Selbyville, Delaware, May 22, 2023 (GLOBE NEWSWIRE) —
Small Capacity Electrolyzer Market size is expected to cross a valuation of USD 329 million by 2032, according to the latest research report by Global Market Insights Inc.
Increasing emphasis on alternative power sources as a result of the rising demand for electricity will drive the development of comprehensive platforms for hydrogen-based power generation. The necessity for clean energy sources is further highlighted by population growth, fast urbanization, and industrialization are some of the causes contributing to an increase in the need for power. As a result, the use of small-capacity electrolyzers in the electricity sector presents a significant growth opportunity in the coming years.
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New investments in alkaline electrolyzers
The alkaline small capacity electrolyzer market share was nearly USD 92 million in 2022. The cost-effective design of alkaline variant, which provides better electrochemical performance and reduced electrode degradation, will boost market dynamics. Demand for the product will also be influenced by rising investments made by well-known corporations in technological developments and R&D projects to increase the capacity of small-scale systems.
Adoption of > 300 kW – 500 kW electrolyzers across rural areas
The industry size from the > 300 kW – 500 kW segment was around USD 39 million in 2022. Demand for electrolyzers with capacities of 300 kW to 500 kW is driven by increased electrification initiatives in off-grid/rural areas and expanding industries in developing nations. One or more of the main factors that will increase product demand in the upcoming years are adaptable supply agreements, lower costs, an energy-efficient manufacturing method, a lightweight and adaptable design, and a considerable decrease in hazardous emissions.
Strict regulations across the transportation sector
The small capacity electrolyzer industry share from the transportation segment will record over 10% CAGR from 2023 to 2032. The product adoption in the transportation sector will be accelerated by rising R&D and innovation investments as well as rising demand for FCEVs as an alternative to conventional cars. A variety of transportation vehicles, such as forklift trucks, trams, light cars, ferries, boats, and various commercial vehicles, employ small capacity electrolyzers to provide energy. In addition, strict regulatory requirements that call for low-carbon emission vehicles have forced major automakers to move to renewable fuels.
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Rising adoption of hydrogen in multiple sectors
North America small capacity electrolyzer market is said to surpass USD 20 million by 2032. The regional industry is recording robust growth because of the growing need for hydrogen from emerging industrial sectors like fertilizers, petrochemicals, glass purification, and refining. The regional economic environment has improved because of the introduction of strict federal legislation to reduce the sulfur content of petroleum products. Furthermore, commercial adoption of the technology in the region will be facilitated by the considerable development of hydrogen refueling and T&D infrastructure as a result of initial rollouts in some U.S. states, particularly California.
Presence of multiple industry participants
Key players operating in small capacity electrolyzer industry consists of including Sunfire GmbH, Bloom Energy, Giner Inc., ITM Power PLC, Green Hydrogen Systems, Ostermeier H2ydrogen Solutions GmbH, McPhy Energy S.A., and h2e Power amongst others. New product launches are a part of the growth strategy of these businesses.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Small capacity electrolyzer industry 360° synopsis, 2019 – 2032
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Capacity trends
2.1.4 Application trends
2.1.5 Regional trends
Chapter 3 Small Capacity Electrolyzer Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
126.96.36.199 Favorable regulatory framework
188.8.131.52 Rapid technological advancements with new research & development initiatives
184.108.40.206 Roll out of hydrogen production targets
3.3.2 Industry pitfalls & challenges
220.127.116.11 Prevalence of conventional hydrogen production methods
18.104.22.168 Lack of infrastructure
3.4 Growth potential analysis
3.5 Porter’s Analysis
3.6 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.