The global hydrogen electrolyzer market is expected to grow at a CAGR of 24.2% over the forecast period of 2022-2032. The market valuation is set to reach US$ 3.7 Bn by the end of 2032. Rising demand for hydrogen gas across various end-use sectors is estimated to drive growth in the hydrogen electrolyzer market during the forthcoming years.
Development of new technologies to reduce the operational cost of hydrogen electrolyzers is anticipated to fuel the market. Moreover, rising awareness about the harmful effects of carbon emissions worldwide are set to create new growth opportunities in the market.
Higher adoption of renewable energy sources and increasing onsite hydrogen production are set to boost the demand for hydrogen electrolyzers in the upcoming decade. Apart from that, surging demand for carbon-free steel in various industries such as automotive is projected to create new growth opportunities in the steel manufacturing sector.
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Increasing initiatives taken by several automotive manufacturers to reduce carbon emission from vehicles is another vital factor that would propel sales of hydrogen electrolyzers in future. Surging development of green energy worldwide is also expected to drive the market.
Key Takeaways: Hydrogen Electrolyzer Market
- By product type, sales of PEM electrolyzers are expected to grow at a CAGR of 25.2% during the forecast period.
- By outlet pressure, the low (<= 10 bar) segment is anticipated to dominate the market and is expected to account for about 2/3rd of the share.
- By end use, the transportation segment is projected to lead the hydrogen electrolyzer market and create an absolute $ opportunity worth US$ 905.5 Mn in 2032.
- In terms of region, the Europe hydrogen electrolyzers market is estimated to exhibit a CAGR of 24.1%.
“Increasing demand for hydrogen fuel due to rising investments in novel programs for reducing carbon emissions globally is set to create new growth opportunities for companies in the hydrogen electrolyzers market,” says a FMI analyst.
Competitive Landscape: Hydrogen Electrolyzer Market
Leading Companies Profiled in Hydrogen Electrolyzer Market are
- Nel Hydrogen
- Siemens AG
- McPhy Energy
- ITM Power Plc
- Tianjin Mainland Hydrogen Equipment Co. Ltd
- Gaztransport & Technigaz
- Giner Inc.
- GreenHydrogen Systems
- iGas Energy GmbH
- Beijing CEI Technology Co., Ltd.
- Next Hydrogen
- Air Liquide
- Ballard Power Systems
- Enapter
- Plug Power Inc.
- Bloom Energy
- others
Manufacturers are strategically collaborating with technology companies for co-developing new products and gaining a competitive edge. A few others are looking forward to helping the oil and gas industry by providing technologically advanced products.
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