Electrolyzer Market to Reach $0.9 Bn, Globally, by 2027 at 24.6% CAGR: Allied Market Research
Supportive government initiatives toward reducing carbon emissions and lower costs of renewable energy drive the growth of the global electrolyzer market
PORTLAND, Ore., May 18, 2021 /PRNewswire/ -- Allied Market Research published a report, titled,"Electrolyzer Market 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): Global Opportunity Analysis and Industry Forecast, 2020–2027."According to the report, the global electrolyzer industry generated $0.2 billion in 2019, and is expected to generate $0.9 billion by 2027, witnessing a CAGR of 24.6% from 2020 to 2027.
Drivers, restraints, and opportunities
Supportive government initiatives toward reducing carbon emissions and lower costs of renewable energy drive the growth of the global electrolyzer market. However, limited technological advancements, delayed permits, and constraints related to equipment supply hinder the market growth. On the other hand, demand for on-site electrolyzer installation from the industrial sector owing to decarbonization creates new opportunities in the coming years.
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Covid-19 Scenario
- Owing to partial or complete lockdown imposed in many countries, manufacturing activities have been stopped or facilities have been shut down. In addition, there has been a disruption in the supply chain, which resulted in, supply-demand gap.
- The demand for electrolyzers from various industries such as transportation, power generation, and others reduced as daily operations were stopped to restrain the spread of novel coronavirus. However, the demand would recover soon as daily operations begin in full capacity in these sectors.
The alkaline electrolyzer segment to maintain its dominant share in terms of revenue by 2027
Based on product, the alkaline electrolyzer segment accounted for the largest market share in 2019, contributing to nearly three-fifths of the global electrolyzer market, and is expected to maintain its dominant share in terms of revenue during the forecast period. This is due toits widespread adoption asit is the oldest form of electrolysis method. However, the PEM electrolyzer segment is projected to witness the highest CAGR of 25.1% from 2020 to 2027, owing to technological advancement and higher stability offered by them.
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The power generation segment to maintain its leadership status throughout the forecast period
Based on application, the power generation segment contributed to the highest share in 2019, accounting for nearly one-third of the global electrolyzer market, and will maintain its leadership status throughout the forecast period. This is due to demand from the industrial sector for on-site electrolyzer setup. However, the transportation segment is expected to register the largest CAGR of 25.4% from 2020 to 2027. This is attributed to increased investment in electrolyzer technology for fuel cells to be used in electric vehicles.
Europe, followed by Asia-Pacific and North America, to continue its lead position by 2027
Based on region, Europe, followed by Asia-Pacific and North America, accounted for the highest share in terms of revenue in 2019, holding nearly two-fifths of the global electrolyzer market, and will continue its lead position by 2027. This is attributed toseveral initiatives from the European government for encouraging decarbonization. However, Asia-Pacific is expected to manifest the fastest CAGR of 25.1% during the forecast period, owing toincreased electric vehicle market in several countries such as China, Japan, South Korea, and India.
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Leading market players
- Hydrogenics
- Nel ASA
- Siemens Energy Global GmbH, Co. KG. AG
- Toshiba
- Air Liquide
- Plug Power
- McPhy Energy
- ITM Power
- Idroenergy
- Next Hydrogen
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