Electrolyzers Market to Reach $23.6 Billion by 2028 | Siemens Energy, Nel ASA, Cummins, Plug Power, Enapter.
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The primary drivers of the electrolyzers market include the rapid advancement of technologies and growing demand for the power using renewable hydrogen as a energy source. Additionally, green hydrogen projects are increasing as many countries focus on investing in developing a hydrogen-based economy. Investments in hydrogen infrastructure will subsequently bring opportunities for electrolyzers, thus accelerating the growth of the market.
North America is expected to be the second largest region for the electrolyzers market
North America is estimated to be the have the second largest market share for electrolyzers market during the forecast period. The region has been segmented by country into US and Canada. The growing demand from the mobility industry and large-scale green hydrogen projects mainly drives the growth of the electrolyzers market in this region. The market in the region is characterized by the presence of big players and the implementation of stringent environmental regulations emphasizing the use of lightweight and fuelefficient vehicles which utilize fuel cells. Some key players in the green hydrogen market are from North America. The dominance of the North American region can be attributed due to increasing investments in the region to meet the demand of green fuels for fuel cell vehicles and favourable government policies for fuel cell vehicles.
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Europe is expected to be the largest region in the electrolyzers market
Europe is expected to be the largest market during the forecast period. The market growth in this region is mainly driven by the increasing demand for green hydrogen for various applications and rising initiatives to reduce the carbon footprint and explore renewable energy sources to become a carbon-neutral region. Additionally, green hydrogen projects are increasing as many countries focus on investing in developing a hydrogen-based economy. Investments in hydrogen infrastructure will subsequently bring opportunities for electrolyzers, thus accelerating the growth of the market.
Major players operating in the Electrolyzers Companies include Siemens Energy (Germany), Nel ASA (Norway), Plug Power Inc. (US), Enapter S.r.l. (Italy), Cummins Inc. (US), and others.
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