According to the latest report by IMARC Group, titled “Electrolyzer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global electrolyzer market size reached US$ 421 Million in 2021. An electrolyzer is a system that uses electricity for carbon-free hydrogen production using renewable and nuclear resources. It splits water into hydrogen and oxygen, which is collected separately and further used in the automotive, power, and chemical industries. In recent years, electrolyzer has gained traction across the globe as it generates electricity with zero emissions as compared to fossil fuels that release harmful gases in the environment.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Electrolyzer Market Trends:
The market is primarily driven by the increasing awareness about the harmful impact of burning fossil fuels. In addition, the implementation of stringent policies by governing authorities of numerous countries to control greenhouse gas (GHG) emissions from the automotive industry represents another major growth-inducing factor. Besides this, electrolyzers are extensively utilized to power hydrogen fuel cell electric trains, buses, trucks, and other vehicles. This, coupled with the rising sales of electric vehicles (EVs), is driving the demand for hydrogen refueling stations and electrolyzers. Apart from this, the market is further propelled by the increasing product adoption in natural gas grids to lower carbon heating and refineries to remove sulfur from fossil fuels. Furthermore, the increasing adoption of wind and solar panels for electricity generation and widespread utilization of electrolyzers in the production of green chemicals, such as methanol, fertilizers, ammonia, and liquid jet fuel, are anticipated to propel the market growth. Looking forward, IMARC Group expects the market value to reach US$ 732 Million by 2027, exhibiting a CAGR of 9.45% during the forecast period (2022-2027).
- Based on the product, the market has been classified into alkaline, PEM, and solid oxide electrolyzers.
- On the basis of the capacity, the market has been segmented into less than 500 kW, 500 kW to 2 MW, and above 2 MW.
- Based on the application, the market has been categorized into power generation, transportation, industry energy, industry feedstock, building heat and power, others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Air Liquide S.A., Air Products and Chemicals Inc., Asahi Kasei Corporation, Cummins Inc., ITM Power plc, Linde plc, McPhy Energy S.A., Nel ASA, Plug Power Inc., Siemens AG, Titanium Tantalum Products Limited and Toshiba Corporation.
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