Hydrogen Electrolyser Market To Grow SD 423.6 Million By 2028 With A CAGR of 11.9% | Valuates Reports
BANGALORE, India, Nov. 21, 2022 /PRNewswire/ -- The Global Hydrogen Electrolyser Market is Segmented by Type (Traditional Alkaline Electrolyser, PEM Electrolyser), by Application (Electronics and Photovoltaics Plant, Power Plant, Steel Plant): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Energy & Utilities Category.
Due to the COVID-19 pandemic, the global Hydrogen Electrolyser market size is estimated to be worth USD 216 Million in 2022 and is forecast to a readjusted size of USD 423.6 Million by 2028 with a CAGR of 11.9% during the review period.
Major Factors Driving The Growth Of The Hydrogen Electrolyser market:
During the projected period, the Hydrogen Electrolyser market is anticipated to grow due to the rising popularity of hydrogen energy. With the implementation of strict government regulations to safeguard the environment by lowering pollution, the adoption of hydrogen electrolyzers is anticipated to increase significantly in the years to come.
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TRENDS INFLUENCING THE GLOBAL HYDROGEN ELECTROLYSER MARKET
To reach the Hydrogen Energy Earth shot target of reducing the cost of clean hydrogen by 80% to USD 1 per kilogram in ten years, electrolysis is a key method of hydrogen production. Depending on the electricity source used, the electrolysis of hydrogen can cause no greenhouse gas emissions. This factor is expected to drive the growth of the Hydrogen Electrolyser market.
With the implementation of strict government regulations to safeguard the environment by lowering pollution, the adoption of hydrogen electrolyze is anticipated to increase significantly in the years to come. The hydrogen electrolyze market is anticipated to grow as a result of factors such as rising demand for green energy, strict regulations related to high carbon footprints, and soaring investment to develop the industrial sector globally.
The automotive and transportation industries are currently undergoing rapid technical development as a result of numerous government initiatives to cut vehicle carbon emissions. Due to growing environmental concerns and the rapid international development of cutting-edge hydrogen fuel stations, electric and hydrogen fuel cell vehicles have attracted enormous investments. To meet the rising demand for hydrogen fuel from various end-use sectors, particularly the energy and transportation sectors, manufacturers are primarily concentrating on developing new products with higher capacity ranges. This will fuel the growth of the hydrogen electrolyzer market.
In the following decade, it is projected that demand for hydrogen electrolyzers would increase due to growing interest in carbon-free materials and the demand for carbon-free steel. The hydrogen electrolyzer market is also anticipated to grow during the forecast period as a result of the rising use of carbon-free steel in numerous applications, such as surgical scalpels, cargo ships, automobiles, and electronic appliances.
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HYDROGEN ELECTROLYSER MARKET SHARE
Alkaline Electrolyzers will Succeed with the Development of New Targets.
One of the markets for hydrogen electrolyzers in North America with the fastest growth is thought to be the United States. In the upcoming ten years, the country is anticipated to grow at a respectable rate of 21.4%. The growth is attributed to the U.S. government's expanding initiatives to increase hydrogen production in various nations.
Globally, there are many suppliers in this market including Proton On-Site, the 718th Research Institute of CSIC, Teledyne Energy Systems, Hydrogenics, Nel Hydrogen, Suzhou Jingli, Beijing Zhongdian, McPhy, Siemens, TianJin Mainland, Areva H2gen, Shandong Saksay Hydrogen Energy, Yangzhou Chungdean Hydrogen Equipment, Asahi Kasei, Idroenergy Spa, Erredue SpA, Shaanxi HuaQin, Ko. Proton On-Site, which accounts for 17% of global total sales, is the largest supplier among all of those manufacturers.
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Key Companies:
- Proton On-Site
- 718th Research Institute of CSIC
- Teledyne Energy Systems
- Hydrogenics
- Nel Hydrogen
- Suzhou Jingli
- Beijing Zhongdian
- McPhy
- Siemens
- TianJin Mainland
- Areva H2gen
- Yangzhou Chungdean Hydrogen Equipment
- Asahi Kasei
- Idroenergy Spa
- Erredue SpA
- ShaanXi HuaQin
- Kobelco Eco-Solutions
- ITM Power
- Toshiba
- Thyssenkrupp
- H2B2
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