The Hydrogen Electrolyzer report covers comprehensive information about the trends and volume (units) & value (US$ Mn) projections. Additionally, it also provides information regarding recent developments, market dynamics and competition dashboard of the global Hydrogen Electrolyzer market for the period 2018 to 2028.
The global Hydrogen Electrolyzer market is estimated to register a CAGR of 7.2% in between 2018 and 2028 and the market is expected to reach US$ 426.3 Mn by the end of 2028. Some of the key factors which will fuel market growth of the Hydrogen Electrolyzer market are increasing disposable income in emerging economies and favorable government initiatives to promote end-use industry growth.
Increasing Demand from Hydro-Processing Industry Driving Hydrogen Demand
In recent times, there has been a rise in the use of hydrogen in refinery hydro-processing due to the increasing number of secondary end-user industries. This factor has been largely contributing to the growth of the hydrogen market at a global level. Also, growing demand for hydrogen in ultra-low sulfur diesel fuels in the Kingdom of Saudi Arabia, Iran and Qatar will add to the growing demand. Furthermore, there has also been a rise in demand for eco-friendly fuels as an energy source, especially in developed countries, which has, in turn, been driving the demand for hydrogen and thus, the Hydrogen Electrolyzer market.
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Application of Hydrogen Electrolyzers in Transport Segment Expected to Grow at a Significant Pace in Western Europe
In Western Europe, the demand for Hydrogen Electrolyzers is being driven by the growth of end-use industries since the last couple of years. Hydrogen is being considered as an alternative clean fuel in the region. The demand for Hydrogen Electrolyzers in refinery hydro processing is gaining traction, which in turn, is driving the demand for Hydrogen Electrolyzers in the region.
Steam Methane Reforming Expected to Remain Preferred Hydrogen Manufacturing Method
By production type, at a global level, the hydrogen generation steam methane reforming method is expected to make the highest contribution to the Hydrogen Electrolyzer market. This is due to the fact that this technology has been finding a vast number of applications across end-use industries for the manufacturing of hydrogen. For instance, it is used for the production of various chemicals, manufacturing of pharmaceuticals and hydrogenation of oil. Also, the preferential use of steam methane reforming is due to the relatively higher efficiency of this method vis-à-vis other manufacturing processes and the fact that this is a relatively mature technology. Hence, the dominance of hydrogen manufacturing by steam methane reforming is expected to continue in future.
Establishment of Public-Private Partnerships to Encourage Growth of Hydrogen Infrastructure Fuelling Market Growth
The future potential of hydrogen as an alternative fuel due to its environment-friendly & sustainability features is positive. Hydrogen will be used as a fuel for internal combustion engines and will also find applications in the automotive & transportation industry. Hydrogen is also likely to be used in fuel cells for electricity generation in future. Hence, many countries have been encouraging & establishing public-private partnerships to encourage the development of hydrogen fuel-based infrastructure.
Hydrogen Electrolyzer Market – Competitive Landscape
The global Hydrogen Electrolyzer market is highly consolidated. The top five key players in the Hydrogen Electrolyzer market are estimated to hold more than two-third of the market volume share in 2018. In addition, small players are planning to invest in R&D to introduce new categories in the Hydrogen Electrolyzer market.
During the last decade, the Hydrogen Electrolyzer market witnessed productive developments. Capacity expansions, collaborations and acquisitions are some of the favorite key strategies opted by key producers to sustain in the global Hydrogen Electrolyzer market.
- Globally, Western Europe is one of the key consumers of Hydrogen Electrolyzers. Key manufacturers are planning to increase their market share by entering into strategic partnerships with other players or by entering into joint ventures
- Some of the key manufacturers are planning to introduce innovative manufacturing processes for Hydrogen Electrolyzersto reduce the final price of the product
- The distribution of Hydrogen Electrolyzersthrough online distribution channels is an alternative strategy being adopted by global key manufacturers to reinforce their market presence in the global market
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Some of the prominent players covered in this study on the Hydrogen Electrolyzer market are The Siemens AG, Nel Hydrogen, McPhy Energy S.A, ITM Power Plc, Tianjin Mainland Hydrogen Equipment Co. Ltd, Hydrogenics, Areva H2Gen, ELB Elektrolysetechnik GmbH, GreenHydrogen.dk ApS, Giner Inc, iGas Energy GmbH, Beijing CEI Technology Co., Ltd, Next Hydrogen and Accagen SA, etc.