Electrolyzers Market Size to Reach $23.6 Billion by 2028, at a CAGR of 80.3% | MarketsandMarkets™
At a staggering growth rate of 80.3%, the global Electrolyzers Market is projected to reach a whopping USD 23.6 billion by 2028, up from an estimated USD 1.2 billion in 2023, according to a recent report by MarketsandMarkets™. The electrolyzer system harnesses electricity to split water molecules into hydrogen and oxygen, resulting in the production of hydrogen while releasing oxygen into the atmosphere. Alternatively, the leftover oxygen can be stored or captured for various industrial purposes, including the supply of medical gases. Electrolyzers can be commercialized in four primary ways: as a power source for mobility, fuel, industry, or for gas applications.
The main factors that are fueling the electrolyzers sector are the fast progress in technologies and the rising need for power derived from renewable hydrogen. Moreover, there is a noticeable increase in green hydrogen initiatives, as numerous nations prioritize investing in the development of a hydrogen-oriented economy. Consequently, investments in hydrogen infrastructure will create prospects for electrolyzers, thereby hastening the market's expansion.
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The electrolyzers market is predicted to see its second largest growth in North America.
According to estimates, North America is projected to have the second largest market share in the electrolyzers market during the predicted period. This region has been divided into the United States and Canada. The growth of the electrolyzers market in North America is primarily driven by the increasing demand from the mobility industry and the implementation of large-scale green hydrogen projects. The presence of major players and the enforcement of strict environmental regulations, which emphasize the use of lightweight and fuel-efficient vehicles utilizing fuel cells, are characteristic of this market. Several key players in the green hydrogen market are based in North America. The dominant position of North America in this market can be attributed to the growing investments in the region to meet the demand for green fuels for fuel cell vehicles, as well as favorable government policies supporting the use of fuel cell vehicles.
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It is anticipated that Europe will dominate the Electrolyzers Industry in terms of size and market presence.
It is projected that Europe will hold the dominant position in the market throughout the predicted timeframe. The primary factor fueling market expansion in this area is the growing need for environmentally-friendly hydrogen in various sectors, combined with efforts to diminish carbon emissions and seek out renewable energy options in order to achieve carbon neutrality. Furthermore, numerous countries are now investing heavily in the development of a hydrogen-dependent economy, leading to a rise in green hydrogen ventures. As a result, there will be increased opportunities for electrolyzer manufacturers due to investments in hydrogen infrastructure, ultimately driving market growth.
The prominent participants in the Electrolyzers Companies sector comprise Siemens Energy (Germany), Nel ASA (Norway), Plug Power Inc. (US), Enapter S.r.l. (Italy), Cummins Inc. (US), and various other notable firms.
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