Electrolyzer Market Size By Product (Alkaline Electrolyzer, PEM Electrolyzer, Solid Oxide Electrolyzer), By Capacity ( <500 kW, 500 kW – 2 MW, Above 2 MW), By Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heating & Power), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Aug 2020  |  Report ID: GMI4787  |  Authors: Ankit Gupta, Abhishek Chopra

Report Format: PDF   |   Pages: 240   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Electrolyzer Market size surpassed USD 165 million in 2019 and cumulative installation is anticipated to exceed 2.5 GW by 2026. Favorable regulatory policies toward development of hydrogen infrastructure coupled with increasing use as an industrial feedstock will propel the industry growth. Ongoing technological development along with declining product cost will favor the product adoption. Furthermore, accelerating investments toward renewable energy technologies to reduce carbon emissions will positively influence the business outlook.
 

Electrolyzer Market

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The Covid-19 pandemic may affect the installation of electrolyzer systems on account of delay in completion of ongoing projects. In addition, the demand for these plants may witness a marginal decline owing to supply chain interruptions, minimum on-site operations and lower availability of workforce. However, as the nations are lifting the lockdown and commercial and industrial activities are starting with the minimal operations the industry will witness an upsurge in the installation.
 

Electrolyzer Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 168.5 Million (USD)
Historical Data for: 2015 - 2019 Forecast Period: 2020 - 2026
Forecast Period 2020 - 2026 CAGR: 61% 2026 Value Projection: 2,977.5 (MW)
Pages: 240 Tables, Charts & Figures: 383
Geographies covered (14): U.S., Canada, Germany, UK, France, Italy, Netherlands, Denmark, Spain, Norway, China, Japan, India, Australia
Segments covered: Product, Capacity, Application
Companies covered (21): Hydrogenics, Nel ASA, Proton Onsite, Siemens, Toshiba, Air Liquide, Plug Power, McPhy Energy, ITM Power, Idroenergy, Asahi Kasei, Tianjin Mainland Hydrogen Equipment, Cockerill Jingli Hydrogen, Kobelco Eco-solutions, Erredue Solutions, Green Hydrogen, Areva H2Gen, Industrie Haute Technologie (IHT), Next Hydrogen, Acta, Sunfire
Growth Drivers:
  • Favorable government policies
  • Environment friendly and a better alternative than existing options
  • Growing electricity demand
Pitfalls & Challenges:
  • Lack of infrastructure

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Increasing use of hydrogen across automotive sector and industrial applications will boost the business outlook

Europe Electrolyzer Market

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Growing investments toward innovation and research & development activities along with increasing demand for FCEV’s as an alternative to conventional automobiles will strengthen the product adoption across the transportation applications. In addition, promising regulatory norms toward low carbon emission vehicles have instigated the leading vehicle manufacturers to adopt renewable fuels. The increasing demand of hydrogen driven automobiles followed by zero carbon footprint directives has also favored the product deployment.
 

Shifting trends toward development of sustainable power generation technologies will propel the electrolyzer industry outlook

Alkaline electrolyzer market is anticipated to exceed USD 2.1 Billion by 2026. Shifting trends toward development of hydrogen generation capacity addition along with declining product cost will strengthen the business scenario. Furthermore, growing demand of hydrogen as a feedstock across chemical, glass, mining, food & beverage and semiconductor industry will strengthen the industry growth. Moreover, these systems find wide application across large scale projects owing to their technological superiority and extensive consumer awareness.
 

Increasing investment by leading manufacturers toward technological advancements and research & development activities to enhance the capacity to large scale multi-MW systems will fuel the PEM electrolyzer industry size. In addition, ongoing investments toward large scale on-site hydrogen production for renewable energy storage, hydrogen refueling stations (HRS), grid balancing and power to gas stations will provide favorable business scenario to the industry players.
 

Ongoing technological advancement across electrolyzer systems will boost the product portfolio

< 500 kW capacity of the electrolyzer market is anticipated to register over 35% CAGR from 2020 to 2026. Increasing electricity demand across various industrial establishments will positively sway the product deployment. In addition, growing demand across wide array of applications including small scale CHP plants, mobility and off gird electricity supply will complement the product installation. Furthermore, shifting trends toward sustainable power generation sources along with stringent regulatory policies toward emission reduction will stimulate the electrolyzer industry scenario.
 

