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Electrolyzers Global Market Size, Share, Future Trends, Comprehensive Analysis, Opportunity Forecast 2024-2033 | Hydrogenics, Areva H2gen, Siemens AG, McPhy Energy S.A., ITM Power PLC
Electrolyzers Global Market
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According to The Business Research Company's, The electrolyzers market size has grown strongly in recent years. It will grow from $0.33 billion in 2023 to $0.36 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to increasing demand for hydrogen as a clean energy carrier, government incentives and subsidies, environmental awareness, expansion of renewable energy sources, early adopters and pilot projects in various industries.
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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Electrolyzers Market 2024 Key Insights:
• 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%.
• Fuel Cell-Powered Automotive Surge A Driving Force In The Electrolyzers Market
• Evolving Electrolyzers Market Bloom Energy's High-Volume Commercial Electrolyzer Line Sets New Technological Standards
• Western Europe was the largest region in the electrolyzers market in 2023
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