Pune, India, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The Electrolyzer Market size was valued at USD 390.4 million in 2021 and is expected to grow from USD 416.8 million in 2022 to USD 619.6 million by 2029, with a CAGR of 5.8% during the forecast period, according to Fortune Business Insights' report titled "Electrolyzer Market, 2022-2029."
Key Industry Development:
One notable industry development is Green Hydrogen Systems' agreement with Logan Energy to provide electrolysis equipment for a venture in England as part of strategies to advance a regional hydrogen economy based in Dorset.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 5.8% |
| 2029 Value Projection | USD 619.6 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 416.8 Billion |
| Historical Data for | 20218-2020 |
| No. of Pages | 326 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Rising Digital and Automation to Navigate Market Growth |
| Asia Pacific to Lead Backed by Greater Electricity Demand |
Drivers and Restraints:
Surging Demand for Hydrogen in Fuel Cell-Based Automobile Sector to Endorse Market Growth
The demand for fuel cell-based automobiles in North America and Asia Pacific is driving the growth of the electrolyzer market. China, Japan, and South Korea have suggested strong commitments to decrease the rising dependency on gasoline fuel by financing in fuel cell-based vehicle programs.
However, the high cost of generating hydrogen through the electrolytic process, which is dependent on the price of electricity, is a significant factor affecting the market. Nonetheless, the recent decline in solar and wind power costs has lowered the projected prices of renewable hydrogen.
COVID-19 Impacts:
Supply Chain Upheavals amid COVID-19 Pandemic to Obstruct Market Growth
The COVID-19 pandemic has disrupted the market's supply chain, resulting in a reduction in hydrogen demand from the chemical sector, oil refining industry, and steel production industry.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/electrolyzer-market-103919
Segments:
The global market is segmented into traditional alkaline electrolyzer and Polymer Electrolyte Membrane (PEM) electrolyzer. The traditional alkaline electrolyzer segment was responsible for the prime share of the market in 2021. The power plants segment held the major share of 26.71% in the global market in 2021.
The market has been analyzed geographically across four key regions, Europe, North America, Asia Pacific, and the Rest of the World.
Report Coverage:
The report offers valuable insights obtained from a thorough study done by our researchers. Extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels are obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
Regional Insights:
The market is geographically analyzed across Europe, North America, Asia Pacific, and the Rest of the World. North America led the market in 2021 due to the rising demand for hydrogen in numerous applications such as the manufacturing sector and power industry. Europe's market size is backed by the growing investments and tactics to extend and reinforce the grid infrastructure networks to aid the surging renewable energy installation. In Asia Pacific, the increasing concern for clean energy, government-assisted economic support, and the requirement to fulfill demand & supply discrepancy will counterpart the industry viewpoint.
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Competitive Landscape:
Prime Players Sign Considerable Deals to Make Notable Changes in Market
Players in the market often engage in multimillion bonds with government bodies to extend their business prospects and reinforce a profitable revenue for their own corporation.
Key Players Mentioned in the Report:
- Nel Hydrogen (Norway)
- Asahi Kasei (Japan)
- Hydrogenics (Canada)
- Shandong Saikesaisi Hydrogen Energy Co., Ltd. (China)
- Teledyne Energy Systems (U.S.)
- Siemens (Germany)
- Kobelco Eco-Solutions (U.S.)
- Green Hydrogen Systems (Denmark)
- Next Hydrogen (Canada)
- H-Tec Systems (Germany)
Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Electrolyzer Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Electrolyzer Market Analysis (USD Million, MW), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Traditional Alkaline Electrolyzer
- PEM Electrolyzer
- Market Analysis, Insights and Forecast – By Application
- Power Plants
- Steel Plant
- Electronics and Photovoltaics
- Industrial Gases
- Energy Storage or Fueling for FCEV's
- Power to Gas
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of World
- North America Electrolyzer Market Analysis (MW, USD Million), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Traditional Alkaline Electrolyzer
- PEM Electrolyzer
- Market Analysis, Insights and Forecast – By Application
- Power Plants
- Steel Plant
- Electronics and Photovoltaics
- Industrial Gases
- Energy Storage or Fueling for FCEV's
- Power to Gas
- Others
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