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2021
Electrolyzer Market

Electrolyzer Market

by Product (Alkaline Electrolyzer, PEM Electrolyzer, and Solid Oxide Electrolyzer), Capacity (Less Than 500 Kw, 500 Kw to 2 MW, and Above 2 MW), and Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heat & Power, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027

Report Code: A10609
Pages: 230
Mar 2021 | 9193 Views
Author(s) : Yamini P , Eswara P
Tables: 211
Charts: 70
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Electrolyzers Market Outlook 2027

Global electrolyzer market was valued at $0.2 billion in 2019, and is anticipated to generate $0.9 billion by 2027.The market is projected to experience growth at a CAGR of 24.6% from 2020 to 2027. The electrolyzers are used for electrolysis of water. Through electrolysis, water is split into hydrogen and oxygen, which are further collected separately for use in industrial process, automotive, power and chemical industries. The electrolyzers are available in various sizes and have different methods of electrolysis. Most of the electrolyzers used are alkaline electrolyzers. 

The electrolyzer market saw a dip owing to the pandemic outbreak as the supply demand gap for the equipment increased.

Favorable regulatory policies toward development of hydrogen infrastructure coupled with increasing use as an industrial feedstock will propel the industry growth. Ongoing technological development along with declining product cost will favor the product adoption. Furthermore, accelerating investments toward renewable energy technologies to reduce carbon emissions will positively influence the business outlook.

Electrolyzers-Market-2020-2027

The electrolyzer market is segmented on the basis of product, capacity, application, and region. Depending on product, the market is segmented into alkaline electrolyzer, PEM electrolyzer and solid oxide electrolyzer. By capacity, the market is categorized into less than 500 kW, 500 kW to 2 MW, and above 2 MW. Based on application, the market is divided into power generation, transportation, industry energy, industry feedstock, building heat & power, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).

The key players operating in the market are Hydrogenics, Nel ASA, Siemens Energy Global GmbH, Co. KG. AG, Toshiba, Air Liquide, Plug Power, McPhy Energy, ITM Power, Idroenergy, and Next Hydrogen. The players in the market have adopted several strategies, such as product launch and business expansion, to sustain the market competition.  

Electrolyzers Market, by Product 

By product, electrolyzers are divided into alkaline electrolyzer, PEM electrolyzer, and solid oxide electrolyzer. Alkaline electrolyzer dominated the market share for 2019 as it has been the oldest form of electrolysis method. However, PEM electrolyzers are expected to witness rapid growth during the forecast period, owing to technological advancement and higher stability offered by them.

Electrolyzer Market
By Product

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PEM Electrolyzer is projected as the most lucrative segment.

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Electrolyzers Market, by Capacity

By capacity, the market is categorized into less than 500 kW, 500 kW to 2 MW, and above 2 MW. In 2019, the electrolyzer with capacity kW to 2MW dominated the market share owing to limited stability and advancement in the industry. However, the electrolyzers with capacity above 2 MW are expected to grow at a higher pace during the forecast period, owing to increased demand from automotive and industrial applications.

Electrolyzer Market
By Capacity

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Above 2 MW capacity electrolyzers are projected as the most lucrative segment.

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Electrolyzers Market, by Application

By application, the market is segmented into power generation, transportation, industry energy, industry feedstock, building heat & power, and others. The power generation segment dominated the market share for 2019 owing to demand from industrial sector for on-site electrolyzer setup. However, the transportation application is expected to grow at a higher CAGR during the forecast period owing to increased investment in electrolyzer technology for fuel cells to be used in electric vehicles. 

Electrolyzer Market
By Application

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Transportation are projected as the most lucrative segment.

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Electrolyzers Market, by Region

By region, the electrolyzer market analysis is done across North America, Europe, Asia-Pacific, and LAMEA. The Europe region dominated the market share for 2019, owing to several initiatives from the European government for encouraging decarbonization. However, Asia-Pacific is expected to witness the fastest growth during the forecast period, owing to increased electric vehicle market in China, Japan, South Korea, and India markets. 

Electrolyzer Market
By Region

2027
Europe 
North America
Asia-Pacific
LAMEA

Asia-Pacific is projected as the most lucrative market.

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Key Benefits For Stakeholders

  • The report provides an in-depth analysis and electrolyzers market forecast along with the current and future market trends.
  • This report highlights the key drivers, opportunities, and restraints of the electrolyzers market along with the impact analyses during the forecast period.
  • Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the electrolyzers industry for strategy building.
  • A comprehensive analysis of the factors that drive and restrain the market growth is provided.
  • The qualitative data in this report aims on electrolyzers market trends, dynamics, and developments.
  • The electrolyzers market size is provided in terms of revenue.

Electrolyzer Market Report Highlights

Aspects Details
By Product
  • Alkaline Electrolyzer
  • PEM Electrolyzer
  • Solid Oxide Electrolyzer
By Capacity
  • Less than 500 kW
  • 500 kW to 2 MW
  • Above 2 MW
By Application
  • Power Generation
  • Transportation
  • Industry Energy
  • Industry Feedstock
  • Building Heat & Power
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players Air Liquide., McPhy Energy, ITM Power,, Next Hydrogen, NEL ASA, Plug Power, TOSHIBA CORPORATION, CUMMINS, INC., Idroenergy, SIEMENS ENERGY Global GmbH & Co. KG. AG
 

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According to the insights from the CXOs, the electrolyzers market is highly fragmented in nature. The electrolyzers are used for the purpose of hydrogen generation. Through electrolysis of water, hydrogen and oxygen is produced, which are further used in industrial activities and chemical processing by storing them in liquid or gas form. The market has driving factors such as increased demand for hydrogen, increased demand for fuel cells from electric vehicle market targeted at reducing carbon emissions. However, the market growth is restrained by limited technological advancements and delayed supply in equipment. However, initiatives by governments such as exempting electrolyzers from grid fees, taxes and levies, providing access to curtailed electricity and grid service revenues, and recognizing the value and price of green hydrogen can offer lucrative opportunity for the industry growth.

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FREQUENTLY ASKED QUESTIONS?

A. Potential customer for the industry are automotive and industrial sector.

A. Push towards reducing carbon emissions and growing use of hydrogen in electric vehicles.

A. To get latest version of electrolyzers market report can be obtained on demand from the website.

A. The key growth strategies are acquisition and product enhancement.

A. Power generation segment holds the maximum market share.

A. The top ten market players are selected based on two key attributes - competitive strength and market positioning

A. The market share for electrolyzers is $219.0 million for 2019.

A. The key trends for the market are advancement in electrolyzer technologies and green hydrogen production through use of renewable electricity sources.

A. Asia-Pacific and Europe region will provide lucrative business opportunities for the market in the future.

A. The leading players in the market are Hydrogenics, Nel ASA, Siemens Energy Global GmbH, Toshiba, Air Liquide, Plug Power, McPhy Energy, ITM Power, Idroenergy, and Next Hydrogen.

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