Exponential Growth Predicted For Electrolyzers Market during 2020 – 2027

Allied Market Research published a report, titled,"Electrolyzer Market by Product, Capacity, and Application: Global Opportunity Analysis and Industry Forecast, 2020–2027."According to the report, the global electrolyzer industry generated $0.2 billion in 2019, and is expected to generate $0.9 billion by 2027, witnessing a CAGR of 24.6% from 2020 to 2027.

Supportive government initiatives toward reducing carbon emissions and lower costs of renewable energy drive the growth of the global electrolyzer market. However, limited technological advancements, delayed permits, and constraints related to equipment supply hinder the market growth. On the other hand, demand for on-site electrolyzer installation from the industrial sector owing to decarbonization creates new opportunities in the coming years.

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The electrolyzer market is segmented on the basis of product, capacity, application, and region. Depending on product, the market is segmented into alkaline electrolyzer, PEM electrolyzer, and solid oxide electrolyzer. Alkaline electrolyzer dominated the market share, whereas, PEM electrolyzer is expected to grow at higher CAGR during the forecast period. By capacity, the market is bifurcated into less than 500 kW, 500 kW to 2 MW, and above 2 MW. The 500 kW to 2 MW capacity electrolyzer dominated the market share in 2019, while above 2 MW capacity electrolyzer is expected to grow at a rapid pace.

Based on application, the market is divided into power generation, transportation, industry energy, industry feedstock, building heat & power, and others. The power generation segmented dominated the market share but transportation application is projected to grow at a higher CAGR. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). Europe is leading the market for electrolyzer; however, Asia-Pacific is expected to witness the highest growth during the forecast period.

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Based on region, Europe, followed by Asia-Pacific and North America, accounted for the highest share in terms of revenue in 2019, holding nearly two-fifths of the global electrolyzer market, and will continue its lead position by 2027. This is attributed toseveral initiatives from the European government for encouraging decarbonization.

The key players operating in the market are
• Hydrogenics
• Nel ASA
• Siemens Energy Global GmbH, Co. KG. AG
• Toshiba
• Air Liquide
• Plug Power
• McPhy Energy
• ITM Power
• Idroenergy
• Next Hydrogen

Covid-19 Scenario

Owing to partial or complete lockdown imposed in many countries, manufacturing activities have been stopped or facilities have been shut down. In addition, there has been a disruption in the supply chain, which resulted in, supply-demand gap.
The demand for electrolyzers from various industries such as transportation, power generation, and others reduced as daily operations were stopped to restrain the spread of novel coronavirus. However, the demand would recover soon as daily operations begin in full capacity in these sectors.

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