June 07, 2021
According to the research report titled ‘Global Hydrogen Electrolyzer Market (Value, Volume) - Analysis By Product, Application, By Region, By Country (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)’, available with Market Study Report LLC, global hydrogen electrolyzer market is anticipated to showcase lucrative growth trends between 2021 and 2026.
Rising demand for low space utilizing and highly efficient energy storage systems to manage the electricity produced from wind, solar, and hydropower generation units is the major factor driving the growth of global hydrogen electrolyzer market. Additionally, widespread deployment of renewable power generation units around the world along with increasing investments for sustainable technologies are further bolstering the industry share.
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For the record, electrolyzers are mostly used to produce hydrogen by means of electrolysis of water. They are commonly used in the automotive sector for fuel cell electric vehicles considering that hydrogen can store abundant energy and release it when required for industrial use.
Based on product ambit, global hydrogen electrolyzer market is segmented into proton exchange membrane electrolyzer, solid oxide electrolyzer, and alkaline electrolyzer. As cited in the report, alkaline electrolyzer segment is leading the market growth graph currently.
Speaking of application range, the industry is divided into power plants, industrial gases, energy storage, and power to gas among others. Among these, power plants segment holds a significant share in the overall market.
Geographically, North America, Europe, and Asia Pacific are the key contributors to the overall hydrogen electrolyzer industry value.
The report claims North America account for a significant market share and is expected to show lucrative growth trends over the forecast duration, owing to collective investments by the government to enhance the renewable energy production and reduce the production of electricity from coal-powered stations.
Leading players in the worldwide hydrogen electrolyzer industry space include Loop Energy Inc., Green Hydrogen Systems, ERGOSUP, Areva H2Gen, Giner Inc., Plug Power Inc., ITM Power, McPhy, Hydrogenics, and Nel ASA.