The global Electrolyzer market is anticipated to grow at a considerable CAGR of 22.7% during the forecast period. Increasing demand for Hydrogen for various applications is boosting the global Electrolyzer market growth. Hydrogen gas is a highly proficient, clean-burning fuel mainly used to produce chemicals such as ammonia and methanol. Ammonia (NH3) is an essential part of fertilizers used in agriculture industries. Ammonia is a basic building block for ammonium nitrate fertilizer, which releases nitrogen, an essential nutrient for growing plants, including farm crops and lawns. As per the news published by the American Chemical Society (ACS Publications and C&EN), between 75% to 90% of the ammonia produced across the globe is used in fertilizer. Additionally, around 50% of the global food production relies on ammonia fertilizer, to sustain food production for billions of people. Ammonia is also used to purify water supplies and as a building block in the manufacturing of several products such as plastics, explosives, fabrics, pesticides, and dyes. Thus, such factors have accelerated the trading activities for ammonia owing to the rising demand and several benefits associated. According to the Observatory of Economic Complexity, in 2020, the top importers of ammonia were India ($1.4 billion), the US ($781 million), South Korea ($412 million), Morocco ($328 million), and Brazil ($322 million), which shows the increasing demand for ammonia across the globe.
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The global electrolyzer market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. The Europe market is anticipated to grow at a fastest CAGR during the forecast period owing to the increasing investments and introduction of supporting regulatory structure by governments. These investments are inclined towards expanding the grid infrastructure networks to support the installation of renewable energy, which in turn propelling the market growth. According to the European Commission, the publication of the REPowerEU plan in May 2022, the European Commission completed the implementation of the European hydrogen strategy. The REPowerEU plan’s ambition is to produce 10 million tonnes and import 10 million tonnes of renewable hydrogen into the EU by 2030. Through this, the region aims to accelerate the uptake of renewable hydrogen, ammonia, and other in sectors including transport, and energy-intensive industrial processes.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Global Electrolyzer Market Report Segment
By Type
- Traditional Alkaline Electrolyzer
- Polymer Electrolyte Membrane (PEM) Electrolyzer
By Application
- Power Generation
- Transportation
- Industry Energy
- Industry Feedstock
- Building Heat & Power
- Others
Global Electrolyzer Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- 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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