Hydrogen Electrolyzer Industry: Projected US$ 3.7 Billion Market Size by 2032

The Hydrogen Electrolyzer Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Hydrogen Electrolyzer market. Encompassing the research's scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Hydrogen Electrolyzer. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

The Hydrogen Electrolyzer Market showcases advanced technologies designed to utilize electricity for the purpose of electrolyzing water, thereby separating oxygen and hydrogen. Comprised of integral components such as a cathode, an anode, and a selectively permeable membrane, these systems demonstrate a remarkable ability to produce hydrogen gas through the process of electrolysis. By applying electric currents between the anode and cathode within the device, water molecules undergo decomposition, resulting in the generation of hydrogen and oxygen gases.

As of 2021, the global hydrogen electrolyzer market was valued at US$350.6 million USD. Projections indicate a significant growth trajectory, with anticipated sales expansion at a Compound Annual Growth Rate (CAGR) of 24.2%. This growth trend is expected to elevate the market size to an estimated US$3.7 billion USD by the year 2032.

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The electrolysis device, a cutting-edge technology driven by electricity, effectively disintegrates water into oxygen and hydrogen, utilizing a cathode, an anode, and a membrane. This process, known as electrolysis, results in the generation of hydrogen gas. With the remarkable decline in the costs of renewable energy sources, their competitiveness vis-à-vis traditional fuels has significantly improved, thereby augmenting their application as the primary input for hydrogen electrolysis.

In the forthcoming market landscape, substantial emphasis will be placed on the research and development of hydrogen fuel cell technology, H-CNG, and innovative mobility solutions, consequently exerting a significant impact on the dynamics of the hydrogen electrolyzer market. Notably, the surging adoption of fuel cell technology in the automotive sector, particularly in the realm of electric mobility, will be a key catalyst driving the escalated demand for on-site hydrogen production.

“The rising availability of CAPEX subsidies, tax rebates and low electricity costs will strongly intensify the adoption of hydrogen electrolyzers. In addition, hydrogen electrolyzers will provide the missing link between hydrogen and green electricity across various countries as it strives to achieve a de-carbonized environment” says FMI analyst.

Key Takeaways for Hydrogen Electrolyzer Market Study

PEM electrolyzers are expected to witness a higher demand growth vis-à-vis other electrolyzer variants on back of high purity output and economical features with regards to operations
Countries in Western Europe and Asia Pacific are key to the growth of hydrogen electrolyzer market, on account of their high growth potential considerable market size
Accelerated demand for high purity of hydrogen is boosting the uptake of hydrogen electrolyzer over competitive technologies such as SMR

Despite Prevailing Uncertainties, Experts Eying Green Hydrogen Post Pandemic

The global COVID-19 pandemic has put manufacturing, supply and demand of hydrogen electrolyzer on hold. In the second quarter of 2020, countries such as Italy experienced a 20% reduction in demand for power thus impacting the hydrogen electrolyzer market.

Economies around the world are utilizing this time to invest in green hydrogen to kick start growth. Countries such as Portugal, Netherlands and Australia are already investing rigorously in this technology. This is in alignment with EU’s green deal plan to decarbonize and bring emissions down to zero by 2050.

Hydrogen Electrolyzer Market: Competitive Landscape

The global market players are striving to drive their market revenue at more than 20% on a yearly basis. This is being done by bringing down investment costs through joint collaboration.

For instance, ITM Power and Linde have collaborated to open up a factory at Sheffield, UK to enhance their electrolysis capacity per year by at least 1GW.

Similarly, NEL and Hydrogenics are gearing up for projects that aim to produce 20MW of hydrogen at Denmark and Canada respectively. By scaling up the size of the plants, manufacturers are looking at reducing their overall costs in the production of hydrogen.

Hydrogen Electrolyzer Market Outlook by Category

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