The hydrogen electrolyzer market is set for 10% growth by 2030, driven by decarbonization and sustainable hydrogen production. Key regions include Western Europe and Asia Pacific.
Future Market Insights, an ESOMAR-certified market research provider, opines that the long term outlook for hydrogen electrolyzer market will remain optimistic with growth pegged at 10% through 2030.
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With costs of renewables substantially dropping, making them more competitive with conventional fuels, their use as feedstock for hydrogen electrolysis will boost market growth subsequently.
Research for hydrogen fuel cell technology, H-CNG and mobility solutions will play a vital role in the market dynamics of hydrogen electrolyzers. With the growing popularity of fuel cell technology in automotive, notably electric mobility, demand for on-site hydrogen production will proliferate.
Key Takeaways for Hydrogen Electrolyzer Market Study
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Despite Prevailing Uncertainties, Experts Eying Green Hydrogen Post Pandemic
The global COVID-19 pandemic has put manufacturing, supply and demand of hydrogen electrolyzer on hold. In the second quarter of 2020, countries such as Italy experienced a 20% reduction in demand for power thus impacting the hydrogen electrolyzer market.
Economies around the world are utilizing this time to invest in green hydrogen to kick start growth. Countries such as Portugal, Netherlands and Australia are already investing rigorously in this technology. This is in alignment with EU’s green deal plan to decarbonize and bring emissions down to zero by 2050.
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Hydrogen Electrolyzer Market: Competitive Landscape
The global market players are striving to drive their market revenue at more than 20% on a yearly basis. This is being done by bringing down investment costs through joint collaboration.
For instance, ITM Power and Linde have collaborated to open up a factory at Sheffield, UK to enhance their electrolysis capacity per year by at least 1GW.
Similarly, NEL and Hydrogenics are gearing up for projects that aim to produce 20MW of hydrogen at Denmark and Canada respectively. By scaling up the size of the plants, manufacturers are looking at reducing their overall costs in the production of hydrogen
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The article discusses the growth of the hydrogen electrolyzer market, driven by decarbonization and sustainable hydrogen production.
The pandemic has temporarily reduced demand but has also led to increased investment in green hydrogen technologies.
Western Europe and Asia Pacific are highlighted as key regions for the growth of the hydrogen electrolyzer market.
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