BANGALORE, India, April 12, 2021 /PRNewswire/ -- The Electrolyzer Market is Segmented by Product (Alkaline Electrolyzer, PEM Electrolyzer, and Solid Oxide Electrolyzer), Capacity (Less Than 500 Kw, 500 Kw to 2 MW, and Above 2 MW), and Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heat & Power, and Others). The report covers global opportunity analysis and industry forecast from 2020 to 2027. It is published on Valuates Reports in the Renewable & Alternative Energy Category.
The global electrolyzer market size was valued at USD 0.2 Billion in 2019 and is anticipated to generate USD 0.9 Billion by 2027. The market is projected to experience a growth at a CAGR of 24.6% from 2020 to 2027.
Major factors driving the growth of electrolyzer market size are
- Favorable regulatory policies toward the development of hydrogen infrastructure coupled with increasing use as an industrial feedstock. Automobile sector is also contributing to the growth.
- Continuous technology development along with declining product cost and accelerating investments toward renewable energy technologies will favor the product adoption.
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TRENDS INFLUENCING ELECTROLYZER MARKET SIZE
Increasing the use of hydrogen in the automotive industry is expected to drive electrolyzer market size. Since hydrogen is a green fuel, many governments around the world are concentrating their efforts on developing a sustainable hydrogen economy, which is expected to propel the global electrolyzer market size during the forecast period.
Electrolyzer produces hydrogen that is ideal for use in hydrogen fuel cells. Fuel cells work similarly to batteries but do not run out of power or require charging and can produce electricity and heat as long as fuel is supplied. Fuel cells produce energy with zero emissions at the point of use. This factor is expected to drive the electrolyzer market size during the forecast period.
The increasing demand for on-site electrolyzer installation from the industrial sector owing to decarbonization is expected to further fuel the growth of electrolyzer market size.
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ELECTROLYZER MARKET SHARE ANALYSIS
Based on product, Alkaline electrolyzer dominated the market share for 2019 as it has been the oldest form of electrolysis method.
Based on capacity, capacities ranging from 1 kW to 2MW dominated the market in 2019 due to the industry's limited stability and development. However, due to increased demand from automotive and industrial applications, electrolyzers with a capacity greater than 2 MW are expected to expand at a faster rate during the forecast period.
Due to demand from the industrial sector for on-site electrolyzer setup, the power generation segment dominated the market share in 2019. However, due to increased investment in electrolyzer technology for fuel cells to be used in electric vehicles, the transportation application is expected to expand at a faster CAGR during the forecast period.
Based on region, Europe dominated the market share in 2019. This is due to the multiple measures taken by the European government to encourage decarbonization. However, due to increased electric vehicle markets in China, Japan, South Korea, and India, Asia-Pacific is projected to rise at the fastest rate during the forecast period.
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Top Major Players in the Electrolyzer Market
The key players operating in the market are Hydrogenics, Nel ASA, Siemens Energy Global GmbH, Co. KG. AG, Toshiba, Air Liquide, Plug Power, McPhy Energy, ITM Power, Idroenergy, and Next Hydrogen. The players in the market have adopted several strategies, such as product launch and business expansion, to sustain the market competition.
Electrolyzer Market Segments
Electrolyzer Market By Product
- Alkaline Electrolyzer
- PEM Electrolyzer
- Solid Oxide Electrolyzer
Electrolyzer Market By Capacity
- Less than 500 kW
- 500 kW to 2 MW
- Above 2 MW
Electrolyzer Market By Application
- Power Generation
- Transportation
- Industry Energy
- Industry Feedstock
- Building Heat & Power
- Others
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