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Future Prospects: Key Trends Shaping the Electrolyzers Market Until 2029
Electrolyzers Market
Projected Growth and Market Size of the Electrolyzers Market by 2029
The electrolyzers market is anticipated to grow substantially, reaching a valuation of $1.83 billion by 2029. This expansion corresponds to a compound annual growth rate (CAGR) of 21.1%. Several factors contribute to this surge, including expanding hydrogen infrastructure worldwide, adoption in aviation and maritime sectors, integration with renewable energy projects, and increasingly stringent regulations aimed at reducing carbon emissions. Another significant driver is the rising adoption of power-to-gas systems. Leading trends expected to influence the market include advancements in green hydrogen production, decentralized hydrogen generation, technology innovations, green ammonia manufacturing, and the use of hydrogen in transportation.
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Leading Corporations Shaping the Electrolyzers Market Landscape
The electrolyzers market features several prominent companies that hold significant influence, including Nel ASA, Asahi Kasei Corporation, Hydrogenics, Siemens AG, McPhy Energy S.A., ITM Power PLC, and Erredue SpA. Other key players include Enapter, Next Hydrogen Solutions Inc., Tianjin Continental Hydrogen Equipment Co. Ltd., Toshiba Corporation, Air Liquide S.A, Plug Power Inc., and H-TEC SYSTEMS GmbH. Additionally, emerging firms like Hysata Pty. Ltd., Supercritical Solutions, SunGreenH2, Hydrogen Pro, Iberlyzer, Bloom Energy, and Cummins Inc. play vital roles, alongside industry stalwarts such as 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, and Air Products and Chemicals Inc.
Significant Market Movement: Rolls-Royce's Entry into Hydrogen Production
In June 2022, Rolls-Royce Limited, a UK-based leader in luxury automobiles and aero-engine manufacturing, acquired a 54% stake in Hoeller Electrolyzer GmbH, a German electrolyzer manufacturer. The terms of the transaction were not disclosed. This acquisition marks Rolls-Royce's strategic move into the hydrogen production sector. Through this partnership, Rolls-Royce aims to offer comprehensive hydrogen solutions, supporting climate protection efforts by enabling their customers to store renewable energy as hydrogen. This hydrogen can then be used on demand or processed further for resale, thus fostering a more sustainable energy ecosystem.
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Innovations and Technological Breakthroughs in the Electrolyzers Industry
One of the most prominent trends in the electrolyzers market is rapid technological advancement. Technological progress drives new capabilities and efficiency improvements, helping to meet the growing market demand. For instance, in November 2022, Bloom Energy Corporation, a US-based manufacturer of solid oxide fuel cells, unveiled a high-volume commercial electrolyzer production line at its Newark facility. This launch increased the company's electrolyzer production capacity to two gigatonnes. Bloom's innovative electrolyzer is recognized as the most energy-efficient clean hydrogen production technology to date. It utilizes the company's established solid oxide platform, which simplifies manufacturing processes for large-scale electrolyzer production and positions Bloom to better serve the expanding market.
Detailed Market Segmentation and Forecast for the Global Electrolyzers Market
This report segments the electrolyzers market into key categories for better understanding and analysis:
1) By Type: Low-Voltage, Middle-Voltage, High-Voltage
2) By Product Standard: IEC Standard, ANSI Standard
3) By End Users: Industrial, Residential, Commercial, and Other sectors
Further detailing includes:
- Low-Voltage: Distribution Switchboards, Motor Control Centers (MCC), Residential Switchboards
- Middle-Voltage: Substation Switchboards, Industrial Switchboards, Commercial Switchboards
- High-Voltage: Transmission Switchboards, Switching Stations, Utility Switchboards
This segmentation enables a comprehensive view of the market's structure and assists stakeholders in pinpointing opportunities across various voltage levels, standards, and end-user industries.
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