Electrolyzers Market projected to experience growth at a CAGR of 24.6% from 2020 to 2027.
According to a new report published by Allied Market
Research titled, “Electrolyzers Market by Product, Capacity, and
Application: Opportunity Analysis and Industry Forecast, 2020–2027,”
the global electrolyzers market size 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.
In electrolyzer,
water is split into hydrogen and oxygen by using electricity. There are different
processes used for electrolysis such as alkaline method, PEM and solid oxide
electrolysis method. The hydrogen obtained from the electrolysis is 99.99% pure
and stored in either gas form or liquid form. It is used in making fuel cells
that are used in electric vehicles.
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The market for electrolyzers is driven by increased
demand for hydrogen in electric vehicles. Moreover, demand for on-site
electrolyzer installation from industrial sector owing to decarbonization also
acts as a driving factor for electrolyzer market growth. However, limited
technological advancements, delayed permits, and equipment supply constraints
act as restraints for the market growth. Meanwhile, favourable policies from
governments that are encouraging use of electric vehicle and technological
advancements can offer lucrative opportunity for industry growth in the near
future.
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. Alkaline electrolyzer dominated the
market share, whereas, PEM electrolyzer is expected to grow at higher CAGR
during the forecast period. By capacity, the market is bifurcated into less
than 500 kW, 500 kW to 2 MW, and above 2 MW. The 500 kW to 2 MW capacity
electrolyzer dominated the market share in 2019, while above 2 MW capacity
electrolyzer is expected to grow at a rapid pace.
Based on
application, the market is divided into power generation, transportation,
industry energy, industry feedstock, building heat & power, and others. The
power generation segmented dominated the market share but transportation
application is projected to grow at a higher CAGR. Based on region, it is analysed
across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle
East, and Africa). Europe is leading the market for electrolyzer; however,
Asia-Pacific is expected to witness the highest growth during the forecast
period.
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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.
Key findings of the study:
- The global electrolyzers market size
is provided in terms of revenue.
- Asia-Pacific
is projected to grow at the highest CAGR of approximately 25.1%, in terms
of revenue, during the forecast period.
- By product,
the alkaline electrolyzer segment is anticipated to grow with CAGR 24.6%,
in terms of revenue, during the forecast period.
- The Europe
and Asia-Pacific dominated the electrolyzers market share by over 38.0%
and 32.0% in 2019.
- A
comprehensive analysis of the factors that drive and restrain the
electrolyzers market growth is provided.
- The
qualitative data in this report aims at the market trends, dynamics, and
developments in the electrolyzers industry.
- The
electrolyzers market forecast and estimations are based on factors
impacting the market growth.
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About us:
Allied Market Research (AMR) is a full-service market
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Portland, Oregon. Allied Market Research provides global enterprises as well as
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professionals and analysts in the industry.
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