Electrolyzer Market Size Worth USD 619.6 Million, Globally, by 2029 at 5.8% CAGR
Fortune Business Insights
6 min read
Fortune Business Insights
Increasing Demand for Hydrogen in Fuel Cells to Endorse Growth OF Global Electrolyzer Market
Pune, India, July 26, 2022 (GLOBE NEWSWIRE) -- The global Electrolyzer Market size was valued at USD 390.4 million in 2021. The market is projected to grow from USD 416.8 million in 2022 to USD 619.6 million by 2029, exhibiting a CAGR of 5.8% during the forecast period. This information is provided by Fortune Business Insights, in its report, titled, “Electrolyzer Market, 2022-2029.”
Key Industry Development:
January 2022: Green Hydrogen Systems entered into an agreement with Edinburgh-located Logan Energy to provide electrolysis equipment for a venture in England. These will be deployed in a 40 ft. container as a complete green hydrogen unit as part of strategies to advance a regional hydrogen economy based in Dorset, England.
Surging Demand for Hydrogen in Fuel Cell-Based Automobile Sector to Endorse Market Growth
Power Plants Segment Backed by Rising Demand for Hydrogen to Generate Electricity
Drivers and Restraints:
Surging Demand for Hydrogen in Fuel Cell-Based Automobile Sector to Endorse Market Growth
The surging demand for fuel cell-based automobiles such as electric vehicles and buses in North America and Asia Pacific has previously been registered. Furthermore, 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.
Nevertheless, the prices of electricity are the most considerable aspect, which augments the charge of generating hydrogen through the electrolytic process. Additionally, recent sharp deteriorations in solar and wind power costs have declined the real and projected prices of renewable hydrogen.
Supply Chain Upheavals amid COVID-19 Pandemic to Obstruct Market Growth
Health emergency across the world commenced by the unexpected outbreak of COVID-19 infections has notably impacted various dynamics. Practically, all the major economies have perceived a large expansion in the number of impacted cases right from the start of 2020. The outcome of the global pandemic has also affected the financial prudence of countless fast-growing developing countries in unrest. The market has been directly affected accordingly by the outbreak of COVID-19. At present, the chemical sector, oil refining industry, and steel production industry incur high demand for hydrogen, which the COVID-19 outbreak has reportedly influenced. Segments:
Traditional Alkaline Electrolyzer Segment to Lead the Market
Based on type, the global market is categorized 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.
Power Plants Segment Backed by Rising Demand for Hydrogen to Generate Electricity
Based on application, the global market is classified into power plants, steel plant, electronics & photovoltaics, industrial gases, energy storage or fueling for FCEVs, power to gas, and others. 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.
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:
North America to Lead Backed by Increasing Demand for Hydrogen in Manufacturing Sector
The North America region held the majority of the electrolyzer market share with regard to value and volume in 2021 due to the rising demand for hydrogen in numerous applications such as the manufacturing sector, power industry, and others.
Additionally, 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.
Competitive Landscape:
Prime Players Sign Considerable Deals to Make Notable Changes in Market
The players functioning in the market often employ various tactics that will assist the electrolyzer market growth and product demand. Among the number of strategies available, one such remarkable strategy to extend the business prospect is engaging in multimillion bonds with government bodies and reinforcing a profitable revenue for their own corporation.
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