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The global electrolyzer market size was valued at USD 390.4 million in 2021. The market is projected to grow from USD 416.8 million in 2022 to USD 619.6 million by 2029, exhibiting a CAGR of 5.8% during the forecast period.
This information is provided by Fortune Business Insights, in its report, titled, “Electrolyzer Market Size, Share & COVID-19 Impact Analysis, By Type (Traditional Alkaline Electrolyzer, PEM Electrolyzer), By Application (Power Plants, Steel Plant, Electronics and Photovoltaics, Industrial Gases, Energy Storage or Fueling for FCEVs, Power to Gas, Others), and Regional Forecast, 2022-2029.”
Supply Chains Interruptions During COVID-19 Pandemic to Hinder Market Growth
The global health emergency triggered by the abrupt outbreak of COVID-19 has considerably impacted various verticals. Approximately, all the nations have observed great development in the number of cases since the beginning of 2020. The pandemic's consequence has also left the economic condition of numerous quickly-growing emerging countries in unrest. The market has been severely affected consequently by the outbreak. The oil refining industry, chemical sector, and steel manufacturing industry at present incur hydrogen demand, which the COVID-19 outbreak has substantially swayed.
Asahi Kasei’s Alkaline Water Electrolysis System of 10 MW Nominated for Fukushima Hydrogen Research Field in Namie
Asahi Kasei and Asahi Kasei Engineering Corp., its subsidiary firm, received an order from Toshiba Energy Systems & Solutions Corp. for an alkaline water electrolysis system of 10 MW in a single unit to be mounted at the Fukushima Hydrogen Research Field in Namie, Futaba, Fukushima, Japan.
Expansion of the great-scale alkaline water electrolysis system containing high energy effectiveness and outstanding responsiveness with shifting output was accomplished based on Asahi Kasei’s top chlor-alkali electrolysis technology, with the backing of Japan’s New Energy and Industrial Technology Development Organization (NEDO). Toshiba Energy Systems & Solutions, which placed the order for Asahi Kasei’s electrolysis system, was commisioned by NEDO to start a Hydrogen from Renewable Energy Project in Namie, as a technological expansion scheme.
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Drivers and Restraints:
Rising Capitalizations for Power Generation in Asia Pacific to Foster Market Growth
In Asia Pacific, numerous economies, such as India, Singapore, and Malaysia, have started implementing resources into hydrogen production and its storage technologies. Hydrogen is being applied in the power generation and transportation industry in the region. Moreover, China began the construction of a hydrogen city located in Wuhan, allotting around USD 290 million to the venture. This is expected to guarantee the electrolyzer market growth during the forecast period.
However, the budget for electricity is the most considerable aspect, which upsurges the cost of fabricating hydrogen through the electrolytic procedure. Additionally, the latest sharp deteriorations in solar and wind power costs have declined the real and anticipated costs of renewable hydrogen.
Crucial Business-related Declarations by Prime Players to Sway Market Dynamics
Indispensable companies in the market often make important publications concerning a few business moves, which, in turn, impact the market either adversely or affirmatively. Companies purchase other firms, launch novel products, involve in partnership contracts, engage in agreements with government organizations, and so on.
Notable Industry Development:
List of Key Players Mentioned in the Report:
Further Report Findings
The North America region accounted for the majority of the electrolyzer market share in terms of value and volume in 2021, owing to the increasing demand for hydrogen in various applications such as the manufacturing sector, power industry, and others.
Based on application, the power plants segment accounted for the major share of 26.71% in the global market in 2021.
Table of Segmentation
Volume (MW) and Value (USD Million)
By Type, Application, and Region