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According to a new report by EMR titled, ‘Global Hydrogen Electrolyser Market Report and Forecast 2021-2026’, the global market for hydrogen electrolyser is expected to grow at a CAGR of 7.2% between 2021 and 2026 to attain USD 346 million by 2026.
The growing demand for clean energy sources owing to the rising environmental concern is driving the demand for green hydrogen across various sectors, which, in turn, is aiding the growth of the hydrogen electrolyser industry. Europe is expected to account for a significant share in the market owing to the introduction of favourable government policies. The U.K. government has placed an early focus on decarbonising industrial clusters, which is expected to result in larger deployments of electrolysers. A total of three European governments have stated explicit electrolyser targets for 2030: Germany 5GW, Holland 3-4GW, and Portugal 2GW. Thus, the growing recognition of green hydrogen as a decarbonisation tool, particularly by the governments across the nations, is expected to positively influence the hydrogen electrolyser industry over the forecast period.
In January 2021, ITM Power plc (LON: ITM), one of the key players in the industry, signed a new joint venture with Linde Engineering to enable the company to focus solely on its core competence, that is, the manufacture of electrolysis equipment. As a 50/50 joint venture, ITM Linde Electrolysis GmbH (“ILE”) will allow both the companies to accelerate development in multiple areas by uniting Linde’s EPC capabilities, hydrogen processing, and application technologies expertise, with ITM Power’s proprietary PEM electrolyser technology.
The growing popularity of hydrogen as an automotive fuel owing to its eco-friendly nature is expected to significantly contribute to the industry growth in the forecast period. In June 2021, Nikola Corporation (NASDAQ: NKLA) signed a purchase order with Nel ASA (Nel, OSE: NEL), a global hydrogen company, for 85-megawatt alkaline electrolysers, which will together produce around 40,000 kgs of hydrogen per day to support five of the world’s first 8 ton per day hydrogen fuelling stations. Nikola’s heavy-duty hydrogen stations will further cover multiple states and trucking routes, promoting clean transportation, thus, bringing a revolution in the global transportation industry and boosting the demand for hydrogen electrolysers.
Market Breakup by Type, End Use, and Region:
Key Findings of the Report:
Key Offerings of the Report:
The major players in the global hydrogen electrolyser market are Enapter S.r.l., MVS Engineering Pvt. Ltd, Pure Energy Centre, Hydrogenics Corporation, ITM Power plc, and McPhy Energy S.A, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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