Hydrogen Electrolyzer Market

Hydrogen Electrolyzer Market

New York, January 2024: According to a new research study by Global Insight Services (GIS), the Hydrogen Electrolyzer Market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 12.7 billion by 2033.

A hydrogen electrolyzer is an apparatus that produces hydrogen through a chemical process (electrolysis) capable of separating the hydrogen and oxygen molecules of which water is composed using electricity. Through electrolysis, the hydrogen electrolyzer system creates hydrogen gas. The oxygen left over is released into the atmosphere or can be captured or stored to supply other industrial processes or even medical gases in some cases. The hydrogen gas can either be stored as a compressed gas or liquefied since hydrogen is an energy carrier and can be used to power any hydrogen fuel cell electric application, such as trains, buses, and trucks.

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Global Hydrogen Electrolyzer Market: Market Drivers and Trends

The key drivers of the hydrogen electrolyzer market are the growing demand for clean energy, the declining cost of electrolyzers, and the increasing government support for hydrogen fuel cell technology.

The demand for clean energy is increasing as the world becomes more aware of the impact of greenhouse gas emissions on the environment. Hydrogen is a clean energy source that can be used to power fuel cells, which produce no emissions.

Government support for hydrogen fuel cell technology has been increasing in recent years as countries recognize the potential of this clean energy source. Incentives and subsidies are being offered to encourage the development and use of hydrogen fuel cells.

The cost of electrolyzers has been declining as the technology has become more efficient. The cost of hydrogen fuel cells has also been declining, making them more attractive as an alternative to traditional fossil fuel-powered vehicles. In addition, the green hydrogen cost development by technology is declining year-on-year. This is further expected to lead to the demand for hydrogen electrolyzer market.

Green Hydrogen Cost Development

Global Hydrogen Electrolyzer Market: Market Restraints and Challenges

The key restraints and challenges in Hydrogen Electrolyzer market are as follows:

1. High cost of electrolyzers: The high cost of electrolyzers is one of the key restraints in the hydrogen electrolyzer market. The cost of electrolyzers can range from $500/kW to $3,000/kW, depending on the type and size of the electrolyzer.

2. Lack of infrastructure: The lack of infrastructure is another key challenge in the hydrogen electrolyzer market. There is a lack of hydrogen refueling stations and pipelines, which makes it difficult to transport hydrogen.

3. Limited storage capacity: The limited storage capacity of hydrogen is another challenge in the hydrogen electrolyzer market. Hydrogen can only be stored in pressurized tanks or pipelines, which limits its storage capacity.

4. Fluctuating demand: The demand for hydrogen is highly fluctuating, which makes it difficult to maintain a stable supply. The demand for hydrogen depends on the availability of renewable energy, which can fluctuate due to weather conditions.

Global Hydrogen Electrolyzer Market Report Findings

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The alkaline electrolyzer segment is likely to hold the major share of the market in 2023

By type, the market is classified into proton exchange membrane (PEM) electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. The alkaline electrolyzer segment accounted for over three-fifths hydrogen electrolyzer market share in 2022, and the proton exchange membrane (PEM) electrolyzer segment is expected to be the fastest-growing segment during the forecast period. In addition, the alkaline electrolyzers are significantly less expensive than PEM electrolyzers. As a result, this type of electrolyzer is commonly used for on-site hydrogen production. The main benefit of alkaline electrolyzers is that they can sustain greater megawatt (MW) range stacks, resulting in increased capacity and a more stable working environment for hydrogen electrolyzers.

The 500 kW – 2 MW segment is likely to hold the major share of the market in 2023

By capacity, the market is bifurcated into below 500 kW, 500 kW – 2 MW, and above 2 MW. The 500 kW – 2 MW segment accounted for the largest market share in 2023, and the above 2 MW segment is expected to be the fastest-growing segment during the forecast period. In addition, the 500 kW – 2 MW capacity of hydrogen electrolyzers are high in demand because they can be deployed on-site and generate adequate amounts of power and hydrogen, which is then used as industrial energy or feedstock. Many businesses prefer to install medium electrolyzers at their plants for hydrogen production and the added benefit of reduced carbon emissions.

The ammonia segment is likely to hold the major share of the market in 2023

By end-user, the market is divided into ammonia, methanol, refining/ hydrocarbon, transport, and others. The ammonia segment accounted for the largest market share in 2023, and the transport segment is expected to be the fastest-growing segment during the forecast period. The transportation sector is anticipated to increase significantly over the forecasted period. Hydrogen’s role as a fuel for the transport sector can extend beyond road transport to shipping and aviation. Shipping and aviation sectors use heavy fuel oil and jet fuel, respectively. Moreover, there are few alternatives to decarbonize these sectors, which are less readily available and more expensive than conventional fuels. Hence, hydrogen or hydrogen-based compounds can significantly decarbonize shipping and aviation.