Ongoing research & development activities along with growing demand for large scale hydrogen production systems will boost the above 2 MW capacity. In addition, electrolyzers above this capacity finds wide applications across the chemical industry for processing chemicals and for generating sustainable power in the remote areas.
 

For instance, NEDO, Iwatani Corporation, Toshiba and Tohoku Electric Power Company have opened the Fukushima Hydrogen Energy Research Field in Japan. The project has the capacity of 10 MW and will provide hydrogen for power generation, chemical industry and in powering hydrogen vehicles. This will further augment the electrolyzer market trends.
 

Europe and Asia Pacific region will witness significant growth owing to increasing investments toward hydrogen infrastructure and rising electricity demand

Japan Electrolyzer Market

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Europe and Asia Pacific contribute to over 90% of the market share in 2019 and will continue to dominate the industry in the coming years. Paradigm shift toward hydrogen economy is being effectively prioritized in Europe, thereby paving the way for wide-scale product adoption. Hydrogen-based technologies are emerging as a key to empower a feasible energy transition enabling zero emissions across power, transport, and heating industry. In addition, technological advancement along with favorable government policies has also paved profitable business scenario for the industry players.
 

Germany electrolyzer market accounted for over USD 40 Million in 2019. Rapid technological advancement along with ongoing deployment of sustainable energy technologies will stimulate the industry growth. The EU energy transition policy along with ongoing large-scale electrification programs will positively influence the business outlook. Moreover, the increasing demand of electricity across heating, transportation and industrial activities have also provided opportunities for business expansion. Furthermore, development of smart and efficient establishments along with shifting trends toward sustainable energy from fossil fuels will boost the industry landscape.
 

Accelerating demand for efficient, sustainable & reliable energy generation systems will drive the industry statistics

Ongoing acquisitions and mergers by leading manufacturing players to enhance their industry presence will drive the business scenario. In addition, prevailing forward and backward integration across the value chain has also provided favorable opportunities for the industry players to expand. In June 2020, Plug Power completed the acquisition of United Hydrogen and GINER ELX. The acquisition is in line with the company’s vertical integration strategy in the hydrogen business and will enhance the company’s market presence.
 

Key players operating across the electrolyzer market includes Hydrogenics, Nel, Proton Onsite, Siemens, Toshiba, Air Liquide, Plug Power, McPhy Energy, ITM Power, Idroenergy, Asahi Kasei, Kobelco Eco-solutions, Erredue, Green Hydrogen, Areva H2Gen, IHT, Next Hydrogen and Acta.
 

Electrolyzer market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD” from 2015 to 2026, for the following segments:

By Product

  • Alkaline Electrolyzer
  • PEM Electrolyzer
  • Solid Oxide Electrolyzer

By Capacity

  • < 500 kW
  • 500 kW – 2 MW
  • > 2 MW

By Application

  • Power Generation
  • Transportation
  • Industry Energy
  • Industry Feedstock
  • Building Heat & Power
  • Others

The above information has been provided for the following country:

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Netherlands
    • Denmark
    • Spain
    • Norway
  • Asia Pacific
    • China
    • Japan
    • Australia
    • India
  • Rest of World

 

Frequently Asked Questions (FAQ) :

The presence of a supportive regulatory scenario pertaining to development of hydrogen infrastructure will push product adoption. Electrolyzer industry installations may cross 2.5 GW by 2026.
Alkaline electrolyzers market may cross USD 2.1 Billion by 2026 driven by shifting trends toward hydrogen generation capacity addition development and declining product cost.
< 500 kW capacity segment of electrolyzer market may record 35% CAGR through 2026, powered by rising electricity requirement across industrial spaces and increasing demand across CHP plants and off grid electricity supply.
These products will depict extensive demand in Germany, owing to deployment of sustainable energy technologies and robust technological advancements. Germany market was worth USD 40 Million in 2019.

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Premium Report Details

  • Published Date: Aug 2020
  • Pages: 240
  • Tables: 347
  • Charts / Figures: 36
  • Companies covered: 21
  • Countries covered: 14

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