LONDON--(BUSINESS WIRE)--The global hydrogen electrolyzers market is expected to post a CAGR of more than 8% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global hydrogen electrolyzers market size is the growing adoption of fuel cell-powered vehicles. The growing emphasis on reducing carbon emissions is increasing the adoption of environmentally sustainable technologies such as fuel cells. Fuel cells are a relatively new commercial technology and are gaining traction owing to efficient power generation capacity with low emissions. Fuel cell systems are widely being adopted by several EV and material handling equipment manufacturers as they provide range extension and propulsive power to vehicles such as material handling vehicles. The hydrogen electrolyzer is used for refueling the fuel cell forklifts and produces enough hydrogen per day for seven to eight forklifts. Therefore, the growing adoption of fuel-cell-powered vehicles will increase the demand for on-site hydrogen generation, thus driving the hydrogen electrolyzers market growth during the forecast period.
As per Technavio, the growing focus on using clean hydrogen in refineries will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global hydrogen electrolyzers market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global hydrogen electrolyzers market: Growing focus on using clean hydrogen in refineries
With the growing global demand for distillate fuel oil and regulations related to sulfur content becoming more stringent, the demand for hydrogen from the refining industry is growing significantly across the world. Refineries require hydrogen to process crude oil into refined fuel and to remove impurities or contaminants such as sulfur from refined fuels. Moreover, the focus of refineries is increasingly shifting toward generating clean hydrogen, which is expected to increase the demand for hydrogen electrolyzers during the forecast period.
“Apart from the growing focus on using clean hydrogen in refineries, other factors such as the increase in strategic partnerships, and the rising usage of fuel cells in stationary power sector will have a significant impact on the growth of the hydrogen electrolyzers market size during the forecast period,” says a senior analyst at Technavio.
Global hydrogen electrolyzers market: Segmentation analysis
This market research report segments the global hydrogen electrolyzers market by type (alkaline, and PEM), and geographic regions (the Americas, EMEA, and APAC)
The Americas led the hydrogen electrolyzers market in 2018, followed by EMEA, and APAC respectively. The market dominance of the Americas can be attributed to factors such as growing adoption of fuel cells across sectors, and favorable government initiatives and incentives in the region. The US and Canada were the key leading countries of the hydrogen electrolyzers market in the Americas and will continue to dominate the market during the next five years.
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