USD 1.29 billion
Report ID: SQSG55A2002 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 93 | Figures: 76
Global Electrolyzer Market size was valued at USD 1.29 billion in 2021 and is poised to grow from USD 1.58 billion in 2022 to USD 4.27 billion by 2030, growing at a CAGR of 21.2% in the forecast period (2023-2030).
The electrolyzers are used for the electrolysis of water. Through electrolysis, water is split into hydrogen and oxygen, which are further collected separately for use in industrial processes, 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. Unlike fossil fuels, electrolyzers do not generate emissions due to this it is being used to generate electricity this ability of electrolyzers, is facilitating the growth of the market. Increased electricity consumption, along with the increasing deployment of green hydrogen generation systems, will further drive market growth in the upcoming years.
Global Market Size
USD 1.29 billion
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The Global Electrolyzer Market is segmented based on the type, capacity, application, and region. Based on the Type, the Global Electrolyzer Market is segmented as Alkaline Electrolyzer, PEM Electrolyzer, and Solid Oxide Electrolyzer. Based on the Capacity, the Global Electrolyzer Market is segmented as ≤ 500 kW, > 500 kW - 2 MW, and Above 2 MW. Based on Application the Global Electrolyzer Market is segmented as Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heating & Power, and Others. Based on Region it is categorized into North America, Europe, Asia Pacific, Latin America, and MEA.
Electrolyzer Market Analysis by Type
Based on the Type, the Global Electrolyzer Market is segmented as (Alkaline Electrolyzer, PEM Electrolyzer, and Solid Oxide Electrolyzer). The PEM electrolyzer segment is set to grow faster due to its high current density, small size, and quick reaction to current variations. Followed by Alkaline and Slid oxide Electrolyzer. The Segment of PEM and Alkaline Electrolyzers is expected to grow even more in the coming years due to government initiatives to promote clean energy sources.
Electrolyzer Market Analysis by Capacity
Based on the Capacity, the Electrolyzer Market is segmented as (≤ 500 kW, > 500 kW - 2 MW, and Above 2 MW). The > 500 kW - 2 MW Electrolyzer segment is set to grow faster than all other capacities of electrolyzer due to ongoing government electrification programs. Rapid urbanization in both underdeveloped as well as developing countries along with sustainable building development initiatives by government authorities is also likely to further propel the product demand. While rising investments in the development of fuel cell infrastructure will promote the growth of the < 500 kW capacity segment.
Electrolyzer Market Analysis by Application
Based on Application the Electrolyzer Market is segmented as Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heating & Power, and Others. Attributing to the increasing demand for a sustainable and renewable source of electricity generation; the Power generation segment is projected to grow at a faster rate as compared to other segments.
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The Analysis of the Global Electrolyzer Market is done across the region of North America, the Asia Pacific, Latin America, and the Middle East & Africa. Among all the regions, the North American region led the market in the year 2021. This is due to the rising demand for hydrogen in various manufacturing sectors such as the power industry and others. Europe stands second in the Global Electrolyzer Market due to the European Government initiatives regarding decarbonization. Whereas, the Asia Pacific region is expected to grow at a faster rate in upcoming years due to the wide acceptance of electric vehicles in countries like China, Japan, South Korea, and India. As the government of different countries is on a quest to find alternative source and reduce fuel dependency, the Global Electrolyzer Market will grow significantly through the forecast period of 2022-2028.
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Electrolyzer Market Driver
Electrolyzer Market Restraint
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The Global Electrolyzer market is relatively fragmented, with a high level of competition. Companies are working on technological advancements and focusing on establishing a partnership with local sales partners to look forward to expanding their businesses globally. This market is in the phase of innovation at present which leads companies to strive hard to invent and develop their product effectively for their survival in the market.
Electrolyzer Market Top Player's Company Profiles
Electrolyzer Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Analysis, in 2021, North America is one of the leading regions due to the rising demand for hydrogen in various manufacturing sectors such as the power industry and others. Europe stands second due to the European Government initiatives regarding decarbonization and reduction of fuel dependency. The European region is followed by Asia pacific Region in a steady-state all set to grow in upcoming years. According to segmental Analysis, the PEM segment is at a higher pace growing at a faster rate than all other types of electrolyzers. Increasing awareness among consumers regarding the environment, government policies, and increasing demand for fuel cell-based electric vehicles are some of the factors influencing the growth of the market whereas the high costs of electrolyzers are the major factor hindrance to its growth; however, overall analysis it can be concluded that Global Electrolyzer Market will flourish in upcoming years.
|Market size value in 2021||USD 1.29 billion|
|Market size value in 2030||USD 1.58 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Electrolyzer Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electrolyzer Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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