Hydrogen Electrolyzer Market Growth Opportunities: CAGR of 24.2% and US$ 3.7 Billion Forecasted by 2032

The Hydrogen Electrolyzer Market features cutting-edge devices that leverage electricity to facilitate the electrolysis of water, resulting in the separation of oxygen and hydrogen. Comprising essential components including a cathode, an anode, and a selectively permeable membrane, these systems excel at generating hydrogen gas through the electrolytic process. By applying electric currents across the anode and cathode within the device, water molecules undergo decomposition, leading to the production of hydrogen and oxygen gases.

In 2021, the global hydrogen electrolyzer market was valued at $350.6 million US$. Over the projection period, sales are expected to expand at a CAGR of 24.2%, bringing the market size to US$ 3.7 billion by 2032.

It is a device that utilizes electricity to break water into oxygen and hydrogen in a process known as electrolysis. It comprises a cathode, an anode, and a membrane. Through electrolysis, the system creates hydrogen gas. Electricity is applied to the anode and cathode across the device, leading to the splitting of water into hydrogen and oxygen.

With costs of renewables substantially dropping, making them more competitive with conventional fuels, their use as feedstock for hydrogen electrolysis will boost market growth subsequently.

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Research for hydrogen fuel cell technology, H-CNG and mobility solutions will play a vital role in the market dynamics of hydrogen electrolyzers. With the growing popularity of fuel cell technology in automotive, notably electric mobility, demand for on-site hydrogen production will proliferate.

"The rising availability of CAPEX subsidies, tax rebates and low electricity costs will strongly intensify the adoption of hydrogen electrolyzers. In addition, hydrogen electrolyzers will provide the missing link between hydrogen and green electricity across various countries as it strives to achieve a de-carbonized environment" says FMI analyst.

Key Takeaways for Hydrogen Electrolyzer Market Study

• PEM electrolyzers are expected to witness a higher demand growth vis-à-vis other electrolyzer variants on back of high purity output and economical features with regards to operations

• Countries in Western Europe and Asia Pacific are key to the growth of hydrogen electrolyzer market, on account of their high growth potential & considerable market size

• Accelerated demand for high purity of hydrogen is boosting the uptake of hydrogen electrolyzer over competitive technologies such as SMR

Despite Prevailing Uncertainties, Experts Eying Green Hydrogen Post Pandemic

The global COVID-19 pandemic has put manufacturing, supply and demand of hydrogen electrolyzer on hold. In the second quarter of 2020, countries such as Italy experienced a 20% reduction in demand for power thus impacting the hydrogen electrolyzer market.

Economies around the world are utilizing this time to invest in green hydrogen to kick start growth. Countries such as Portugal, Netherlands and Australia are already investing rigorously in this technology. This is in alignment with EU's green deal plan to decarbonize and bring emissions down to zero by 2050.

Hydrogen Electrolyzer Market: Competitive Landscape

The global market players are striving to drive their market revenue at more than 20% on a yearly basis. This is being done by bringing down investment costs through joint collaboration.

For instance, ITM Power and Linde have collaborated to open up a factory at Sheffield, UK to enhance their electrolysis capacity per year by at least 1GW.

Similarly, NEL and Hydrogenics are gearing up for projects that aim to produce 20MW of hydrogen at Denmark and Canada respectively. By scaling up the size of the plants, manufacturers are looking at reducing their overall costs in the production of hydrogen.

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Hydrogen Electrolyzer Market Outlook by Category

By Product Type:
• Proton Exchange Membrane (PEM) Electrolyzer
• Alkaline Electrolyzer
• Solid Oxide Electrolyzer

By Capacity:
• Low ( 1mW)
• 1 - 10 mW
• 10 - 20 mW
• Above 20 mW

By Outlet Pressure:
• Low ( 40 Bar)

By End Use:
• Ammonia
• Methanol
• Refining/ Hydrocarbon
• Electronics
• Energy
• Power to Gas
• Transport
• Metal Production & Fabrication
• Pharma & Biotech
• Food & Beverages
• Glass Industry
• Other Industrial

By Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia Pacific
• Middle East & Africa

About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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This release was published on openPR.