Dublin, March 23, 2023 (GLOBE NEWSWIRE) -- The "Electrolyzers Market by Technology (Alkaline Electrolyzer (AE), Proton Exchange Membrane (PEM), SOE, AEM), Application (Energy, Mobility, Industrial, Grid Injection), Power Rating (<500 kW, 500-2,000 kW, >2,000 kW) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The electrolyzers market is estimated to grow from USD 1.2 billion in 2023 to USD 23.6 billion by 2028, at a CAGR of 80.3% during the forecast period.
The primary drivers of the market include the rapid advancement of technologies and growing demand for power using renewable hydrogen as an energy source.
Additionally, green hydrogen projects are increasing as many countries focus on investing in developing a hydrogen-based economy. Investments in hydrogen infrastructure will subsequently bring opportunities for electrolyzers, thus accelerating the growth of the market
Anion Exchange Membrane technology segment to be the fastest-growing market from 2023 to 2028
The electrolyzers market, by technology, is bifurcated into alkaline electrolyzer, proton exchange membrane, solid oxide electrolyzer, and anion exchange membrane. The anion exchange membrane is expected to be the fastest growing segment as it is a potential technology.
Anion exchange membrane (AEM) is a hydrogen production method that is achieved using electricity. AEM is a potentially low-cost and sustainable hydrogen production technology that combines the benefits of the proton exchange membrane water electrolysis and traditional alkaline water electrolysis systems.
Industrial, by application, is expected to be second largest market from 2023 to 2028
The electrolyzers market, by application, is bifurcated into energy, mobility, industrial, and grid injection. The industrial segment is expected to be the second-largest market during the forecast period. The industrial segment is further divided into two sub-segments: chemical and industries.
In the forecast period, the industrial segment is expected to will dominate the electrolyzers market. Different chemicals, like methanol, ammonia, etc., are produced using hydrogen. In the shipping business, ammonia is utilized as fuel or in the production of fertilizers. The growth is due to the surge in demand for green hydrogen for clean energy.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 202 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $1.2 Billion |
| Forecasted Market Value (USD) by 2028 | $23.6 Billion |
| Compound Annual Growth Rate | 80.3% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Declining Renewable Energy Costs
- Increasing Government Support
- Increasing Investments in Electrolyzer Deployment
- Rising Demand for Electrolyzer-based Green Ammonia for Fertilizer Production
Restraints
- Use of Critical Materials
- Underdeveloped Electrolyzer Supply Chain
Opportunities
- Plans to Achieve Net Zero and Electrolyzer Targets
- Increasing Demand for Electrolyzer-based Onsite Hydrogen Refueling Stations (Hrs)
- High Potential of Electrolyzer-based Hydrogen Trade in Europe
Challenges
- High Initial Investments in Hydrogen Fueling Infrastructure
- Insufficient Infrastructure to Support Hydrogen Markets
Case Study Analysis
- Large-Scale Hydrogen Production
- Storing and Transporting Renewable Energy
Companies Mentioned
- Asahi Kasei Corporation.
- Beijing Sinohy Energy Co. Ltd.
- Bloom Energy
- Cockerill Jingli Hydrogen
- Cummins Inc.
- Enapter S.R.L.
- Erre due S.P.A.
- Green Hydrogen Systems
- H-Tec Systems GmbH
- H2E Power
- Hydrogenpro
- Igas Energy GmbH
- Itm Power PLC
- Longi
- Mcphy Energy SA
- Nel Asa
- Next Hydrogen
- Oxeon Energy, LLC.
- Peric Hydrogen Technologies Co. Ltd.
- Plug Power Inc.
- Siemens Energy
- Sunfire GmbH
- Thyssenkrupp Nucera
- Topsoe
For more information about this report visit https://www.researchandmarkets.com/r/3vixd0
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