The market for hydrogen electrolyzers was worth $350.6 million USD in 2021. Sales are anticipated to increase by 24.2% CAGR over the forecast period, reaching US$ 3.7 Bn by 2032.
During the forecast period, the market is anticipated to grow due to the rising popularity of hydrogen energy. With the implementation of strict government regulations designed to protect the environment by reducing pollution, the adoption of hydrogen electrolyzers is anticipated to increase steadily in the upcoming years.
In terms of revenue, Europe is anticipated to lead the hydrogen electrolyzer market in 2022 and to expand significantly over the course of the forecast period. Due to the growing use of hydrogen electrolyzers in the industries of metal production, automotive, biotechnology, energy, and hardware manufacturing, Germany is predicted to hold the largest share in the European market.
A few of the major factors anticipated to drive growth in the hydrogen electrolyzer market include rising demand for green energy, strict regulations linked to a high carbon footprint, and soaring investment to develop the industrial sector globally. Additionally, it is anticipated that a significant increase in the use of hydrogen fuel in the transportation sector will spur market expansion.
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What Factors Will Drive the Global Hydrogen Electrolyzer Market in 2022-2032?
“In the Future, the Electric Vehicle Industry Will Make Extensive Use of Hydrogen Electrolysis”
Government efforts to reduce carbon emissions from vehicles have resulted in significant technological advancement in the automotive and transportation sectors in recent years. Due to growing environmental concerns and the rapid international development of inventive hydrogen fuel stations, electric and hydrogen fuel cell vehicles have attracted enormous investments.
To meet the rising demand for hydrogen fuel from various end-use sectors, particularly the energy and transportation sectors, manufacturers are primarily concentrating on developing new products with higher capacity ranges.
In the coming decade, it is anticipated that demand for hydrogen electrolyzers will increase due to growing interest in carbon-free materials and the demand for carbon-free steel. The market is also anticipated to grow during the forecast period as a result of the rising use of carbon-free steel in a variety of products, including surgical scalpels, cargo ships, automobiles, and electronic appliances.
Which Factors May Hamper the Demand for Hydrogen Electrolyzers?
“High Initial Investment May Obstruct the Demand for Hydrogen Generators”
One of the biggest issues facing the hydrogen electrolyzer market is the high initial investment. Sales of hydrogen electrolyzers are expected to be hindered because small-scale and pilot plants cannot afford the capital investment due to the equipment’s high operating costs.
But there are initiatives underway to create distinctive goods with low operating expenses. To lower the cost of hydrogen electrolyzers, major players are also working to maintain a smooth supply chain and production lines.
Commercial hydrogen production uses natural gas, coal, and a variety of hydrocarbons. However, a significant amount of carbon dioxide is produced as a byproduct of this process, which increases greenhouse gas emissions (GHG). Manufacturing costs are rising as a result of the implementation of stricter regulations aimed at limiting or mitigating the effects of GHG.
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Country-wise Insights
Where Does the U.S. Stand in the Hydrogen Electrolyzer Market?
“Carbon Emission Reduction Norms to Bolster the Need for Hydrogen Electrolysis”
One of the markets for hydrogen electrolyzers in North America with the fastest growth is thought to be the United States. In the upcoming ten years, the country is anticipated to grow at a respectable rate of 21.4%. The growth is attributed to the U.S. government’s expanding initiatives to increase hydrogen production in various nations.
California, for example, changed the Low Carbon Fuel Standard and proposed a stricter carbon intensity reduction rate that must be adhered to until 2030. The state also intends to encourage the construction of refuelling facilities and grant CCUS operators access to credit-generation programmes using low-carbon hydrogen. As a result, it is anticipated that such initiatives by regulatory bodies across the U.S. will stimulate growth during the forecast period.
What is the Japan Hydrogen Electrolyzer Market Outlook?
“Alkaline Electrolyzers to Gain Traction with the Introduction of New Targets”
By 2022, Japan is anticipated to grow at a CAGR of 27.3% and hold more than 3/4 of East Asia’s market share for hydrogen electrolyzers.
Japan is anticipated to be among the most profitable markets over the course of the forecast period, according to FMI. It is anticipated that the country’s roadmap for carrying out the main hydrogen strategy will bode well for the market. New pricing and deployment goals for hydrogen and fuel cells are part of its innovative strategy, which will raise the demand for alkaline electrolyzers in Japan.
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