According to a new report published by UnivDatos Markets Insights, the Green Hydrogen Electrolyzers Market was valued at USD 800 million and is expected to grow at a CAGR of 16% from 2022-2028. The analysis has been segmented into Technology (Alkaline Electrolyzer, PEM Electrolyzer, SO Electrolyzer); Capacity (≤ 500 kW, > 500 kW - 2 MW, above 2 MW); Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heating & Power, Others); Region/Country.
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The Green Hydrogen Electrolyzers market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Green Hydrogen Electrolyzers market. The Green Hydrogen Electrolyzers market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Green Hydrogen Electrolyzers market at the global and regional levels.
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Market Overview
Green hydrogen is the production of hydrogen by water electrolysis, so the electricity is sourced from zero-carbon (renewable) energies. Electrolysis is the process of utilizing electricity to split water into hydrogen and oxygen. The different processes used for hydrogen production include traditional alkaline electrolysis, solid oxide, and PEM electrolysis. The technical and economic advantages of hydrogen electrolyzer include producing pure hydrogen, and producing hydrogen on-site, and is expected to be a low-cost method for producing highly efficient hydrogen during the foreseeable future.
Moreover, factors that are driving the market size of hydrogen electrolyzer such as surging demand for hydrogen as a feedstock across the chemical and other industries along with a positive outlook toward industrial base expansion will energize the business scenario. Increasing research & development activities to produce green hydrogen coupled with rising government spending on H2 energy design & development programs will influence product penetration over the forecast timeline. For instance, in 2019, IEA introduced multiple policy targets including the Green Act for a variety of sectors.
Green Hydrogen, Areva H2gen, Giner Inc., Enapter S.r.l., MVS Engineering Pvt. Ltd, Pure Energy Centre, Cummins Inc., ITM Power plc, McPhy Energy S.A, and Siemens AG.
COVID-19 Impact
The sudden outbreak of coronavirus has caused a health emergency across the globe that has significantly affected various industrial verticals. The pandemic has halted activities in various industries due to the surge in active virus cases that led to the urgent shutdown of ongoing work. The economic crisis following the Covid-19 pandemic had caused significant delays to the adoption and commercial roll-out of clean hydrogen. Moreover, devastating economic conditions have reduced and, in some countries, the government has stopped investment on H2 energy design and development programs which also has an adverse impact on the market.
The global Green Hydrogen Electrolyzers market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on capacity, the green hydrogen electrolyzer market is classified into ≤ 500 kW, > 500 kW - 2 MW and Above 2 MW. The electrolyzer with a capacity > 500 kW to 2MW dominated the market share owing to ongoing electrification programs across off grid/rural areas along with growing industrialization will fuel the market outlook. For instance: in Jan 2021, Cummins installed 20MW PEM electrolyzer to Air Liquide for a green hydrogen production facility in Bécancour, Québec. The Cummins PEM electrolyzer can produce more than 3,000 tons of hydrogen annually using clean hydropower.
· Based on application, the green hydrogen electrolyzer market is segmented into power generation, transportation, industry energy, industry feedstock, building heating & power, and others. The power generation segment caters considerable market share. It is mainly owing to an increasing proportion of renewables coupled with increasing infrastructural investments across the commercial sector and the growing need for energy imports that will energize the industry dynamics. In addition, surging investments in the development of technologies for the desulfurization of petroleum products along with the upgrade & expansion of refineries to comply with clean energy targets will augment the market demand for hydrogen electrolyzers.
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Green Hydrogen Electrolyzers Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the de-carbonization strategy of the European Commission which is part of the EU Green deal and includes the latest push of the region for wider adoption of low-carbon technologies including clean hydrogen. The European Commission is setting up a “Hydrogen Energy Network” with the help of an informal group of experts composed of representatives from the ministries who oversee energy policies in the EU member states. The “hydrogen Initiative” declaration has been signed by 28 countries promoting the usage of sustainable hydrogen technologies. This aims to accelerate the H2 technologies market in energy and transport.
The major players targeting the market include
· Sinohydro Corporation
· General Electric
· Northland Power, Inc.
· Eskom Holdings SOC Ltd
· Nevada Hydro Corporation
· Enel Spa
· Greenko Energy
· Tata Power
· Toshiba Energy System & Solutions Corporation
· Absaroka Energy
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Green Hydrogen Electrolyzers market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Green Hydrogen Electrolyzers market?
• Which factors are influencing the Green Hydrogen Electrolyzers market over the forecast period?
• What are the global challenges, threats, and risks in the Green Hydrogen Electrolyzers market?
• Which factors are propelling and restraining the Green Hydrogen Electrolyzers market?
• What are the demanding global regions of the Green Hydrogen Electrolyzers market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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