Hydrogen Electrolyzer Market Pushing The Market Size To US$ 3.7 Bn By 2032: FMI
In 2021, the global hydrogen electrolyzer market was valued at USD 350.6 million. Over the forecast period, sales are expected to grow at a CAGR of 24.2 percent, bringing the market size to US$ 3.7 billion by 2032.
During the forecast period, the market is expected to benefit from the growing popularity of hydrogen energy. With the implementation of stringent government norms to protect the environment by reducing pollution, the adoption of hydrogen electrolyzers is expected to grow steadily in the coming years.
Based on region, Europe is expected to dominate the hydrogen electrolyzer market in terms of revenue in 2022 and is anticipated to grow at a considerable pace through the forecast period. Germany is projected to hold the largest share in the Europe market owing to the increasing usage of hydrogen electrolyzers in metal creation, automotive, biotechnology, energy, and hardware manufacturing industries.
Increasing demand for green energy, stringent regulations associated with a high carbon footprint, and surging investment to develop the industrial sector globally are a few key factors expected to propel growth in the hydrogen electrolyzer market. Also, substantial growth in the adoption of hydrogen fuel in the transportation sector across several regions is estimated to drive growth in the market.
In 2021, the global hydrogen electrolyzer market was valued at USD 350.6 million. According to the report, demand for hydrogen electrolyzers is expected to grow at a 24.2 percent CAGR between 2022 and 2032.
Energy companies all over the world are working hard to develop green hydrogen. Green hydrogen can be created by utilizing renewable energy sources such as solar, water, and wind energy. It can be kept for hours, days, or even months. Green hydrogen can also be converted into electricity, used as a clean, CO2-free material in transportation, or used to create sustainable chemicals.
Power plants, chemical, and petrochemical industries are the primary end-users of hydrogen electrolyzers. These industries are looking for low-cost electrolyzer solutions that have a long service life.
Hydrogen Electrolyzer Market Outlook by Category
By Product Type:
- Proton Exchange Membrane (PEM) Electrolyzer
- Alkaline Electrolyzer
- Solid Oxide Electrolyzer
By Capacity:
- Low (<= 150 kW)
- Medium (150kW–1mW)
- 150-400 kW
- 400-750kW
- 750-1mW
- High (> 1mW)
- 1 – 10 mW
- 10 – 20 mW
- Above 20 mW
By Outlet Pressure:
- Low (<= 10 Bar)
- Medium (150 Bar–40 Bar)
- High (> 40 Bar)
By End Use:
- Ammonia
- Methanol
- Refining/ Hydrocarbon
- Electronics
- Energy
- Power to Gas
- Transport
- Metal Production & Fabrication
- Pharma & Biotech
- Food & Beverages
- Glass Industry
- Other Industrial
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
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