PEM Electrolyzer Market Key Players Analysis - 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.

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Hydrogen gas is recognized as an efficient and clean-burning fuel, predominantly used in the synthesis of chemicals such as ammonia and methanol. Ammonia (NH3) is essential for fertilizer production, which supports agricultural activities. In the petroleum sector, hydrogen is integral to the hydrocracking process, facilitating the production of gasoline, diesel, and various petroleum derivatives.

Emerging applications of hydrogen, notably in fuel cell technology, are creating new opportunities within transportation and broader energy industries. Additionally, hydrogen is employed for cooling power plant generators and is considered a promising option for enhancing the stability of electrical grids. Key production methods for hydrogen include coal gasification, steam methane reforming, and electrolysis through water electrolyzers. The increasing demand for hydrogen across diverse sectors-including chemicals, glass manufacturing, mining, food and beverage processing, and semiconductors-is expected to propel growth in the global hydrogen market throughout 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

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Market Dynamics
Drivers:
The rising global demand for energy, fueled by population growth and expanded rural electrification initiatives, is a key factor driving market expansion. Additionally, accelerating urbanization and the development of large-scale infrastructure projects have amplified the need for reliable power supply from utility providers. Regulatory frameworks supporting low-carbon technologies further stimulate market growth. For example, on April 3, 2020, Asahi Kasei, a Japanese firm, commissioned an alkaline water electrolysis facility at the Fukushima Hydrogen Energy Research Field (FH2R) in Japan, underscoring global efforts to promote clean hydrogen production.

Challenges:
One of the primary obstacles to hydrogen production through electrolysis is the high cost of electricity. However, recent dramatic declines in the costs of renewable energy sources, such as solar and wind, have led to more competitive pricing for green hydrogen. Since 2010, capital costs for utility-scale solar photovoltaic (PV) systems have fallen by approximately 75%, while the cost of onshore wind power has decreased by around 25%. These developments are prompting end-users across various sectors to increasingly consider renewable hydrogen as a viable, environmentally friendly energy solution.

Regional Trends:
North America is anticipated to record the highest revenue growth over the forecast period, driven by extensive hydrogen usage within the power sector and a well-established industrial base. Ongoing investments in refining, exploration, and production have significantly increased regional hydrogen demand. In Europe, strategic investments by leading market participants are also contributing to substantial revenue generation, reinforcing the region's role in supporting global hydrogen market growth.

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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

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This release was published on openPR.