The Europe region is accounted for the majority of market share in 2023

Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the rest of the World. Europe held majority of the hydrogen electrolyzer market share in 2022. The presence of a large number of hydrogen manufacturers across the region also acts as a favorable factor for the growth of the Europe hydrogen electrolyzer market. Some European manufacturers of hydrogen electrolyzers include Nel ASA, Siemens AG, McPhy Energy S.A., ITM Power PLC, Gaztransport & Technigaz, Green Hydrogen Systems, iGas energy GmbH, thyssenkrupp nucera, John Cockerill, H2Greem S.L., Sunfire GmbH, and Air Liquide, among others. The demand for hydrogen electrolyzers will grow faster during the forecast period in the region owing to the increased demand from automotive and industrial applications. For instance, in July 2021, Royal Dutch Shell inaugurated Europe’s largest hydrogen electrolysis facility at its Rheinland refinery in Wesseling. After a two-year construction period, the Refhyne plant, boasting a 10 MW capacity, is now operational. This facility will play a crucial role in producing green fuels and is part of a European Union-funded consortium.

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Competitive Landscape

The key players in the Hydrogen Electrolyzer Market are Nel Hydrogen, Siemens AG, McPhy Energy, ITM Power Plc, Gaztransport & Technigaz, GreenHydrogen Systems, iGas Energy GmbH, Next Hydrogen., Asahi Kasei, thyssenkrupp nucera, Hydrogenics (Cummins), Toshiba Corporation, Plug Power, John Cockerill, H2Greem, Sunfire GmbH, Bloom Energy, Air Liquide, Volkswagen AG (H-TEC SYSTEMS), and Enapter AG. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launches. For instance, in August 2022, Nel ASA decided to build a new, fully automated production line at Herøya in Norway, doubling its capacity for the production of alkaline electrolyzer stacks to ~1 GW. The growing demand for green hydrogen needs more electrolyzers and in order to match the supply Nel has increased its production sites.

Global Hydrogen Electrolyzer Market: Recent Developments

  • In September 2023, Enapter AG strategically expanded its product portfolio with the “AEM Flex 120”. This new AEM electrolyzer is specifically launched for industrial and refuelling pilot projects. This electrolyzer features up to 50 AEM Stack core modules, ensuring flexible operation and high reactivity to fluctuating renewable energy. Besides, it generates nearly 53 kg of hydrogen per day at 99.999 % purity with optional dryer. The first commercial product, created for the ABC-Klinker, a German company was presented to Enapter partners and system integrators in September in Germany. Enapter AG has set up manufacturing capacities so that delivery of further AEM Flex 120 electrolyzers can take place in 2024.
  • In May 2023, Bloom Energy began producing hydrogen from the world’s largest solid oxide electrolyzer installation at NASA’s Ames Research Center. This high-efficiency, high-temperature, unit generates 20-25% more hydrogen per MW than commercially demonstrated lower temperature electrolyzers such as alkaline or proton electrolyte membrane (PEM) electrolyzers.
  • In November 2022, Bloom Energy Corporation recently launched its high volume commercial electrolyzer line at its Newark plant, boosting the company’s electrolyzer producing capacity to two gigatonnes. Bloom may best fulfil market demands by simplifying existing production for larger volume electrolyzer output.
  • In June 2022, Plug Power Inc. planned to construct a 35-tonne-per-day green hydrogen producing facility at the Port of Antwerp-Bruges in central Europe. Plug signed a 30-year concession agreement to construct the facility at Belgium’s second-largest port in Europe. Plug intends to build a 100-megawatt green hydrogen plant on 28 acres of land leased under the agreement, using its own electrolyzer and liquefaction technology. Plug will generate up to 12,500 tonnes of liquid and gaseous green hydrogen per year for the European market.
  • In March 2022, Siemens Energy brought the hub of its hydrogen technology to Berlin by locating the industrial manufacturing of electrolysis modules there. Production is expected to begin in 2023 at the Huttenstrasse site in the Moabit neighborhood of Berlin.
  • In March 2022, Greenko ZeroC (GZC), and John Cockerill, have signed an exclusive Framework Agreement to develop market initiatives for green hydrogen electrolyzers in India. GZC and John Cockerill will pool their resources to work together on all aspects of the market evolution for green hydrogen electrolyzers, which transform clean energy into carbon-free hydrogen.

Global Hydrogen Electrolyzer Market Report Coverage

  • The report offers a comprehensive quantitative as well as qualitative analysis of the current global Hydrogen Electrolyzer Market outlook and estimations from 2023 to 2033, which helps to recognize the prevalent opportunities.
  • A thorough analysis of market trends and restraints is provided.
  • Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
  • The forecasts in this report are made by examining the recent trends along with future global Hydrogen Electrolyzer Market potential from 2023 to 2033 in terms of revenue($ Million), and Volume(Units).
  • Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the global Hydrogen Electrolyzer Market are also analyzed.
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global Security Robots industry.

Global Hydrogen Electrolyzer Market Segmentation

Market Segments

By Type

  • Proton Exchange Membrane (PEM) Electrolyzer
  • Alkaline Electrolyzer
  • Solid Oxide Electrolyzer

By Capacity

  • Below 500 kW
  • 500 kW – 2 MW
  • Above 2 MW

By End User

  • Ammonia
  • Methanol
  •  Refineries
  • Transport
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The U.K.
    • Germany
    • France
    • Spain
    • Italy
    • Netherlands
    • Sweden
    • Switzerland
    • Denmark
    • Finland
    • Russia
    • Rest of Europe
  • The Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Singapore
    • Indonesia
    • Taiwan
    • Malaysia
    • Rest of Asia-Pacific
  • Rest of the World
    • Latin America
    • The Middle East
    • Africa

Key Players