Hydrogen Electrolyzers Market by Power Source (Battery-Powered, hardwired with battery backup, Hardwired without battery backup), Type (Photoelectric Smoke Detectors, Ionization Smoke Detectors), Service, Distribution Channel, and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Hydrogen Electrolyzers Market Overview
The global Hydrogen Electrolyzers Market size is projected to reach a CAGR of 33.04% from 2023-2030.
Hydrogen electrolyzers are useful in crumbling water and separating oxygen and hydrogen gases from it through electric flow. The enormous utilization of hydrogen electrolyzers in biotechnology, drug, compound energy, hardware, and metal creation have pent up the demand for hydrogen electrolyzers.
The continuous development of reliable and advanced technological power solutions in line with rising deployments of clean hydrogen generation methods will drive market growth. Transportation application is poised to witness substantial gains during the forecast period. This growth is attributed to the rising inclination toward the adoption of FCEVs in line with a positive outlook for a clean environment. Strict government norms & policies to support a sustainable environment in line with the ongoing consumer shift toward hydrogen-driven vehicles will stimulate the market outlook. Moreover, increasing applications to provide power for trams, forklift trucks, light vehicles, buses, and other vehicles will augment the business potential.
On the other hand, the focus on green energy has led to huge production costs for the development of green energy which may restrain the market growth to some extent.
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During the COVID-19 pandemic, the disruptions in the supply chain due to lockdowns imposed by various nations affected the growth of the hydrogen electrolyzer market. Nevertheless, things are coming back to normal and the hydrogen electrolyzer market is expected to bounce back.
Delvens Industry Expert's Standpoint
The market for hydrogen electrolyzers is expanding quickly due to rising renewable energy demand and the uptake of hydrogen fuel cell technology. Despite the fact that there are now many businesses competing in the industry, which is fragmented, there has been significant consolidation recently as bigger corporations have bought out smaller competitors to increase their product portfolios and manufacturing capacity. Government policies and programs aimed at promoting the use of hydrogen as a clean energy source, as well as ongoing research and development efforts to increase the efficiency and cost-effectiveness of electrolyzer technologies, are expected to fuel market growth in the upcoming years. The global energy environment is expected to change significantly over the next several years, and the hydrogen electrolyzer industry offers substantial prospects for innovation and expansion.
Key Findings
• Hydrogen electrolyzers are useful in crumbling water and separating oxygen and hydrogen gases from it through electric flow. The enormous utilization of hydrogen electrolyzers in biotechnology, drug, compound energy, hardware, and metal creation has pent up the demand for hydrogen electrolyzers.
• The product segment is further bifurcated into Alkaline Electrolyzer, PEM Electrolyzer, Solid Oxide Electrolyzer, and Others. The alkaline electrolyzer market is estimated to dominate the market during the forecast period. Long-term stability, low operation & installation costs, high efficiency & durability, and matured technology are a few attributes positively impacting product demand. Furthermore, continuous product developments along with increasing deployments of these systems across various facilities will enhance the market growth.
• The capacity segment is further segmented into ≤ 500 kW, 500 kW - 2 MW, and Above 2 MW. The ≤ 500 kW capacity segment is anticipated to reach the highest CAGR and will dominate the market during the forecast period. Growing investments across private & public sectors for the development of hydrogen infrastructure in line with ongoing developments of several projects primarily across industrial & mobility applications will fuel the industry dynamics.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Europe’s electrolyzer market is expected to register significant growth during the forecast timeframe, due to favorable government incentives, policies, and norms for infrastructure growth along with increasing consumer inclination toward the adoption of renewables. In addition, the rising electricity demand across various commercial & industrial facilities coupled with a growing focus on alternative power sources will accelerate the market growth.
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Hydrogen Electrolyzers Market Regional Analysis
Europe to Dominate the Market
• Europe’s electrolyzer market is expected to register significant growth during the forecast timeframe, due to favorable government incentives, policies, and norms for infrastructure growth along with increasing consumer inclination toward the adoption of renewables.
• In addition, the rising electricity demand across various commercial & industrial facilities coupled with a growing focus on alternative power sources will accelerate the market growth.
Hydrogen Electrolyzers Market Competitive Landscape
• Linde plc
• Suzhou Green Hydrogen Energy Co., Ltd.
• Air Products Inc.
• Cummins, Inc.
• Sunfire GmbH
• Next Hydrogen
• Green Hydrogen
• ErreDue spa
• NeL ASA
• Cockerill Jingli Hydrogen
• Idroenergy
• ITM Power PLC
• PLUG POWER INC.
• Air Liquide
• Siemens Energy
Hydrogen Electrolyzers Market Recent Developments
• August 24, 2022 – Linde today announced it has inaugurated the world's first hydrogen refuelling system for passenger trains in Bremervörde, Germany.
• June 29, 2022 – Austrian food retailer MPREIS started up Europe's most powerful hydrogen refuelling station for trucks in Völs, Austria. It was designed and built by Linde Engineering, and it can refuel four trucks per hour, the actual refuelling takes only ten minutes per truck. This is comparable to the time needed to refuel a diesel truck. In ten minutes only, 40 kilograms of hydrogen can be delivered, which is equal to approximately 400 litres of diesel fuel. The new station will supply MPREIS’ own fleet of fuel-cell trucks with green hydrogen produced on site. This hydrogen approach will contribute to decarbonizing the food retailer’s operations.
Reasons to Acquire in the Hydrogen Electrolyzers Market
• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors.
• Gain authentic and granular data access for Hydrogen Electrolyzers Market so as to understand the trends and the factors involved behind changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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