Global Electrolyzers Market Key Insights
During the forecast period of 2023-2035, the global Electrolyzers Market is expected to reach an estimated value of ~USD 73 billion by 2035 by expanding at a CAGR of ~33%. The market further generated revenue of ~USD 7 billion in the year 2022. Major key factors propelling the growth of the electrolyzers market worldwide are the significantly escalating demand for hydrogen as a green fuel, accompanied by rising development activities to develop efficient renewable energy technologies.
Market Definition of Electrolyzers
An electrolyzer is a device that employs electricity to break down water into hydrogen and oxygen through a process known as electrolysis. The remaining oxygen is either released into the environment or collected and preserved to serve other industrial processes. An electrolyzer, in its most basic form, consists of a cathode, an anode, and a membrane. Pumps, vents, storage tanks, a power source, a separator, and other parts are also included in the overall system.
Global Electrolyzers Market: Growth Drivers
The growth of the global electrolyzers market can majorly be attributed to the rising concern for reducing carbon emissions across the globe. Since few decades, carbon emission has increased a lot and pollutes the environment. Hence, the urge to reduce the emission in every possible way is boosting the demand for electrolyzers to generate hydrogen. According to the report of the World Economic Forum, worldwide CO2 emissions from fossil fuels and cement are projected to reach a new high of 36 billion tons in 2022. On the other hand, the market growth can also be attributed to the increasing adoption of hydrogen strategies by the government of nations throughout the world. As per the International Energy Agency (IEA) report, in the last year, 9 governments have implemented a hydrogen strategy. This brings the total number of governments who have committed to incorporating hydrogen as a green energy source into their power infrastructure to 26.
The global electrolyzers market is also estimated to grow majorly on account of the following:
· Dynamic Growth in Transportation Industry Across the Globe
· Rising Prices of Conventional Fuels
· Worldwide Upsurge in the Adoption of Electric Vehicle
Global Electrolyzers Market: Restraining Factor
There are several cheaper alternatives available for hydrogen fuel cells such as low-platinum catalysts, and platinum-free catalysts which are cheaper than hydrogen fuel cells. Hence, this factor is expected to be the major hindrance to the growth of the global electrolyzers market during the forecast period.
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Global Electrolyzers Market Segmentation
· By Application (Transportation, Industry Energy, Power Generation, and Others)
The power generation segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can mainly be attributed to the worldwide rapidly growing energy consumption in the domestic and industrial array. For instance, after a 5% decrease in 2020, global energy consumption surged by 7% in 2021.
· By Product (Alkaline, PEM, and Solid Oxide Electrolyzer)
· By Capacity (Less Than 500 Kw, 500 Kw to 2 MW, and Above 2 MW)
· By Region
The Asia Pacific electrolyzers market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions, backed by the implementation of favorable government policies to support hydrogen energy and to achieve the objective of net zero to reduce the carbon emission in the region. For instance, in India, the ministry of power launched the initial part of the Green Hydrogen Policy at the beginning of 2022. This policy is anticipated to culminate the world's largest green hydrogen generation capacity of more than 61 GW/5 million tons for domestic consumption by 2030. Besides this, the increasing demand for energy in various industrial sectors such as automotive, steel, and fertilizers is another major factor that is estimated to drive the market growth further over the forecast period in the region.
The market research report on global electrolyzers also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Electrolyzers Market
Some of the key players in the global electrolyzers market are Siemens Energy AG, Giner Inc., Shandong Saikesaisi Hydrogen Energy Co., Ltd., Cummins Inc., Toshiba Corporation, L’AIR LIQUIDE S.A., Nel ASA, Plug Power Inc., Teledyne Energy Systems, Inc., McPhy Energy, and others.
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