Europe's Hydrogen Electrolyzer Market Surges as On-Site Fueling Stations and Decarbonization Drive Growth
The Europe market is expected to register the highest growth rate in the forecast period due to the rising prevalence of green energy is anticipated to fuel the market growth. The increasing prevalence and increasing region's expanding hydrogen electrolyzer market results from the rising prevalence of decarbonization is anticipated to fuel the market growth. During the anticipated period, Europe is anticipated to hold the greatest market share in the hydrogen electrolyzers sector. Germany, the UK, France, Denmark, Austria, Spain, the Netherlands, Norway, and the rest of Europe's markets have all been researched. Currently, fewer than 2% of Europe's energy needs
Further, the Europe Hydrogen Electrolyzer Market is expected to grow at a strong CAGR of 8.2% during the forecast period (2023-2030). The growth is attributed to the increasing research and development in the energy industry. Furthermore, the rising number of guidelines and approval of hydrogen fueling stations. The increasing prevalence can be attributed to the growing focus on hydrogen fueling stations. For instance, In December 2022, Cummins Inc. received a contract from Linde plc for supplying a 35-megawatt (MW) proton exchange membrane (PEM) electrolyzer system for Linde’s new hydrogen production plant in Niagara Falls, New York.
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Based on product, the market is classified into Alkaline Electrolyzer, PEM Electrolyzer and Solid Oxide Electrolyzer. Currently, PEM electrolyzer captured substantial share in the global hydrogen electrolyzer market. It is mainly owing to its high current densities, compact system design, and rapid response toward current fluctuations. The ongoing adoption of various policies and norms by developing nations to increase the share of renewables in the overall energy mix is set to boost the product adoption.
Based on capacity, the market is segmented into ≤ 500 kW, > 500 kW - 2 MW, above 2 MW. Currently > 500 kW - 2 MW segment acquired considerable market share in hydrogen electrolyzer market owing to ongoing electrification programs across off grid/rural areas along with growing industrialization will fuel the market outlook. However, the electrolyzer with capacity above 2 MW are expected to grow at a higher pace during the forecast period.
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Based on application, the market is segmented Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heating & Power and Others. Currently power generation segment caters considerable growth. It is mainly owing to an increasing proportion of renewables coupled with increasing infrastructural investments across the commercial sector and the growing need for energy imports will energize the industry dynamics.
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