Power Supply Equipment Market for Water Electrolysis Projected to Reach $5.71 Billion by 2032, Driven by Rising Demand for Green Hydrogen

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
  • Prodrive Technologies
  • 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 AttributeDetails
No. of Pages194
Forecast Period2023 - 2032
Estimated Market Value (USD) in 2023$0.43 Billion
Forecasted Market Value (USD) by 2032$5.71 Billion
Compound Annual Growth Rate33.3%
Regions CoveredGlobal

For more information about this report visit https://www.researchandmarkets.com/r/1go4vx

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Global Power Supply Equipment Market for Water Electrolysis

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