The global electrolyzers market size is expected to grow from $0.27 billion in 2021 to $0.29 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The global electrolyzer market size is expected to grow to $0.46 billion in 2026 at a CAGR of 11.5%.
What is the Global Electrolyzers Market?
The electrolyzers market consists of sales of electrolyzers by entities (organizations, sole traders, and partnerships) that are mainly used in power generation systems. The electrolyzers are the devices that perform the electrolysis of water into hydrogen and oxygen using electricity. The hydrogen produced from an electrolyzer is ideal to be used with hydrogen fuel cells.
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What drives the Global Electrolyzers Market?
Growing demand for fuel cell-based automotive is significantly contributing to the growth of the electrolyzers market. A fuel cell-based automotive is an electrically driven vehicle that utilizes hydrogen as an energy source by a fuel cell that generates electricity. The electrolyzers support the operation of fuel cell-based automotive by providing hydrogen to be used as fuel. For instance, in 2021, the sales of passenger electric vehicles including fuel cell vehicles were 140% higher than in 2019. Therefore, the growing demand for fuel cell-based automotive is driving the growth of the electrolyzers market.
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Global Electrolyzers Market Segments
The global electrolyzers market is segmented:
By Product: Alkaline Electrolyzer, PEM Electrolyzer, Solid Oxide Electrolyzer
By Capacity: Less than 500 kW, 500 kW to 2 MW, Above 2 MW
By Application: Power Plants, Steel Plants, Electronics and Photovoltaics, Industrial Gases, Energy Storage or Fueling for FCEVs, Power to Gas, Others
By Geography: The regions covered in the electrolyzers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Western Europe accounts for the largest share in the global electrolyzers market.
Electrolyzers Global Market Report 2022provides market size and growth forecasts for the global electrolyzers market, global electrolyzers market share, electrolyzers market segments and geographies, electrolyzers market competitive landscape including leading competitors’ revenues, profiles and market shares. The electrolyzers market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Electrolyzers Industry Playersinclude Nel ASA, Asahi Kasei Corporation, Hydrogenics, Areva H2gen, Siemens AG, McPhy Energy S.A., ITM Power PLC, Erredue SpA, Enapter, Next Hydrogen, Tianjin Continental Hydrogen Equipment Co. Ltd., Toshiba Corporation, Air Liquide S.A, Plug Power Inc., and H-TEC SYSTEMS GmbH. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
