Global Hydrogen Electrolyzer Market to Reach USD 83,260.10 million by 2032, Aided by the Favourable Government Initiatives

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 electrolyzer 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 electrolyzers. A total of three European governments have stated explicit electrolyzer 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 electrolyzer 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 electrolyzer 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 electrolyzers, 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 electrolyzers.

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Market Breakup by Type, End Use, and Region:

• The market can be divided based on type into PEM electrolyzer, alkaline water electrolyzer, and solid oxide electrolyzer. 

• On the basis of end use sector, the industry can be segmented into chemicals, automobile, energy, glass, and metal, among others. 

• Region-wise, the global market for hydrogen electrolyzer can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The industry is being driven by the growing utilisation of hydrogen across various industries and the increasing preference for on-site hydrogen generation to cut down transportation and storage costs. 

• The rising environmental concern and growing need to adopt renewable energy sources are significantly contributing to the industry growth. 

• The rapid technological advancements and growing R&D activities are further propelling the market growth. 

• The favourable government policies to promote the use of clean energy sources are also accelerating the growth rate of the industry.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for hydrogen electrolyzer for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, end uses, and regional markets of hydrogen electrolyzer.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global hydrogen electrolyzer market are Enapter S.r.l., MVS Engineering Pvt. Ltd, Pure Energy Centre, Cummins Inc., 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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