District Heating Market Forecasts to 2028 – Global Analysis By Heat Source (Coal, Renewable, Natural Gas and Other Heat Sources), Plant Type (Boiler, Combined Heat & Power (CHP) and Other Plant Types), Application and By Geography

District Heating Market Forecasts to 2028 – Global Analysis By Heat Source (Coal, Renewable, Natural Gas and Other Heat Sources), Plant Type (Boiler, Combined Heat & Power (CHP) and Other Plant Types), Application and By Geography

According to Stratistics MRC, the Global Electrolyzer Market is accounted for $420.85 million in 2022 and is expected to reach $660.45 million by 2028 growing at a CAGR of 7.8% during the forecast period. Electrolyzer is a device that uses nuclear and renewable energy sources to produce carbon-free hydrogen without the use of fossil fuels. It includes separators, storage tanks, vents, pumps, and other parts. Electrolyzer is used to electrolyze water. Hydrogen and oxygen are separated from water through electrolysis and then collected separately for use in industrial processes, the automotive, power, and chemical sectors. The Electrolyzer come in a variety of sizes and uses various electrolysis techniques. The market will continue to increase as a result of rising power consumption and the deployment of green hydrogen generates systems.

According to recent studies, it is reported that a 72% reduction in total GHG emissions can be obtained by switching from gasoline vehicles to FCEVs in the transportation industry. According to estimates, approximately 95% of the hydrogen produced is derived from fossil fuels. 1% to 4% of hydrogen is created by electrolysis.

Market Dynamics:

Driver:

Surging Demand for Fuel Cell-Based vehicles

Increasing demand for automobiles powered by hydrogen fuel cells has proven to be a major market driver. The market has experienced significant expansion as a result of the relative decrease in dependence on traditional fuel sources. People are choosing fuel cell automobiles over gasoline-powered ones, which are assisting the sector in generating large profits over time.

Restraint:

Increasing cost of electricity

A significant obstacle to the market expansion for electrolyzer has been the enormous quantity of electricity needed for the electrolysis process. The cost of power is rising daily, adding to the pressure already being placed on the major market actors. The price of solar and wind-generated electricity has experienced a significant drop. This has turned out to be a significant obstacle to the market expansion for electrolyzers.

Opportunity:

Increasing demand for electric vehicles

Due to the market's quick change to electric vehicles from gasoline-powered vehicles and the rising price of petroleum products, there is a significant chance for the big market players to make a sizeable profit. The people's low discretionary cash encourages them to choose less expensive transportation options, which are given by electric vehicles that run on fuel cells.

Threat:

Limited Technological Advancements

Alkaline electrolyzers have been used for electrolysis for a long time. Alkaline electrolyzers are unstable because of their weakness to sudden power spikes. Due to the accessibility of alternate hydrogen production techniques, which inhibited the advancement of new technologies, the market expansion of electrolyzers was hampered. The worldwide electrolyzers market is also significantly threatened by equipment supply delays.

Covid-19 Impact

The market has been directly affected by the outbreak of COVID-19. At present, the chemical sector, oil refining industry, and steel production industry incur high demand for hydrogen, which the COVID-19 outbreak has reportedly influenced. Various emerging countries which mainly concentrate on incorporating clean power energy generation technology that witnessed a hindrance by eruption of toxic diseases renewable energy sources are increasing and most of the manufacturers are maintaining to spend in them. Strong government funding for a number of initiatives will increase consumer demand.


The Polymer Electrolyte Membrane (PEM) Electrolyzer segment is expected to be the largest during the forecast period

The Polymer Electrolyte Membrane (PEM) Electrolyzer segment is estimated to have a lucrative growth, due to its high current density, small size, and quick response to current fluctuations. In the upcoming years, a favourable legislative environment that supports the construction of hydrogen infrastructure as well as the widespread use of PEM as an industrial feedstock is expected to drive segmental expansion.

The power plants segment is expected to have the highest CAGR during the forecast period

The power plants segment is anticipated to witness the fastest CAGR growth during the forecast period, due to energy demand rising globally. The market for this particular area has experienced significant growth as a result of the rising demand for electricity in a number of industries, including electronics, steel plants, photovoltaic energy, and industrial gases. Due to the rapid shift in consumer preference toward electric vehicles over conventional fuel powered vehicles, the production of electric fuel cells has also seen a significant increase recently.

Region with highest share:

North America is projected to hold the largest market share during the forecast period owing to the increasing need for hydrogen in a variety of industries, including manufacturing, the power sector, and others. Petrochemicals, glass purification, refining, and fertilisers are all centred there. Because the need for hydrogen as a fuel in the automobile sector is growing

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the growing concern for clean energy, government assisted economic support, and the need to meet demand and supply disparities will oppose the industrial viewpoint. Countries are concentrating on the expansion of smart cities, work expertise, and changing consumer preferences from fossil fuel to sustainable energy.

Key players in the market

Some of the key players profiled in the Electrolyzer Market include Green Hydrogen Systems, Swiss Hydrogen SA, Siemens Energy AG, ITM Power Plc, Asahi Kasei Corporation, Idroenergy S.P.A., Hydrogenics, Nel ASA, H-Tec Systems, Plug Power, Toshiba, Teledyne Energy Systems, Kobelco Eco-solutions Co., Ltd., McPhy Energy S.A., Next Hydrogen, Shandong Saikesaisi Hydrogen Energy Co., Ltd. and Air Liquide S.A.

Key Developments:

In January 2022, Green Hydrogen Systems entered into an agreement with Edinburgh-located Logan Energy to provide electrolysis equipment for a venture in England. These will be deployed in a 40 ft. container as a complete green hydrogen unit as part of strategies to advance a regional hydrogen economy based in Dorset, England.

In November 2020, Nel Hydrogen U.S., the subsidiary of Nel ASA, received purchase orders for PEM cell stacks from Raytheon Technologies Collins Aerospace Division, at a combined value of more than USD 5.4 million.

In June 2020, Plug Power Inc. acquired United Hydrogen Group Inc. and Giner ELX. United Hydrogen Group is engaged in hydrogen production in North America, whereas Giner ELX is engaged in hydrogen generation, liquefaction, and distribution logistics. The acquisition is likely to strengthen Plug Power’s position in North America.

Capacities Covered:
• 500 kW - 2 MW
• ≤ 500 kW
• Above 2 MW
• Other Capacities

Products Covered:
• Solid Oxide Electrolyzer
• Alkaline Electrolyzer
• Polymer Electrolyte Membrane (PEM) Electrolyzer
• Other Products

Applications Covered:
• Industry Feedstock
• Power Generation
• Building Heating & Power
• Industry Energy
• Transportation
• Steel Plant
• Industrial Gases
• Electronics & Photovoltaics
• Power Plants
• Energy Storage / Fueling for FCEVs
• Power to Gas
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements