Electrolyzer market is anticipated to grow at a significant CAGR of 22.7% during the forecast period. The growing utilization of hydrogen as a green fuel is accelerating the growth of the global electrolyzer market during the forecast period. Green hydrogen is hydrogen produced by splitting water into hydrogen and oxygen using renewable electricity, it emits a negligible amount of carbon. Hence, supports reducing the carbon footprint in different sectors such as transportation, electricity, chemical manufacturing, and others. Hydrogen fuel can be produced through several methods, the most common methods today are natural gas reforming (a thermal process), and electrolysis.
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Strict government norms & policies support a sustainable environment with a positive outlook for a clean environment, which in turn is propelling the demand for the electrolyzer by key manufacturing and processing companies. For instance, in June 2021, Tata Motors Ltd. bagged an order of 15 hydrogen-based fuel cell buses from Indian Oil Corporation Ltd. These coaches would be used by Indian Oil to evaluate the potential of developing hydrogen-based PEM fuel-cell technology in India. IndianOil through cutting-edge R&D is committed to strengthening the production and supply chain of hydrogen energy across the country. Additionally, the company also announced to establish around 1 ton/ day hydrogen production pilot plants based on 4 innovative pathways besides collaborating with Tata Motors for fuel cell research.
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by Type (Traditional Alkaline Electrolyzer and Polymer Electrolyte Membrane (PEM) Electrolyzer), and
by Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heat & Power, and Others)
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Market Players Outlook
The major companies serving the global electrolyzer market include Nel ASA, Asahi Kasei Corp., Shandong Saikesaisi Hydrogen Energy Co., Ltd., Teledyne Energy Systems, Inc., Siemens AG, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in 2020 Asahi Kasei Corp. and it’s subsidiary Asahi Kasei Engineering Corp. started operating hydrogen supply in the alkaline water electrolysis system. The companies established a production scale of 10 MW in Namie, Futaba, Fukushima, and Japan.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global electrolyzer market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market
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