Hydrogen Electrolyzer Market Worth US$ 350 Mn by the end of 2027
Global Hydrogen Electrolyzer Market: Dynamics
The global hydrogen electrolyzer market is impacted by several factors. According to the impact analysis done during the research, factors such as increasing demand for hydrogen from the hydro processing industry; hydrogen being considered as a solution to achieve clean energy implementation; hydrogen being considered as a transport fuel; hydrogen touted as the best alternative for gasoline and primarily used for metal production applications; hydrogen being abundant and so considered as a potential source of electricity generation are driving the growth of the global hydrogen electrolyzer market. However, the high cost of hydrogen production by electrolysis is a main restraint hindering revenue growth of the global market.
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Global Hydrogen Electrolyzer Market: Forecast
The global hydrogen electrolyzer market is anticipated to grow at a robust CAGR of 7.0% throughout the period of forecast, 2017 to 2027. It is expected to reach a market value of more than US$ 350 Mn by the end of 2027 from a calculated value of US$ 181.6 Mn by the end of 2017.
Global Hydrogen Electrolyzer Market: Segmental Analysis
Alkaline electrolyzer segment by product type dominates the global market by reflecting a higher market value of more than US$ 190 Mn by the end of 2027. The PEM segment by product type is anticipated to witness higher growth rate and is poised to register a CAGR of 8.0% throughout the period of forecast.
By capacity, the high (>1 MW) segment is expected to show higher market value of about US$ 186.9 Mn by 2027 end as well as a higher growth rate, registering a CAGR of 7.4% over the forecast period.
Western Europe region is expected to dominate the global market by portraying a higher market value of US$ 86 Mn by the end of 2027. North America is anticipated to be the fastest growing region and is set to register a CAGR of 7.5% during the forecast period.
By hydrogen outlet pressure, the low (= 40 Bar) segment is poised to grow at a higher growth rate to register a CAGR of 7.7% throughout the assessment period.
Energy segment by end user is expected to dominate the global market with respect to market value as well as growth rate. Energy segment is anticipated to display a market value of US$ 108.1 Mn by the end of 2027 and is expected to grow at a higher CAGR of 8.7% throughout the study period.
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Global Hydrogen Electrolyzer Market: Competitive Landscape
The research report on the global hydrogen electrolyzer market has profiled tier players involved in the market such as Nel Hydrogen, McPhy Energy S.A., Hydrogenics Corp., Tianjin Mainland Hydrogen Equipment Co. Ltd., Giner Inc., Siemens AG, Areva H2Gen, GreenHydrogen.dk ApS, Igas Energy GmbH, Accagen SA, Next Hydrogen, ELB Elektrolysetechnik GmbH and Beijing CEI Technology Co., Ltd.
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