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    Electrolyzer Market Report

    Electrolyzer Market Report
    Report code - SR1899 Delivery - 2 Weeks
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    Electrolyzer Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportu See more...

    Market Insights

    An electrolyzer is a device that uses electricity to split water molecules into hydrogen and oxygen in a process known as electrolysis. It has a wide range of applications, including transportation, power generation, industrial energy, building heating & power, among others.

    Major factors such as rapid urbanization, favourable government policies, increasing electricity demand, and a shift toward eco-friendly alternatives are expected to accelerate the market growth during the forecast period. Furthermore, the market is expected to grow because of increasing industrialization in emerging economies, as well as increased commercialization of hydrogen to achieve energy-efficiency targets. In addition, a surge in demand for hydrogen as a feedstock in the chemical and other industries, as well as a positive outlook for industrial base expansion, will invigorate the business scenario. Increasing R&D activities to produce green hydrogen, combined with rising government spending on H2 energy design and development programs, will positively influence the growth of the market over the forecast period.  Overall, the electrolyzer market is estimated to grow at a whopping CAGR of 30.2% during the forecast period.

    Electrolyzer Market – Snapshot

    CAGR

    30.2%

    Major Product Type

    Alkaline Electrolyzer

    Major Application Type

    Power Generation

    Major Capacity Type

    >500 kW-2 MW

    Region with the highest demand

    Europe

    Key Players

    Air Liquide S.A., Asahi Kasei Corporation, Cockerill Jingli Hydrogen, Idroenergy S.P.A., ITM Power Plc, Kobelco Eco-solutions Co., Ltd., McPhy Energy S.A., Nel ASA, Plug Power, Inc., and Siemens Energy AG 

     

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    Market Segments' Analysis

    Based on the product type, the market is bifurcated into alkaline electrolyzer, PEM electrolyzer, and solid oxide electrolyzer. Alkaline electrolyzer is likely to hold the major share of the market in the foreseen future. Introduction of government initiatives to support clean energy sources, as well as a shift in consumer focus toward carbon footprint reduction, is driving the segment's growth. Furthermore, the product provides key advantages such as long-term stability, mature technology, and inexpensive operating and installation costs, all of which contribute to the product's growth. PEM electrolyzer, on the other hand, is estimated to witness significant growth in the market during the forecast period, on account of its compact system design, high current density, and rapid response toward current fluctuations.  

    Based on the capacity type, the market is segmented as ≤500 kW, >500 kW-2 MW, and Above 2 MW. The >500 kW-2 MW electrolyzer market is expected to register high growth over the forecast period. Factors such as increasing industrialization and ongoing electrification programs across off grid/rural areas are expected to fuel the overall industry growth during the forecast period. On the other hand, the ≤500 kW capacity segment is estimated to witness significant growth in the market on account of growing investments for developing fuel cell infrastructure and chemical plants, coupled with ongoing distribution of these systems across railway and other transportation sectors.

    Based on the application type, the market is segmented as power generation, transportation, industry energy, industry feedstock, building heating & power, and others. Power generation is expected to account for the lion's share of the market in the coming years, owing to large-scale integration of renewable energy resources, increasing infrastructure investments across the commercial sector, and growing demand for energy imports. Transportation, on the other hand, is expected to grow significantly during the forecast period due to rising demand for FCEVs as an alternative to conventional automobiles.

    In terms of regions, Europe is expected to be the dominating region in the market for electrolyzers over the forecast period. Factors such as increasing demand for electricity and a shift in focus toward sustainable power generation, development of a comprehensive platform for hydrogen-based power generation, and expansion of industrial sectors such as refining, glass purification, petrochemicals, and fertilisers are expected to drive the region’s market growth over the forecast period.

    Key Players

    The following are some of the key players in the electrolyzer market:

    • Air Liquide S.A.
    • Asahi Kasei Corporation
    • Cockerill Jingli Hydrogen
    • Idroenergy S.P.A.
    • ITM Power Plc
    • Kobelco Eco-solutions Co., Ltd.
    • McPhy Energy S.A.
    • Nel ASA
    • Plug Power, Inc.
    • Siemens Energy AG

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s electrolyzer market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    The electrolyzer market is segmented into the following categories:

    Electrolyzer Market, by Product Type

    • Alkaline Electrolyzer (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • PEM Electrolyzer (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Solid Oxide Electrolyzer (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

    Electrolyzer Market, by Capacity Type

    • ≤500 kW (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • >500 kW-2 MW (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Above 2 MW (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

    Electrolyzer Market, by Application Type

    • Power Generation (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Industry Energy (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Industry Feedstock (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Building Heating & Power (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

    Electrolyzer Market, by Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, Italy, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, Argentina, and Others)

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The electrolyzer market is estimated to grow at a whopping CAGR of 30.2% over the next five years. Major factors such as rapid urbanization, favourable government policies, increasing demand for electricity, and a shift toward eco-friendly alternatives are expected to accelerate the market growth during the forecast period.

    Air Liquide S.A., Asahi Kasei Corporation, Cockerill Jingli Hydrogen, Idroenergy S.P.A., ITM Power Plc, Kobelco Eco-solutions Co., Ltd., McPhy Energy S.A., Nel ASA, Plug Power, Inc., and Siemens Energy AG are some of the key players in the market.

    Europe is estimated to be dominant in the electrolyzer market in the coming years, owing to increasing demand for electricity and a shifting focus toward sustainable power generation, creating a comprehensive platform for hydrogen-based power generation.

    Europe is estimated to grow at the fastest rate in the coming five years, owing to the growing awareness of clean energy, increasing demand for electricity, a shift in focus toward sustainable power generation, development of a comprehensive platform for hydrogen-based power generation, and expansion of industrial sectors such as refining, glass purification, petrochemicals, and fertilisers.

    Power generation application is likely to maintain its dominance in the market in the next five years, owing to large-scale integration of renewable energy resources along with increase in infrastructural investments across the commercial sector and growing demand for energy imports.

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