The ‘Global Hydrogen Electrolyser Market Share, Size, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of global hydrogen electrolyser market size expected to reach USD 1.25 billion by 2028, growing at a CAGR of 8.7% during the forecast period.
Hydrogen electrolyser is a device used for the production of hydrogen through water electrolysis. This process involves splitting water molecules into hydrogen and oxygen gas using electricity. The hydrogen produced through this process is used in various industries such as transportation, power generation, and industrial applications. The growing demand for hydrogen as a clean energy source is expected to drive the growth of the hydrogen electrolyser market.
Segmentation
Based on product type, the hydrogen electrolyser market is segmented into alkaline electrolyser, polymer electrolyte membrane (PEM) electrolyser, solid oxide electrolyser, and others. The PEM electrolyser segment is expected to dominate the market owing to its high efficiency and low cost.
Based on capacity, the market is segmented into up to 500 kW, 500-2,000 kW, and above 2,000 kW. The up to 500 kW segment is expected to dominate the market owing to the growing demand for small-scale hydrogen production systems.
Based on application, the market is segmented into power generation, transportation, industrial gases, energy storage, and others. The transportation segment is expected to dominate the market owing to the growing demand for fuel cell electric vehicles.
Regional Analysis
Based on geography, the hydrogen electrolyser market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Europe is expected to dominate the market owing to the growing investments in the development of hydrogen infrastructure and the increasing adoption of fuel cell vehicles. The Asia-Pacific region is expected to witness significant growth owing to the increasing demand for hydrogen as a clean energy source in countries such as Japan and South Korea.
Trends and Drivers
One of the major trends driving the growth of the hydrogen electrolyser market is the increasing adoption of renewable energy sources. The growing need to reduce carbon emissions has led to the increased use of renewable energy sources such as wind and solar power. The use of these renewable energy sources in the production of hydrogen through water electrolysis is expected to drive the growth of the hydrogen electrolyser market.
The growing demand for fuel cell electric vehicles is also expected to drive the growth of the hydrogen electrolyser market. Fuel cell electric vehicles use hydrogen as a fuel, and the demand for these vehicles is increasing owing to their low carbon emissions and high efficiency.
The high cost of hydrogen production through conventional methods is expected to drive the growth of the hydrogen electrolyser market. The use of hydrogen electrolysis for the production of hydrogen is expected to reduce the cost of hydrogen production and increase its adoption.
Outlook and Forecast
The global hydrogen electrolyser market is expected to witness significant growth in the forecast period of 2023-2028. The market size is expected to reach USD 1.4 billion by 2028, growing at a CAGR of 8.7% during the forecast period. The growing demand for hydrogen as a clean energy source, increasing adoption of renewable energy sources, and the growing demand for fuel cell electric vehicles are expected to drive the growth of the hydrogen electrolyser market.
The Asia-Pacific region is expected to witness significant growth owing to the increasing demand for hydrogen as a clean energy source in countries such as Japan and South Korea. The PEM electrolyser segment is expected to dominate the market owing to its high efficiency and low cost. The up to 500 kW segment is expected to dominate the market owing to the growing demand for small-scale hydrogen production systems.
