Electrolyzers Market Size to Reach $23.6 Billion by 2028, at a CAGR of 80.3% | MarketsandMarkets(TM)

Chicago, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The global Electrolyzers Market is expected to grow from an estimated USD 1.2 billion in 2023 to USD 23.6 billion by 2028, at a CAGR of 80.3% according to a new report by MarketsandMarkets™. An electrolyzer system utilizes electricity to break water molecules into hydrogen and oxygen. Through this process, the electrolyzer system produces hydrogen, and the leftover oxygen is released into the atmosphere or can be captured or stored to supply other industrial processes or even medical gases, in some cases. There are four main ways that electrolyzers can be commercialized: power to mobility, power to fuel, power to industry, and power to gas.

The primary drivers of the electrolyzers market include the rapid advancement of technologies and growing demand for the power using renewable hydrogen as a energy source. Additionally, green hydrogen projects are increasing as many countries focus on investing in developing a hydrogen-based economy. Investments in hydrogen infrastructure will subsequently bring opportunities for electrolyzers, thus accelerating the growth of the market.

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Electrolyzers Market Scope:

North America is expected to be the second largest region for the electrolyzers market

North America is estimated to be the have the second largest market share for electrolyzers market during the forecast period. The region has been segmented by country into US and Canada. The growing demand from the mobility industry and large-scale green hydrogen projects mainly drives the growth of the electrolyzers market in this region. The market in the region is characterized by the presence of big players and the implementation of stringent environmental regulations emphasizing the use of lightweight and fuelefficient vehicles which utilize fuel cells. Some key players in the green hydrogen market are from North America. The dominance of the North American region can be attributed due to increasing investments in the region to meet the demand of green fuels for fuel cell vehicles and favourable government policies for fuel cell vehicles.

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Electrolyzers Market Dynamics:

Drivers:

1. Declining renewable energy costs
2. Increasing government support
3. Increasing investments in electrolyzer deployment
4. Rising demand for electrolyzer-based green ammonia for fertilizer production

Restraints:

1. Use of critical materials
2. Underdeveloped electrolyzer supply chain

Opportunities:

1. Plans to achieve net zero and electrolyzer targets
2. Increasing demand for electrolyzer-based onsite hydrogen refueling stations (HRS)
3. High potential of electrolyzer-based hydrogen trade in Europe

Challenges:

1. High initial investments in hydrogen fueling infrastructure
2. Insufficient infrastructure to support hydrogen markets

Europe is expected to be the largest region in the Electrolyzers Industry

Europe is expected to be the largest market during the forecast period. The market growth in this region is mainly driven by the increasing demand for green hydrogen for various applications and rising initiatives to reduce the carbon footprint and explore renewable energy sources to become a carbon-neutral region. Additionally, green hydrogen projects are increasing as many countries focus on investing in developing a hydrogen-based economy. Investments in hydrogen infrastructure will subsequently bring opportunities for electrolyzers, thus accelerating the growth of the market.

Key Market Players:

Major players operating in the Electrolyzers Companies include Siemens Energy (Germany), Nel ASA (Norway), Plug Power Inc. (US), Enapter S.r.l. (Italy), Cummins Inc. (US), and others.

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