Report Code: A10609 | Pages: 230 | Mar 2021 | 9193 Views | ||
Author(s) : Yamini P , Eswara P | Tables: 211 | Charts: 70 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Electrolyzer Market
Request Now !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.
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.
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.
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.
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.
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.
Key Benefits For Stakeholders
Electrolyzer Market Report Highlights
Aspects | Details |
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By Product |
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By Capacity |
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By Application |
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By Region |
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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.
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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