Electrolyzer Market Emerging Technologies, Industry Demand, CAGR Status, Global Competitors and Future Scope
Mar 26, 2021 (The Expresswire) —
The global electrolyzer market size is expected to experience significant growth by reachingUSD 467.39 millionby 2027 while exhibiting a CAGR of 6.3% between 2020 and 2027. This is attributable to the increasing demand for electric vehicles and the growing focus on power generation in the APAC region. This information is published byFortune Business Insightsin its latest report, titled,“Electrolyzer Market Size, Share and COVID-19 Impact Analysis, By Type (Traditional Alkaline Electrolyzer and PEM Electrolyzer), By Application (Power Plants, Steel Plant, Electronics and Photovoltaics, Industrial Gases, Energy Storage or Fueling for FCEV, Power to Gas, Others) and Regional Forecast, 2020-2027.” The report further mentions that the market stood atUSD 321.65million in 2019.
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Increasing Demand for Renewable Sources to Attract Investments amid COVID-19
The pandemic may have either halted or postponed several industrial projects leading to major disruption in the supply chains. However, the growing demand for renewable sources is anticipated to attract significant investments that will bode well for the Electrolyzer Market growth in the forthcoming years.
What does the Report Include?
The Electrolyzer Market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies such as Porter’s Five Forces analysis to extract information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
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DRIVING FACTORS
Increasing Demand for Hydrogen-Powered Electric Vehicles to Propel Growth
Due to advancement in technology and the growing demand for clean energy sources in the automotive industry, fuel cell electric vehicles (FCEVs) that are powered by hydrogen are being developed by companies. These EVs are more efficient and do not produce tailpipe emissions. Moreover, they have the ability to achieve longer distance than conventional fuel cell electric vehicles due to their densely packed energy storage. Therefore, the increasing demand for such vehicles is likely to boost the adoption of electrolyzers globally. In addition to this, increasing investment in the APAC region to generate power through renewable sources is expected to contribute to the global electrolyzer market growth in the forthcoming years. For instance, in November 2020, China commenced work for the construction of a hydrogen plant in the city of Wuhan with an investment of about USD 290 million to cater to the growing demand for renewable energy in the country.
SEGMENTATION:
Power Plants Segment to Hold Largest Market Share
Based on application, the power plants segment is anticipated to remain at the forefront backed by increasing adoption of hydrogen power plants across the automotive industry to reduce the emission of pollutants and greenhouse gases.
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REGIONAL INSIGHTS
North America to Remain Dominant; Increasing Demand for Hydrogen Across Industries to Favor Growth
Among all the regions, North America is expected to hold the largest global electrolyzer market share in terms of revenue during the forecast period. This is attributable to the increasing demand for hydrogen across several industries such as petrochemicals, automotive, glass purification, and others in the region between 2020 and 2027.
The Electrolyzer Market in Europe is expected to showcase considerable growth owing to the stringent zero-emission rule that is likely to boost the adoption of advanced electrolyzers from the automotive sector in the region.
COMPETITIVE LANDSCAPE
Merger and Acquisition by Prominent Companies to Intensify Industry Competition
The global Electrolyzer Market is fragmented by the presence of major players that are striving to maintain a stronghold by acquiring other small companies to expand their electrolyzer portfolio, Moreover, other key players are adopting strategies such as facility expansion, collaboration, and partnership to gain a competitive edge over their rivals in the highly competitive market.
Industry Development:
June 2020 -Plug Power Inc., announced the acquisition of United Hydrogen Group Inc. and Giner ELX that are actively engaged in the production, liquefaction, and distribution of hydrogen in North America. The acquisition is likely to strengthen Plug Power’s position in the region and aid in expansion of its footprint.
List of the Companies Profiled in the Electrolyzer Market:
- Nel (Proton On-Site) (Norway)
- Asahi Kasei (Japan)
- Hydrogenics (US)
- Areva H2gen (France)
- Shandong Saikesaisi Hydrogen Energy Co., Ltd. (China)
- Teledyne Energy Systems (US)
- Siemens AG (Germany)
- Kobelco Eco-Solutions (Japan)
- McPhy (France)
- Yangzhou Chungdean Hydrogen Equipment Co., Ltd (China)
- Suzhou Jingli (China)
- TianJin Mainland (China)
- ITM Power (UK)
- 718th Research Institute of CSIC (China)
- Idroenergy Spa (Italy)
- Erredue SpA (Italy)
- MVS Engineering (India)
- GreenHydrogen .dk (Denmark)
- Enapter (Italy)
- Giner Inc. (US)
- ShaanXi HuaQin (China)
- Next Hydrogen (Canada)
- H-Tec Systems GmbH (Germany)
- Beijing Zhondian (China)
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