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Rising Demand for PEM Electrolysers for Hydrogen Production to Aid the Market Growth
Based on product, the increasing demand for proton exchange membrane (PEM) electrolysers, owing to their exceptional benefits, is supporting the market growth. It offers several advantages over other electrolyser systems, such as fast response, high pressure, and pure hydrogen production. Additionally, proton exchange membrane provides benefits, such as lower gas permeability, high proton conductivity, lower thickness, and high-pressure operations. It offers compact design, high current density, small footprint, and can operate under lower temperatures. Further, the ease with which PEM electrolysis plants can be balanced makes them more attractive for a range of industrial applications. The initiatives taken by manufacturers towards offering PEM electrolysers with high delivery pressure, which is suitable for on-site storage, and the availability of mega-Watt scale PEM are aiding the electrolyser market growth. Over the forecast period, substantial research to improve the PEM water electrolysis components for more cost-effectiveness, coupled with the rapid developments in PEM water electrolysis technology including high performance electrocatalysts, is likely to stimulate the market growth.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Electrolyser Market Analysis
8.1 Key Industry Highlights
8.2 Global Electrolyser Historical Market (2018-2023)
8.3 Global Electrolyser Market Forecast (2024-2032)
8.4 Global Electrolyser Market by Product
8.4.1 Alkaline Electrolyser
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Solid Oxide Electrolyser
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 PEM Electrolyser
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Electrolyser Market by Capacity
8.5.1 Less than 500 kW
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 500 kW - 2 MW
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Above 2 MW
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Electrolyser Market by Application
8.6.1 Transportation
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Power Generation
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Industry Feedstock
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Industry Energy
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Building Heating and Power
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.6 Others
8.7 Global Electrolyser Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Electrolyser Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Electrolyser Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Electrolyser Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Electrolyser Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Electrolyser Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Cummins, Inc.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Nel ASA
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Siemens AG
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 McPhy Energy S.A.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 ITM Power PLC
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electrolyser Market: Key Industry Highlights, 2018 and 2032
2. Global Electrolyser Historical Market: Breakup by Product (USD Million), 2018-2023
3. Global Electrolyser Market Forecast: Breakup by Product (USD Million), 2024-2032
4. Global Electrolyser Historical Market: Breakup by Capacity (USD Million), 2018-2023
5. Global Electrolyser Market Forecast: Breakup by Capacity (USD Million), 2024-2032
6. Global Electrolyser Historical Market: Breakup by Application (USD Million), 2018-2023
7. Global Electrolyser Market Forecast: Breakup by Application (USD Million), 2024-2032
8. Global Electrolyser Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Electrolyser Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Electrolyser Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Electrolyser Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Electrolyser Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Electrolyser Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Electrolyser Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Electrolyser Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Electrolyser Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Electrolyser Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa Electrolyser Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Electrolyser Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global Electrolyser Market Structure
In 2023, the global electrolyser market attained a value of nearly USD 461.85 million.
The market is assessed to grow at a CAGR of 27.30% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach almost USD 4,054.68 million by 2032.
The major market drivers include the rising energy consumption, increasing application of hydrogen produced from electrolysers in hydrogen fuel cells to generate electricity, rapid adoption of electric vehicles, and growing demand for PEM electrolysers.
The key trends guiding the growth of the market include the emerging need for clean energy sources like hydrogen, favourable government initiatives, and increasing research activities to develop improved electrolyser technology.
The major regions are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant products explored in the market report include alkaline electrolyser, solid oxide electrolyser, and PEM electrolyser.
The various capacities of electrolyser include less than 500 kW, 500 kW - 2 MW, and above 2 MW.
The different applications of electrolyser include transportation, power generation, industry feedstock, industry energy, and building heating and power, among others.
The major players in the market are Cummins, Inc., Nel ASA, Siemens AG, McPhy Energy S.A., and ITM Power PLC, among others.
The global electrolyser market attained a value of nearly USD 461.85 million in 2023, driven by the rising use of water electrolysis method as a result of the emerging need for clean energy sources like hydrogen. Aided by the advancements in electrolyser technology, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 27.30%. The market is estimated to reach about USD 4,054.68 million by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The market for electrolyser, by product, is divided into alkaline electrolyser, solid oxide electrolyser, and PEM electrolyser. Based on capacity, the market is segmented into less than 500 kW, 500 kW - 2 MW, and above 2 MW. On the basis of application, the market is classified into transportation, power generation, industry feedstock, industry energy, and building heating and power, among others. The major regional markets for electrolyser are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Cummins, Inc., Nel ASA, Siemens AG, McPhy Energy S.A., and ITM Power PLC, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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