Hydrogen Electrolyzer Market, By Type, (PEM Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer), By Capacity (≤ 500 kW, 500 kW - 2 MW, above 2 MW), By Application (Steel plant, Power plants, Electronics, and photovoltaics), Energy storage for fuel cells, (Industrial gases, Power to gas, Others), By Region Analysis - Global Analysis and Industry Forecast Report Till 2030.

Hydrogen Electrolyzer Market is predicted to grow from $56 billion in 2021 to $87 billion by 2030, at a CAGR of 5.5% during the forecast period.

The primary application of hydrogen gas, which burns cleanly, is to create compounds like methanol and ammonia. Which is a fundamental component of fertilizers used in the agricultural sector. The petroleum sector uses hydrogen in the hydrocracking procedure to create gasoline, diesel, and other petroleum products. Fuel cells and other recently commercialized hydrogen uses are creating new opportunities in transportation and other energy-related sectors. The gas offers a way to stabilize the electrical grid and has already been used as a fuel for cooling power plant units. The process of coal gasification, steam methane reforming, and electrolyzers, which use water electrolysis, are the main sources of hydrogen gas.

The market is anticipated to grow due to the rising popularity of hydrogen energy during the forecast period. With the implementation of government regulations to safeguard the environment by lowering pollution. Due to this adoption of hydrogen electrolyzers is anticipated to increase significantly in the years to come.

Market Dynamics:

Drivers:

The main users who are attempting to enhance hydrogen production and storage are nations like Malaysia, India, and Singapore. These areas' key drivers of market expansion have turned out to be the transportation sector.

Vehicles powered by hydrogen fuel cells are becoming more and more popular, and this demand has proven to be a key factor in the market's growth. The market has seen significant growth as a result of the relative decrease in dependence on traditional fuel sources. Consumers are choosing fuel-cell vehicles over gasoline-powered ones, which is helping boost the Hydrogen Electrolyzer market and in generating a sizable amount of cash over time.

Restraints:

The enormous quantity of electricity needed for the electrolysis process has been a significant obstacle to the expansion of the electrolyzer business. The cost of power is on the rise, which is adding to the pressure already being placed on the major market actors. The price of solar and wind-generated electricity has seen a significant drop. This has turned out to be a significant obstacle to the expansion of the hydrogen electrolyzer market.

Cheaper alternatives on the market - The market's availability of alternatives that are more affordable than hydrogen fuel cells have proven to be a significant barrier to the Hydrogen electrolyzer market’s expansion.

Opportunities:

The quick switch from gasoline-powered to electric vehicles that have occurred in the current market as a result of the rising price of petroleum products has presented a significant potential for the key industry participants to make a sizable amount of money. People have low discretionary cash which encourages them to choose cost-effective transportation options, which are given by electric vehicles that run on fuel cells. These factors will boost the Hydrogen Electrolyzer market.

Key Players:

• Proton On-Site

• 718th Research Institute of CSIC

• Teledyne Energy Systems

• Hydrogenics

• Nel Hydrogen

• Suzhou Jingli

• Beijing Zhongdian

• McPhy

• Siemens

• TianJin Mainland

• Areva H2gen

• Yangzhou Chungdean Hydrogen Equipment

• Asahi Kasei

• Idroenergy Spa

• Erredue SpA

• ShaanXi HuaQin

• Kobelco Eco-Solutions

• ITM Power

• Toshiba

• Thyssenkrupp

• H2B2

Market Segmentation:

Hydrogen Electrolyzer Market, By Type

• PEM Electrolyzer

• Alkaline Electrolyzer

• Solid Oxide Electrolyzer

Hydrogen Electrolyzer Market, By Capacity

• ≤ 500 kW

• 500 kW - 2 MW

• Above 2 MW

Hydrogen Electrolyzer Market, By Application

• Steel plant

• Power plants

• Electronics and photovoltaics

• Energy storage for fuel cells

• Industrial gases

• Power to gas

• Others

Hydrogen Electrolyzer Market, By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

Regional Analysis:

North America dominated the Hydrogen Electrolyzer Market. Due to the rising need for hydrogen in a variety of industries, including the industrial sector, the power industry, and others. Several major brands have manufacturing facilities in North America, and there is rising interest in the energy storage or fueling for Full Cell Electric Vehicles (FCEV) operations. The production, exploration, and refining sectors have also seen notable investment in the area, which is expected to significantly boost the growth of the Hydrogen Electrolyzer market in the upcoming years.

The size of the European market is also favored by rising investments. To support the growing installation of renewable energy sources, which is expected to further advance the sector, it wants to enlarge and strengthen the grid infrastructure networks. Also, a promising outlook and a legislative framework that requires energy security across all establishments are expected to propel the growth of the Hydrogen Electrolyzer market.

The market in Asia Pacific is characterized by the growing public awareness about renewable energy, financial support from the government, and the need to address demand & supply imbalances. The installation of new industrial gas facilities and the construction of new residential and commercial buildings accelerated the adoption of these systems in the region. This will boost the growth of the Hydrogen Electrolyzer market in the region.

Scope of the Report:

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