Japan is expected to grow at a CAGR of 27.3% and account for more than 3/4th of the hydrogen electrolyzer market share by 2022 in East Asia. Japan is expected to be one of the most lucrative markets throughout the forecast period, according to FMI. The country’s roadmap for implementing the core hydrogen strategy is anticipated to augur well for the market. Its novel strategy includes new targets for hydrogen and fuel cell pricing and deployment, which would push the demand for alkaline electrolyzers in Japan.
The market is expected to be stimulated by the creation of new technologies that will lower the operational costs of hydrogen electrolyzers. Furthermore, there will be new market expansion opportunities as global awareness of the negative effects of carbon emissions grows.
In the coming decade, there will be a rise in onsite hydrogen production and the adoption of renewable energy sources, which will increase demand for hydrogen electrolyzers. In addition, it is anticipated that rising demand for carbon-free steel in numerous sectors, including the automotive industry, will open up new growth prospects for the steel manufacturing industry.
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Increasing initiatives taken by several automotive manufacturers to reduce carbon emission from vehicles is another vital factor that would propel sales of hydrogen electrolyzers in future. Surging development of green energy worldwide is also expected to drive the market.
Key Takeaways: Hydrogen Electrolyzer Market
- By product type, sales of PEM electrolyzers are expected to grow at a CAGR of 2% during the forecast period.
- By outlet pressure, the low (<= 10 bar) segment is anticipated to dominate the market and is expected to account for about 2/3rd of the share.
- By end use, the transportation segment is projected to lead the hydrogen electrolyzer market and create an absolute $ opportunity worth US$ 5 Mn in 2032.
- In terms of region, the Europe hydrogen electrolyzers market is estimated to exhibit a CAGR of 1%.
“Increasing demand for hydrogen fuel due to rising investments in novel programs for reducing carbon emissions globally is set to create new growth opportunities for companies in the hydrogen electrolyzers market,” says a FMI analyst.
Competitive Landscape: Hydrogen Electrolyzer Market
Some of the key players present in the global hydrogen electrolyzer market include Siemens AG, Nel Hydrogen, McPhy Energy, ITM Power Plc, Tianjin Mainland Hydrogen Equipment Co. Ltd, Gaztransport & Technigaz, Giner Inc., GreenHydrogen Systems, iGas Energy GmbH, Beijing CEI Technology Co., Ltd., Next Hydrogen, Air Liquide, Ballard Power Systems, Enapter , Plug Power Inc., Bloom Energy, Pure Energy Centre, Shandong Saikesaisi Hydrogen Energy Co., Ltd., Idroenergy, Erredue SpA, and SwissHydrogen SA among others.
Manufacturers are strategically collaborating with technology companies for co-developing new products and gaining a competitive edge. A few others are looking forward to helping the oil and gas industry by providing technologically advanced products.
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