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Electrolysis Hydrogen Generation Market Trends

Report ID: GMI7906
Published Date: Jan 2024
Report Format: PDF

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Electrolysis Hydrogen Generation Market Trends

Growing emphasis on utilizing renewable energy sources along with Increasing efforts to scale up the capacity of electrolyzers, making them more efficient and cost-effective will drive the industry statistics. Ongoing research and development in electrolyzer technologies, with a focus on improving efficiency, durability, and reducing the overall costs of hydrogen production. Increased collaboration between countries, industries, and research institutions to support the hydrogen economy will augment the product penetration.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of electrolysis hydrogen generation was reached USD 13.1 billion in 2023 and is anticipated to surprass USD 24.2 billion by 2032, driven by increasing awareness of the environmental impact of the conventional hydrogen production methods.

The transportation application grew at a decent pace in 2023 and will reach USD 6.9 billion by 2032, d riven by the utilization of hydrogen as a fuel across the transportation sector along with rising interest in hydrogen-powered vehicles.

Europe Electrolysis hydrogen generation industry will grow at a CAGR of more than 7.5% through 2032, driven by large scale investments by private authorities and funding programs by major government authorities to bring in the energy transition.

Cummins Inc., Siemens Energy, Air Liquide, Plug Power Inc., Nel ASA, TAIYO NIPPON SANSO CORPORATION, Teledyne Technologies Incorporated, McPhy Energy S.A, HyGear, Claind srl, RESONAC HOLDINGS CORPORATION are some of the major industry contenders.