PEM Electrolyzer Global Market Report 2023: Increasing Government Investments in Renewable Energy Sources Fuels Growth: Research and Markets

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Mar 21, 2023, 19:45 ET

DUBLIN, March 21, 2023 /PRNewswire/ -- The "PEM Electrolyzer Market - A Global and Regional Analysis - Focus on End User, Material Type, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.

The demand for PEM electrolyzers is anticipated to grow with the increasing demand from the end-use industries such as ammonia production, refining industry, power and energy storage, transportation, methanol production, and others.

Furthermore, it is anticipated that during the projected period 2022-2031, the increasing adoption of PEM electrolyzers in generating green hydrogen and the investment from the government and private sector companies toward renewable energy is expected to further fuel the advancement of the global PEM electrolyzer market. However, the lack of hydrogen infrastructures, such as hydrogen storage and hydrogen transportation, is anticipated to hinder market growth in the upcoming future.

Market Lifecycle Stage

The global PEM electrolyzer market is in the growth phase. Rising sales of fuel cell vehicles and increasing focus on decarbonization and controlling greenhouse emissions are expected to boost market growth. Furthermore, due to high demand from the end-user industries and rising government regulations related to controlling GHG emissions are expected to increase the demand for eco-sustainable fuels, thereby bolstering the global PEM electrolyzer market. Moreover, the global PEM electrolyzer market is expected to benefit from the growing demand for green hydrogen, which would promote market expansion. The requirement for PEM electrolyzers is being stimulated by fuel cell electric vehicles as well.

Industrial Impact

Growing demand for hydrogen and green hydrogen is the main driving force behind the growing interest in the PEM electrolyzer market. As a result, these materials are getting prominence in a variety of industries, including transportation, refining industry, and power and energy storage, among others. One area where implementation has been significantly greater is ammonia production, which has created opportunities for both existing market participants and market entrants.

Furthermore, PEM electrolyzers have a moderate to high impact on end-user industries; however, in the upcoming future, with increased production of ammonia, electric vehicles, and other applications, the impact is anticipated to increase.

Demand - Drivers and Limitations

The following are the demand drivers for the global PEM Electrolyzer market:

Rising Adoption of Fuel Cell Electric Vehicles (FCEVs)
Prevailing Research and Development Initiatives for Technological Advancements in PEM Electrolyzer
Increasing Demand for Green Hydrogen

The market is expected to face some limitations as well due to the following challenges:

High Energy Losses during Production Process
High Cost of Production due to the Use of Precious Metals in PEM Technology

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts, analyzing company coverage, product portfolio, and market penetration.

The global PEM electrolyzer market has been segmented by different end users, among which ammonia production captured around 33.0% of the market as of 2021. Other end users, including transportation, accounted for around 15.6%, the refining industry accounted for 22.6%, power and energy storage accounted for 7.2%, methanol production accounted for 4.7%, and other end-use industry accounted for 16.9% of the total demand in 2021 in terms of value.

Some of the established names in this market are:

Company Type (by End User)

Plug Power Inc
Nel ASA
Cummins. Inc.
ITM Power PLC
Hitachi Zosen Corporation
Elogen
Siemens Energy
Ningbo Vet Energy Technology Co., Ltd.

Companies that are not a part of the previously mentioned pool have been well represented across different sections of the report (wherever applicable).

Market Segmentation:

Segmentation 1: by End User

Refining Industry
Power and Energy Storage
Ammonia Production
Methanol Production
Transportation
Others

Based on end users, ammonia production led the global PEM electrolyzer market in 2021

Segmentation 2: by Material Type

Iridium
Platinum
Others

The global PEM electrolyzer market was led by platinum in terms of material type in 2021.

Segmentation 4: by Region

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

In the global PEM electrolyzer market, Europe dominates the market due to the presence of several leading companies, such as Nel ASA, ITM Power PLC, and many more, along with a highly developed renewable energy market and growing sales of fuel cell vehicles.

Recent Developments in the Global PEM Electrolyzer Market

In March 2022, Elogen received an order of 1 MW proton exchange membrane (PEM) electrolyzer from Communaute d'Agglomeration Pau Bearn Pyrenees. Elogen would design and produce this PEM electrolyzer and would deliver it in the first half of 2023 to the Lescar wastewater treatment site.
In April 2022, Ohmium received an investment of around $45 million from one of its investors, Fenice Investment Group. The fund is expected to support the growth of the company and help it to increase the hydrogen manufacturing capacity from 500 MW to 2 GW annually by the end of 2022.
In July 2022, Plug Power Inc. signed a contract with an international energy company, Irving Oil, to supply a 5-megawatt (MW) containerized proton exchange membrane (PEM) electrolyzer system for the production and distribution of hydrogen at its Saint John, New Brunswick refinery in Canada.

Key Topics Covered:

1 Markets

2 Application

3 Products

4 Regions

5 Markets - Competitive Benchmarking & Company Profiles

6 Research Methodology

Companies Mentioned

Plug Power Inc
Nel ASA
Cummins. Inc.
ITM Power PLC
Hitachi Zosen Corporation
Elogen
Siemens Energy
Ningbo Vet Energy Technology Co., Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/po83fj

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