The electrolyzer market has witnessed considerable expansion over the years supported by the large-scale adoption of renewable energy solutions and development of hydrogen infrastructures. Similar to electric vehicle, hydrogen-driven automobiles are gaining demand across the world.
Strict rules regarding adoption of sustainable technology to reduce carbon-emission levels will support expansion of production capacity by hydrogen electrolyzer manufacturers. Electrolyzers are basically a electrochemical device that converts electricity & water into oxygen and hydrogen.
Intensifying significance and use of hydrogen as a feedstock in mining, chemical, food and beverage, glass, and semiconductor sector will accelerate the demand for electrolyzers.
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Enlisted below are some of the factors expected to drive the market size through 2030.
Large-scale EV adoption in North America
North America has emerged as a key revenue pocket for electrolyzer firms as the region witnessing rising demand for hydrogen-powered trucks and vehicles along with the adoption of electric vehicles to reduce the carbon emission levels.
Many leading automobile companies in the region are introducing electric and hydrogen powered vehicle to help the nation meet its sustainability goals. Refurbishment of existing gas and liquid infrastructure used to transport fuels will also drive the business scale.
Competitive market environment
Electrolyzer industry is inclusive of some of the leading market players that are constantly developing novel technologies to provide sustainable solutions to people globally. Electrolyzer companies are forming strategic partnerships, mergers, and acquiring other related firms to meet their expansion goals and increase market presence.
In August 2021, U.S.-based- Ohmium International announced the establishment of an electrolyzer Gigafactory in India through its Bengaluru-headquartered arm- enArka India. The factory is slated to produce Proton Exchange Membrane technology-led electrolyzers to manufacture green hydrogen with an initial capacity of 500 MW of electrolysis equipment each year.
Rising large-scale electrification programs
<500 kW capacity electrolyzers have witnessed notable adoption due to new development across the commercial industry and shifting focus towards green electricity generation.
These electrolyzes are used across small-scale CHP plants, mobility electricity, and off-grid supply will accelerate product adoption in the forthcoming years. Large-scale electrification programs and a growing need for smart establishments will further boost the demand for <500 kW capacity electrolyzer.
To sum up, adoption of hydrogen fuel-cell electric vehicles as compared to traditional automobile solutions along with growing adoption of hydrogen as a clean source of energy will drive electrolyzer demand.
Moreover, ongoing efforts taken by governments across the globe to adopt carbon-efficient solutions in a bid to reduce global warming effects will continue to drive the sale of electrolyzers.
The integral use of these systems is to help convert water into hydrogen and oxygen. Growing industrialization across developing economies and commercialization of hydrogen to meet the energy-efficient targets will drive the business scenario.
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