Global Electrolyzer Market to Generate $0.9 billion by 2027, states the report by Allied Market Research
Eswara Prasad, the Manager for Chemicals & Materials at Allied Market Research, outlined, “The electrolyzer market is driven by increased demand for hydrogen from several industries such as transportation, power generation, and chemical processing. Moreover, favorable government policies that encourage reduction in carbon footprint also drive the market growth. However, several restraints for the market are limited technological advancements and constraint in equipment supply.”
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The research offers an extensive analysis of drivers, restrains, and opportunities to enable market players gain insights for strategizing and tapping on new opportunities. Favorable government initiatives for lowering carbon emissions are crucial in contributing toward the growth of the market. Moreover, less costs of renewable energy supplements the growth of the market. However, delay in approving permits and restrains regarding supply of equipment limit the market growth. Contrarily, surge in demand regarding installation of on-site electrolyzer from the industrial sector presents opportunities in the next few years.
The research offers an extensive scenario of Covid-19 along with outlining its impact on the electrolyzer market across the world. Manufacturing activities have been halted and facilities have been closed down due to partial or complete lockdown implemented by governments of many countries. In addition, the supply chain has been disrupted and the supply-demand gap occurred. The demand for electrolyzers reduced from various end use industries such as industrial sector, power generation, and others as daily activities were halted due to lockdown, unavailability of workforce, and disrupted supply chain. However, the demand is estimated to recover soon as daily operations begin with full capacity.
The report offers a detailed analysis of segments of the global electrolyzer market based on product, capacity, application, and region. This analysis offers insights for investors, startups, and leading market players to identify the highest revenue generating and fastest growing segments. Based on product, the alkaline electrolyzer segment held the largest market share in 2019, accounting nearly three-fifths of the market, and is will maintain its dominant share throughout the forecast period. However, the PEM electrolyzer segment would manifest the highest CAGR of 25.1% from 2020 to 2027, owing to technological advancements and high stability.
By application, the power generation segment accounted for the highest share in 2019, holding nearly one-third of the global electrolyzer market, and will lead in terms of revenue during the forecast period. This is attributed to demand for on-site electrolyzer setup from the industrial sector. However, the transportation segment is projected to witness the fastest CAGR of 25.4% from 2020 to 2027. By region, Europe accounted for the largest revenue share in 2019, contributing to nearly two-fifths of the total market share, and will maintain its lead position by 2027. This is due to initiatives taken by the European government for reducing carbonization. However, Asia-Pacific is projected to portray the highest CAGR of 25.1% during the forecast period.
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Leading players of the global electrolyzer market analyzed in the research include Hydrogenics, Siemens Energy Global GmbH, Co. KG. AG, Nel ASA, Air Liquide, Toshiba, McPhy Energy, Plug Power, Idroenergy, ITM Power, and Next Hydrogen.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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