This research publication, filled with incisive market insights, surfaces several reasons owing to which the global hydrogen electrolyzer market has caught steam in the recent years. The global hydrogen electrolyzer market is estimated to account for a market value of US$ 181.6 Mn by the end of 2017 and is likely to reach a value of more than US$ 350 Mn by the end of 2027. The global hydrogen electrolyzer market is anticipated to grow at a robust growth rate and is poised to register a CAGR of 7.0% throughout the period of forecast, 2017 to 2027.
Global Hydrogen Electrolyzer Market: Regional Analysis by Product Type
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Western Europe is estimated to grow at a significant growth rate and is expected to reflect a market value of US$ 35.2 Mn with respect to the PEM (Polymer Electrolyte Membrane) segment by product type, followed by Middle East and Africa, Asia Pacific excluding Japan and North America in this segment. Asia Pacific excluding Japan (APEJ) region is poised to witness the highest growth rate as compared to other regions throughout the period of forecast. Europe region depicts a higher market value with respect to solid oxide electrolyzer segment by product type followed by Asia Pacific excluding Japan (APEJ), Latin America and North America respectively. Europe also dominates the global hydrogen electrolyzer market by the alkaline electrolyzer segment by reflecting a high market value of around US$ 50 Mn by 2027 end, and is followed by Asia Pacific excluding Japan (APEJ), North America and Latin America. To infer, Western Europe dominates the global market by region in all three segments by product type and it would be wise to make investments in Western Europe and Asia Pacific excluding Japan (APEJ) regions.
Alkaline Electrolyzer segment set to dominate the global hydrogen electrolyzer market
The global hydrogen electrolyzer market by product type includes PEM Electrolyzer segment, Alkaline Electrolyzer segment and Solid Oxide Electrolyzer segment. The alkaline electrolyzer segment dominated the global hydrogen electrolyzer market in 2016 by reflecting a higher market value of US$ 100.9 Mn and is expected to reach a value of US$ 107.4 Mn by the end of 2017. This dominating trend of this segment is more likely to continue till the end of 2027 and is anticipated to reach a value of more than US$ 190 Mn. The PEM electrolyzer segment is poised to register a higher growth rate compared to alkaline and solid oxide electrolyzer segments and is poised to exhibit a CAGR of 8.0% during the period of forecast, 2017-2027. Solid oxide electrolyzer segment is expected to witness sluggish growth rate and a comparatively low market value throughout the forecast period.
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Global Hydrogen Electrolyzer Market: Growth Propelling Aspects
There has been a rise in the requirements for hydrogen from the hydro processing industry, which has spurred the demand for hydrogen and hence the hydrogen electrolyzer market.
In Europe, the demand for hydrogen is being driven by the growing requirement to curb carbon content in the atmosphere and hence, hydrogen is being considered as an alternative clean fuel, which has propelled the growth of the global hydrogen electrolyzer market in this region.
In the North America region, especially the U.S., the rising demand for low-sulphur and ultra-low sulphur gasoline and diesel fuels on account of stringent motor vehicle emission legislations has been driving the demand for hydrogen in refineries, as a part of achieving superior fuel products. This requires the usage of hydrogen in refinery hydro processing and drives market demand for hydrogen thus contributing to the growth of the global hydrogen electrolyzer market in North America.
Aspects such as increasing demand for electric power, efforts for integration of compressing systems into electrolyzers in order to reduce operating costs and establishment of private-public partnerships to encourage hydrogen infrastructure are fuelling the global market growth for hydrogen electrolyzers.
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