Hydrogen Electrolyzer Market Revenue to close at USD 466.27 million by 2027
Posted On July 07, 2021
The Global Hydrogen Electrolyzer Market is foreseen to grow at a remarkable CAGR of 6% during the year 2021-2027 as estimated by the report from Value Market Research wherein the market value is expected to grow to USD 466.27 million by 2027. The global hydrogen electrolyzer market has a number of lucrative opportunities to be capitalize in the coming years. There has been an increasing demand for clean energy systems to address environmental concerns and hydrogen has the potential to meet clean energy goals. This is a key factor driving the global hydrogen electrolyzer market. Hydrogen electrolyzers are expected to gain popularity in various small-scale industries, and numerous end-use industries such as food & beverage, electronics, fabrication, and metal production. Moreover, factors like increasing number of renewable power generation units and accelerated demand for compact and highly efficient energy storage systems to store electricity generated from renewable sources are positively impacting the electrolyzer market during the forecast period. The growth of hydrogen electrolyzer market is also attributed to launching of pressurized systems eliminating the need for compression of the hydrogen that is generated. Furthermore, government rules and regulations in order to promote hydrogen as a fuel for automotive applications is expected to fuel market growth. However, factors like the availability of other options at a lower price, less flexibility, and high maintenance cost will restrict the growth of the hydrogen electrolyzer market.
A hydrogen electrolyzer produces hydrogen gas by breaking down water into hydrogen and oxygen with the help of an electric current. The main components of this device are cathode, anode, and membrane. Based on operational efficiency and processing method, hydrogen electrolyzers can be categorized as alkaline water electrolyzers, PEM electrolyzers, and solid oxide electrolyzers. Hydrogen electrolyzers come in varying capacities in order to meet large- and small-scale production requirements. It produces 99.99% pure hydrogen at a much lower cost and has the ability to produce hydrogen onsite. It is extensively being used in a wide range of applications such as pharmaceutical & biotechnology, automobile, electronics, metal production, chemical, energy, and fabrication.
The geographical and segmentation study covered in the report "Global Hydrogen Electrolyzer Market Report By Type (Polymer Electrolyte Membrane (PEM) Electrolyzer, Alkaline Water Electrolyzer, Solid Oxide Electrolyzer), By Application (Chemicals, Automobile, Energy, Food And Beverages, Pharmaceutical & Biotechnology, Electronics, Glass, Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2021-2027" helps in understanding the upcoming trends of the market.
On the basis of type the market is segmented into Polymer Electrolyte Membrane (PEM) Electrolyzer, Alkaline Water Electrolyzer, Solid Oxide Electrolyzer. By application the hydrogen electrolyzer market is categorised as Chemicals, Automobile, Energy, Food and Beverages, Pharmaceutical & Biotechnology, Electronics, Glass, Others. Geographically the research study provides data on North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions. This section provides the estimates of market by segment, thus providing valuable data to take strategic decisions.
The Report Segments Global Hydrogen Electrolyzer Market -
- Polymer Electrolyte Membrane (PEM) Electrolyzer
- Alkaline Water Electrolyzer
- Solid Oxide Electrolyzer
- Food and Beverages
- Pharmaceutical & Biotechnology
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Players Profiled In the Report:
Acta S.p.A, Ballard Power Systems, HyperSolar, Inc., ITM Power, Kingkar Eco-Technologies Co., Ltd., Plug Power Inc., Proton Power Control Pvt Ltd., and Quantum Fuel Systems Technologies Worldwide, Inc.
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