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Electrolyzers Market worth $13.40 billion by 2030, growing at a CAGR of 30.29% - Exclusive Report by 360iResearch
Electrolyzers Market | 360iResearch
The Global Electrolyzers Market to grow from USD 2.10 billion in 2023 to USD 13.40 billion by 2030, at a CAGR of 30.29%.
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Electrolyzers use electricity to split water (H2O) into its constituent elements, hydrogen (H2) and oxygen (O2), through a process called electrolysis. Electrolysis involves the application of an electric current to an electrolyte solution or molten salt, causing the decomposition of the water molecules. Electrolyzers play a crucial role in renewable energy as they enable hydrogen production using electricity from renewable sources, including wind and solar power. Increasing government investments and initiatives are accelerating hydrogen production activities worldwide, and the rising popularity of digitalized and automated electrolyzers in various end-use cases has enhanced the adoption of electrolyzers. However, the high cost of developing electrolyzers with significant investment required for hydrogen production and several operational and technical limitations of low & high-temperature electrolyzers significantly impede the usage of electrolyzers. In addition, ongoing R&D activities on advancing electrolyzers using silicon and AI and increasing the use of green hydrogen electrolyzer for onsite hydrogen generation at refueling stations is expected to create tremendous opportunities for electrolyzer market development.
The market is witnessing rapid growth in the Americas due to supportive government policies, investments in hydrogen infrastructure development, and the growing adoption of fuel cell electric vehicles (FCEVs). The United States, being the largest economy in this region, is leading the way with its plans to foster a clean hydrogen economy. Furthermore, countries such as Canada are also investing heavily in hydrogen technologies. The Asia-Pacific (APAC) region is experiencing rapid growth in the electrolyzer market due to increasing investments in clean energy projects and a strong focus on reducing carbon emissions. China dominates this region's market with ambitious targets for deploying renewable energy sources such as solar and wind power. In addition to China's efforts, other countries such as Japan and South Korea are also accelerating their commitments towards hydrogen technology adoption. In the Europe, Middle East & Africa (EMEA) region, market growth is driven by the European Union's (EU) ambitious climate goals and strong support for green hydrogen initiatives. Countries such as France, the United Kingdom, and Spain are also prioritizing investments in renewable energy and clean hydrogen technologies. The Middle East region is also exploring opportunities to develop their hydrogen economies, with countries such as Saudi Arabia planning large-scale projects.
Market Segmentation & Coverage:
This research report categorizes the Electrolyzers Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Type, market is studied across Alkaline Electrolyzers, Proton Exchange Membrane Electrolyzers, and Solid Oxide Electrolyzers. The Alkaline Electrolyzers commanded largest market share of 46.15% in 2023, followed by Proton Exchange Membrane Electrolyzers.
Based on Component, market is studied across Electrolyzer Cell Stacks, Power Supply, Pumps, Separator, Storage Tanks, and Vents. The Electrolyzer Cell Stacks commanded largest market share of 28.92% in 2023, followed by Storage Tanks.
Based on Scope of Supply, market is studied across Indoor and Outdoor. The Outdoor commanded largest market share of 69.05% in 2023, followed by Indoor.
Based on Application, market is studied across Ammonia Production, Industrial Processes, and Renewable Power. The Renewable Power commanded largest market share of 62.42% in 2023, followed by Industrial Processes.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 39.18% in 2023, followed by Americas.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Electrolyzers Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Electrolyzers Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Electrolyzers Market, highlighting leading vendors and their innovative profiles. These include Advent Technologies Holdings Inc., Air Liquide S.A., Asahi Kasei Corporation, Bloom Energy Corporation, Cummins Inc., Enapter S.r.l., Erre Due s.p.a., Green Hydrogen Systems A/S, H-TEC SYSTEMS GmbH by MAN Energy Solutions SE, H2 Core Systems GmbH, h2e Power Systems Inc., Hoeller Electrolyzer GmbH, Hydrogen Optimized Inc., HydrogenPro ASA, iGas energy GmbH, INEOS AG, ITM Power PLC, John Cockerill SA, Linde PLC, McPhy Energy S.A., Nel ASA, Next Hydrogen Solutions Inc., Ningbo TopCorr Corrosion Technology Co.,Ltd., Ohmium International, Inc., OxEon Energy, LLC, OÜ Stargate Hydrogen, PERIC Hydrogen Technologies Co., Ltd, Plug Power Inc., Pure Energy Centre, Siemens Energy AG, Sono-Tek Corporation, Sumitomo Corporation, Sunfire GmbH, thyssenkrupp AG, Topsoe A/S, and Toshiba Corporation.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Electrolyzers Market, by Type
7. Electrolyzers Market, by Component
8. Electrolyzers Market, by Scope of Supply
9. Electrolyzers Market, by Application
10. Americas Electrolyzers Market
11. Asia-Pacific Electrolyzers Market
12. Europe, Middle East & Africa Electrolyzers Market
13. Competitive Landscape
14. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Electrolyzers Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Electrolyzers Market?
3. What is the competitive strategic window for opportunities in the Electrolyzers Market?
4. What are the technology trends and regulatory frameworks in the Electrolyzers Market?
5. What is the market share of the leading vendors in the Electrolyzers Market?
6. What modes and strategic moves are considered suitable for entering the Electrolyzers Market?
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