Global Hydrogen Electrolyzer Market
Government regulations and public-private partnerships for promoting the use of hydrogen as an automotive fuel and energy carrier are expected to emerge as the most significant growth driver for electrolyzers market over the forecast period. Moreover, in geographies where transportation of hydrogen from long distances is either not cost effective or generation cost from natural gas is comparatively higher, end-users are preferring small scale electrolyzers for on-site generation.
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Although, technological advancements in hydrogen electrolyzers are bringing the overall hydrogen production cost down, still there is a long way to go to make electrolysis as cost efficient as other conventional methods of production i.e. steam methane reforming, etc. Ongoing process level developments for increasing overall electrolyzer efficiency, such as advancements in catalyst & membrane effectiveness, are expected to make the process of electrolysis more cost effective over the coming decade. Further, development of efficient hydrogen storage system and high-pressure electrolyzers are expected to provide significant growth opportunities in the global hydrogen electrolyzer market over the forecast period of 2016-2026.
The key trends involved in the global hydrogen electrolyzer market include a use of renewable energy resources such as wind & solar coupled with electrolyzer system for hydrogen production and, in turn, for electricity generation.
Global Hydrogen Electrolyzer Market: Key Players
Key players involved in the value chain of global hydrogen electrolyzer market includes Itm-power, Ballard Power Systems, Plug Power, Proton Power Control Pvt Ltd., Quantum Fuel Systems Technologies worldwide Inc., HyperSolar – Technology, Kingkar technologies, Acta S.p.A and others. Companies are largely focused on research and development to reduce overvoltage of the oxygen evolution reaction (OER) in electrolyzers in order to make the process more cost efficient.
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Global Hydrogen Electrolyzer Market: Regional Outlook
North America and Western Europe are expected to hold significant shares in the global hydrogen electrolyzer market. The market in Asia-Pacific is still in its nascent phase in terms of an untapped opportunity it holds, however, over the forecast period, a market in Asia-pacific is expected to create significant growth opportunities owing to increasing use of hydrogen across various end-use industries such as glass, electronics, welding & metal fabrication etc.
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