PEM Electrolyzer Market | Size, Share and Scope Analysis to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global PEM Electrolyzer Market Size, Share & Trends Analysis Report By End-User (refining industry, power & energy storage, ammonia production, methanol production, transportation) And Material Type (iridium, platinum)- Market Outlook And Industry Analysis 2031"

The global PEM electrolyzer market is estimated to reach over USD 2304.37 million by 2031, exhibiting a CAGR of 37.74% during the forecast period.

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Hydrogen gas is a highly efficient, clean-burning fuel that is mostly used to produce chemicals such as ammonia and methanol. Ammonia (NH3) is a fundamental component of fertilizers used in agriculture. In the petroleum business, hydrogen is utilized in the hydrocracking process to make gasoline, diesel, and other petroleum products.

Novel hydrogen applications, such as fuel cells, are creating new opportunities in transportation and other energy-related businesses. The gas has already been used to cool power plant generators and offers a possible method of electrical grid stabilization. The main sources of hydrogen gas are coal gasification, steam methane reforming, and electrolyzers, which use water electrolysis. Furthermore, the need for hydrogen is increasing in the chemical, glass, mining, food and beverage, and semiconductor industries, which are expected to drive the global industry during the time period under consideration.

List of Prominent Players in the PEM Electrolyzer Market:
• Plug Power Inc
• Nel ASA
• Cummins. Inc.
• ITM Power PLC
• Hitachi Zosen Corporation
• Elogen
• Siemens Energy AG
• Ningbo Vet Energy Technology Co., Ltd.
• Ohmium International, Inc.
• Hystar
• H-TEC SYSTEMS GmbH

Market Dynamics:
Drivers-
The rise in energy consumption has been driven by the world's rising population and growing measures to increase rural electrification. Furthermore, the growing pace of urbanization and the emergence of new large-scale infrastructure projects have raised the power supply demand from utilities. Supportive regulatory policies implemented by various agencies to promote low-carbon technologies have increased market size. For example, on April 3, 2020, Asahi Kasei, a Japanese business, installed an alkaline water electrolysis plant at the Fukushima Hydrogen Energy Research Field (FH2R) in Japan.

Challenges:
The major component that raises the cost of manufacturing hydrogen using the electrolytic process is the cost of energy. Furthermore, recent dramatic drops in solar and wind power costs have reduced the current and predicted prices of renewable hydrogen. Utility-scale solar photovoltaic (PV) capital costs, for example, are 75% lower than in 2010, while onshore wind generation is roughly one-quarter cheaper now than it was ten years ago. As a result, more potential end users are investigating if renewable hydrogen is becoming a competitive method to meet their needs while reducing its environmental effect.

Regional Trends:
North America is anticipated to grow at the highest revenue over the forecast period. The power industry in this particular location also makes extensive use of hydrogen, allowing the market to generate significant revenue over time in this region. The active support of the manufacturing infrastructure present in this region has emerged as a vital contributor to the market's growth. The area of North America has significantly contributed to the market's expansion due to increasing investment in the fields of refining, exploration, and production, which has, in turn, increased the need for hydrogen gas on a big scale. Additionally, the large number of investments made by leading market players in the European area has helped the industry to generate significant income over time.

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Recent Developments:
• In July 2022, Plug Power Inc. signed a contract with Irving Oil, an international energy corporation, to supply a 5-megawatt (MW) containerized proton exchange membrane (PEM) electrolyzer system for hydrogen production and distribution at their Saint John, New Brunswick refinery in Canada.

Segmentation of PEM Electrolyzer Market-
By End-User-
• Refining Industry
• Power and Energy Storage
• Ammonia Production
• Methanol Production
• Transportation
• Others

By Material Type-
• Iridium
• Platinum
• Others

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.