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Hydrogen Electrolyzer Market Trends

  • Report ID: GMI8553
  • Published Date: Mar 2024
  • Report Format: PDF

Hydrogen Electrolyzer Market Trends

As manufacturers increase output to meet the rising demand, the electrolyzer industry stands to gain from economies of scale. Larger production quantities allow enterprises to improve manufacturing processes, benefit from bulk purchasing discounts, and negotiate better terms with suppliers. These cost savings result in lower unit costs for electrolyzer systems, making them more competitive against traditional hydrogen generation technologies. Furthermore, as the cost of renewable energy continues to fall, electrolysis-based hydrogen production is likely to become even more cost-competitive.

Manufacturers are increasing their production capacity to satisfy increased product demand across a wide range of applications including industrial hydrogen production, energy storage, and transportation. This is expected to reduce prices and enable greater adoption of electrolyzers on a larger scale.

Recent years have witnessed considerable advancements in electrolyzer technology, resulting in increased efficiency, durability, and cost-effectiveness. Innovations, such as high-pressure electrolysis, solid oxide electrolysis, and enhanced Proton Exchange Membrane (PEM) electrolysis, are propelling the development of more efficient & adaptable electrolyzer systems, accelerating market growth. Furthermore, there has been an increase in green hydrogen projects worldwide, particularly in areas with available renewable energy resources. These initiatives use electrolysis powered by solar and wind energy to generate hydrogen, lowering carbon emissions and promoting decarbonization in major industries such as transportation, chemicals, and power generation.

Together, these developments indicate the growing momentum for electrolyzer technology and its critical role in the transition to a more sustainable and carbon-neutral energy future. With increasing investments, continuous technological developments, and rising green hydrogen projects, hydrogen electrolyzers will witness long-term growth and wide use across a variety of industries around the world.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of hydrogen electrolyzer was reached USD 588 million in 2023 and is expected to record a CAGR of over 26.5% between 2024 and 2032, as hydrogen produced through electrolysis is a versatile & clean energy carrier for applications including transportation, industrial operations, power generation, and energy storage.

The polymer electrolyte membrane electrolyzer segment accounted for USD 267 million in 2023 and expected to reach USD 2.03 billion by 2032, as these electrolyzers are known for their high efficiency and fast response times, making them suitable for applications requiring rapid hydrogen production and dynamic operation.

North America held around 29% share of the total market in 2023 and is anticipated to grow at a strong rate through 2032, favored by rapid growth in renewable energy deployment, including wind, solar, and hydroelectric power across the region.

Air Liquide, Ballard Power Systems, Beijing CEI Technology Co., Ltd., Enapter, Gaztransport & Technigaz, Giner Inc., GreenHydrogen Systems, iGas Energy GmbH, ITM Power Plc, McPhy Energy, Nel Hydrogen, Next Hydrogen, Plug Power Inc., Siemens AG, and Tianjin Mainland Hydrogen Equipment Co. Ltd.

Hydrogen Electrolyzer Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 215
  • Countries covered: 22
  • Pages: 250
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