The global hydrogen electrolyzer market is expected to reach US$406.6 million in 2024, growing at a CAGR of 6.57%, for the duration spanning 2021-2025. The market growth was driven by various factors like increasing global carbon emissions, growing production of low-carbon hydrogen, increasing production of ammonia, increasing demand for margarine, increasing production capacity of menthol and increase in demand for semiconductors. However the market growth would be challenges by lack of potent hydrogen storage facility and health effects caused by hydrogen. The market is anticipated to face certain trends such as rising production of hydrogen fuel cell electric vehicles, decline in green hydrogen production cost and increasing number of electrolyzer projects.
The global hydrogen electrolyzer market holds a lucrative future due to the rising demand for clean and green hydrogen. Ongoing acquisitions and mergers by leading manufacturing players are enhancing the industrial presence of major companies, which is driving the business scenario. Moreover, the increasing demand of electricity across heating, transportation and industrial activities is providing opportunities for global market expansion.
The global hydrogen market by region can be segmented as follows: North America, Europe, Asia Pacific, South America and Middle East & Africa. In 2020, North America dominated the global market due to the increased application of hydrogen. However, outbreak of the COVID-19 pandemic has caused a slowdown in the global market due to delay in the adoption of green hydrogen and postponement of the pipeline electrolysis projects.
Scope of the report:
The report provides a comprehensive analysis of the global hydrogen electrolyzer market.
The major regional markets (North America, Europe, Asia Pacific, South America and Middle East & Africa) have been analyzed.
The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
The competitive landscape of the market, along with the company profiles of leading players (Siemens AG, ITM Power, NEL ASA, FuelCell Energy, Air Liquide and Plug Power) are also presented in detail.
Key Target Audience:
Hydrogen Electrolyzer Manufacturers
Supply Chain Partners
End Users (Businesses/ Consumers)
Government Bodies & Regulating Authorities