The global electrolyzers market is expected to grow from an estimated USD 1.2 billion in 2023 to USD 23.6 billion in 2028, at a CAGR of 80.3% according to a new report by MarketsandMarkets™. An electrolyzer system utilizes electricity to break water molecules into hydrogen and oxygen. Through this process, the electrolyzer system produces hydrogen, and the leftover oxygen is released into the atmosphere or can be captured or stored to supply other industrial processes or even medical gases, in some cases. There are four main ways that electrolyzers can be commercialized: power to mobility, power to fuel, power to industry, and power to gas.
The increasing investments in green hydrogen production and surge in demand for the electrolyzer based green ammonia for fertilizers production are some of the key factors accelerating the growth of the electrolyzers market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=23889518
Increasing investments in green hydrogen projects have spurred the electrolyzers market growth. Currently, there is a renewed interest in green hydrogen projects as the possible uses of hydrogen are expanding across multiple sectors, including power generation, manufacturing processes in industries such as steelmaking and cement production, fuel cells for electric vehicles, heavy transport such as shipping, green ammonia production for fertilizers, cleaning products, refrigeration, and electricity grid stabilization. As more projects are being set up, companies plan to accommodate and utilize green hydrogen in their value chain, and this, in turn, is providing lucrative opportunities for the use of electrolyzers. More private players would venture into the field with such projects and attract new and innovative companies to advance the technologies. Asia, Europe, and Australia are at the forefront of developing green hydrogen and associated technologies. Moreover, as the sizes of projects have been increasing, so is the investment required for them.
Europe is expected to be the fastest growing region of the electrolyzers industry
Europe is estimated to be the fastest-growing market during the forecast period. The market growth in this region is mainly driven by the increasing demand for green hydrogen for various applications and rising initiatives to reduce the carbon footprint and explore renewable energy sources to become a carbon-neutral region. Additionally, green hydrogen projects are increasing as many countries focus on investing in developing a hydrogen-based economy. Investments in hydrogen infrastructure will subsequently bring opportunities for electrolyzers, thus accelerating the growth of the market.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=23889518
Key Market Players:
The Electrolyzers Market is dominated by a few major players that have a wide regional presence. The leading players in the Electrolyzers Companies are Siemens Energy (Germany), Nel ASA (Norway), Plug Power Inc. (US), Enapter S.r.l. (Italy), Cummins Inc. (US), and others.
About MarketsandMarkets™:
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/electrolyzers.asp
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/electrolyzers-market-23889518.html