Europe to Lead the Global Power Supply Equipment Market for Water Electrolysis with a Highly Developed Renewable Energy Market to 2032

DUBLIN, Aug. 10, 2023 /PRNewswire/ -- The "Power Supply Equipment Market for Water Electrolysis - A Global and Regional Analysis: Focus on Application, Equipment Type, and Region - Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.

The global power supply equipment market for water electrolysis, valued at $0.430 billion in 2023, is projected to witness substantial growth, reaching $5.71 billion by 2032.

The market is expected to accelerate at a remarkable CAGR of 33.27% during the forecast period. The report on the power supply equipment market for water electrolysis provides a comprehensive analysis, including market size and forecast, trends, growth drivers, challenges, and vendor analysis, featuring around 25 leading vendors.

Market Overview:

• The power supply equipment market for water electrolysis is driven by supportive government initiatives, strict net-zero targets, and the increasing demand for hydrogen fuel cell vehicles, green ammonia, green methanol, and other applications.
• Water electrolysis involves converting electrical energy into chemical energy in the form of hydrogen and oxygen, and power supply equipment plays a crucial role in providing the necessary electrical energy for the electrolysis process.
• The rising demand for green hydrogen, which has the potential to prevent the release of around 830 million tons of CO2 annually, is a significant driver for market growth.

Market Segmentation: Segmentation 1: by Application

• Alkaline Electrolyzer
• Proton Exchange Membrane (PEM) Electrolyzer
• Solid Oxide Electrolytic Cell (SOEC) Electrolyzer
• Anion Exchange Membrane (AEM) Electrolyzer

Segmentation 2: by Equipment Type

• Rectifier (Thyristor Rectifier, IGBT Rectifier, Others)
• Transformer
• Others

Segmentation 3: by Region

• North America: U.S., Canada, and Mexico
• Europe: Germany, France, Spain, Netherlands, and Rest-of-Europe
• U.K.
• China
• Asia-Pacific and Japan: Japan, South Korea, India, Australia, and Rest-of-Asia-Pacific and Japan
• Rest of the World: South America and the Middle East and Africa

Market Highlights: Alkaline Electrolyzer Dominates the Market (by Application):

• Alkaline electrolyzer held the largest share in the power supply equipment market for water electrolysis in 2022.
• Alkaline electrolyzers have a cost-effective advantage with a longer operational lifespan compared to PEM electrolyzers, as they do not require the use of precious metals as catalysts.

Rectifier Segment to Grow Rapidly (by Equipment Type):

• In the power supply equipment market for water electrolysis, rectifier is expected to grow significantly during the forecast period.
• IGBT rectifiers are gaining momentum due to benefits like fast response times, high efficiency, and reduced energy losses.

Europe to Dominate the Market (by Region):

• Europe is expected to lead the power supply equipment market for water electrolysis, driven by the presence of leading companies and a highly developed renewable energy market.
• European countries account for approximately 40% of the global installed capacity of water electrolyzers, and the European Union has ambitious plans to incorporate electrolyzer capacity into its hydrogen capacity plans.

Recent Developments:

• In March 2023, Ingeteam introduced the INGECON H2 FSK E12000, a new rectifier solution designed for electrolyzers, tailored for large-scale green hydrogen production.
• In March 2023, Nidec Industrial Solutions unveiled two significant green hydrogen production and storage projects in the U.S., featuring power supply units generating 5.6 MW of energy.
• In January 2023, TMEIC introduced the Type-1 and Type-2 power electronics solutions for contemporary electrolyzer technologies, enabling high-current DC power supply.
• In May 2022, Liyuan Rectifier Group announced the development of an electrolysis rectifier system for proton exchange membrane electrolysis.

Demand - Drivers and Limitations: Market Demand Drivers: Shift toward Renewable Energy Integration

• The shift toward renewable energy integration is driving the adoption of water electrolysis for hydrogen production, promoting the decarbonization of power and mobility industries.

Market Challenges: High Energy Losses during Electrolysis Process

• Significant energy losses during green hydrogen production at every stage of the supply chain pose a challenge for the water electrolysis technology's growth.

Market Opportunities: Advancements in Electrolysis Technology

• Advancements in electrolysis technology, such as next-generation systems and hybrid water electrolysis, offer cost-effective and energy-efficient solutions, creating opportunities for power supply equipment suppliers.

Key Market Players: Private Companies:

• AEG Power Solutions B.V.
• Ingeteam
• Comeca Group
• TMEIC
• Prodrive Technologies
• FRIEM SPA
• Statcon Energiaa Pvt. Ltd.
• Green Power Co., Ltd.
• KraftPowercon
• Mak Plus Power Systems
• MUNK GmbH
• Liyuan Rectifier Group

Public Companies:

• General Electric
• Sensata Technologies, Inc.
• Ador Powertron Ltd
• Nidec Industrial Solutions
• Danfoss Drives
• ABB
• American Superconductor
• SMA Solar Technology AG

Key Attributes:

For more information about this report visit https://www.researchandmarkets.com/r/if9yfl

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