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Electrolyzer Market Size

Report ID: GMI4787
Published Date: May 2023
Report Format: PDF

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Electrolyzer Market Size

Electrolyzer Market size surpassed USD 2.8 billion in 2022 and is anticipated to expand at a staggering CAGR of 24.5% from 2023 to 2032 owing to the increasing focus toward environmental-friendly power generation solutions in line with the rising electricity demand.

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Rising deployments of clean hydrogen generation methods will boost the business scenario. The rising consumer shift toward environmental security coupled with the large-scale integration of renewables will sway the industry trend. Significant measures and laws to reduce carbon emissions along with the introduction of various projects by government authorities will boost the industry growth.

Electrolyzer Market Report Attributes
Report Attribute	Details
Base Year:	2022
Electrolyzer Market Size in 2022:	USD 2.8 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	24.5%
2032 Value Projection:	USD 78 Billion
Historical Data for:	2019 to 2021
No. of Pages:	350
Tables, Charts & Figures:	512
Segments covered:	Product, Capacity, Application, Region
Growth Drivers:	Favourable government policies Environment-friendly and a better alternative than existing options Growing electricity demand
Pitfalls & Challenges:	Lack of infrastructure

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Growing electricity demand across various industrial and commercial facilities along with an increasing focus on alternative power sources will augment the electrolyzer market landscape. Lack of appropriate infrastructure along with high initial investment are some of the challenges obstructing the business growth. However, favorable government policies, incentives, and norms for probable infrastructure growth and growing consumer inclination toward the acceptance of sustainable energy sources will foster the industry trends.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of electrolyzer exceeded USD 2.8 billion in 2022 and is expected to register 24.5% CAGR during 2023 to 2032 propelled by increasing focus toward environmental-friendly power generation solutions in line with the rising electricity demand.

The < 500 kW segment is poised to garner USD 3.7 billion revenues in 2032 as a result of growing demand across a wide array of applications including small-scale CHP plants, mobility, and off-gird electricity supply will complement the product installation.

The electrolyzer industry size from the transportation sector surpassed USD 271 million in 2022 owing to promising regulatory norms toward low-carbon emission vehicles.

Europe electrolyzer sector is slated to observe 29% growth through 2032 on account of a shift toward a hydrogen economy and favorable government policies in the region.

Hydrogenics, Nel, Proton Onsite, Siemens, Toshiba, Air Liquide, Plug Power, McPhy Energy, ITM Power, Idroenergy, Asahi Kasei, Kobelco Eco-solutions, Erredue, Green Hydrogen, Areva H2Gen, IHT, Next Hydrogen and Acta.