PEM Electrolyzer market valuation was estimated at USD 2.8 billion in 2022, and it is projected to grow to USD 45.48 billion by 2030 at a compound annual growth rate (CAGR) of 32.2% during the 2023–2030 forecast period. This is because PEM Electrolyzer is essential to the transition to a low-carbon energy future because it makes it possible to produce clean hydrogen fuel, which is in high demand due to its properties derived from renewable resources.
Higher operating pressure and compact, lightweight designs are made possible by the solid Polymer Electrolyte Membrane used in PEM Electrolyzers. These designs are appropriate for a variety of applications, such as the production of hydrogen for fuel cells, energy storage, and industrial operations. PEM electrolyzers' primary advantage is its capacity to generate pure, high-quality hydrogen gas that may be used in fuel cell applications, where contaminants can shorten the fuel cell's lifespan and performance.

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GROWTH DRIVERS
There is an increasing need due to the growing emphasis on decarburization, the switch to renewable energy, and advancements including falling costs and increased efficiency. As hydrogen becomes more widely available and abundant as a fuel for industry, transportation, and power generation, PEM electrolyzers provide an efficient means of producing hydrogen using renewable electricity from sources like solar and wind power. As a result, demand for PEM electrolyzers is predicted to rise.
The demand for electrolyzer technology is being driven by the automotive industry's growing adoption of hydrogen fuel cell vehicles (FCVs), which offer a zero-emission alternative to conventional internal combustion engine vehicles. Electrolyzers are essential in supplying the hydrogen required to power these vehicles. Governments are also putting policies and incentives in place to encourage the adoption of hydrogen technology in order to reduce greenhouse gas emissions. PEM electrolyzers are used for energy storage applications, which enable the conversion of surplus renewable energy into hydrogen that can be stored and that can be used later to generate electricity as a backup for various applications.
Competitive Landscape:
The top businesses are devoting substantial funds to R&D in an effort to increase PEM electrolyzer technology's longevity and economic viability. This includes creating cutting-edge materials, catalysts, and membrane technologies to better the electrolyzer as a whole. Due to the growing focus on decarburization, businesses are giving producing green hydrogen from renewable energy sources top priority. This requires investing in electrolyzer technology that can effectively use renewable energy inputs, which determines a company's position in the expanding green hydrogen market.
MARKET SEGMENTATION:
· By Material Type –
• Iridium
• Platinum and Others
· By End User-
• Power Generation
• Transportation
• Industrial Processes
• Transportation and Others
· By Region –
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

Global Key Players:
· Siemens
· ITM Power
· Nel ASA
· Air Liquide
· Plug Power
· Erre Due
· Elogen
· Cummins
· Gineric
· Air Products and Chemicals

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