Dublin, Aug. 11, 2023 (GLOBE NEWSWIRE) — The “Power Supply Equipment Market for Water Electrolysis – A Global and Regional Analysis: Focus on Application, Equipment Type, and Region – Analysis and Forecast, 2023-2032” report has been added to ResearchAndMarkets.com’s offering.
The global power supply equipment market for water electrolysis, valued at $0.430 billion in 2023, is projected to witness substantial growth, reaching $5.71 billion by 2032.
The market is expected to accelerate at a remarkable CAGR of 33.27% during the forecast period. The report on the power supply equipment market for water electrolysis provides a comprehensive analysis, including market size and forecast, trends, growth drivers, challenges, and vendor analysis, featuring around 25 leading vendors.
Market Overview:
The power supply equipment market for water electrolysis is driven by supportive government initiatives, strict net-zero targets, and the increasing demand for hydrogen fuel cell vehicles, gren ammonia, green methanol, and other applications.
Water electrolysis involves converting electrical energy into chemical energy in the form of hydrogen and oxygen, and power supply equipment plays a crucial role in providing the necessary electrical energy for the electrolysis process.
The rising demand for green hydrogen, which has the potential to prevent the release of around 830 million tons of CO2 annually, is a significant driver for market growth.
Market Segmentation: Segmentation 1: by Application
Alkaline Electrolyzer
Proton Exchange Membrane (PEM) Electrolyzer
Solid Oxide Electrolytic Cell (SOEC) Electrolyzer
Anion Exchange Membrane (AEM) Electrolyzer
Segmentation 2: by Equipment Type
Rectifier (Thyristor Rectifier, IGBT Rectifier, Others)
Transformer
Others
Segmentation 3: by Region
North America: U.S., Canada, and Mexico
Europe: Germany, France, Spain, Netherlands, and Rest-of-Europe
U.K.
China
Asia-Pacific and Japan: Japan, South Korea, India, Australia, nd Rest-of-Asia-Pacific and Japan
Rest of the World: South America and the Middle East and Africa
Market Highlights: Alkaline Electrolyzer Dominates the Market (by Application):
Alkaline electrolyzer held the largest share in the power supply equipment market for water electrolysis in 2022.
Alkaline electrolyzers have a cost-effective advantage with a longer operational lifespan compared to PEM electrolyzers, as they do not require the use of precious metals as catalysts.
Rectifier Segment to Grow Rapidly (by Equipment Type):
In the power supply equipment market for water electrolysis, rectifier is expected to grow significantly during the forecast period.
IGBT rectifiers are gaining momentum due to benefits like fast response times, high efficiency, and reduced energy losses.
Europe to Dominate the Market (by Region):
Europe is expected to lead the power supply equipment market for water electrolysis, driven by the presence of leading companies and a highly developed renewabl energy market.
European countries account for approximately 40% of the global installed capacity of water electrolyzers, and the European Union has ambitious plans to incorporate electrolyzer capacity into its hydrogen capacity plans.
Recent Developments:
In March 2023, Ingeteam introduced the INGECON H2 FSK E12000, a new rectifier solution designed for electrolyzers, tailored for large-scale green hydrogen production.
In March 2023, Nidec Industrial Solutions unveiled two significant green hydrogen production and storage projects in the U.S., featuring power supply units generating 5.6 MW of energy.
In January 2023, TMEIC introduced the Type-1 and Type-2 power electronics solutions for contemporary electrolyzer technologies, enabling high-current DC power supply.
In May 2022, Liyuan Rectifier Group announced the development of an electrolysis rectifier system for proton exchange membrane electrolysis.
Demand – Drivers and Limitations: Market Demand Drivers: Shift toward Renewale Energy Integration
The shift toward renewable energy integration is driving the adoption of water electrolysis for hydrogen production, promoting the decarbonization of power and mobility industries.
Market Challenges: High Energy Losses during Electrolysis Process
Significant energy losses during green hydrogen production at every stage of the supply chain pose a challenge for the water electrolysis technology’s growth.
Market Opportunities: Advancements in Electrolysis Technology
Advancements in electrolysis technology, such as next-generation systems and hybrid water electrolysis, offer cost-effective and energy-efficient solutions, creating opportunities for power supply equipment suppliers.
Key Market Players: Private Companies:
AEG Power Solutions B.V.
Ingeteam
Comeca Group
TMEIC
Prodrive Technologies
FRIEM SPA
Statcon Energiaa Pvt. Ltd.
Green Power Co., Ltd.
KraftPowercon
Mak Plus Power Systems
MUNK GmbH
Liyuan Rectifier Group
Public Companies:
General Eletric
Sensata Technologies, Inc.
Ador Powertron Ltd
Nidec Industrial Solutions
Danfoss Drives
ABB
American Superconductor
SMA Solar Technology AG
Key Attributes:
Report Attribute
Details
No. of Pages
194
Forecast Period
2023 – 2032
Estimated Market Value (USD) in 2023
$0.43 Billion
Forecasted Market Value (USD) by 2032
$5.71 Billion
Compound Annual Growth Rate
33.3%
Regions Covered
Global
For more information about this report visit https://www.researchandmarkets.com/r/1go4vx
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Global Power Supply Equipment Market for Water Electrolysis
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