Global Electrolyzer Market Set for Exponential Growth, Forecasted to Reach USD 42.4 Billion by 2034, Driven by the Surge in Green Hydrogen Adoption | Future Market Insights, Inc.
The global electrolyzer market is experiencing rapid growth, driven by the shift to green energy and increasing demand for hydrogen across industries. With strong government support and ongoing technological advancements, electrolyzers are becoming crucial in the clean energy transition.
NEWARK, Del, Sept. 04, 2024 (GLOBE NEWSWIRE) — According to Future Market Insights (FMI), the global
Challenges Faced by the Electrolyzer Market:
Despite the promising growth outlook, the electrolyzer market faces several challenges:
- High Capital Costs: The initial investment required for setting up electrolyzer facilities remains high, which can be a barrier to entry for many potential players in the market.
- Infrastructure Limitations: The current hydrogen infrastructure is underdeveloped, particularly in terms of storage and distribution. Significant investments are needed to build a robust supply chain that can support large-scale hydrogen deployment.
- Energy Source Dependency: The viability of green hydrogen is heavily dependent on the availability of low-cost renewable energy. In regions where renewable energy is not abundantly available or remains costly, the economics of green hydrogen production can be challenging.
- Technological Hurdles: While advancements are being made, there are still technological challenges related to the efficiency and longevity of electrolyzers, particularly in harsh industrial environments.
Explore the Detailed Report for Full Industry Insights! https://www.futuremarketinsights.com/reports/electrolyzer-market
Key Players:
- Nel Hydrogen (Norway)
- Asahi Kasei (Japan)
- Hydrogenics (Canada)
- Shandong Saikesaisi Hydrogen Energy Co., Ltd. (China)
- Teledyne Energy Systems (United States)
- Siemens Energy (Germany)
- Kobelco Eco-Solutions (United States)
- ITM Power (United Kingdom)
- Ballard Power Systems (Canada)
- McPhy Energy (France)
- Plug Power (United States)
- ABB (Switzerland)
- De Nora (Italy)
- Green Hydrogen Systems (Denmark)
Regional Analysis:
The USA electrolyzer market is set to grow at 25% CAGR, reaching USD 7.6 Billion by 2034, driven by eco-friendly energy demands. The UK, China, Japan, and South Korea also see significant growth, fueled by investments, clean energy needs, and tech advancements.
Electrolyzer Market Segmentation Analysis:
By Type:
- PEM Electrolyzer
- Alkaline Electrolyzer
- Solid Oxide Electrolyzer
By Capacity:
- ≤ 500 kW
- 500 kW to 2 MW
- Above 2 MW
By Application:
- Steel plant
- Power plants
- Electronics and photovoltaics
- Energy storage for fuel cells
- Industrial gases
- Power to gas
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
Browse FMI’s Electrolyzer Market Report Coverage from Different Publications:
Electrolyzer Market from USD 4.7 Billion to USD 42.4 Billion by 2034, Fueled by Green Hydrogen Revolution | Future Market Insights, Inc.
Electrolyzer Market Projected to Reach at USD 159.74 Billion by 2033 with a 32.21% CAGR | Future Market Insights, Inc.
About the Industrial Automation Domain at Future Market Insights:
The Industrial Automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore Future Market Insights, Inc. Extensive Coverage in Industrial Automation Domain:
The global hydrogen electrolyzer market revenue is estimated to be worth USD 651.6 million in 2024.
The global water electrolysis machine sales are expected to be valued at around USD 25.5 billion at the end of 2033.
The global produced water treatment system market size to exceed USD 8.41 billion by the end of 2034.
The global hydrogen detection market share is projected to drive past USD 800 million by 2034 end.
The global gas detection equipment market valuation is anticipated to surpass USD 6,801.6 million in 2034.
The global hydrogen combustion engine market revenue share to reach USD 46.31 Billion mark by 2033.
The global lead acid battery market was valued at USD 59.7 billion in 2023. It is further projected to witness a 4.8% y-o-y growth in 2024 and reach USD 62.6 billion in the same year.
The global electrochromic glass and devices market analysis report states that the industry will reach USD 8,519.7 Million by 2032.
The USA hydrogen electrolyzer market value is forecasted to exceed USD 790.8 million by 2033 end.
The global modular construction market size is anticipated to reach USD 199.11 billion by the end of 2033.
About Future Market Insights (FMI):
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, US and India. FMI’s latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: [email protected]
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
