Chicago, Aug. 30, 2023 (GLOBE NEWSWIRE) — The global Electrolyzers Market is expected to grow from an estimated USD 1.2 billion in 2023 to USD 23.6 billion by 2028, at a CAGR of 80.3% according to a new report by MarketsandMarkets™. An electrolyzer system utilizes electricity to break water molecules into hydrogen and oxygen. Through this process, the electrolyzer system produces hydrogen, and the leftover oxygen is released into the atmosphere or can be captured or stored to supply other industrial processes or even medical gases, in some cases. There are four main ways that electrolyzers can be commercialized: power to mobility, power to fuel, power to industry, and power to gas.
The primary drivers of the electrolyzers market include the rapid advancement of technologies and growing demand for the power using renewable hydrogen as a energy source. Additionally, green hydrogen projects are increasing as many countries focus on investing in developing a hydrogen-based economy. Invetments in hydrogen infrastructure will subsequently bring opportunities for electrolyzers, thus accelerating the growth of the market.
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Electrolyzers Market Scope:
Report Coverage Details
Market Size USD 23.6 Billion by 2028
Growth Rate 80.3% of CAGR
Largest Market Europe
Market Dynamics Drivers, Restraints, Opportunities & Challenges
Forecast Period 2023-2028
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Electrolyzers Market by Power Rating, Technology, Application, and Region.
Geographies Covered Europe, North America, Asia Pacific, South America, and Middle East & Africa
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunities Increasing demand for electrolyzer-based onsite hydrogen refueling stations (HRS)
Key Market Drivers Increased investments in large-capcity green hydrogen projects
North America is expected to be the second largest region for the electrolyzers market
North America is estimated to be the have the second largest market share for electrolyzers market during the forecast period. The region has been segmented by country into US and Canada. The growing demand from the mobility industry and large-scale green hydrogen projects mainly drives the growth of the electrolyzers market in this region. The market in the region is characterized by the presence of big players and the implementation of stringent environmental regulations emphasizing the use of lightweight and fuelefficient vehicles which utilize fuel cells. Some key players in the green hydrogen market are from North America. The dominance of the North American region can be attributed due to increasing investments in the region to meet the demand of green fuels for fuel cell vehicles and favourable government policies for fuel cell vehicles.
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Electrolyzers Market Dynamics:
Drivers:
Declining renewable energy costs
Increasing government support
Increasing investments in electrolyzer deployment
Rising demand for electrolyzer-based green ammonia for fertilizer production
Restraints:
Use of critical materials
Underdeveloped electrolyzer supply chain
Opportunities:
Plans to achieve net zero and electrolyzer targets
Increasing demand for electrolyzer-based onsite hydrogen refueling stations (HRS)
High potential of electrolyzer-based hydrogen trade in Europe
Challenges:
High initial investments in hydrogen fueling infrastructure
Insufficient infrastructure to support hydrogen markets
Europe is expected to be the largest region in the Electrolyzers Industry
Europe is expected to be the largest market during the forecast period. The market growth in this region is mainly driven by the increasing demand for green hydrogen for various applications and rising initiatves to reduce the carbon footprint and explore renewable energy sources to become a carbon-neutral region. Additionally, green hydrogen projects are increasing as many countries focus on investing in developing a hydrogen-based economy. Investments in hydrogen infrastructure will subsequently bring opportunities for electrolyzers, thus accelerating the growth of the market.
Key Market Players:
Major players operating in the Electrolyzers Companies include Siemens Energy (Germany), Nel ASA (Norway), Plug Power Inc. (US), Enapter S.r.l. (Italy), Cummins Inc. (US), and others.
Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting
Browse Related Reports:
Green Ammonia Market – Global Forecast to 2030
Hydrogen Generation Market – Global Forecast to 2027
Green Hydrogen Market – Global Forecast to 2027
CONTACT: About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering o drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnectios through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com
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