyzer and application hydrogen electrolyzer material. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the global hydrogen electrolyzer market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global hydrogen electrolyzer 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., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 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 value (US$) and the adoption rate of global hydrogen electrolyzer market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global hydrogen electrolyzer market in terms of products offered. 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, and 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
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global hydrogen electrolyzer market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the global hydrogen electrolyzer market.
The Main Objective of the Global Hydrogen Electrolyzer Market Study
The current & future market trends of global hydrogen electrolyzer market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were 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 as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of global hydrogen electrolyzer market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product, capacity and application.
- Define and analysis of the regulatory framework for the global hydrogen electrolyzer market industry
- 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 global hydrogen electrolyzer market for the major region
- Major regions studied in the report include Asia Pacific, Europe, North America and Rest of the world.
- Company profiles of the global hydrogen electrolyzer 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