The hydrogen electrolyzer market is likely to witness strong growth through 2030 with an impressive 10% CAGR. A new FMI study says that the pandemic is likely to negatively impact the hydrogen electrolyzer market, as key manufacturers and developers face major liquidity crunch, as investors are hesitant to finance the sector, and governments are delaying climate change policies in light of unprecedented economic uncertainty in the year ahead.
"Research and development efforts to improve the efficiency of hydrogen electrolyzer in terms of membranes and catalysts are expected to support market developments. Major changes in user awareness on renewable energy and sustainability to influence product development strategies in the long term," states the FMI analyst.
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Hydrogen Electrolyzer Market- Critical Takeaways
Innovations in solid alkaline exchange membranes are contributing to high demand for alkaline hydrogen electrolyzers.
Energy conversion applications of hydrogen electrolyzers account for significant revenue share, aided by renewable energy initiatives.
Developed regions such as Europe and North America are leading hydrogen electrolyzer markets, supported by high investments in renewable energy, and hydrogen applications in industrial verticals.
Hydrogen Electrolyzer Market- Drivers
Growing number of collaborations between private and public parties towards hydrogen applications in the power and automotive sectors.
Innovations in high pressure electrolyzer and hydrogen storage systems aid key market developments.
Hydrogen Electrolyzer Market- Restraints
Hydrogen electrolyzers are not as cost efficient as conventional hydrogen production processes, which is a key challenge for market players.
Competition from alternative renewable energy sources are hindering scope of market expansion.
Coronavirus Impact on Hydrogen Electrolyzer Market
In the short term, the coronavirus pandemic has massively impacted small scale companies, which are involved in technology development, owing to a significant shortage of cash flow, as revenues fall during the crisis, resulting in job cuts and even bankruptcy. Further, delayed environmental and climate policies are hurting hydrogen electrolysis projects. With a lack of investments, recovery of the industry is likely to be slow in the months ahead.
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Accagen SA, Siemens AG, Next Hydrogen, Nel Hydrogen, Beijing CEI Technology, McPhy Energy SA, iGas Energy GmbH, ITM Power plc, GreenHydrogen ApS, and Giner Inc. are some of the leading hydrogen electrolyzer manufacturers.
Prominent manufacturers in the hydrogen electrolyzer market are investing in large scale collaborations with public bodies to set up hydrogen power grids and backups for corporate, regional, and national applications, to set up long term, sustainable revenue streams.
For instance, Microsoft is currently experimenting with hydrogen fuel cells, and electrolyzers at power grids for load balancing applications in datacenter settings. Apex Energy has launched a 2MW zero-carbon plant, equipped with McPhy Energy electrolyzers. California based Bloom Energy is initiating sales of hydrogen electrolyzers to recharge the company's fuel cell offerings.
About the Study
The study offers readers a comprehensive assessment of the hydrogen electrolyzer market. Global, regional and national-level analysis of the latest trends influencing the hydrogen electrolyzer market is covered in this FMI report. The study provides insights according to product type (proton exchange membrane electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer), capacity (low, medium and high), output pressure (low, medium, and high), and application (ammonia, methanol, refinery, electronics, energy, power to gas, transport, metal production, pharma, food & beverage, glass, and others), in seven regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and MEA).
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 89010038