Hydrogen Electrolyzer Market To Grow At 24.2% CAGR Through 2032 As Demand For Green Energy Increases - Future Market Insights, Inc.
The global hydrogen electrolyzer market is expected to grow at a CAGR of 24.2% over the forecast period of 2022 to 2032. The market valuation is set to reach US$ 3.7 Billion by the end of 2032. Rising demand for hydrogen gas across various end-use sectors is estimated to drive growth in the hydrogen electrolyzer market during the forthcoming years.
Development of new technologies to reduce the operational
cost of hydrogen electrolyzers is anticipated to fuel the market. Moreover,
rising awareness about the harmful effects of carbon emissions worldwide are
set to create new growth opportunities in the market.
Higher adoption of renewable energy sources and increasing
onsite hydrogen production are set to boost the demand for hydrogen
electrolyzers in the upcoming decade. Apart from that, surging demand for
carbon-free steel in various industries such as automotive is projected to
create new growth opportunities in the steel manufacturing sector.
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Increasing initiatives taken by several automotive
manufacturers to reduce carbon emission from vehicles is another vital factor
that would propel sales of hydrogen electrolyzers in future. Surging
development of green energy worldwide is also expected to drive the market.
Key Takeaways: Hydrogen Electrolyzer Market
- By
product type, sales of PEM electrolyzers are expected to grow at a CAGR
of 25.2% during the forecast period.
- By
outlet pressure, the low (<= 10 bar) segment is anticipated to dominate
the market and is expected to account for about 2/3rd of
the share.
- By end
use, the transportation segment is projected to lead the hydrogen
electrolyzer market and create an absolute $ opportunity worth US$ 905.5 Mn in
2032.
- In
terms of region, the Europe hydrogen electrolyzers market is
estimated to exhibit a CAGR of 24.1%.
"Increasing demand for hydrogen fuel due to
rising investments in novel programs for reducing carbon emissions globally is
set to create new growth opportunities for companies in the hydrogen
electrolyzers market," says a FMI analyst.
Competitive Landscape: Hydrogen Electrolyzer Market
Leading Companies Profiled in Hydrogen
Electrolyzer Market are
- Nel
Hydrogen
- Siemens
AG
- McPhy
Energy
- ITM
Power Plc
- Tianjin
Mainland Hydrogen Equipment Co. Ltd
- Gaztransport
& Technigaz
- Giner
Inc.
- GreenHydrogen
Systems
- iGas
Energy GmbH
- Beijing
CEI Technology Co., Ltd.
- Next
Hydrogen
- Air
Liquide
- Ballard
Power Systems
- Enapter
- Plug
Power Inc.
- Bloom
Energy
- others
Manufacturers are strategically collaborating with
technology companies for co-developing new products and gaining a competitive
edge. A few others are looking forward to helping the oil and gas
industry by providing technologically advanced products.
Hydrogen Electrolyzer Market Outlook by
CategoryBy Product Type:
- Proton
Exchange Membrane (PEM) Electrolyzer
- Alkaline
Electrolyzer
- Solid
Oxide Electrolyzer
By Capacity:
- Low
(<= 150 kW)
- Medium
(150kW–1mW)
- 150-400
kW
- 400-750kW
- 750-1mW
- High
(> 1mW)
- 1 –
10 mW
- 10 –
20 mW
- Above
20 mW
By Outlet Pressure:
- Low
(<= 10 Bar)
- Medium
(150 Bar–40 Bar)
- High
(> 40 Bar)
By End Use:
- Ammonia
- Methanol
- Refining/
Hydrocarbon
- Electronics
- Energy
- Power
to Gas
- Transport
- Metal
Production & Fabrication
- Pharma
& Biotech
- Food
& Beverages
- Glass
Industry
- Other
Industrial
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