As per the report published by Fior Markets, the global Electrolyzers market expects to grow from USD 324.37 million in 2020 and to reach USD 528.81 billion by 2028, growing at a CAGR of 6.5% during the forecast period 2021-2028.
An electrolyzer uses electricity to split water into hydrogen and oxygen during the electrolysis process. Electrolysis produces hydrogen gas in the electrolyzer system. The oxygen that remains is either released into the environment or captured and stored to provide other industrial operations or, in some instances, medicinal gases. Hydrogen is an energy carrier, it may be compressed or liquefied for storage and used to power any hydrogen fuel cell electric application, such as trains, buses, automobiles, and data centers. These devices are typically found in stationary, portable, and power production systems, such as fuel cell cars and handheld electronics.
Electrolyzers are available in a variety of sizes, from small to big. Small electrolyzers, for example, are appliance-sized units that are suited for small-scale distributed hydrogen production. On the other hand, large electrolyzers feature central manufacturing facilities that might be directly linked to renewable or non-greenhouse-gas-emitting forms of energy generation. The hydrogen produced by electrolysis is 99.99 percent pure and stored as a gas or a liquid. It’s utilized in the production of fuel cells for electric vehicles.
Growing Electrolyzers throughout the world, favorable regulatory policies for developing hydrogen infrastructure, electrolyzer adoption, technological progress, and accelerated investments in renewable energy technologies to minimize carbon emissions are the drivers driving the market. Lower workforce availability, the strong corrosive effect of liquid electrolyte used in high-temperature values, limited capacity to operate at low loads, and inability to run at high pressure are all challenges limiting the market growth. Increased use of renewable energy technologies, integration of hydrogen fuel and electric power generation, production flexibility, use of electric vehicles, and technological improvements are likely to drive market expansion.
Key players operating in the global Electrolyzers market include Hydrogenics, Proton Onsite, Siemens, Toshiba, Air Liquide, McPhy Energy, ITM Power, Idroenergy, Kobelco Eco-solutions, Areva H2Gen, IHT, Nel Hydrogen, McPhy Energy S.A., Hydrogenics Corp, Accagen SA, Next Hydrogen a Beijing CEI Technology Co.Ltd. To gain a significant market share in the global Electrolyzers market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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The alkaline Electrolyzer segment dominated the market and held the largest market share of 40% in the year 2020
Based on type, the global Electrolyzers market is segmented into Alkaline Electrolyzer, PEM Electrolyzer, and Solid Oxide Electrolyzer. The alkaline Electrolyzer segment dominated the market and held the largest market share of 40% in the year 2020. This growth is attributed to the Shifting trends toward the development of hydrogen generation capacity and growing demand for hydrogen. Furthermore, because of their technical excellence and widespread consumer awareness, these systems are widely used in large-scale initiatives.
<500 kW segment dominated the market and held the largest market share of 37% in the year 2020
Based on capacity, the global Electrolyzers market is segmented into <500 kW, 500 kW – 2 MW, and above 2 MW. <500 kW segment dominated the market and held the largest market share of 37% in 2020. This growth is attributed to increasing electricity demand across various industrial establishments, growing demand across a wide array of applications, and shifting trends toward sustainable power generation sources.
The power generation segment dominated the market and held the largest market share of 26% in the year 2020
Based on Application, the global Electrolyzers market is segmented into Power Generation, Transportation, Industry Energy, Industry Feedstock, and Building Heating & Power. The power generation segment dominated the market and held the largest market share of 26% in 2020. This growth is attributed to the increasing demand from the industrial sector for on-site electrolyzer setup, Increasing investment towards renewable energy generation, and innovative technology in power generation.