Electrolyzer Market : Varied Industrial Applications Benefitting Market Growth

Electrolyzer Market Overview

According to a research survey conducted by ChemView Consulting, the current valuation of the Global Electrolyzer Market is worth US$ 461.9 Mn in 2022. The market value of stainless steel is expected to reach US$ 850.9 Mn by 2032, growing at a CAGR of 6.3% over the forecast period.

The primary application of hydrogen gas, which burns cleanly, is to create compounds like methanol and ammonia. A fundamental component of fertilizers used in the agriculture sector is ammonia (NH3). In contrast, the petroleum sector uses hydrogen in the hydrocracking procedure to create gasoline, diesel, and other petroleum products.

Fuel cells and other recently commercialized hydrogen use create new opportunities in transportation and other energy-related sectors. The gas offers a viable way to stabilize the electrical grid and has already been used as a fuel for cooling power plant units. The processes of coal gasification, steam methane reforming, and electrolyzers, which use water electrolysis, are the main sources of hydrogen gas.

ChemView Consulting has analyzed that India, Singapore, and Malaysia have started investing in hydrogen production and storage technology in the Asia Pacific region. The region’s power generation and transportation sectors both use hydrogen. Additionally, China began work on a hydrogen city in Wuhan, investing about USD 290 million in the endeavor. For environmentally friendly power storage, grid balancing, power to gas, and hydrogen refueling stations, the government is concentrating on technological improvements in large-scale on-site hydrogen production (HRS). Many key players enable firms to improve their market presence to shape the business environment. For instance, Plug Power completed the acquisition of United Hydrogen and GINER ELX in June 2020.

The alkaline sector accounted for most of the electrolyzer market share. These systems use a diaphragm to separate the electrodes and nickel-based catalysts in an alkaline electrolyte solution, such as potassium hydroxide. Because of their greater longevity, demand for these systems is rising quickly. It is widely employed in various industrial applications, such as steel manufacturing facilities, power plants, electronics, and plastic photovoltaics.

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Segments Covered in Report

By Type:

  • Alkaline Electrolyzer
  • PEM Electrolyzer

By Application:

  • Power Generation
  • Steel Plant
  • Electronics and Photovoltaics
  • Industrial Gases
  • Energy Storage or Fueling for FCEVs
  • Power to Gas
  • Others

By Region and Country:

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
  • Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
  • Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Key Takeaways from the Electrolyzer Market

  • Based on the type, the alkaline electrolyzer has consistently been in higher demand. These systems use a diaphragm to separate the electrodes and nickel-based catalysts in an alkaline electrolyte solution, such as potassium hydroxide. Because of their greater longevity, demand for these systems is rising quickly.
  • Based on the application, The power generation category held the largest share of 26.71% in the global market. To time-shift the delivery of electricity for use in electric grid applications, power generation machineries such as fuel cells, reciprocating engines, combustion turbines, and steam turbines are integrated with hydrogen production and storage.
  • Due to the rising demand for hydrogen in various industries, including the manufacturing sector, the power industry, and others, the North American region held the majority of the market share in value, accounting for 37.2%. Various major brands have manufacturing facilities in North America, and there is rising interest in the energy storage or fueling for FCEV operations.

Competition Summary

Key companies covered in the market study are Nel Hydrogen, Asahi Kasei, Hydrogenics, Shandong Saikesaisi Hydrogen Energy Co., Ltd.Go Top, Teledyne Energy Systems, Siemens, Kobelco Eco-Solutions, Green Hydrogen Systems, Next Hydrogen, H-Tec Systems

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Report Key Highlights

  • Detailed information on factors that will assist Global Electrolyzer’s growth during the next ten years
  • Assessment of the historical and current Global Electrolyzer Market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
  • The growth of the market across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa
  • Segment-wise, country-wise, and region-wise market analysis
  • Key drivers, restraints, opportunities, and key emerging trends impacting market growth
  • Predictions on critical supply, demand, and technological trends and changes in consumer behavior
  • Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
  • Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
  • Covid-19 impact on the market and how to navigate
  • Strategic market analysis and recommendations on crucial winning strategies

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