The Global PEM Electrolyzer Market Size is valued at 179.48 million in 2023 and is predicted to reach 2324.19 million by the year 2031 at a 37.81% CAGR during the forecast period for 2024-2031.
PEM Water Electrolyzers are electrochemical devices that use electricity to divide water into oxygen and hydrogen. Due to its rapid use in many application sectors such as power plants, steel plants, electronics and photovoltaic, industrial gases, energy storage, or fueling for FCEVs (fuel cell electric vehicles), and others, the need for PEM water electrolyzers has increased in recent years. Commercial use of hydrogen is also developing as a major development factor for the electrolyzer market. Substantial growth in the transportation business has been observed in recent years, assisting the market in generating significant income over time. This fuel is used to cool the generators in power plants, allowing the need to develop considerable money over time. The use of this gas can result in the stabilization of the electrical grid. To obtain hydrogen gas, the coal gasification process is used.
However, The global health emergency triggered by the rapid breakout of COVID-19 has had a substantial impact on a variety of industries. Since 2020, nearly all countries have seen a significant increase in the number of impacted cases. The pandemic's consequences have also affected the economics of many rapidly emerging countries. The COVID-19 epidemic had a direct impact on this market as well. The oil refining, chemical, and steel production industries are currently experiencing high levels of hydrogen consumption, which has been affected by the COVID-19 outbreak.
Competitive Landscape:
Some of the PEM electrolyzer market players are:
- Plug Power Inc
- Nel ASA
- Inc.
- ITM Power PLC
- Hitachi Zosen Corporation
- Elogen
- Siemens Energy AG
- Ningbo Vet Energy Technology Co., Ltd.
- Ohmium International, Inc.
- Hystar
- H-TEC SYSTEMS GmbH
Market Segmentation:
The PEM electrolyzer market is segmented on the basis of end-user and material type. Based on end-user, the market is segregated into the refining industry, power & energy storage, ammonia production, methanol production, transportation, and others. By material type, the market is segmented into iridium, platinum, and others.
Based On End-User, The Power And Energy Storage Segment Dominated The PEM Electrolyzer Market
The power and energy storage category is expected to hold a major share of the global PEM Electrolyzer Market in 2024. This is due to the elevated demand for power in numerous industries, such as steel plants, photovoltaic, electronics, and industrial gases has significantly boosted the market for this specific category. The manufacture of electric fuel cells has also expanded in recent years as a result of the rapid shift in people's preference for electric vehicles over traditional fuel vehicles. To generate more energy, the power-producing equipment is combined with hydrogen.
The Platinum Segment Witnessed Growth At A Rapid Rate
The platinum segment is projected to grow at a rapid rate in the global PEM electrolyzer market. A diaphragm serves as a separator between the electrodes and the hydroxide ions. Compared to other solutions on the market, the durability of these systems is rather considerable. This method is used extensively by power plants to generate electricity on a big scale. This technique is also widely used in industries dealing with photovoltaics of plastics. The classic alkaline system is widely used in the electronics industry for a variety of purposes.
In The Region, The North American PEM Electrolyzer Market Holds A Significant Revenue Share
The North America PEM electrolyzer market is expected to register the highest market share in terms of revenue in the near future. This regional growth is due to the growing demand for hydrogen in numerous uses such as manufacturing, power, and others. North America has built manufacturing infrastructures for a variety of worldwide brands, and there is an increasing interest in energy storage or fueling for FCEV operations. Furthermore, the region has seen significant investment in the production, exploration, and refining sectors, which is expected to significantly boost demand for hydrogen gas in the future. Similarly, increased investment benefits Europe's market size. It intends to develop and reinforce grid infrastructure networks to support the growing renewable energy installation, which is expected to boost the industry even further.
PEM Electrolyzer Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 179.48 Mn |
|
Revenue forecast in 2031 |
USD 2324.19 Mn |
|
Growth rate CAGR |
CAGR of 37.81% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, Volume (MW), and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
End-User And Material Type |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Plug Power Inc, Nel ASA, and Cummins. Inc., ITM Power PLC, Hitachi Zosen Corporation, Elogen, Siemens Energy, and Ningbo Vet Energy Technology Co., Ltd. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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