The market for electrolyzers is driven by increased demand for hydrogen in electric vehicles. Moreover, demand for on-site electrolyzer installation from industrial sector owing to decarbonization also acts as a driving factor for electrolyzer market growth. However, limited technological advancements, delayed permits, and equipment supply constraints act as restraints for the market growth. Meanwhile, favorable policies from governments that are encouraging use of electric vehicle and technological advancements can offer lucrative opportunity for industry growth in the near future. Global electrolyzers market size was valued at $0.2 billion in 2019 and is anticipated to generate $0.9 billion by 2027. The market is projected to experience growth at a CAGR of 24.6% from 2020 to 2027.
Supportive government initiatives toward reducing carbon emissions and lower costs of renewable energy drive the growth of the global electrolyzer market. However, limited technological advancements, delayed permits, and constraints related to equipment supply hinder the market growth. On the other hand, demand for on-site electrolyzer installation from the industrial sector owing to decarbonization creates new opportunities in the coming years.
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The electrolyzer market is segmented on the basis of product, capacity, application, and region.
Based on product, the alkaline electrolyzer segment accounted for the largest market share in 2019, contributing to nearly three-fifths of the global electrolyzer market, and is expected to maintain its dominant share in terms of revenue during the forecast period. This is due toits widespread adoption asit is the oldest form of electrolysis method. However, the PEM electrolyzer segment is projected to witness the highest CAGR of 25.1% from 2020 to 2027, owing to technological advancement and higher stability offered by them.
Based on application, the power generation segment contributed to the highest share in 2019, accounting for nearly one-third of the global electrolyzer market, and will maintain its leadership status throughout the forecast period. This is due to demand from the industrial sector for on-site electrolyzer setup. However, the transportation segment is expected to register the largest CAGR of 25.4% from 2020 to 2027. This is attributed to increased investment in electrolyzer technology for fuel cells to be used in electric vehicles.
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Based on region, Europe, followed by Asia-Pacific and North America, accounted for the highest share in terms of revenue in 2019, holding nearly two-fifths of the global electrolyzer market, and will continue its lead position by 2027. This is attributed toseveral initiatives from the European government for encouraging decarbonization. However, Asia-Pacific is expected to manifest the fastest CAGR of 25.1% during the forecast period, owing toincreased electric vehicle market in several countries such as China, Japan, South Korea, and India.
The key players operating in the market are Hydrogenics, Nel ASA, Siemens Energy Global GmbH, Co. KG. AG, Toshiba, Air Liquide, Plug Power, McPhy Energy, ITM Power, Idroenergy, and Next Hydrogen. The players in the market have adopted several strategies, such as product launch and business expansion to sustain the market competition.
Key findings of the study
- The global electrolyzers market size is provided in terms of revenue.
- Asia-Pacific is projected to grow at the highest CAGR of approximately 25.1%, in terms of revenue, during the forecast period.
- By product, the alkaline electrolyzer segment is anticipated to grow with CAGR 24.6%, in terms of revenue, during the forecast period.
- The Europe and Asia-Pacific dominated the electrolyzers market share by over 38.0% and 32.0% in 2019.
- A comprehensive analysis of the factors that drive and restrain the electrolyzers market growth is provided.
- The qualitative data in this report aims at the market trends, dynamics, and developments in the electrolyzers industry.
- The electrolyzers market forecast and estimations are based on factors impacting the market growth.
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