The global electrolyzer market size is expected to reach USD 181.09 billion by 2032, according to a new study by Polaris Market Research. The report “Electrolyzer Market Share, Size, Trends, Industry Analysis Report, By Capacity (Above 2 MW, 500 kW to 2 MW and Less than 500 kW); By Type; By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The electrolyzer market is increasingly adopting alkaline electrolyzers for large-scale hydrogen production. Alkaline electrolyzers have been around for several decades and are known for their efficiency and reliability. However, they were previously not considered suitable for large-scale hydrogen production due to their lower efficiency than proton exchange membrane (PEM) electrolyzers.
With recent technological advancements, the efficiency of alkaline electrolyzers has improved significantly, and they are now becoming more competitive in terms of cost and performance. As a result, there has been a growing interest in using alkaline electrolyzers for large-scale hydrogen production, particularly for industrial applications such as steel and chemical production. Additionally, some countries like China are investing heavily in developing alkaline electrolyzers, which is expected to further drive their adoption and growth in the market.
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The COVID-19 pandemic has caused disruptions to global supply chains, leading to delays in the construction of electrolyzer projects and the delivery of components. However, the pandemic has also highlighted the importance of clean energy and the need to transition to a low-carbon economy, leading to increased investment in green hydrogen production and the electrolyzer market.
Additionally, the drop in demand for fossil fuels has made renewable energy sources more competitive, creating a favorable environment for the growth of the electrolyzer market. Overall, the pandemic has presented challenges for the electrolyzer market but has also provided new opportunities for growth.
Electrolyzer Market Report Highlights
Polaris Market Research has segmented the electrolyzer market report based on capacity, type, application, and region:
Electrolyzer, Capacity Outlook (Revenue - USD Billion, 2019 - 2032)
Electrolyzer, Type Outlook (Revenue - USD Billion, 2019 - 2032)
Electrolyzer, Application (Revenue - USD Billion, 2019 - 2032)
Electrolyzer, Regional Outlook (Revenue - USD Billion, 2019 - 2032)