The global electrolyzers market size is expected to grow from an estimated USD 1.2 billion in 2023 to USD 23.6 billion in 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 increasing investments in green hydrogen production and the surge in demand for the electrolyzer based green ammonia for fertilizers production are some of the key factors accelerating the growth of the electrolyzers market.
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Increasing investments in green hydrogen projects have spurred the electrolyzers market growth. Currently, there is a renewed interest in green hydrogen projects as the possible uses of hydrogen are expanding across multiple sectors, including power generation, manufacturing processes in industries such as steelmaking and cement production, fuel cells for electric vehicles, heavy transport such as shipping, green ammonia production for fertilizers, cleaning products, refrigeration, and electricity grid stabilization. As more projects are being set up, companies plan to accommodate and utilize green hydrogen in their value chain, and this, in turn, is providing lucrative opportunities for the use of electrolyzers. More private players would venture into the field with such projects and attract new and innovative companies to advance the technologies. Asia, Europe, and Australia are at the forefront of developing green hydrogen and associated technologies. Moreover, as the sizes of projects have been increasing, so is the investment required for them.
Europe is expected to be the fastest growing region of the electrolyzers industry
Europe is estimated to be the fastest-growing 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.
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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 Companies are Siemens Energy (Germany), Nel ASA (Norway), Plug Power Inc. (US), Enapter S.r.l. (Italy), Cummins Inc. (US), and others.