Hydrogen Electrolyzer Market Report and Forecast 2023-2028

According to the report, the global hydrogen electrolyzer market grew significantly in 2022. Aided by the escalating demand for clean energy solutions and the pivotal role of hydrogen in a low-carbon economy, the market is projected to further grow at a CAGR of 9.3% between 2023 and 2028 to reach a value of USD 787.19 million by 2028.

Hydrogen electrolyzers are devices designed to decompose water into hydrogen and oxygen using electrical energy. As the world shifts towards sustainable energy sources, hydrogen stands out as a potent contender due to its high energy content and eco-friendly nature. The hydrogen produced by electrolyzers is particularly vital because of its 'green' pedigree, differing from traditional hydrogen sourced from fossil fuels.

As per the hydrogen electrolyzer market analysis, two primary factors are driving the exponential growth of the market. Firstly, the global emphasis on reducing carbon footprints and transitioning to sustainable energy solutions is more pronounced than ever. Hydrogen, being a clean fuel, is seeing increased adoption in sectors like transportation, where fuel cell vehicles powered by hydrogen are gaining traction.

Furthermore, nations worldwide are formulating and implementing green energy policies, with hydrogen being a focal point. As governments and private entities collaborate to develop hydrogen infrastructure, including refuelling stations and pipelines, the demand for hydrogen electrolyzers, which serve as the backbone of this infrastructure, witnesses a substantial upswing.

The versatility of hydrogen also plays a pivotal role in the burgeoning hydrogen electrolyzer market growth. Beyond transportation, hydrogen is permeating sectors such as power generation, where it acts as an energy storage solution. Given the intermittent nature of renewable sources like wind and solar, hydrogen serves as an excellent medium to store and release energy as needed, ensuring power grids' reliability and resilience.

Additionally, the industrial segment is a massive consumer of hydrogen, particularly in refining, ammonia production, and metallurgy, propelling the hydrogen electrolyzer market demand. As industries seek to decarbonise their operations, green hydrogen produced by electrolyzers presents itself as a viable and environmentally conscious alternative to conventional hydrogen.

One of the most encouraging hydrogen electrolyzer market trends in the sector is the collaborative efforts by industry players, research institutions, and governments. With initiatives like the Hydrogen Council and the Green Hydrogen Catapult, stakeholders are coming together to accelerate the development of green hydrogen solutions, signifying a bright future for the market.

Market Segmentation

The market can be divided based on type, end use, and region.

Market Breakup by Type

• PEM Electrolyzer
• Alkaline Water Electrolyzer
• Solid Oxide Electrolyzer

Market Breakup by End Use

• Chemicals
• Automobile
• Energy
• Glass
• Metal
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global hydrogen electrolyzer market.

Some of the major players explored in the report are as follows:

• Enapter S.r.l.
• MVS Engineering Pvt. Ltd
• Pure Energy Centre
• Cummins, Inc
• ITM Power plc
• McPhy Energy S.A
• Others

About the Analyst

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The analyst always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.