Electrolyzer Market size to exceed $3.5bn by 2026
Published Date: August 12, 2020 Authors: Ankit Gupta, Abhishek Chopra
Electrolyzer Market size is anticipated to exceed USD 3.5 billion by 2026, as reported in the latest study by Global Market Insights, Inc.
Electrolyzer Industry demand is projected to witness an upsurge owing to increasing investments toward development of hydrogen infrastructure along with favorable government norms toward emission reduction. Moreover, accelerating demand for electricity across emerging economies coupled with growing sustainable captive power generation systems will fuel the business scenario. In addition, upsurge in demand for hydrogen as an industrial feedstock across chemical, food & beverage, petrochemical, glass and mining industries will stimulate the product adoption.
Favourable regulatory policies toward hydrogen infrastructure will positively influence the electrolyzer market outlook
Growing demand for hydrogen as an industry feedstock across chemical industry in the synthesis of high-demand chemicals including ammonia and methanol has provided favourable opportunities for business expansion. In addition, the increasing use of hydrogen across metal & semiconductor industry along with ongoing upgradation and expansion of refineries to comply with the clean energy targets will positively sway the electrolyzer market landscape.
Growing electricity demand on account of rapid urban area development will drive the industry growth
500 kW - 2 MW capacity is anticipated to witness growth on account of increasing investments toward expansion of industries along with ongoing electrification programs across the developing nations. Moreover, growing installation of CHP plants coupled with ongoing public private funding to develop hydrogen vehicles will complement the industry growth. Shifting consumer inclination for the installation of sustainable energy sources and stringent regulatory directives toward GHG emissions will augment the market outlook.
Browse key industry insights spread across 240 pages with 347 market data tables & 36 figures & charts from the report, Electrolyzer Market Statistics 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 in detail along with the table of contents:
Increasing demand for hydrogen as a feedstock along with growing electricity demand will foster the industry outlook
Accelerating product adoption across small and large stationary power generation systems to provide electricity across remote areas will complement the solid oxide electrolyzer market growth. Moreover, increasing product deployment with CHP plants along with upsurge in demand for hydrogen as a feedstock primarily across chemical industry will drive the market share. For instance, in 2019, Sunfire started operation of a new generation rSOC (Reversable Solid Oxide Cell) electrolyzer in Germany. The installation will pave way for the industrial commercialization of the technology and will provide efficient and sustainable way for producing hydrogen for industries. Paradigm shift toward development of sustainable hydrogen infrastructure along with increasing product demand as an efficient alternative to available counterparts will positively influence the business landscape.
Shifting trends toward deployment of sustainable hydrogen infrastructure across Japan will drive the industry scenario
Japan electrolyzer market is anticipated to exceed USD 400 Million by 2026. Expanding refining and chemical capacities has led to the development of hydrogen-based infrastructure across the nation. The mounting use of hydrogen in refinery hydro processing operations has necessitated an extensive deployment of these systems. Moreover, technological advancement by leading industry players along with favourable government policies and initiatives will drive the business outlook. For instance, the government of Japan has recently formulated a national strategy for supporting the adoption of hydrogen as an energy resource, which aims at enhancing its cost-competitiveness against the existing counterparts. The national policy has paved way for large scale development of hydrogen related technologies and has accelerated the public private funding programs to develop sustainable and efficient systems across the nation.
Ongoing Covid-19 pandemic may affect the increasing investments across the electrolyzers projects followed by delay in commissioning of projects till first half of 2020. However, the upsurge in energy demand and accelerating use as a feedstock across semiconductor, chemical, petrochemical, glass and other industries will propel the business scenario.
Increasing inorganic growth ventures including acquisitions, mergers and joint ventures by leading industry participants will boost the industry outlook. Extensive research & development and technological advancement has been a key strategic inference adopted for market expansion. Leading players operational in the electrolyzer market comprises of Acta, Nel, Next Hydrogen, Hydrogenics, IHT, Proton Onsite, Areva H2Gen, Siemens, Green Hydrogen, Toshiba, Erredue, Air Liquide, Kobelco Eco-solutions, Plug Power, Asahi Kasei, McPhy Energy, Idroenergy and ITM Power.