Electrolyzers Market to be Worth $4.27 Billion by 2030 - Market Size, Share, Forecasts & Trends Analysis Report with the Impact of COVID-19 Pandemic by Meticulous Research®
REDDING, Calif., Feb. 20, 2023 /PRNewswire/ -- According to a new market research report titled, "Electrolyzers Market by Type, Capacity, Application (Mobility, Industrial Applications, Chemical Production, Other Applications), and Geography - Global Forecast to 2030", the global electrolyzers market is projected to reach $4.27 billion by 2030, at a CAGR of 21.2% from 2023 to 2030.
An electrolyzer is a system that uses electricity to break water into hydrogen and oxygen. This process is called electrolysis. Through electrolysis, the electrolyzer system creates hydrogen gas. The leftover oxygen is released into the atmosphere and captured or stored to supply other industrial processes or even medical gases in some cases.
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Hydrogen is either stored as a compressed gas or liquefied, and since hydrogen is an energy carrier, it is used to power any hydrogen fuel cell electric application such as trains, buses, trucks, or data centers. The three main types of electrolyzers are proton exchange membrane (PEM), alkaline, and solid oxide. These electrolyzers function in slightly different ways depending on the electrolyte material involved. Electrolyzers range in size from small, appliance-size equipment well-suited for small-scale distributed hydrogen production to large-scale, central production facilities that deliver the hydrogen by trucks or be connected to pipelines.
In this study, the market is segmented based on type, capacity, and application, including its subsegments and geography. The report has considered five major geographies: North America, Asia-Pacific, Europe, Latin America and Middle East & Africa.
The growth of this market is driven by the proliferation of renewable and nuclear technologies for electricity generation, increasing investments in green energy initiatives, and the growing government focus on hydrogen technologies. However, the shortage of raw materials restrains the growth of the global electrolyzers market. The increasing affordability of electrolyzers is expected to create growth opportunities for the players operating in this market. However, the high energy requirements of electrolyzers are a major challenge for market growth.
Growing Government Focus on Hydrogen Technologies Spurs Electrolyzers Market Growth
Governments around the world are increasing their focus on hydrogen technologies and establishing targets for deploying low-emission hydrogen production capacities among industries & businesses. The ways in which energy is produced, transformed, stored, and used are gradually changing. Rising environmental and climate change concerns have compelled governments to consider promoting hydrogen technologies through various subsidies.
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Increasing government investments in improving hydrogen technologies are expected to support the growth of the electrolyzers market. For instance, in June 2021, the U.S. Congress passed the Bipartisan Infrastructure Law, which includes grants for the creation of hydrogen hubs and incentives to foster hydrogen infrastructure and electrolyzer manufacturing. Also, the U.S. Department of Energy has finalized a $ 504 million loan guarantee for a large-scale hydrogen storage project. Additionally, in July 2022, the European Commission approved $ 5.8 billion (€ 5.4 billion) to support its first hydrogen-related Important Project of Common European Interest (IPCEI), focusing on hydrogen technologies.
Furthermore, countries are increasingly investing in developing a strict approach to calculating and managing carbon emissions. For instance, Germany plans to invest $ 9.6 billion (€ 9 billion) in renewable hydrogen to help increase its hydrogen capacity to 5 GW by 2030 and 10 GW by 2040. France has committed $ 7.46 billion (€ 7 billion) to help the country reach 6.5 GW of renewable hydrogen capacity by 2030. Thus, growing government focus on reducing carbon footprints and expanding hydrogen capacities is expected to boost the demand for electrolyzers, driving the growth of this market.
Based on type, the global electrolyzers market is segmented into polymer electrolyte membrane (PEM) electrolyzers, alkaline electrolyzers, and solid oxide electrolyzers. In 2023, the alkaline electrolyzers segment is expected to account for the largest share of the global electrolyzers market. The large market share of this segment is mainly attributed to the rising demand for green hydrogen in industrial applications and collaborations between market players to meet the global demand for green hydrogen. However, the polymer electrolyte membrane electrolyzers segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to due to growing demand for large hydrogen plants and continuous product development by key players.
Based on capacity, the global electrolyzers market is segmented into less than 500 kW, 500 kW to 2 MW, and more than 2 MW. In 2023, the more than 2 MW segment is expected to account for the largest share of the global electrolyzers market. The large market share of this segment is mainly attributed to the major electrolyzer deployments in 2021. Electrolyzers with more than 2 MW capacity are gaining traction among manufacturers focused on making a strategic shift toward low-carbon energy. However, the less than 500 kW segment is projected to register the highest CAGR during the forecast period due to the trend toward smaller capacities in applications such as fuel cells for batteries in mobility.
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Based on application, the global electrolyzers market is segmented into mobility, industrial applications, chemical production, and other applications. In 2023, the industrial applications segment is expected to account for the largest share of the global electrolyzers market. The large market share of this segment is attributed to the capability of green hydrogen to replace fossils fuel and the growing use of green hydrogen across all industries.
Based on geography, the electrolyzers market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa (MEA). In 2023, Asia-Pacific is expected to account for the largest share of the global electrolyzers market, followed by Europe, North America, Latin America, and the Middle East & Africa. The large market share of Asia-Pacific is mainly attributed to the rising focus on regulatory policies toward the development of hydrogen networks and the increasing applicability of electrolyzers in industrial applications. Moreover, government initiatives to tackle climate change, investments in clean energy technologies, and growing energy consumption further encourage market growth.
Some of the key players operating in the global electrolyzers market are Plug Power Inc. (U.S.), CUMMINS INC. (U.S.), ITM Power PLC (U.K.), Siemens Energy AG (Germany), thyssenkrupp nucera AG & CO. KGAA. (Germany), Nel ASA (Norway), McPhy Energy (France), BLOOM ENERGY CORPORATION (U.S.), Green Hydrogen Systems A/S (Denmark), Asahi Kasei Corporation (Japan), Sunfire GmbH (Germany), H-TEC SYSTEMS GmbH (Germany), ELOGEN SAS (France), Pure Energy Centre (U.K.), and Shannxi Hele Titanium Technology Co.,Ltd (China).
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Scope of the Report
Electrolyzers Market, by Type
- Alkaline Electrolyzers
- Polymer Electrolyte Membrane (PEM) Electrolyzers
- Solid Oxide Electrolyzers
Electrolyzers Market, by Capacity
- More than 2 MW
- 500 kW to 2 MW
- Less than 500 kW
Electrolyzers Market, by Application
- Industrial Applications
- Refineries
- Steel Industry
- Glass Plants
- Semiconductors Industry
- Natural Gas Plants
- Other Industrial Applications
- Chemical Production
- Ammonia Production
- Methanol Production
- Other Chemical Production
- Mobility
- Other Applications
Electrolyzers Market, by Geography
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia
- Singapore
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Netherlands
- Rest of Europe
- North America
- U.S.
- Canada
- Latin America
- Middle East & Africa
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