Electrolyzer Market size to exceed $53bn by 2030

Electrolyzer Market size is expected to surpass USD 53 billion by 2030 as reported in the latest study by Global Market Insights Inc.
 

The electrolyzer industry is set to grow owing to increasing electricity demand across the industrial sector and ongoing transition from conventional fossil fuels to renewable energy. Favorable government policies & targets including financial incentives & mandates aimed at low-emission fuel will favor the business scenario. Regulatory efforts to enhance the share of hydrogen as a fuel in railways, trams, and other public transport will boost the business outlook. For instance, power consumption across Asia Pacific grew by around 4% from 2011 to 2020.

 

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Solid oxide electrolyzer is anticipated to surpass USD 270 million by 2030. The accelerating usage as an industrial feedstock across chemical, manufacturing, and semiconductor industries is set to boost the product deployment. The technology offers key advantages high partial load range, dynamic operations, and ability to provide high gas purity, stimulating the business landscape. Surging investments in large-scale on-site hydrogen production for renewable energy storage, grid balancing, and power to gas stations will complement the electrolyzer market statistics.
 

The COVID- 19 outbreak represents a unique disturbance in the global economy and consumption & production are scaled back worldwide. It has resulted in the delay of various projects based on government guidelines. However, the industry is set to recover by the end of 2021 owing to the upliftment of lockdown by the respective authorities.
 

Growing demand for large-scale hydrogen production systems drive above 2 MW capacity

Above 2 MW rated electrolyzers are significantly proliferating owing to stringent regulatory policies to limit carbon emissions and increasing demand for large scale hydrogen production systems. Increasing applicability across the chemical industry for generating sustainable power mainly across the remote areas will foster the business scenario. Ongoing initiatives by respective government authorities toward hydrogen-powered cars along with increasing investments in the development of fuel cell infrastructure will complement the industry share0.
 

Browse key industry insights spread across 340 pages with 475 market data tables & 36 figures & charts from the report, “Electrolyzer Market Statistics By Product (Alkaline Electrolyzer, PEM Electrolyzer, Solid Oxide Electrolyzer), Process (≤ 500 kW, > 500 kW - 2 MW, Above 2 MW), Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heating & Power), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2030in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/electrolyzer-market
 

Building heating & power application to gain traction due to the rapid adoption of sustainable energy technologies

Electrolyzer market from building heating & power segment is set to register over 12% CAGR through 2030. Hydrogen-based technologies are evolving as a key to empower a viable energy transition, enabling less emissions across power, heating, and power industries, accelerating the industry outlook. The increasing demand for hydrogen-driven vehicles followed by zero carbon footprint directives will sway the business outlook.
 

Robust growth across residential and commercial sectors will propel the Asia Pacific electrolyzer industry size

Asia Pacific electrolyzer market accounted for over USD 74 million in 2020. Increasing investments in the development of a sustainable heating network across residential and commercial establishments primarily across the developing nations will boost the demand for hydrogen as a fuel. Shifting trends from gas-based heat generation technologies to hydrogen-based systems will further complement the industry outlook.
 

Notable players operating across the electrolyzer market include Air Liquide, Siemens Energy, Plug Power, ITM Power, McPhy Energy, Idroenergy, Asahi Kasei Corporation, Cockerill Jingli Hydrogen, Tianjin Mainland Hydrogen Equipment, Nel ASA, Erredue, Green Hydrogen, Kobelco Eco-solutions, Next Hydrogen, Areva H2Gen, Sunfire, Acta (Enapter), Cummins, Suzhou Green Hydrogen Energy, Air Products, and Linde.
 

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