Dublin, Aug. 11, 2023 (GLOBE NEWSWIRE) -- The "Power Supply Equipment Market for Water Electrolysis - A Global and Regional Analysis: Focus on Application, Equipment Type, and Region - Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.
The global power supply equipment market for water electrolysis, valued at $0.430 billion in 2023, is projected to witness substantial growth, reaching $5.71 billion by 2032.
The market is expected to accelerate at a remarkable CAGR of 33.27% during the forecast period. The report on the power supply equipment market for water electrolysis provides a comprehensive analysis, including market size and forecast, trends, growth drivers, challenges, and vendor analysis, featuring around 25 leading vendors.
Market Overview:
- The power supply equipment market for water electrolysis is driven by supportive government initiatives, strict net-zero targets, and the increasing demand for hydrogen fuel cell vehicles, green ammonia, green methanol, and other applications.
- Water electrolysis involves converting electrical energy into chemical energy in the form of hydrogen and oxygen, and power supply equipment plays a crucial role in providing the necessary electrical energy for the electrolysis process.
- The rising demand for green hydrogen, which has the potential to prevent the release of around 830 million tons of CO2 annually, is a significant driver for market growth.
Market Segmentation: Segmentation 1: by Application
- Alkaline Electrolyzer
- Proton Exchange Membrane (PEM) Electrolyzer
- Solid Oxide Electrolytic Cell (SOEC) Electrolyzer
- Anion Exchange Membrane (AEM) Electrolyzer
Segmentation 2: by Equipment Type
- Rectifier (Thyristor Rectifier, IGBT Rectifier, Others)
- Transformer
- Others
Segmentation 3: by Region
- North America: U.S., Canada, and Mexico
- Europe: Germany, France, Spain, Netherlands, and Rest-of-Europe
- U.K.
- China
- Asia-Pacific and Japan: Japan, South Korea, India, Australia, and Rest-of-Asia-Pacific and Japan
- Rest of the World: South America and the Middle East and Africa
Market Highlights: Alkaline Electrolyzer Dominates the Market (by Application):
- Alkaline electrolyzer held the largest share in the power supply equipment market for water electrolysis in 2022.
- Alkaline electrolyzers have a cost-effective advantage with a longer operational lifespan compared to PEM electrolyzers, as they do not require the use of precious metals as catalysts.
Rectifier Segment to Grow Rapidly (by Equipment Type):
- In the power supply equipment market for water electrolysis, rectifier is expected to grow significantly during the forecast period.
- IGBT rectifiers are gaining momentum due to benefits like fast response times, high efficiency, and reduced energy losses.
Europe to Dominate the Market (by Region):
- Europe is expected to lead the power supply equipment market for water electrolysis, driven by the presence of leading companies and a highly developed renewable energy market.
- European countries account for approximately 40% of the global installed capacity of water electrolyzers, and the European Union has ambitious plans to incorporate electrolyzer capacity into its hydrogen capacity plans.
Recent Developments:
- In March 2023, Ingeteam introduced the INGECON H2 FSK E12000, a new rectifier solution designed for electrolyzers, tailored for large-scale green hydrogen production.
- In March 2023, Nidec Industrial Solutions unveiled two significant green hydrogen production and storage projects in the U.S., featuring power supply units generating 5.6 MW of energy.
- In January 2023, TMEIC introduced the Type-1 and Type-2 power electronics solutions for contemporary electrolyzer technologies, enabling high-current DC power supply.
- In May 2022, Liyuan Rectifier Group announced the development of an electrolysis rectifier system for proton exchange membrane electrolysis.
Demand - Drivers and Limitations: Market Demand Drivers: Shift toward Renewable Energy Integration
- The shift toward renewable energy integration is driving the adoption of water electrolysis for hydrogen production, promoting the decarbonization of power and mobility industries.
Market Challenges: High Energy Losses during Electrolysis Process
- Significant energy losses during green hydrogen production at every stage of the supply chain pose a challenge for the water electrolysis technology's growth.
Market Opportunities: Advancements in Electrolysis Technology
- Advancements in electrolysis technology, such as next-generation systems and hybrid water electrolysis, offer cost-effective and energy-efficient solutions, creating opportunities for power supply equipment suppliers.
Key Market Players: Private Companies:
- AEG Power Solutions B.V.
- Ingeteam
- Comeca Group
- TMEIC
- Prodrive Technologies
- FRIEM SPA
- Statcon Energiaa Pvt. Ltd.
- Green Power Co., Ltd.
- KraftPowercon
- Mak Plus Power Systems
- MUNK GmbH
- Liyuan Rectifier Group
Public Companies:
- General Electric
- Sensata Technologies, Inc.
- Ador Powertron Ltd
- Nidec Industrial Solutions
- Danfoss Drives
- ABB
- American Superconductor
- SMA Solar Technology AG
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 194 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $0.43 Billion |
| Forecasted Market Value (USD) by 2032 | $5.71 Billion |
| Compound Annual Growth Rate | 33.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/1go4vx
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