Press release
With 9.3% CAGR, Electrolyzer Market Size to Reach USD 796.3 Million 2023-2028
Electrolyzer Market Report 2023
Report Highlights
How big is the electrolyzer market?
The global electrolyzer market size reached US$ 461.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 796.3 Million by 2028, exhibiting a growth rate (CAGR) of 9.3% during 2023-2028.
What is an electrolyzer?
An electrolyzer is a device that facilitates the electrochemical decomposition of water into its constituent elements-hydrogen and oxygen-through a process known as electrolysis. This is an essential technology used to produce green hydrogen, a form of hydrogen made using renewable energy sources. Electrolyzers are commonly utilized in various sectors, including renewable energy, industrial processes, and transportation, to produce hydrogen on demand. They are widely available in different types, primarily alkaline, polymer electrolyte membrane (PEM), and solid oxide, each with unique applications and advantages. In recent years, electrolyzers have gained immense traction worldwide as they offer a sustainable and efficient solution for hydrogen production, fulfilling the growing need for cleaner energy alternatives in the face of escalating environmental concerns.
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What are the growth prospects and trends in the electrolyzer industry?
The global electrolyzer market is primarily driven by the heightening focus on renewable energy sources and reducing greenhouse gas emissions, which places green hydrogen as a pivotal element in future energy systems. Additionally, advancements in electrolyzer technologies have led to improved efficiencies and reduced costs, making them more accessible for industrial applications. In line with this, the rise in fuel cell vehicles in the automotive sector, which use hydrogen as a fuel source, is contributing to market growth. Furthermore, governments of various countries are introducing favorable policies and grants to encourage the adoption of hydrogen technology, thus providing a positive thrust to the market. This collective shift toward sustainability and cleaner energy options is expected to propel the growth of the electrolyzer market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
Alkaline Electrolyzer
PEM Electrolyzer
Solid Oxide Electrolyzer
Breakup by Capacity:
Less than 500 kW
500 kW to 2 MW
Above 2 MW
Breakup by Application:
Power Generation
Transportation
Industry Energy
Industry Feedstock
Building Heat and Power
Others
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Air Liquide S.A.
Air Products and Chemicals Inc.
Asahi Kasei Corporation
Cummins Inc.
ITM Power plc
Linde plc
McPhy Energy S.A.
Nel ASA
Plug Power Inc.
Siemens AG
Titanium Tantalum Products Limited
Toshiba Corporation.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Groups information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
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