Richmond, Nov. 09, 2023 (GLOBE NEWSWIRE) -- According to a research report "Electrolyzers Market, by Type (Alkaline Electrolyzer (AE), Proton Exchange Membrane (PEM) and others), Capacity (Less than 500 kW, 500 kW to 2 MW and Above 2 MW), Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heat & Power and Others) and Region.
Global Electrolyzers Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 5.41 Billion |
| Market size value in 2027 | USD 8.54 Billion |
| CAGR (2023-2030) | 25.7% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, Capacity, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Electrolyzers Market
164 - Market Data Tables
63 - List of Figures
215 - Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The global electrolyzers market is experiencing substantial growth, emerging as a significant player in the renewable energy sector. Electrolyzers serve as crucial devices, facilitating the conversion of electricity into hydrogen or other gases through the process of water electrolysis. This method holds considerable importance in generating green hydrogen, a clean and sustainable energy carrier. The increasing emphasis on decarbonization and the shift towards green energy solutions is driving the demand for electrolyzers, positioning them as pivotal components in the worldwide energy transition. As governments and industries globally prioritize the reduction of carbon emissions, electrolyzers play a vital role in tapping into renewable energy sources and promoting the establishment of a sustainable hydrogen economy. The market is marked by notable technological advancements, strategic partnerships, and a rise in investments, underscoring its instrumental role in shaping the trajectory of clean energy.
Major vendors in the global Electrolyzers market - Siemens AG, ITM Power PLC, Nel Hydrogen, McPhy Energy S.A., Ballard Power Systems Inc., Plug Power Inc., ABB Ltd., Hydrogenics Corporation, Toshiba Energy Systems & Solutions Corporation, ELB Elektrolysetechnik GmbH, Proton OnSite, Giner ELX, Enapter AG, Green Hydrogen Systems, Areva H2Gen and Others.
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Growing financial commitments to expansive green hydrogen initiatives
The surge in investments in green hydrogen projects has stimulated the growth of the electrolyzers market. Presently, there is a revived interest in green hydrogen initiatives due to its expanding applications across various sectors, encompassing power generation, industrial processes like steelmaking and cement production, fuel cells for electric vehicles, heavy transport including shipping, green ammonia production for fertilizers, cleaning products, refrigeration, and electricity grid stabilization. With the establishment of more projects, companies are strategizing to integrate green hydrogen into their value chains, creating lucrative opportunities for electrolyzer utilization. This trend is expected to attract new players and innovative firms, driving technological advancements. Regions such as Asia, Europe, and Australia are taking the lead in the development of green hydrogen and associated technologies. Furthermore, as project sizes grow, so does the requisite investment.
Market Dynamics
Drivers:
- Reduced costs of renewable energy sources
- Growing need for green ammonia production through electrolyzers for fertilizer manufacturing
- Increasing demand for vehicles operated with hydrogen fuel cells
Opportunities:
- Developing new electrolyzer technologies
- Growing investment in hydrogen infrastructure
The market for Electrolyzers is dominated by North America.
In 2023, the Electrolyzers market in North America secured a prominent share. North America has become the predominant market for electrolyzers, driven by the demand for diverse applications in manufacturing processes. The region's power industry extensively utilizes hydrogen, contributing significantly to the market's sustained revenue growth. The robust infrastructure supporting manufacturing activities in North America plays a pivotal role in fueling market expansion. Rapid investments in refining, exploration, and production further amplify the demand for hydrogen gas, establishing North America as a significant contributor to the market's overall growth trajectory.
On the other hand, Europe is anticipated to dominate the electrolyzers market in the foreseeable future, holding the largest market share. The analysis of the European market includes a focus on countries such as Germany, the UK, France, Denmark, Austria, Spain, the Netherlands, Norway, and the Rest of Europe. Presently, hydrogen contributes to less than 2% of Europe's energy consumption, primarily employed in the production of plastics and fertilizers, with 96% originating from natural gas, resulting in substantial CO2 emissions. The growth trajectory of the European electrolyzers market is characterized by an upswing in the production of green electricity for small-scale applications in rural areas and the escalating demand for green fuel, driven by the increased adoption of fuel cell vehicles.
The > 500 kW - 2 MW Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on capacity, the market is segmented Less than 500 kW, 500 kW to 2 MW and Above 2 MW. In 2023, the Electrolyzer segment falling within the range of > 500 kW - 2 MW is anticipated to exhibit accelerated growth compared to other capacity categories. This surge is attributed to ongoing government electrification programs and the swift pace of urbanization in both underdeveloped and developing nations. Additionally, government initiatives promoting sustainable building development are expected to contribute to heightened product demand. Simultaneously, increased investments in fuel cell infrastructure development will play a pivotal role in fostering growth within the < 500 kW capacity segment.
Major vendors in the global Electrolyzers market are Siemens AG, ITM Power PLC, Nel Hydrogen, McPhy Energy S.A., Ballard Power Systems Inc., Plug Power Inc., ABB Ltd., Hydrogenics Corporation, Toshiba Energy Systems & Solutions Corporation, ELB Elektrolysetechnik GmbH, Proton OnSite, Giner ELX, Enapter AG, Green Hydrogen Systems, Areva H2Gen and Others.
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