Redding, California, April 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Electrolyzers Market by Type, by Capacity, Application (Mobility, Industrial Applications, Chemical Production, Other Applications) and Geography - Global Forecasts to 2030, the global electrolyzers market is projected to reach $4.27 billion by 2030, at a CAGR of 21.2% from 2023 to 2030.
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The growth of this market is driven by the proliferation of renewable and nuclear technologies for electricity generation, increasing investments in green energy initiatives, and the growing government focus on hydrogen technologies. However, the shortage of raw materials restrains the growth of the global electrolyzers market.
The increasing affordability of electrolyzers is expected to create growth opportunities for the players operating in this market. However, the high energy requirements of electrolyzers are a major challenge for market growth.
The global electrolyzers market is segmented by type, capacity, application, and geography. The study also evaluates industry competitors and analyses the country and regional-level markets.
Impact of COVID-19 on the Electrolyzers Market
The COVID-19 pandemic adversely impacted most economies around the globe. Governments enforced countrywide lockdowns to limit the spread of the infection. Restrictions were imposed on social and economic activities—particularly mobility—with a severe decline in energy use. These factors affected the electrolyzers market due to halted investments in the advancement of clean energy technologies.
The economic crisis following the COVID-19 pandemic delayed the adoption and commercial roll-out of clean hydrogen production technologies across industries, impacting the clean hydrogen sector. As a result, market players suffered a major liquidity shortage due to a steep drop in revenues. Large companies planning to invest in clean hydrogen production technology abandoned or scaled down plans, and investors became less inclined to finance the hydrogen sector.
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Despite such challenges, climate change and environmental impacts remain major concerns globally. Various governments are undertaking initiatives to support the deployment of clean hydrogen technologies. For instance, as per Hydrogen Europe, the European Commission provided EUR 450–500 million (USD 431.7- 539.6 million) as financial support to Europe’s energy and transport sectors and energy-intensive industries with a strong commitment to decarbonization. In addition, the EC offers various incentives for the deployment of green hydrogen production technologies to commercial markets under the (RED II) Renewable Energy Directive. It is also undertaking initiatives to increase renewable energy share quotas and enable regulation to supply green power through grids. Thus, rising investments and government support are expected to drive the adoption of electrolyzers during the forecast period.
Based on type, the global electrolyzers market is segmented into polymer electrolyte membrane (PEM) electrolyzers, alkaline electrolyzers, and solid oxide electrolyzers. In 2023, the alkaline electrolyzers segment is expected to account for the largest share of the global electrolyzers market. The segment’s large market share is mainly attributed to the rising demand for green hydrogen in industrial applications and collaborations between market players to meet the global demand for green hydrogen.
Based on capacity, the global electrolyzers market is segmented into less than 500 kW, 500 kW to 2 MW, and more than 2 MW. In 2023, the more than 2 MW segment is expected to account for the largest share of the global electrolyzers market. The segment’s large market share is mainly attributed to the major electrolyzer deployments in 2021. Electrolyzers with more than 2 MW capacity are gaining traction among manufacturers focused on making a strategic shift toward low-carbon energy.
Based on application, the global electrolyzers market is segmented into mobility, industrial applications, chemical production, and other applications. In 2023, the industrial applications segment is expected to account for the largest share of the global electrolyzers market. The large market share of this segment is attributed to the capability of green hydrogen to replace fossils fuel and the growing use of green hydrogen across all industries.
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Based on geography, the electrolyzers market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa (MEA). In 2023, Asia-Pacific is expected to account for the largest share of the global electrolyzers market, followed by Europe, North America, Latin America, and the Middle East & Africa. The large share of this market is mainly attributed to the rising focus on regulatory policies towards the development of hydrogen networks and the increasing applicability of electrolyzers in industrial applications. Moreover, rising government initiatives to tackle climate change, investments in clean energy technologies, and growing energy consumption further encourage market growth.
Some of the key players operating in the global electrolyzers market are Plug Power Inc. (U.S.), CUMMINS INC. (U.S.), ITM Power PLC (U.K.), Siemens Energy AG (Germany), thyssenkrupp nucera AG & CO. KGAA. (Germany), Nel ASA (Norway), McPhy Energy (France), BLOOM ENERGY CORPORATION (U.S.), Green Hydrogen Systems A/S (Denmark), Asahi Kasei Corporation (Japan), Sunfire GmbH (Germany), H-TEC SYSTEMS GmbH (Germany), ELOGEN SAS (France), Pure Energy Centre (U.K.), and Shannxi Hele Titanium Technology Co.,Ltd (China).
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Scope of the Report
Electrolyzers Market, by Type
- Alkaline Electrolyzers
- Polymer Electrolyte Membrane (PEM) Electrolyzers
- Solid Oxide Electrolyzers
Electrolyzers Market, by Capacity
- More than 2 MW
- 500 kW to 2 MW
- Less than 500 kW
Electrolyzers Market, by Application
- Industrial Applications
- Refineries
- Steel Industry
- Glass Plants
- Semiconductor Industry
- Natural Gas Plants
- Other Industrial Applications
- Chemical Production
- Ammonia Production
- Methanol Production
- Other Chemical Production
- Mobility
- Other Applications
Industrial safety market, by Geography
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia
- Singapore
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Netherlands
- Rest of Europe
- North America
- U.S.
- Canada
- Latin America
- Middle East & Africa
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