The global Electrolyzer market is anticipated to grow at a considerable CAGR of 22.7% during the forecast period. Increasing demand for Hydrogen for various applications is boosting the global Electrolyzer market growth. Hydrogen gas is a highly proficient, clean-burning fuel mainly used to produce chemicals such as ammonia and methanol. Ammonia (NH3) is an essential part of fertilizers used in agriculture industries. Ammonia is a basic building block for ammonium nitrate fertilizer, which releases nitrogen, an essential nutrient for growing plants, including farm crops and lawns. As per the news published by the American Chemical Society (ACS Publications and C&EN), between 75% to 90% of the ammonia produced across the globe is used in fertilizer. Additionally, around 50% of the global food production relies on ammonia fertilizer, to sustain food production for billions of people. Ammonia is also used to purify water supplies and as a building block in the manufacturing of several products such as plastics, explosives, fabrics, pesticides, and dyes. Thus, such factors have accelerated the trading activities for ammonia owing to the rising demand and several benefits associated. According to the Observatory of Economic Complexity, in 2020, the top importers of ammonia were India ($1.4 billion), the US ($781 million), South Korea ($412 million), Morocco ($328 million), and Brazil ($322 million), which shows the increasing demand for ammonia across the globe.
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The power generation segment is anticipated to hold a considerable share in the global electrolyzer market during the forecast period. The growing desire to reduce carbon emissions from traditional power generation assets is driving an increase in power production from renewables such as hydrogen fuels. Gas turbines can be used for this problem, as these gas turbines can operate on hydrogen (H2), which does not provide any carbon emissions when combusted. Hydrogen production and storage are combined with power generation equipment, including fuel cells, reciprocating engines, combustion turbines, and steam turbines, resulting in a storage device to time-shift delivery of electricity for electric grid applications. According to the International Energy Agency (IEA), in 2021, the demand for electricity witnessed a 6% rise across the globe, which is considered as the the largest in percentage terms till now. As of 2021, it has reached over 1,500 TWH. Additionally, emissions from electricity required to decline by 55% by 2030 to meet Net Zero Emissions by 2050, which is another factor contributing to the increased use of hydrogen in electricity production.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Global Electrolyzer Market Report Segment
By Type
- Traditional Alkaline Electrolyzer
- Polymer Electrolyte Membrane (PEM) Electrolyzer
By Application
- Power Generation
- Transportation
- Industry Energy
- Industry Feedstock
- Building Heat & Power
- Others
Global Electrolyzer Market Report Segment by Region
North America
- US
- 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
- Latin America
- Middle East & Africa
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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