Global Electrolyzer Market Size By Type(Traditional Alkaline Electrolyzer, Proton Exchange Membrane), By Application(Power Plants, Energy storage or fueling for FCEVs), By Geographic Scope And Forecast

Electrolyzer Market Size And Forecast

Electrolyzer Market size is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2023 to 2030.

The primary uses of hydrogen are across various industrial applications such as electronics, chemicals and glass. Across the world several governments are focusing on creating a sustainable hydrogen country as hydrogen is considered as the green fuel which in turn is expected to boost the growth of the global Electrolyzer Market. The Global Electrolyzer Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Electrolyzer Market Definition

An electrolyzer can be explained as a device that utilizes electricity to break down water into oxygen and hydrogen through a process called electrolysis. The device comprises a cathode, an anode, and a membrane. The system creates hydrogen gas through the process of electrolysis. Then electricity is applied to anode and cathode across the device which leads to the splitting of water into hydrogen and oxygen.

Primary usage of Electrolyzer is in stationary, portable, and transportation power generation systems such as portable electronics and fuel cell-powered vehicles. The hydrogen produced from the device has various applications such as industrial process, power generation, vehicle fueling, and injection in natural gas pipeline and can be integrated into different system architectures.

Global Electrolyzer Market Overview

In recent times 90% of hydrogen is being produced from fossil fuel resources whereas only a small portion of is manufactured by the water hydrolysis process. The primary uses of hydrogen are across various industrial applications such as electronics, chemicals and glass. Across the world several governments are focusing on creating a sustainable hydrogen country as hydrogen is considered as the green fuel which in turn is expected to boost the growth of the global Electrolyzer Market.

Additionally many governments and renewable energy associations are promoting hydrogen as an automotive fuel and energy carrier. The development activities by various manufacturers where they are trying to increase the efficiency and catalyst & membrane effectiveness of the devices are expected to render the process of electrolysis more cost-effective. Other factors driving the Global Electrolyzer Market are the increasing demand for hydrogen in the chemical, glass, food and beverage, mining and semi conductor industries.

The growing demand for fuel cell based automotive such as electric vehicles and buses in various developing and developed nations which in turn reduces the growing dependency on gasoline fuel is expected t boost the growth of the Global Electrolyzer Market. Many automotive manufacturers are aiming to increase the uptake of hydrogen cars as it helps to decrease the average carbon intensity of the primary energy over time and greenhouse gas emissions and other pollutants. These factors are collectively expected to drive market growth. There are factors which may restrain the growth of the Global Electrolyzer Market are the high electricity cost of the device and mechanical properties such as low current density, the inability to operate at high pressure, and limited ability to operate at low loads.

Global Electrolyzer Market Segmentation Analysis

The Global Electrolyzer Market is Segmented on the basis of Type, Application, And Geography.

Electrolyzer Market, By Type

• Traditional Alkaline Electrolyzer
• Proton Exchange Membrane

Based on Type, the market is segmented into Traditional Alkaline Electrolyzer and Proton Exchange Membrane. The traditional alkaline electrolyzer held the largest market share in 2019. These types of devices are commonly used for large scale systems and are oldest technology around the world. The proton exchange membrane segment involves a solid polymer electrolyte. These devices can be made to operate at a high differential pressure across the membrane and have a bipolar design. Hydrogen produced in these devices is of highest purity. Another key advantage of this device is that efficiencies are higher especially at high current densities.

Electrolyzer Market, By Application

• Power Plants
• Energy storage or fueling for FCEVs
• Industrial gases
• Steel Plants
• Others

Based on Application, the market is segmented into Power Plants, Energy storage or fueling for FCEVs, Industrial gases, Steel Plants, and Others. The power plants segment held the major share in the market in 2019. Electrolyzer are mainly used automotive industry for fuel cell electric vehicle. Electrolyzer decrease the average carbon intensity of primary energy over time and hence industrial gases segment I expected to grow in future. In long term the dependency on oil will reduce which will reduce the emission of greenhouse gas and other pollutants. In steel plants, electrolyzer is used for fossil-free steel making.

Electrolyzer Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Based on Geography, the Global Electrolyzer Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America is the hub for petrochemicals, glass purification, refining and fertilizers. Due to the rising demand for hydrogen as a fuel for the automotive industry Europe is expected to attain the fastest growth in future. Asia Pacific is expected to witness growth in future. Countries like China, India, Japan, and India are focusing on the development of smart cities and efficient establishments and shifting market trends from fossil fuel to sustainable energy.

Key Players

The “Global Electrolyzer Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are ITM Power, Enapter, McPhy, Siemens AG, Hydrogenics, MVS Engineering, Next Hydrogen, Asahi Kasei, Areva H2gen, and Tianjin Mainland.

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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