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The electrolyzer market will reach USD 1.00 billion, witnessing a CAGR of 26.71% between 2023 and 2028, driven by rising demand for hydrogen as a clean energy source, favorable government initiatives, and advances in electrolyzer technology. The key market players include Advanced Ionics, Air Liquide, Asahi Kasei, and Bloom Energy, and market growth will be supported by factors such as:
The report offers a deeper dive into the market, including:
The growing focus on clean energy and reducing carbon emissions is a major driver for the electrolyzer market. Electrolyzers enable the production of green hydrogen, which can be used in various applications like transportation and power generation without creating greenhouse gas emissions. Additionally, refineries can use electrolyzers to decarbonize their operations.
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The APAC region is expected to be the dominant market for electrolyzers due to its rapid adoption of renewable energy sources and supportive government policies promoting green hydrogen production.
Despite the market's growth potential, the high cost of producing hydrogen using electrolyzers remains a significant challenge. However, advancements in technology and increasing production volumes are expected to bring down costs in the future.
By overcoming these challenges, electrolyzers can play a crucial role in achieving a clean energy future.
Electrolyzers Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 26.71% |
Market growth 2024-2028 |
USD 1003.29 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
25.05 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, Japan, Germany, and UK |
Market Segmentation |
|
Key companies profiled |
Advanced Ionics, Air Liquide SA, ALFA LAVAL, Asahi Kasei Corp., Bloom Energy Corp., Brise Chemical Pvt. Ltd., Cummins Inc., DENSO Corp., ELECTRIC HYDROGEN, Enapter S.r.l., General Electric Co., ITM Power plc, John Cockerill, Kobe Steel Ltd., LONGi Green Energy Technology Co. Ltd., MAN Energy Solutions SE, McPhy Energy SA, Nel ASA, Ohmium International Inc., Plug Power Inc., Siemens AG, Sunfire GmbH, Sungrow Power Supply Co. Ltd., Teledyne Technologies Inc., thyssenkrupp AG, Topsoe AS, and Verdagy |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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