IMARC Group, a leading market research company, has recently releases report titled Electrolyzer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028The study provides a detailed analysis of the industry, including the global electrolyzer market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the electrolyzer market?
The global electrolyzer market size reached US$ 461.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 796.3 Million by 2028, exhibiting a growth rate (CAGR) of 9.3% during 2023-2028.
What is an electrolyzer?
An electrolyzer is a device that uses an electrical current to split water molecules into hydrogen and oxygen gases through electrolysis. It comprises an electrolyte solution, a positive electrode (anode), and a negative electrode (cathode), separated by a membrane or an electrolyte solution. It is widely employed in producing hydrogen gas, which is further used as fuel for various applications, including fuel cells, energy storage, and transportation. At present, an electrolyzer is available in different sizes and capacities.
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What are the growth prospects and trends in the electrolyzer industry?
The growing global population and the escalating demand for electricity represent one of the primary factors positively influencing the market. In addition, governments of various countries are introducing favorable policies, such as pollution tax, innovation subsidies, and environmental protection publicity and guidance programs, to promote the usage of low-carbon technologies. This, in confluence with the rising adoption of clean power energy generation technologies, is creating a positive market outlook. Apart from this, the increasing adoption of hydrogen in fuel cell-based electric vehicles (EVs) and the widespread adoption of EVs by logistic companies for delivery services are propelling the market growth. Furthermore, the high cost of electricity and increasing adoption of hydrogen and industrial feedstock is stimulating the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Alkaline Electrolyzer
- PEM Electrolyzer
- Solid Oxide Electrolyzer
Breakup by Capacity:
- Less than 500 kW
- 500 kW to 2 MW
- Above 2 MW
Breakup by Application:
- Power Generation
- Transportation
- Industry Energy
- Industry Feedstock
- Building Heat and Power
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Air Liquide S.A.
- Air Products and Chemicals Inc.
- Asahi Kasei Corporation
- Cummins Inc.
- ITM Power plc
- Linde plc
- McPhy Energy S.A.
- Nel ASA
- Plug Power Inc.
- Siemens AG
- Titanium Tantalum Products Limited
- Toshiba Corporation.
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