PEM Electrolyzer Market Size

PEM Electrolyzer Market Size

PEM Electrolyzer Market was valued at USD 8.5 billion in 2023 and is anticipated to grow at a CAGR of 24.6% from 2024 to 2032. A PEM (Proton Exchange Membrane) electrolyzer is a type of electrolysis device that utilizes a proton exchange membrane to split water (H?O) into hydrogen (H?) and oxygen (O?) through an electrochemical reaction. PEM electrolyzers are commonly used to produce hydrogen gas, which can be utilized in various applications across different sectors.

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Major economies are continuously developing supportive hydrogen strategies as part of the wider climate & clean energy related targets, thereby supporting the business dynamics. Growing adoption of hydrogen generation along with the rising energy requirement will create better market for the hydrogen & electrolyzer industry. Moreover, technological advancements hold potential to create several opportunities leading to sustainable economic growth by creating more employment in various industries which will strengthen the industry landscape.

Close coordination between various industry stakeholders along with the government efforts to further broaden the existing policy framework will contribute to achieve greater energy security and economic development. Ongoing electrification programs across the developing economies along with wide scale integration of renewable energy sources has also resulted in the demand for large scale use of efficient and low-cost energy storage sources will complement the product penetration. Additionally, Significant private and public sector efforts across economies to establish a clean, safe, innovative and competitive hydrogen ecosystem to achieve carbon neutrality targets will boost the industry statistics.