The global Electrolyzers Market is projected to reach USD 23.6 billion in 2028 from USD 1.2 billion in 2023 at a CAGR of 80.3% according to a new report by MarketsandMarkets™. The Electrolyzers Market has promising growth potential due to the rising deployment of electrolyzers for the green hydrogen production.
Proton exchange menbrane has the second larget Electrolyzers Market, by technology, during the forecast period
The proton exchange membrane segment holds the second largest share of the Electrolyzers Market. The large market share can be attributed due to highly flexible technology and good coupling with dynamic and intermittent renewable energy systems. It is also known as a polymer electrolyte membrane (PEM). It is a device based on an electrochemical process that splits water molecules into hydrogen and oxygen. According to industry experts, the key advantages of PEM technology are high flexibility and good coupling with dynamic and intermittent renewable energy systems such as solar and wind. It is highly efficient and yields a higher production rate than alkaline electrolyzers. PEM electrolyzers comprise components such as membrane electrode assembly, gas diffusion layers, bipolar plates, current collectors, and compression plates.
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Mobility segment is expected to dominate Electrolyzers Market, by application, during forecast period
The Electrolyzers Market, by application, is divided into energy, mobility, industrial, and grid injection wherein industrial segment accounts for the largest share. Mobility segment will dominate the electrolyzer market during forecast period. No other viable fossil fuel substitutes were available to the mobility industry prior to the commercialization of fuel-cell-based engines. Fuel cell electric vehicles (FCEVs) provide a greener option. The hydrogen gas that is stored in a tank on the vehicle is used as fuel to power FCEVs. A feasible and sustainable fuel alternative for the automotive sector is green hydrogen. The growth is attributed to the increasing number government investments and initiatives to shift towards the clean fuel in Europe and North America.
Europe expected to dominate Electrolyzers Market during forecast period
In this report, the Electrolyzers Market has been analyzed for four regions: Europe, Asia Pacific, North America and the Rest of the World. Europe is a significant contributor to the Electrolyzers Market in the current scenario of electrolysis technology, owing to the rapidly increasing cost-competitiveness which enables consumers to have access to clean electricity. The European Green Deal aims to reduce greenhouse gas emissions and prepare Europe’s industry for a climate-neutral economy. In July 2020, the European Commission published the EU hydrogen strategy. It was designed with a phased approach, and its goal is to increase hydrogen shares from less than 2% to 13–14% by 2050.
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Key Market Players: The Electrolyzers Market is dominated by a few major players that have a wide regional presence. The leading players in the Electrolyzers Market are Siemens Energy (Germany), Nel ASA (Norway), Plug Power Inc. (US), Enapter S.r.l. (Italy), Cummins Inc. (US), and others.