Research Nester’s recent market research analysis on “Electrolysis Stack Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global electrolysis stack market in terms of market segmentation by application, product type, and by region.
Growing Demand for Hydrogen to Drive Growth of Global Electrolysis Stack Market
The global electrolysis stack market is estimated to grow majorly on account of the increasing demand for hydrogen for producing green fuels, backed by rising carbon dioxide emission across the globe. Hydrogen is one of the most clean fuel that reduce the carbon dioxide emissions in the environment. Moreover, hydrogen fuel cells are renewable and readily available as compared to other energy sources. Hence, it is used for various applications in homes and businesses, and it is expected to boost the market’s growth in the upcoming years. For instance, in the year 2021, the total demand for hydrogen have raised to approximately 94 million metric tons around the world.

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Moreover, the surging adoption of hydrogen fuel cell vehicles in different countries is rising the demand for hydrogen as a fuel. Furthermore, there has been development of hydrogen fueling station infrastructure for the easy accessibility of hydrogen for the vehicles. As per the data stated, there were more than 500 hydrogen filling stations present in the year 2022 across the globe. In addition, hydrogen generates electric power in fuel cell vehicles, that only emit warm air, and water vapor with zero greenhouse gas emissions. Therefore, it is further predicted to drive the growth of the global electrolysis stack market. According to the estimated data, the number of fuel cell cars leased and sold as of June 2022, accounted for more than 7,000 in Japan.
Some of the major growth factors and challenges that are associated with the growth of the global electrolysis stack market are:
Growth Drivers:
• Surging popularity of green fertilizers
• Increasing investment for generation of power

Challenges:
The rising issues related to the cost of electricity generation, and the high chances of energy loss during the electrolysis process are some of the major factors anticipated to hamper the growth of the global electrolysis stack market.

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By application, the global electrolysis stack market is segmented into transportation industry, power & energy storage, methanol production, refining industry, ammonia production, and others. The transportation segment is expected to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. This can be attributed to the rising adoption of hydrogen as a fuel for power vehicles, as a replacement for fuels that emit large amounts of carbon dioxide into the environment. According to the data, the number of hydrogen-powered passenger cars and buses on the road totaled nearly 26,000 and 5,500, respectively. In addition, hydrogen fuel allows the vehicles to travel and cover more distance with less times of refueling. Generally, it is an alternative option for petrol and diesel in transportation industry. Therefore, it is projected to rise the growth of the segment in the market.
By region, the North America electrolysis stack market is expected to generate the highest revenue by the end of 2035. This growth is anticipated by rising demand for hydrogen for the increasing hydrogen fuel cell vehicles in the countries, such as U.S.A, and Canada. In the United States, there are more than 14, 000 hydrogen powered vehicles present on the road, as of now, according to the data estimates. Furthermore, the growing awareness, and concern related to the environment, considering the large amount of carbon dioxide emitted by other fuels, is further projected to increase the growth of the global electrolysis stack market in the region.
Moreover, Europe region is also anticipated to witness a fastest growth in the upcoming years. This can be attributed to the surging popularity of sustainable farming practices through the use of green fertilizers that don’t emit any harmful chemicals, and it is expected to boost the market’s growth in the Europe region.
This report also provides the existing competitive scenario of some of the key players of the global electrolysis stack market which includes company profiling of Nel ASA, H-TEC SYSTEMS GmbH, ITM Power PLC, Plug Power Inc., OxEon Energy, LLC., h2e Power Systems Inc., Siemens Energy, Cummins Inc., Evolve Hydrogen Inc., Asahi Kasei Corporation, and others.

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