Electrolyzer Market size is set to surpass USD 65 billion by 2030, according to a new research report by Global Market Insights Inc.
The market growth is attributed to favorable government norms and policies toward the development of eco-friendly solutions. A surging requirement for clean electricity sources among end-users in line with increasing advancements in the fuel cell infrastructure will sway the industry scenario. In addition, continuous expansion of innovative technologies coupled with the rising demand for FCEVs will positively influence the adoption of electrolyzers amongst the consumers, which in turn, will drive the business spectrum.
The COVID- 19 outbreak has put the industry on a halt with a declining workforce and limited industrial operations. However, with the decrease in the number of infected cases and the resumption of various facilities, the market is expected to recover its strength with continuous product innovations and an increasing shift toward the adoption of renewable energy solutions will proliferate the business trend. Moreover, a rising inclination to adopt clean fuel sources in line with ongoing development in the hydrogen infrastructure will accelerate the industry landscape.
Paradigm shift to reduce carbon emissions along with the rising electricity demand amongst the consumers
PEM electrolyzer market is estimated to attain a 33% growth rate till 2030, credited to the increasing deployment of clean hydrogen production methods coupled with a surging electricity demand. High energy efficiency, compact design, high gas purity, dynamic operations, rapid system response in case of fluctuations, and increased voltage efficiency are a few features, which will positively impact the product adoption. Furthermore, favorable government norms and regulations to promote the penetration of renewable energy solutions will boost the market demand.
Browse key industry insights spread across 350 pages with 484 market data tables & 33 figures & charts from the report, “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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share, and Forecast, 2022 - 2030”, in detail along with the table of contents:
Increasing demand for high-capacity systems for clean hydrogen generation in line with large scale integration of sustainable power sources
> 500 kW - 2 MW segment is projected to witness substantial gains during the forecast period on account of extensive R & D activities toward the advancement in large-scale & efficient electrolyzer systems in line with the continuous development of innovative products by major players. For instance, in August 2021, Green Hydrogen Systems signed an agreement with Liquiline for the delivery of HyProvide A90 electrolyzers with a combined capacity of 0.9 MW for green hydrogen production in the Norwegian market. Rising concerns toward extreme climatic conditions along with consumer inclination toward the acceptance of sustainable energy systems.
Growing industrialization in line with increasing deployment of large-scale electrolyzer units across the off-grid areas
The electrolyzer market for power generation application is anticipated to register a 22% CAGR by 2030. Favorable government incentives and programs toward the growth of renewable technologies for power generation. Additionally, rising electrification programs across rural areas coupled with increasing infrastructure upgrades will foster the business expansion.
Strict government norms and policies toward the growth of hydrogen infrastructure in line with extensive investments in the commercial sector
North America electrolyzer market is poised to showcase significant growth during the forecast timeframe due to the positive outlook toward the adoption of reliable and clean power generation sources along with the deployment of renewables across various industries will escalate the business scenario. Moreover, continuous expansion in the automobile sector along with the adoption of FCEVs on account of rising consumer awareness to reduce the carbon footprint will augment the industry growth.
Strategic partnerships and collaborations among leading players
Key companies operating across the electrolyzer market include Siemens Energy, Air Liquide, Cummins Inc., PLUG POWER INC., Nel ASA, Linde plc, Idroenergy, Air Products Inc., Cockerill Jingli Hydrogen, Green Hydrogen, Sunfire GmbH, ErreDue spa, Next Hydrogen, Suzhou Green Hydrogen Energy Co., Ltd. and ITM Power PLC, amongst others. Inorganics growth ventures, mergers, and acquisitions among major industry participants will lead to the development of industry statistics.
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