The hydrogen electrolyzers market is estimated to reach a value of USD 79.90 million by 2024, growing at a 6.18 percent compound annual growth rate.
This research study aids in the development of a thorough grasp of the underlying drivers driving market growth, as well as present and potential target customers across segments. According to the comprehensive assessment, factors such as increasing usage of fuel cell vehicles are expected to considerably boost market growth throughout the forecast period.
North America will account for 40% of the hydrogen electrolyzers market growth throughout the forecast period. The United States and Canada are the two largest markets in North America for hydrogen electrolyzers.
North America has seen a considerable increase in the number of hydrogen electrolyzer vendors. Government initiatives and incentives are propelling the expansion of the hydrogen electrolyzers industry in North America.
North America’s hydrogen electrolyzers market share growth will be slower than the rest of the world.
The alkaline segment’s share of the hydrogen electrolyzers market will expand significantly during the forecast period. An alkaline hydrogen electrolyzer is less expensive than a PEM electrolyzer. The low cost is a result of the non-noble catalysts used. Additionally, alkaline hydrogen electrolyzers enable a stack with a greater MW range to operate in a stable environment. These factors will support the alkaline market segment’s dominance through 2024. This study makes an exact forecast of how each segment will contribute to the growth of the hydrogen electrolyzers market.
By knowing the target consumers, players can obtain optimum market response from the hydrogen electrolyzers market segmentation insights. Vendors will be able to put their services and goods in front of the appropriate audiences, resulting in tremendous exposure and growth.
While an in-depth grasp of the drivers and trends is critical, it is equally critical to detect market barriers in order to improve company planning and sustain market competition. One of the primary challenges hindering market expansion is competition from alternative hydrogen generating technologies.