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Electrolyzer Market revenue to cross USD 65 Bn by 2030: Global Market Insights Inc.
The growing integration of renewable sources at a large scale coupled with an increasing shift toward the reduction of carbon footprints will positively impact the business landscape. Ongoing development of advanced technologies in line with rising adoption of FCEVs as an alternative to traditional automobiles will boost the industry dynamics. Additionally, robust investments in the expansion of hydrogen infrastructure will fuel the industry statistics.
The COVID- 19 pandemic has slightly obstructed the electrolyzer market owing to a halt in major manufacturing operations coupled with continuous disruptions in product deployment during the period. However, the easing of government-imposed restrictions along with the restart of facilities has led to product deployment. Furthermore, significant strategies toward the implementation of renewables will foster the business outlook.
Solid oxide electrolyzer market is projected to witness substantial gains during the forecast period on account of shifting consumer focus to reduce carbon emissions along with the continuous development of advanced products offering reliable and efficient operations. Extensive research & development activities to cater to extreme climatic conditions coupled with the increasing demand for clean fuels for power generation will accelerate the industry demand. In addition, ongoing electrification across off-grid areas along with continuous upgrades in refineries and large-scale industries will strengthen the business potential.
The electrolyzer market for above 2 MW capacity segment is estimated to attain a 33% CAGR by 2030. Rising electricity demand in line with growing large-scale deployments of reliable hydrogen generation solutions. For instance, in April 2022 , Green Hydrogen Systems received an order to deliver its electrolysis equipment for Gaznat's Innovation Lab in Switzerland . The company plans to provide the HyProvide A90 electrolyzer with approximately 5 MW capacity for renewable hydrogen production. Moreover, a paradigm shift toward the adoption of low-emission solutions for power generation will propel the industry scenario.
The industry feedstock application is poised to register a significant growth during the forecast timeframe due to surging demand for hydrogen as a feedstock across the manufacturing, metal processing, chemical, and other industries. Furthermore, favorable government funds & incentives for the development of green hydrogen production methods.
APAC electrolyzer market is predicted to observe a 23% growth rate till 2030. Rising demand for electricity across rural areas in line with increasing consumer awareness toward carbon emissions. Strict government norms & policies to develop the green hydrogen infrastructure along with growing usage of renewable alternative energy sources across various industries will also enhance the industry growth. In addition, ongoing government programs to minimize dependency on the conventional fuels will positively impact the adoption of efficient systems, thereby driving the business scenario.
Prominent players operating in the electrolyzer market include Linde plc, Suzhou Green Hydrogen Energy Co., Ltd., Air Products Inc., Cummins, Inc. Sunfire GmbH, Next Hydrogen, Green Hydrogen, ErreDue spa, NeL ASA, Cockerill Jingli Hydrogen, Idroenergy, ITM Power PLC, PLUG POWER INC., Air Liquide, and Siemens Energy amongst others.
3.1 Industry ecosystem analysis
3.2 Innovation & sustainability landscape
3.3 Regulatory landscape
3.4 List of key operating and upcoming/announced electrolyzer projects
3.5 COVID- 19 impact on the industry outlook
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Favorable government policies
3.6.1.2 Environment-friendly and a better alternative than existing options
3.6.1.3 Growing electricity demand
3.6.2 Industry pitfalls & challenges
3.6.2.1 Lack of infrastructure
3.7 Growth potential analysis
3.8 Porter's Analysis
3.8.1 Bargaining power of supplier
3.8.2 Bargaining power of buyer
3.8.3 Threat of new entrant
3.8.4 Threat of substitutes
3.9 Competitive landscape, 2021
3.10 PESTEL Analysis
Global Market Insights Inc., headquartered in Delaware , U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Arun Hegde
Corporate Sales, USA
Global Market Insights Inc.
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