Hydrogen Electrolyzers Market size to grow by USD 87.36 million | Market Research Insights highlights the integration of renewables with hydrogen electrolyzers as Key Driver | Technavio
NEW YORK, Jan. 24, 2022 /PRNewswire/ -- According to the research report "Hydrogen Electrolyzers Market by Electrolyzer Type and Geography - Forecast and Analysis 2021-2025", the market will witness a YOY growth of 8.97% in 2021, at a decelerating CAGR of 6.40% during the forecast period. The report is segmented by electrolyzer type (alkaline and PEM) and geography (North America, Europe, APAC, MEA, and South America).
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Vendor Insights
The global hydrogen electrolyzers market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- Asahi Kasei Corp.
- Cockerill JingLi Hydrogen
- Gaztransport and Technigaz SA
- Kobe Steel Ltd.
- McPhy Energy SA
- Nel ASA
- Shandong Saikesaisi Hydrogen Energy Co., Ltd.
- SwissHydrogen SA
- Teledyne Technologies Inc.
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Geographical Market Analysis
North America will provide maximum growth opportunities in the hydrogen electrolyzers market during the forecast period. According to our research report, the region will contribute to 37% of the global market growth and is expected to dominate the market through 2025. North America will generate growth across all the years of the forecast period between 2020 and 2025. The year-on-year growth will be 8.97 during this period.
The United States and Canada were the market leaders in the hydrogen electrolyzers market in North America, while hydrogen electrolyzer adoption is still low in other nations in the region. Government efforts and incentives are the primary drivers of market expansion in the United States. The United States has been a major market for FCEVs, fuel cell electric buses, and material-handling vehicles in the transportation industry. Fuel cells help the country achieve its environmental goals while also providing resiliency in the electricity sector at the state and municipal levels.
Furthermore, the restoration of the US Federal Investment Tax Credit (ITC) for stationary fuel cell systems, as well as state-level incentives and regulations, is encouraging the growth of the stationary fuel cell industry in the US. Countries such as the US, Germany, Sweden, Canada, and Japan are expected to emerge as prominent markets for hydrogen electrolyzers during the forecast period.
Know more about this market's geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/hydrogen-electrolyzers-market-industry-analysis
Key Segment Analysis
During the projected period, the PEM segment's market share of hydrogen electrolyzers will expand significantly. PEM hydrogen electrolyzers, like alkaline hydrogen electrolyzers, generate hydrogen using bipolar low-temperature electrolysis. The hydrogen can operate at high differential pressures across the membrane, which makes it ideal for large-scale applications in the energy and industrial sectors. PEM hydrogen electrolyzers also provide excellent gas purity, which is a crucial element driving the segment's growth. As a result of these advantages, demand for PEM hydrogen electrolyzers is rapidly increasing in a variety of industries around the world.
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Key Market Drivers & Challenges:
One of the primary elements driving the hydrogen electrolyzer market share rise is the integration of renewables with hydrogen electrolyzers. Several firms are preferring to replace fossil fuels with renewables due to the hydrogen generation process' minimal emissions while being employed for diverse applications across multiple sectors. The expanding trend of combining hydrogen electrolyzers with renewables has resulted in a surge in clean hydrogen consumption.
Another important element driving the market for hydrogen electrolyzers is the increasing deployment of fuel cell automobiles. Due to their efficient power generating capability, environmentally sustainable technologies such as fuel cells are developing as a feasible fuel alternative for the transportation sector. In comparison to traditional batteries, such as lead-acid batteries, which take a long time to recharge and contain less energy with each charge, fuel cells provide faster recharging.
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Hydrogen Electrolyzers Market Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2020 |
Forecast period | 2021-2025 |
Growth momentum & CAGR | Decelerate at a CAGR of 6.40% |
Market growth 2021-2025 | $ 87.36 million |
Market structure | Fragmented |
YoY growth (%) | 8.97 |
Regional analysis | North America, Europe, APAC, MEA, and South America |
Performing market contribution | North America at 37% |
Key consumer countries | US, Germany, Sweden, Canada, and Japan |
Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
Companies profiled | Asahi Kasei Corp., Cockerill JingLi Hydrogen, Gaztransport and Technigaz SA, Kobe Steel Ltd., McPhy Energy SA, Nel ASA, Shandong Saikesaisi Hydrogen Energy Co., Ltd., SwissHydrogen SA, and Teledyne Technologies Inc. |
Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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