PEM Electrolyzer Market Top Players - Plug Power Inc, Nel ASA, and Cummins. Inc., ITM Power PLC, Hitachi Zosen Corporation.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global PEM Electrolyzer Market Size, Share & Trends Analysis Report By End-User (refining industry, power & energy storage, ammonia production, methanol production, transportation) And Material Type (iridium, platinum)- Market Outlook And Industry Analysis 2034"

The global PEM electrolyzer market is estimated to reach over USD 6078.7 Million by the year 2034, exhibiting a CAGR of 38.2% during the forecast period.

Get Free Access to Demo Report, Excel Pivot and ToC: https://www.insightaceanalytic.com/request-sample/1676

Hydrogen gas is a highly efficient, clean-burning fuel primarily utilized in the production of chemicals such as ammonia and methanol. Ammonia (NH3) plays a vital role in the production of fertilizers used in agriculture. In the petroleum industry, hydrogen is employed in the hydrocracking process to produce gasoline, diesel, and other petroleum derivatives.

Innovative applications of hydrogen, such as its use in fuel cells, are opening new avenues in transportation and other energy-related sectors. Hydrogen is also utilized to cool power plant generators and presents a potential solution for stabilizing electrical grids. The primary sources of hydrogen include coal gasification, steam methane reforming, and electrolyzers that utilize water electrolysis. Additionally, the growing demand for hydrogen across industries such as chemicals, glass, mining, food and beverage, and semiconductors is expected to drive the global hydrogen market over the forecast period.

List of Prominent Players in the PEM Electrolyzer Market:
• Plug Power Inc
• Nel ASA
• Cummins. Inc.
• ITM Power PLC
• Hitachi Zosen Corporation
• Elogen
• Siemens Energy AG
• Ningbo Vet Energy Technology Co., Ltd.
• Ohmium International, Inc.
• Hystar
• H-TEC SYSTEMS GmbH

Expert Knowledge, Just a Click Away: https://calendly.com/insightaceanalytic/30min?month=2025-04

Market Dynamics:
Drivers:
The increasing global energy demand is being driven by population growth and efforts to enhance rural electrification. Additionally, the rapid pace of urbanization and the rise of large-scale infrastructure projects have heightened the need for power supply from utility providers. Supportive regulatory policies aimed at promoting low-carbon technologies have further contributed to market growth. For instance, on April 3, 2020, Asahi Kasei, a Japanese company, inaugurated an alkaline water electrolysis plant at the Fukushima Hydrogen Energy Research Field (FH2R) in Japan.

Challenges:
A significant challenge in hydrogen production via the electrolytic process is the high cost of energy. Moreover, recent substantial reductions in the costs of solar and wind power have led to lower current and projected prices for renewable hydrogen. For example, utility-scale solar photovoltaic (PV) capital costs have decreased by 75% since 2010, while onshore wind generation is now approximately one-quarter less expensive than it was a decade ago. As a result, an increasing number of potential end-users are evaluating whether renewable hydrogen is becoming a competitive option for meeting their energy needs while minimizing environmental impact.

Regional Trends:
North America is expected to achieve the highest revenue growth during the forecast period. The region's extensive use of hydrogen within the power industry is expected to contribute significantly to market revenue over time. Furthermore, the robust manufacturing infrastructure in North America plays a crucial role in supporting market expansion. Increased investment in refining, exploration, and production sectors has driven a substantial rise in the demand for hydrogen gas, further bolstering the market. In addition, significant investments by key market players in Europe have played a critical role in generating substantial revenue, contributing to the industry's growth.

Unlock Your GTM Strategy: https://www.insightaceanalytic.com/customisation/1676

Recent Developments:
• In July 2022, Plug Power Inc. signed a contract with Irving Oil, an international energy corporation, to supply a 5-megawatt (MW) containerized proton exchange membrane (PEM) electrolyzer system for hydrogen production and distribution at their Saint John, New Brunswick refinery in Canada.

Segmentation of PEM Electrolyzer Market-
By End-User-
• Refining Industry
• Power and Energy Storage
• Ammonia Production
• Methanol Production
• Transportation
• Others
By Material Type-
• Iridium
• Platinum
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

Read Overview Report- https://www.insightaceanalytic.com/report/pem-electrolyzer-market/1676

About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com

This release was published on openPR.