Electrolyzer Market

Electrolyzer Market

Growth Factors of Electrolyzer Market

The Electrolyzer Market size was valued at USD 443.95 million in 2023 and is projected to grow from USD 471.87 million in 2024 to USD 717.50 million by 2032, exhibiting a CAGR of 5.38% during the forecast period of 2024-2032.

The COVID-19 pandemic precipitated disruptions in worldwide deliver chains, fundamental to delays in the production and delivery of electrolyzers. Key initiatives experienced slowdowns because of lockdowns, journey policies, and workforce shortages. However, the pandemic moreover expanded the shift within the direction of clean energy as governments integrated green recuperation plans. This resulted in elevated investments in hydrogen technology, consisting of electrolyzers. Post-pandemic healing efforts are now the usage of demand for electrolyzers, mainly in industries like transportation and strength which might be focusing on sustainability and decarbonization.

One of the primary riding elements for the electrolyzer market is the worldwide push towards reducing carbon emissions and meeting weather desires. Governments and industries are an increasing number of adopting hydrogen as a smooth electricity deliver to update fossil fuels, particularly in sectors like production, transportation, and strength storage. Electrolyzers, which produce hydrogen from water the usage of renewable strength, play a key characteristic in decarbonization strategies. Government incentives, subsidies, and worldwide agreements are pushing for a transition to a hydrogen-primarily based financial system, which in flip boosts the call for for electrolyzers.

A big fashion in the electrolyzer market is the improvement of huge-scale inexperienced hydrogen projects. Companies and governments are participating to scale up electrolyzer capacities to satisfy the growing demand for hydrogen in commercial packages and transportation. Projects like gigawatt-scale electrolyzer flowers are being planned to supply inexperienced hydrogen at aggressive charges. This fashion is supported by advancements in era that enhance the performance and reduce the fees of electrolyzers, in addition to through policy support from governments aiming to boost renewable power adoption.

Comprehensive Analysis of Electrolyzer Market

The Electrolyzer Market growth is rising at an exponential rate due to its marketplace segmentation. This market expansion correctly affords a detailed local assessments thinking about the dominant supply and call for forces that effect the enterprise. These segmentations are methodically segregated by type, by application . By Type include Traditional Alkaline Electrolyzer, PEM Electrolyzer .By Application include Power Plants, Steel Plant, Electronics and Photovoltaics, Industrial Gases, Energy Storage or Fueling for FCEVs, Power to Gas, Others.

The North America region lead the Electrolyzer Market share by benefitting a market size of USD 234.48 million majority share in value and volume in 2023, owing to the increasing demand for hydrogen in various applications in the manufacturing sector, power industry, and others.

The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include, Google LLC (Alphabet, Inc.), Magic Leap, Inc., ReWalk Robotics, SAMSUNG, B-Temia, Panasonic Holdings Corporation, NVIDIA Corporation, Microsoft, Ekso Bionics, Vuzix,these market players provide a level-playing competitive landscape.

February 2024 - Gensol-Matrix Gas consortium engineering specializes in solar EPC and O&M offerings, and it received the hydrogen electrolyzer manufacturing project under PLI. The challenge has been offered beneath the Sustainable Hydrogen Innovation & Green Hydrogen Technologies PLI scheme's Tranche-I as part of the National Green Hydrogen Mission..

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 5.38% from 2024-2032

Unit Volume (MW) and Value (USD Million)

Segmentation By Type

• Traditional Alkaline Electrolyzer
• PEM Electrolyzer

By Application

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

By Geography

• North America (By Type, By Application, By Country)
• U.S. (By Type)
• Canada (By Type)

Europe (By Type, By Application, By Country)

• U.K. (By Type)
• Germany (By Type)
• France (By Type)
• Italy (By Type)
• Rest of Europe (By Type)

Asia Pacific (By Type, By Application, By Country)

• China (By Type)
• Japan (By Type)
• India (By Type)
• South Korea (By Type)
• South East Asia (By Type)
• Rest of Asia Pacific (By Type)

Rest of the World (By Type, By Application)


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