Electrolyzer market is anticipated to grow at a significant CAGR of 22.7% during the forecast period. The growing utilization of hydrogen as a green fuel is accelerating the growth of the global Electrolyzer market during the forecast period. Green hydrogen is hydrogen produced by splitting water into hydrogen and oxygen using renewable electricity, it emits a negligible amount of carbon. Hence, supports reducing the carbon footprint in different sectors such as transportation, electricity, chemical manufacturing, and others. Hydrogen fuel can be produced through several methods, the most common methods today are natural gas reforming (a thermal process), and electrolysis. Strict government norms & policies support a sustainable environment with a positive outlook for a clean environment, which in turn is propelling the demand for the Electrolyzer by key manufacturing and processing companies. For instance, in June 2021, Tata Motors Ltd. bagged an order of 15 hydrogen-based fuel cell buses from Indian Oil Corporation Ltd. These coaches would be used by Indian Oil to evaluate the potential of developing hydrogen-based PEM fuel-cell technology in India. IndianOil through cutting-edge R&D is committed to strengthening the production and supply chain of hydrogen energy across the country. Additionally, the company also announced to establish around 1 ton/ day hydrogen production pilot plants based on 4 innovative pathways besides collaborating with Tata Motors for fuel cell research.
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The global Electrolyzer market is segmented based on type and application. Based on type, the market is segmented into traditional alkaline Electrolyzer s and PEM Electrolyzer s. Based on application, the market is sub-segmented into power generation, transportation, industry energy, industry feedstock, building heat & power, and others. The above-mentioned segments can be customized as per the requirements. Among the type, the traditional alkaline Electrolyzer is anticipated to grow at a remarkable rate during the forecast period. The factors boosting the segmental growth include low operation & installation costs, high efficiency & durability, long-term stability, and matured technology are a few attributes positively impacting the product demand. Traditional alkaline Electrolyzer uses less expensive catalysts for the hydrogen evolution reaction (HER). Nickel is used as electrode material in alkaline media due to its high stability under cathodic and anodic conditions it also shows high electrocatalytic activity compared to many other transition metals.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Global Electrolyzer Market by Type
- Traditional Alkaline Electrolyzer
- polymer electrolyte membrane (PEM) Electrolyzer
Global Electrolyzer Market by Application
- Power Generation
- Transportation
- Industry Energy
- Industry Feedstock
- Building Heat & Power
- Others
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Air Liquide S.A.
- Ballard Power Systems Inc.
- Beijing CEI Technology Co., Ltd.
- Bloom Energy Corp.
- CUMMINS, INC.
- ErreDue spa
- ENAPTER s.r.l.
- Giner Inc.
- H-TEC SYSTEMS GmbH
- iGas Energy GmbH
- ITM Power plc
- Idroenergy
- Kobelco Eco-Solutions Co., Ltd.
- McPhy Energy SA
- Next Hydrogen (Canada)
- Plug Power Inc.
- Toshiba Corp.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global Electrolyzer market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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