On the basis of geographical analysis, the global electrolyzers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Europe region is estimated to witness noteworthy growth over the forecast period on the back of the increasing demand for hydrogen as a fuel from the automotive industry, and several initiatives from European government to encourage decarbonizing. In addition, growing electricity demand is also expected to drive the region’s market growth in the coming years. As per the data provided by Eurostat, the total electricity generation in the European Union was 2,780 TWh in 2019. More than half (56.4 %) of the net electricity generated in the EU in 2019 came from non-combustible primary sources. Moreover, the market in North America is assessed to acquire the largest share, which can be credited to the high usage of hydrogen in industries namely, refining, petrochemicals, fertilizers and glass purification, and strong presence of market players in the region.
The global electrolyzers market is further classified on the basis of region as follows:
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Our in-depth analysis of the global electrolyzers market includes the following segments:
· February 2021- Siemens AG and Air Liquide signed a Memorandum of Understanding to develop a largescale partnership for creation of industrial hydrogen projects by laying the ground for mass manufacturing of electrolyzers in Europe.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors driving market growth are increasing demand for hydrogen as a green fuel and rise in demand for fuel-cell based automotive.
Ans: The market is anticipated to attain a CAGR of ~25% over the forecast period, i.e., 2022 – 2030.
Ans: High electricity cost of using electrozyers is estimated to hamper the market growth.
Ans: Europe will provide more business opportunities for market growth in the future owing to the increasing demand for hydrogen as a fuel from the automotive industry, and several initiatives from European government to encourage decarbonizing.
Ans: The major players in the market are Siemens AG, Erredue SpA, Giner Inc., Shandong Saikesaisi Hydrogen Energy Co., Ltd., Cummins, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, capacity, application, and by region.
Ans: The alkaline electrolyzer segment is anticipated to hold largest market size in value and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.