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 Billion 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.
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The 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 is 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. Besides 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.
Increasing initiatives taken by several automotive manufacturers to reduce carbon emissions from vehicles is another vital factor that would propel sales of hydrogen electrolyzers in the future. The surging development of green energy worldwide is also expected to drive the market.
Key Takeaways of the 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 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 Million in 2032.
- Regarding region, the European 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,” opines our FMI analyst.
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
- Plug Power Inc.
- Bloom Energy
Manufacturers strategically collaborate with technology companies to co-develop new products and gain a competitive edge. Others look forward to helping the oil and gas industry by providing technologically advanced products.
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Hydrogen Electrolyzer Market Segmentation:
By Product Type:
- Proton Exchange Membrane (PEM) Electrolyzer
- Alkaline Electrolyzer
- Solid Oxide Electrolyzer
- Low (<= 150 kW)
- Medium (150kW–1mW)
- 150-400 kW
- High (> 1mW)
- 1 – 10 mW
- 10 – 20 mW
- Above 20 mW
By Outlet Pressure:
- Low (<= 10 Bar)
- Medium (150 Bar–40 Bar)
- High (> 40 Bar)
By End Use:
- Refining/ Hydrocarbon
- Power to Gas
- Metal Production & Fabrication
- Pharma & Biotech
- Food & Beverages
- Glass Industry
- Other Industrial
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East & Africa
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
More Valuable Insights on Hydrogen Electrolyzer Market:
The research report analyzes the market demand trend for hydrogen electrolyzer. The global market is based on macroeconomic factors, market trends & market background.
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