Electrolyzer Market Growth

Green Hydrogen Revolution: Electrolyzer Market Poised for Exponential Growth by 2032

WILMINGTON, DELAWARE, UNITED STATES, January 15, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Electrolyzer Market," The electrolyzer market was valued at $3 billion in 2022, and is estimated to reach $34.4 billion by 2032, growing at a CAGR of 27.2% from 2023 to 2032.

Water is electrolyzed using electrolyzers. Water is electrolyzed to separate its hydrogen and oxygen, which are then collected separately and used in the chemical, power, automotive, and industrial processes. The electrolyzers come in a range of sizes and use distinct electrolysis techniques. Alkaline electrolyzers are the most commonly used type.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞: https://www.alliedmarketresearch.com/request-sample/10974

The industry is expected to grow as a result of favorable regulatory policies supporting the construction of hydrogen infrastructure such as pipeline transport, production, storage, dispensers, & charging stations, and the usage of hydrogen as an industrial feedstock. Product uptake is expected to be aided by ongoing technological advancement and falling product costs. Accelerating investments in renewable energy technologies to lower carbon emissions is anticipated to improve the prospects for business.

In 2022, the capacity of the world to produce electrolyzers increased by more than 25%, reaching about 11 GW annually. Of the world's manufacturing capacity, two-thirds come from Europe and China. Even with deployments linked to chlor-alkali applications, this technology's global manufacturing capacity is currently mostly underutilized due to the capacity increases of electrolyzers for specialized hydrogen production in the order of tens to hundreds of MW in the last few years.

Due to the current growth of the industry (more big-scale projects are being announced), electrolyzer market opportunities, predictions of future demand growth and current electrolyzer market trends, and the fact that purchasing large manufacturing facilities is a long-term choice, manufacturers have begun to increase their production capacity.

According to statements made by the companies, by 2030, the world's capacity for producing electrolyzers might surpass 130 GW annually, which would account for one-third of the capacity that was planned by the end of 2022. The reported capacity for manufacturing electrolyzers could fulfill the objectives outlined in the existing national policies, and it accounts for over 75% of the capacity required in the NZE Scenario.

China and Europe would still be in the forefront, with about 5% of this capacity each. Less than 10% of the plans have reached a final investment decision (FID) by 2030, and 25% of the plans have been declared but the location is not determined. This suggests a level of uncertainty regarding the deployment of manufacturing capacity in the future, which may be significantly impacted by the supportive policy frameworks in each nation.

𝐆𝐞𝐭 𝐚 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/request-for-customization/10974

The electrolyzer market size is segmented based on product, capacity, application, and region. Depending on the product, the market is categorized into an alkaline electrolyzer, a proton exchange membrane (PEM) electrolyzer, a solid oxide electrolyzer, and an anion exchange membrane (AEM).

By capacity, the market is classified into less than 500 kW, 500 kW to 2 MW, and above 2 MW. By application, the market is divided into power generation, transportation, industry energy, industry feedstock, building heat & power, and others. By region, the electrolyzer market is further categorized into North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa).

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Electrolyzer industry key market players adopt various strategies such as product launches, product development, collaboration, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐥𝐲𝐳𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

Toshiba Corporation.
ITM Power
Nel ASA
Plug Power Inc.
Siemens AG.
Air Liquide
Iberdrola S.A.
McPhy Energy
Bloom Energy
Cummins, Inc.

By product, the electrolyzer market is divided into alkaline electrolyzer, PEM electrolyzer, solid oxide electrolyzer, and anion exchange membranes. Alkaline electrolyzer dominated the electrolyzer market share for 2019 as it is the oldest form of electrolysis method. However, solid oxide electrolyzers are expected to witness rapid growth during the electrolyzer market forecast period, owing to technological advancement and higher stability offered by them.

By capacity, the electrolyzer market is categorized into less than 500 kW, 500 kW to 2 MW, and above 2 MW. In 2022, the electrolyzer with a capacity of kW to 2MW dominated the market share owing to limited stability and advancement in the industry. However, the demand for electrolyzers with a capacity above 2 MW is expected to grow at a higher pace during the forecast period, owing to increased demand from automotive and industrial applications contributing to electrolyzer market growth.

By application, the electrolyzer market is segmented into power generation, transportation, industry energy, industry feedstock, building heat & power, and others. The power generation segment dominated the market share for 2022 owing to demand from the industrial sector for on-site electrolyzer setup. However, the transportation application is expected to grow at a higher CAGR during the forecast period owing to increased investment in electrolyzer technology for fuel cells to be used in electric vehicles.

By region, the electrolyzer market analysis is done across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific is expected to witness the fastest growth during the forecast period, owing to the increased electric vehicle market in China, Japan, South Korea, and India markets.

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/10974

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

- The global electrolyzer market size is provided in terms of revenue and volume.
- Asia-Pacific is projected to grow at the highest CAGR of approximately 27.5%, in terms of revenue, during the forecast period.
- By product, the solid oxide electrolyzer segment is anticipated to grow with a CAGR of 28.1%, in terms of revenue, during the forecast period.
- Europe and Asia-Pacific dominated the electrolyzer market share in 2022.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝟏. 𝐂𝐥𝐞𝐚𝐧 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2023/04/10/2643733/0/en/Clean-Hydrogen-Market-to-Reach-18-3-Billion-Globally-by-2032-at-14-8-CAGR-Allied-Market-Research.html

𝟐. 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.co.uk/news-releases/hydrogen-generation-market-to-reach-262-0-bn-globally-by-2031-at-6-8-cagr-allied-market-research-301650749.html

𝟑. 𝐁𝐥𝐮𝐞 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2022/09/07/2511107/0/en/Global-Blue-Hydrogen-Market-Is-Expected-to-Reach-3-5-Billion-by-2031-Says-AMR.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

David Correa
Allied Analytics LLP
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