Hydrogen Electrolyzer Market: Current Analysis and Forecast (2021-2027)
Global hydrogen electrolyzer market is expected to cross the market valuation of US$ 500 million by 2027 and is expected to grow at a significant growth rate during the forecast period (2021-2027). The power generation units across the globe shifting from traditional battery-based systems for power storage to novel technologies such as hydrogen electrolyzers are driving the market outlook. In addition, surging need for highly efficient and low-space utilizing energy storage systems to handle the electricity produced from solar, wind, and hydropower generation units are primary factors driving the global hydrogen electrolyzers market during the forecast period. In addition, increasing research & development activities to produce green hydrogen coupled with rising government spending on H2 energy design & development programs will influence product penetration over the forecast timeline. For instance, in 2019, IEA introduced multiple policy targets including the Green Act for a variety of sectors.
The sudden outbreak of coronavirus has caused health emergency across the globe that has significantly affected the various industrial verticals. The pandemic has halted the activities in various industries due to the surge in active virus cases that led to urgent shutdown of ongoing work. The economic crisis following the Covid-19 pandemic may cause a significant delay to the adoption and commercial roll-out of clean hydrogen. It may even permanently endanger the capacity of the clean hydrogen sector to take-up its role as the missing link in the energy transition.
Green Hydrogen, Areva H2gen, Giner Inc., Enapter S.r.l., MVS Engineering Pvt. Ltd, Pure Energy Centre, Cummins Inc., ITM Power plc, McPhy Energy S.A, Siemens AG are some of the prominent players operating in the global hydrogen electrolyzer market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Product, PEM Electrolyzer Segment Holds the Major Share”
Based on product, the market is classified into Alkaline Electrolyzer, PEM Electrolyzer and Solid Oxide Electrolyzer. Currently, PEM electrolyzer captured substantial share in the global hydrogen electrolyzer market. It is mainly owing to its high current densities, compact system design, and rapid response toward current fluctuations. The ongoing adoption of various policies and norms by developing nations to increase the share of renewables in the overall energy mix is set to boost the product adoption.
“Amongst Capacity, > 500 Kw - 2 MW Segment Holds the Major Share”
Based on capacity, the market is segmented into ≤ 500 kW, > 500 kW - 2 MW, above 2 MW. Currently > 500 kW - 2 MW segment acquired considerable market share in hydrogen electrolyzer market owing to ongoing electrification programs across off grid/rural areas along with growing industrialization will fuel the market outlook. However, the electrolyzer with capacity above 2 MW are expected to grow at a higher pace during the forecast period.
“Amongst Application, Power Generation Segment Holds the Major Share”
Based on application, the market is segmented Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heating & Power and Others. Currently power generation segment caters considerable growth. It is mainly owing to an increasing proportion of renewables coupled with increasing infrastructural investments across the commercial sector and the growing need for energy imports will energize the industry dynamics.
“Europe Represents the Largest Market for Global Hydrogen Electrolyzer Market”
For a better understanding of the market dynamics of the global hydrogen electrolyzer market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe and Rest of the World. Europe constitutes the largest market in 2020 predominantly because of focus toward alternative power solutions.
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