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 reached a value of US$ 421 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 732 Million by 2027, exhibiting at a CAGR of 9.45% during 2022-2027.
An electrolyzer is a system that consumes electricity to produce carbon-free hydrogen from renewable and nuclear resources. It comprises pumps, vents, storage tanks, and separators for generating electricity without releasing harmful gases into the environment. At present, it is available in wide varieties ranging from small industrial plants installed in shipping containers to large-scale centralized manufacturing facilities, which can deliver hydrogen via trucks.
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Note: 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.
The increasing utilization of hydrogen as a feedstock in the chemical industry is propelling market growth. Moreover, rising awareness among individuals about the harmful effects of burning fossil fuels on the environment is escalating the demand for clean fuels across the globe. This, along with government policies of numerous countries that promote clean energy sources to develop a sustainable hydrogen economy, is stimulating market growth. In addition, electrolyzers are used in manufacturing green chemicals, such as methanol, fertilizers, ammonia, and liquid jet fuel. They are also employed in petrochemical, electrical, mining, healthcare, and steel industries worldwide to supply industrial gases. Furthermore, the growing use of wind and solar panels for electricity generation is projected to strengthen the market growth.
Breakup by Product:
- Alkaline Electrolyzer
- PEM Electrolyzer
- Solid Oxide Electrolyzer
Breakup by Capacity:
- Less than 500 kW
- 500 kW to 2 MW
- Above 2 MW
Breakup by Application:
- Power Generation
- Industry Energy
- Industry Feedstock
- Building Heat and Power
Breakup by Region:
- North America:( United States, Canada)
- Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- 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
- Toshiba Corporation
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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