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Hydrogen Electrolyzers Market Growth to Increase with Rising Adoption of FCEVs | Technavio

·6-min read

Scope of the report

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201028005805/en/

Technavio has announced its latest market research report titled Global Hydrogen Electrolyzers Market 2020-2024 (Graphic: Business Wire)

This report provides a detailed analysis of the hydrogen electrolyzers market by type (alkaline and PEM) and geography (North America, Europe, APAC, MEA, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including AREVA H2Gen, Asahi Kasei Corp., Enapter Srl, Giner Inc., Hitachi Zosen Corp., Hydrogenics Corp., ITM Power Plc, McPhy Energy SA, Nel ASA, and Siemens AG. Increasing strategic partnerships is a key trend in the global hydrogen electrolyzers market which will lead to significant market growth. The market is witnessing a rise in the number of strategic partnerships among stakeholders, end-users, and vendors. This is resulting in the development of clean hydrogen generation technologies to create a sustainable ecosystem. All these factors are leading to a positive outlook for the hydrogen electrolyzers market.

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Hydrogen Electrolyzers Market: Segmentation by Geography

The market is segmented into five regions encompassing North America, Europe, APAC, MEA, and South America. North America was the largest market for hydrogen electrolyzers in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 40% of the market’s growth will originate from North America during the forecast period. Governments in the region are encouraging the use of fuel cells in the transportation sector, which is increasing the adoption of FCEVs and fuel cell electric buses. In addition, the growing focus on clean energy generation is increasing the scope for fuel cells and hydrogen electrolyzers across various industrial sectors in the region. The US and Canada are the key markets for hydrogen electrolyzers in North America.

Hydrogen Electrolyzers Market: Segmentation by Type

The hydrogen electrolyzers market is segmented into two segments based on the type comprising of alkaline and PEM. The alkaline segment was leading the hydrogen electrolyzers market in 2019. This is due to the low cost of alkaline hydrogen electrolyzers compared to PEM hydrogen electrolyzers. In addition, alkaline hydrogen electrolyzers support a higher MW range stack with a stable operating environment. These factors are creating significant growth potential in the segment.

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Hydrogen Electrolyzers Market: Growth Drivers

Growing adoption of fuel cell-powered vehicles will drive market growth. Fuel cells are increasingly becoming popular in the automotive industry and are widely adopted by several EV and material handling manufacturers. Fuel cells offer rapid refueling and eliminate the buffer time associated with charging and cooling, thereby making them more efficient compared to lead-acid batteries. Such benefits are increasing the adoption of fuel cells for range extension and propulsive power in the automotive industry, especially in passenger cars and material handling vehicles. In December 2018, Hyundai Motor Group announced its FCEV Vision 2030 plan. According to the plan, the company will produce 700,000 fuel cell units annually by 2030. The company is also exploring new business opportunities to supply its fuel cell systems to the manufacturers of automobiles, vessels, drones, rolling stocks, and forklifts. Thus, the rising adoption of fuel-cell-powered vehicles is expected to fuel the growth of the global hydrogen electrolyzers market during the forecast period.

Hydrogen Electrolyzers Market: Market Overview

The hydrogen electrolyzers market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. AREVA H2Gen, Asahi Kasei Corp., and Enapter Srl are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, competition from alternate technologies of hydrogen production will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Market Sizing Methodology

Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years).

Hydrogen Electrolyzers Market: Parent Market Overview

Technavio categorizes the global hydrogen electrolyzers market as a part of the global renewable electricity market within the global independent power and renewable electricity market. The parent global renewable electricity market covers companies engaged in the generation and distribution of electricity using renewable sources. The global independent power and renewable electricity market size include combined revenue generated by companies involved in the generation and distribution of independent power producers, gas and power marketing and trading specialists, and/or integrated energy merchants and renewable electricity. The market also includes manufacturers of raw material and equipment used in the solar power market.

Growth in the global renewable electricity market will be driven by the increasing number of supporting policies and targets for the deployment of renewable power.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20201028005805/en/

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