Westford, USA, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Electrolyzers have been used for decades in a variety of industries in the global electrolyzer market, but their use has been limited by the high cost of electricity. However, with the advent of cheaper renewable energy sources like solar and wind power, the electrolyzer is becoming increasingly attractive to a wider range of industries. The chemical industry is one of the biggest users of electrolyzers, as they are used to produce chlorine and caustic soda. These chemicals are used in a variety of manufacturing processes, such as making plastics and detergents.
The demand for the global electrolyzer market is also growing in the automotive industry. Hydrogen is seen as a potential alternative to gasoline, and many carmakers are investing in research and development of fuel cell vehicles. Electrolyzers can be used to produce the hydrogen needed to power these vehicles. The growing demand for electrolyzers is being driven by a need for cleaner and more sustainable industrial processes. Electrolyzers offer a way to reduce emissions and improve efficiency in many industries.
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Key Report Findings of the Global Electrolyzer Market
In its annual market report on the electrolyzer market, SkyQuest has found that the industry is growing rapidly, with sales increasing by 24% in the last 2 years. The report also finds that the majority of electrolyzers are being used in industrial applications, with the residential market accounting for just 20% of sales. The analysis further shows that the leading countries in terms of electrolyzer sales are China, Germany, and the United States. These three countries account for more than 60% of total sales.
The Chinese electrolyzer market is expected to grow significantly in the coming years, with the government investing heavily in renewable energy projects. The report also looks at the different types of electrolyzers being sold and finds that PEM (Proton Exchange Membrane) cells are the most popular, accounting for 65% of sales. However, alkaline cells are seeing a resurgence in popularity, especially in Europe, where they hold a 35% market share.
PEM Electrolyzer Holds Over 63% Share of Global Electrolyzer Market
In terms of geography, North America is expected to be the largest electrolyzer market, with SkyQuest predicting that it will account for around 43% of global demand by 2025. This is due to the region's strong commitment to decarbonization, as well as the fact that many of the world's leading electrolyzer manufacturers are based in North America. Europe is also expected to be a key market, accounting for around 35% of global demand by 2028.
In its analysis of the electrolyzer market, we have found that the market is currently undergoing a transition from research and development (R&D) to commercialization. This shift is being driven by declining costs and increasing interest from utilities, investors, and Original Equipment Manufacturers (OEMs). The market for electrolyzers is expected to grow rapidly in the coming years, with a compound annual growth rate (CAGR) of 9.45% from 2022 to 2028. This growth will be driven by the continued decline in costs, as well as increasing demand from the transportation and power sectors. In terms of technology, PEM electrolyzers are currently leading the way in terms of market share, with a 63% share in 2021. However, this is expected to change in the coming years as Alkaline electrolyzers gain ground. By 2028, Alkaline electrolyzers are expected to hold a 47% share of the market.
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SkyQuest's analysis of the electrolyzer market is comprehensive and delivers detailed insights into the competitive landscape, market trends, and future prospects of this rapidly growing sector. The report provides a detailed overview of the key players in the market, their product portfolios, and business strategies. It also assesses the key drivers and challenges impacting the market growth. The report provides an in-depth analysis of the global market and offers a detailed segmentation of the market by technology, application, and geography. The report includes a detailed competitive landscape analysis of the leading players in the market, including their company profiles, financial information, recent developments, and business strategies.
Dynamics of Global Electrolyzer Market: Manufacturing and Chemical Sectors to Remain the Key Consumers
Electrolyzers are used in a variety of industries, including the chemical and manufacturing industries. The demand for electrolyzers has been growing rapidly in recent years. This is due to the fact that they offer a number of advantages over traditional methods of chemical production. For example, electrolyzers can be used to produce chemicals at a lower cost and with less environmental impact. Additionally, electrolyzers can be used to produce chemicals that are not easily obtainable using traditional methods.
There are a number of factors that are driving the growing demand for electrolyzer market in the chemical and manufacturing industries. First, the price of crude oil has been rising steadily in recent years. This has made it increasingly difficult for companies to obtain the raw materials necessary for traditional methods of chemical production. Second, environmental regulations have become more stringent in recent years. This has made it necessary for companies to find ways to reduce their environmental impact. Third, the growing demand for new and innovative products has led companies to search for new and better ways to produce chemicals.
The growing demand for electrolyzer market is expected to continue in the future. This is due to the fact that they offer a number of advantages over traditional methods of chemical production. As the price of crude oil continues to rise and environmental regulations become more stringent, more companies are expected to turn to electrolyzers as more sustainable way.
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Key Players in the Global Electrolyzer Market
- CUMMINS, INC. (US)
- NEL ASA (Norway)
- SIEMENS ENERGY Global GmbH & Co. KG. AG (Germany)
- MVS Engineering (India)
- Enapter (Italy)
- Giner Inc. (US)
- Next Hydrogen (Canada)
- ITM Power (UK)
- Idroenergy (Italy)
- Areva H2gen (France)
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