The global electrolyzer market size was evaluated at USD 7.4 billion in 2022 and is expected to rise to USD 69.1 billion by 2030, anticipated to grow at a CAGR of 32.21 percent throughout the projection period from 2022 to 2030.
Hydrogen gas is considered as a clean fuel that is used widely for the production of various chemicals such as methanol and ammonia. These chemicals are particularly used for the agricultural purposes in the form of fertilizers and insecticides. Hydrogen gas is also utilized for the production of various petroleum products such as gasoline and diesel in the petrochemical industry. Hydrogen fuel cells are a recent application of hydrogen gas which emerges as a major market in the current scenario. Power plant generators are called with the help of hydrogen gas in the form of a fuel. Coal gasification procedures make use of hydrogen gas on a large scale.
Report Highlights:
On the basis of type, the segment of traditional alkaline electrolyzers has emerged as the largest segment as a result of the usage of nickel-based catalysts in this particular process. An alkaline electrolyte is utilized for this nickel-based catalyst for the production of hydrogen. This includes solutions like potassium hydroxide which are used for the process. The rapid increase in the demand for such systems has helped the market through record considerable revenue. On the basis of application, the segment of power plant has emerged as the largest segment as a result of the increasing demand for electricity among the people.
The storage and production of hydrogen has increased due to the increasing usage of this product for the generation of power through fuel cells. The segment of electronics and photovoltaics has also proved to be of great importance as a result of the increasing demand among potential consumers. On the basis of geography, the region of North America has emerged as the largest market for electrolyzers as a result of the existence of the key market players in this particular region and the increasing demand for clean energy among the people.
Electrolyzer Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 9.79 Billion |
| Projected Forecast Revenue in 2030 | USD 69.1 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 32.21% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2022 To 2030 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Regional Snapshots:
The region of North America has emerged as a major market for the electrolyzers owing to the increasing demand for hydrogen. The power industry in the region of North America makes use of hydrogen gas on a large scale for the manufacturing of energy. Manufacturing infrastructures have been erected in the region of North America for the purpose of power production. The increasing demand of electric vehicles among the people in this region has boosted the demand for this energy. The region of Europe has also emerged as another major market for electrolyzers. Increasing investment by the key market players for production and exploration has helped the market to record considerable revenue over the period of time. Rapid investments have been observed in the region of Europe with a view to expand the structural network that will help the market to record considerable revenue.
Market Dynamics:
Drivers:
The region of Asia Pacific has experienced tremendous growth over a period of time as a result of the huge investments that have been made by the key market players for increasing the total amount of power that is generated with a view to match with the demand experienced from the society. The facilities which are provided with the help of the structural development in the region of Asia Pacific has also emerged as a major reason for the growth of the market. The demand for electric vehicles has seen rapid growth during the recent times which has boosted the demand for hydrogen fuel cells. The increasing need for clean energy fuels has emerged as a major driving force for the growth of the market during the forecast period.
Restraints:
The process of electrolysis for the production of hydrogen requires electricity which proves to be costly and hence hampers the growth of the market considerably. The cost of other renewable sources of energy such as wind and solar power is lesser as compared to the process of electrolysis and hence it emerges as a major obstacle for the growth of the market. The production of hydrogen with the help of these alternative renewable sources of energy is quite cheaper as compared to the production of hydrogen with the help of electrolysis. This has emerged as a major reason for obstructing the growth of the electrolyzer market during the forecast period.
Opportunities:
A huge number of people all over the world are demanding for environmentally friendly sources of energy that will help to reduce the pollution and climate change. The increasing demand for electric vehicles among potential consumers all over the world has emerged as another great opportunity for the growth of the market during the forecast period. The increasing usage of hydrogen fuel cells among the people for transportation has proved to be a major opportunity for the growth of the market. The geographical region of Asia Pacific has proved to be a massive opportunity for the growth of the market as a result of the huge demand of electric vehicles among the consumers residing in this region.
Challenges:
The various rules and regulations that are imposed by the government regarding the production and recycling of hydrogen fuel cells has emerged as one of the major challenges for the growth of the market. The total cost of renewable sources of energy such as wind and solar have reduced during recent times which has challenged the growth of the hydrogen fuel cell market. The total cost of production of electricity has proved to be a major challenge for the growth of the market. The cost of generating hydrogen with the help of an electrolytic process has also emerged as another major challenge for the growth of the market. The cost of electricity is variable according to the need and demand which proves to be an obstacle for the growth of the market.
Recent Developments:
Major Key Players:
Market Segmentation
By Type
By Capacity
By Application
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