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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Electrolyser Market Growth
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.
Electrolyser Market Report Snapshots
*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.*
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Key Questions Answered in the Report
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.
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