Electrolyzer Market Is Expected to Reach $937.4 Million by 2027: Says AMR
Increase in concern toward reducing carbon emissions and decline in costs of renewable energy fuel the growth of the global electrolyzer market. Based on region, Europe contributed to the highest market share in 2019, with nearly two-fifths of the global market, and is anticipated to maintain the lead by 2027.
Portland, OR, April 12, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electrolyzer industry was pegged at $0.2 billion in 2019, and is anticipated to reach $0.9 billion by 2027, registering a CAGR of 24.6% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, top segments, top investment pockets, regional scenario, and competitive landscape.
Increase in concern toward reducing carbon emissions and decline in costs of renewable energy fuel the growth of the global electrolyzer market. On the other hand, limited technological advancements hamper the market growth. However, favorable government policies encouraging electric vehicles usher an array of new opportunities in the coming years.
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Covid-19 Scenario
- The restrictions imposed during the lockdown affected the demand for electrolyzers. The supply chain disruptions had also impacted the sales of the market negatively.
- However, the government bodies and companies are taking initiatives to restart their businesses, which would help the industry to recoup soon.
The global electrolyzer market is segmented on the basis of product, capacity, application, and region. Based on capacity, the from 500 kW to 2 MW segment held the highest market share in 2019, with around half of the global electrolyzer market, and is expected to maintain its dominance throughout the forecast period. On the other hand, the above 2 MW segment is expected to portray the fastest CAGR of 25.0% from 2020 to 2027.
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Based on product, the alkaline electrolyzer segment dominated with the largest market share in 2019, holding nearly three-fifths of the global market, and is anticipated the lead the trail throughout the forecast period. On the other hand, the PEM Electrolyzer segment is also anticipated to manifest the highest CAGR of 25.1% from 2020 to 2027.
Based on region, Europe contributed to the highest market share in 2019, with nearly two-fifths of the global market, and is anticipated to maintain the lead by 2027. Conversely, the market across Asia-Pacific is expected to showcase the fastest CAGR of 25.1% during the forecast period. Other regions studied in the report include LAMEA and North America.
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Leading market players profiled in the report include Hydrogenics, Nel ASA, Siemens Energy Global GmbH, Co. KG. AG, Toshiba, Air Liquide, Plug Power, McPhy Energy, ITM Power, Idroenergy, and Next Hydrogen.
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