Hydrogen Electrolyzer Market To Expand at a CAGR of 25.1% to Reach USD 12.7 billion by 2033 | Global Insight Services

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Hydrogen Electrolyzer Market To Expand at a CAGR of 25.1% to Reach USD 12.7 billion by 2033 | Global Insight Services

February 21
16:23 2024
Hydrogen Electrolyzer Market
Hydrogen Electrolyzer Market Analysis and Forecast to 2033: By Type (Proton Exchange Membrane (PEM) Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer), Capacity (Below 500 kW, 500 kW – 2 mW, Above 2 mW), End-user (Ammonia, Methanol, Refineries, Transport, Others), and Region.

Market Definition:

A hydrogen electrolyzer is an apparatus that produces hydrogen through a chemical process (electrolysis) capable of separating the hydrogen and oxygen molecules of which water is composed using electricity. Through electrolysis, the hydrogen electrolyzer system creates hydrogen gas. The oxygen left over is released into the atmosphere or can be captured or stored to supply other industrial processes or even medical gases in some cases. The hydrogen gas can either be stored as a compressed gas or liquefied since hydrogen is an energy carrier and can be used to power any hydrogen fuel cell electric application, such as trains, buses, and trucks.

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Market Outlook:

Some of the key trends in the hydrogen electrolyzer market are:

1. Increased Efficiency: Newer electrolyzers are able to operate at up to 80% efficiency, compared to the 60-70% efficiency of older models. This improved efficiency means that more hydrogen can be produced from a given amount of electrical energy.

2. Increased Durability: Newer electrolyzers are made with more durable materials that can withstand higher temperatures and pressures. This means that they can operate for longer periods of time without needing to be replaced.

3. Increased Capacity: Newer electrolyzers are being designed with larger capacities, meaning that they can produce more hydrogen per unit of time. This is important for commercial applications where large quantities of hydrogen are required.

4. Lower Cost: The cost of hydrogen electrolyzers has been falling in recent years, making them more affordable for a wider range of applications.

Hydrogen Electrolyzer Market DriversThe key drivers of the hydrogen electrolyzer market are the growing demand for clean energy, the declining cost of electrolyzers, and the increasing government support for hydrogen fuel cell technology.

The demand for clean energy is increasing as the world becomes more aware of the impact of greenhouse gas emissions on the environment. Hydrogen is a clean energy source that can be used to power fuel cells, which produce no emissions.

Government support for hydrogen fuel cell technology has been increasing in recent years as countries recognize the potential of this clean energy source. Incentives and subsidies are being offered to encourage the development and use of hydrogen fuel cells.

The cost of electrolyzers has been declining as the technology has become more efficient. The cost of hydrogen fuel cells has also been declining, making them more attractive as an alternative to traditional fossil fuel-powered vehicles. In addition, the green hydrogen cost development by technology is declining year-on-year. This is further expected to lead to the demand for hydrogen electrolyzer market.

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Research Objectives:

• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives

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Hydrogen Electrolyzer Market Segmental Overview
The Hydrogen Electrolyzer Market is segmented by type, capacity, end-user and region.

Major Players in the Hydrogen Electrolyzer Market

The key players in the Hydrogen Electrolyzer Market are Nel Hydrogen, Siemens AG, McPhy Energy, ITM Power Plc, Gaztransport & Technigaz, GreenHydrogen Systems, iGas Energy GmbH, Next Hydrogen., Asahi Kasei, thyssenkrupp nucera, Hydrogenics (Cummins), Toshiba Corporation, Plug Power, John Cockerill, H2Greem, Sunfire GmbH, Bloom Energy, Air Liquide, Volkswagen AG (H-TEC SYSTEMS), and Enapter AG. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launches. For instance, in August 2022, Nel ASA decided to build a new, fully automated production line at Herøya in Norway, doubling its capacity for the production of alkaline electrolyzer stacks to ~1 GW. The growing demand for green hydrogen needs more electrolyzers and in order to match the supply Nel has increased its production sites.

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Research Scope:

• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As,  Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2023 – USD 1.15 Billion
• Market Size in 2033 – USD 12.7 Billion
• CAGR % – 25.1%
• Historic Period – 2017-2022
• Forecast Period – 2024-2033
• Base Year – 2023

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