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Electrolyzers Global Market Report 2024 by The Business Research Company | Nel ASA, Asahi Kasei Corporation, Hydrogenics, Areva H2gen, Siemens AG, McPhy Energy S.A., ITM Power PLC, Erredue SpA, Enapter, Next Hydrogen Solutions Inc.,
Electrolyzers Market Size And Growth
The electrolyzers market size is expected to see strong growth in the next few years. It will grow to $0.51 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to emerging applications in the aviation and maritime sectors, expansion of global hydrogen infrastructure, integration of electrolyzers with renewable energy projects , increasing carbon emissions reduction regulations, increasing growth in the use of power-to-gas systems. Major trends in the forecast period include green hydrogen production, decentralized hydrogen production, technology advancements, green ammonia production, hydrogen in transportation.
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Electrolyzers Market Major Segments
The electrolyzers market covered in this report is segmented -
1) By Product: Alkaline Electrolyzer, PEM Electrolyzer, Solid Oxide Electrolyzers
2) By Capacity: Less than 500 kW, 500 kW to 2 MW, Above 2 MW
3) By Application: Power Plants, Steel Plants, Electronics And Photovoltaics, Industrial Gases, Energy Storage or Fueling for FCEV's, Power to Gas, Other Applications
Key Driver - Fuel Cell-Powered Automotive Surge A Driving Force In The Electrolyzers Market
Growing demand for fuel cell-based automotive is significantly contributing to the growth of the electrolyzers market. A fuel cell-based automotive is an electrically driven vehicle that utilizes hydrogen as an energy source by a fuel cell that generates electricity. The electrolyzers support the operation of fuel cell-based automotive by providing hydrogen to be used as fuel. For instance, in 2021, the sales of passenger electric vehicles including fuel cell vehicles were 140% higher than two years ago. Therefore, the growing demand for fuel cell-based automotive is driving the growth of the electrolyzers market.
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Prominent Trend - Evolving Electrolyzers Market Bloom Energy's High-Volume Commercial Electrolyzer Line Sets New Technological Standards
Technological advancements are a key trend gaining popularity in the electrolyzers market. Technological advancement is a discovery of knowledge that advances technology. For instance, in November 2022, Bloom Energy Corporation, a US-based publicly traded firm that manufactures and sells solid oxide fuel cells that generate power on-site, launched a high-volume commercial electrolyzer line at the firm's Newark site, raising the company's electrolyzer-producing capacity to two gigatonnes. The award-winning technique is the greatest energy-efficient clean hydrogen production concept to date. The Bloom Electrolyzer is founded on the same commercially established solid oxide technology platform is used to generate energy; therefore, simplifying current manufacturing for larger-volume electrolyzer production allows Bloom to better fulfill market demands.
Electrolyzers Market Players
Major companies operating in the electrolyzers market include Nel ASA, Asahi Kasei Corporation, Hydrogenics, Areva H2gen, Siemens AG, McPhy Energy S.A., ITM Power PLC, Erredue SpA, Enapter, Next Hydrogen Solutions Inc., Tianjin Continental Hydrogen Equipment Co. Ltd., Toshiba Corporation, Air Liquide S.A, Plug Power Inc., H-TEC SYSTEMS GmbH, Hysata Pty. Ltd., Supercritical Solutions, SunGreenH2, Hydrogen Pro, Iberlyzer, Bloom Energy, Cummins Inc., Green Hydrogen Systems A/S, Topsoe A/S, John Cockerill, LONGi Green Energy Technology Co. Ltd., MAN Energy Solutions SE, Ohmium International Inc., Sunfire GmbH, Sungrow Power Supply Co. Ltd., thyssenkrupp nucera AG & Co KgaA, AMEA Power LLC, Air Products and Chemicals Inc.
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Largest And Fastest Growing Region In The Market
Western Europe was the largest region in the electrolyzers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the electrolyzers market during the forecast period. The regions covered in the electrolyzers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electrolyzers Market Report Structure
3. Electrolyzers Market Trends And Strategies
4. Electrolyzers Market - Macro Economic Scenario
5. Electrolyzers Market Size And Growth
…..
27. Electrolyzers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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