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Electrolyzer Market size was valued at USD 1.29 billion in 2019 and is poised to grow from USD 1.58 billion in 2023 to USD 4.27 billion by 2031, growing at a CAGR of 21.2% in the forecast period (2024-2031).

The 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. 'SIEMENS ENERGY GmbH & Co. KG. AG', 'Giner Inc.', 'Nel Hydrogen', 'ITM Power', 'Air Liquide', 'McPhy Energy', 'Hydrogenics Corporation', 'Plug Power', 'Green Hydrogen Systems', 'Enapter', 'Tianjin Mainland Hydrogen Equipment Co., Ltd.', 'Areva H2Gen', 'Ballard Power Systems', 'Proton OnSite', 'AquaHydrex', 'Ceres Power', 'Sunfire', 'Mitsubishi Power', 'Idroenergy Srl', 'Next Hydrogen.'

Government policies and growing electricity demand will favor the growth of the Electrolyzer Market. Increasing government investments in the development of technologies to suffice the need for renewable sources of energy with less gas emission is one of the factors driving the growth of the Electrolyzer market globally.

Increased trends of clean hydrogen electrolyzers. Clean hydrogen generation has emerged as a major source of focus due to the increasing gas emission issue. The government is adopting policies regarding clean Hydrogen Generation worldwide focusing on a sustainable hydrogen economy. Further, rising hydrogen demand across industries such as chemical, glass, mining, food, beverage, and semiconductor industries is configured to frame the growth of the market in the future.

The Analysis of the 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 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 Electrolyzer Market will grow significantly through the forecast period of 2022-2028.

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Global Electrolyzer Market

Product ID: SQMIG55A2026