Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Hydrogen Electrolyzer Market (Product: Polymer Electrolyte Membrane (PEM) Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer; Application: Electro Fuels, Liquid Fuels, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2025”, forecasts that the global market for hydrogen electrolyzer is expected to grow at a CAGR of over 8% from 2018 to 2025 and reach the market value of around $350 million by 2025. A wide number of applications of hydrogen electrolyzers in industries such as glass, and electronics and chemicals where hydrogen is use as primary product and as by-product is driving the growth of this market. Total demand of hydrogen across the globe is more than 90% and depends upon fossil fuel-based resources. Only a small amount of this demand is met by hydrogen produced by water electrolysis. There are different kinds of electrolyzers available in the market like alkaline electrolyzer, polymer electrolyte membrane electrolyzer, and solid oxide electrolyzer which can differ in processing methods and operational efficiency. Hydrogen plays an important role in carrying energy that provides support for the future requirement for clean energy across the world. The plan to reduce greenhouse gas emissions and hydrogen reliance on fossil fuels for energy is driving the growth of hydrogen electrolyzer market. Moreover, the advanced developments, rise in demand for onsite hydrogen generation systems, and increasing demand of hydrogen in various industries along with upcoming technologies of green production will raise the demand for hydrogen over the forecast period. One of the key factors hampering the market growth is the transportation cost involved in long distance transfer of hydrogen as it is expensive. Also the generation cost of hydrogen is expensive relative to natural gas. The opportunity lies in developing system for hydrogen storage and high-pressure electrolyzers are anticipated to provide significant growth.
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Polymer Electrolyte Membrane (PEM) Electrolyzer Is the Fastest Growing Hydrogen Electrolyzer Type
The polymer electrolyte membrane was developed to overcome the disadvantages related to partial load, low-pressure operation, and low current density which currently disturbs the alkaline electrolyzer market. The polymer electrolyte membrane market is expected to grow over the upcoming period due to its ability to operate high current densities. The operating system results in reducing operational cost, especially systems connected with dynamic energy such as wind and solar. The lifespan of polymer electrolyte membrane electrolyzer is < 20,000 hour and the system has a life of 10-20 years. Compared to other electrolyzers, PEM is comparatively small in size and its system is reliable. Therefore, despite being costlier, the sale of PEM is expected to be on higher side over the forecast period.
Geographical Analysis
The United States has the largest petroleum-refining operations and it has the largest demand for hydrogen as hydrogen is a key processing agent in petroleum-refining operations. Hydrogen is the second largest agent for refining industries and one half of that is required for ammonia manufacturer, the largest single use. The U.S. is one of the leading nations in hydrogen electrolyzers market due to increasing concerns for the polluted environment, growing awareness and rising health issues, forced government initiative to take stringent action and to limit related issues.
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Global hydrogen electrolyzer market is segmented by product type, application and geography. Based on different types, the market is segmented into polymer electrolyte membrane (PEM) electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. Also, application is bifurcated into electro fuels, liquid fuels, and others. Based on geography, the market is classified into USA, Europe, India, China, Japan, Southeast Asia, and rest of the world.
Key Players
Some of the key players operating in the global hydrogen electrolyzer market, profiled in the report include Nel Hydrogen, Hydrogenics Corp, McPhy Energy S.A., and among others. Many companies are basically focusing on research and development in order to make the process more cost efficient by reducing over voltage of oxygen evolution reaction (OER) in electrolyzers.
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