Hydrogen Electrolyzer Market is on Track to Record a Robust CAGR of 7.2% and be Worth More Than US$ 426.3 Mn by 2028
While growing with a value CAGR of 7.2%, the Hydrogen Electrolyzer market is expected to reach US$ 426.3 Mn in 2028, from a value of US$ 213.1 Mn in 2018. The incremental $ opportunity created by the Hydrogen Electrolyzer market is pegged to be at US$ 213.2 Mn between 2018 and 2028.
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Hydrogen Electrolyzer Market Dynamics
Hydrogen electrolyzer is a system for various end-use industries. Industries, such as electronics, food & beverages, metal production and fabrication, and pharmaceuticals, utilize hydrogen for different applications. Macroeconomic growth of these industries as well as increasing demand for hydrogen electrolyzer from these industries is expected to drive the growth of the market over the next few years.
The global Hydrogen Electrolyzer industry has a diverse business environment, characterized by continuous developments and introduction of new technologies. These advancements range from increasing efficiency of hydrogen production to increasing efficiency of fuel cells and various components existing in between. These advancements are making investors positive about investing more at one or multiple points in the hydrogen production supply chain, thereby facilitating market growth.
Hydrogen Electrolyzer Market Forecast
The global Hydrogen Electrolyzer market is estimated to grow and become 2.0X during the forecast period owing to growth in end-use industries, such as power to gas, energy, lubricant, ammonia, methanol, electronics, glass industry, food & beverages, etc. From a geographical perspective, Western Europe, followed by Asia Pacific excluding Japan (APEJ), is expected to dominate the global Hydrogen Electrolyzer market over the forecast period. On the basis of incremental $ opportunity, Western Europe is estimated to account for US$ 50.2 Mn in 2018 and is expected to reach US$ 101.2 Mn by the end of 2028 in the global Hydrogen Electrolyzer market during the forecast period.
By product type, the alkaline Hydrogen Electrolyzer segment is expected to dominate the market with a value of US$ 124.3 Mn in 2018. The segment is anticipated to account for more than half of the market value share in the Hydrogen Electrolyzer market during the forecast period. On the basis of growth, the PEM Hydrogen Electrolyzer segment is anticipated to grow at a sluggish growth rate when compared to solid oxide Hydrogen Electrolyzer segment in the global Hydrogen Electrolyzer market during the second half of the forecast period.
Among all capacity segments, the low capacity segment is projected to dominate the global Hydrogen Electrolyzer market during the forecast period. In terms of volume, the medium capacity segment is expected to hold approximately one-third of the market share in 2018 and will remain dominant throughout the forecast period in the global Hydrogen Electrolyzer market. The incremental $ opportunity created by the high capacity segment is pegged to be two-third of the incremental $ opportunity created by the medium capacity segment.
On the basis of hydrogen outlet pressure segment, the low capacity hydrogen outlet pressure segment is estimated to hold more than two third of market value share and is expected to dominate the market throughout the forecast period. This segment will be closely followed by the medium capacity hydrogen outlet pressure segment. In terms of incremental $ opportunity, the high capacity hydrogen outlet pressure segment is expected to create incremental $ opportunity worth US$ 35.21 Mn in between 2018 and 2028 in the global Hydrogen Electrolyzer market.
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Hydrogen Electrolyzer Market Competitive Landscape
Siemens AG, Nel Hydrogen, McPhy Energy S.A, ITM Power Plc, Tianjin Mainland Hydrogen Equipment Co. Ltd, Hydrogenics, Areva H2Gen, ELB Elektrolysetechnik GmbH, GreenHydrogen.dk ApS, Giner Inc, iGas Energy GmbH, Beijing CEI Technology Co., Ltd, Next Hydrogen and Accagen SA are some of the key participants covered in this study.
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