Hydrogen Electrolyzers Market 2019-2023 | Evolving Opportunities with Hydrogenics Corp. and ITM Power Plc | Technavio
LONDON--(BUSINESS WIRE)--Oct 23, 2019--
The global hydrogen electrolyzers market is poised to grow by USD 101.35 million during 2019-2023, progressing at a CAGR of over 8% during the forecast period.
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Technavio has announced its latest market research report titled global hydrogen electrolyzers market 2019-2023. (Graphic: Business Wire)
Read the 121-page research report with TOC on "Hydrogen Electrolyzers Market Analysis Report by Type (alkaline and PEM), by Geography (Americas, EMEA, and APAC), and Segment Forecasts, 2019 - 2023"
The market is driven by the increasing adoption of fuel cell-powered vehicles. In addition, the rising focus on using clean hydrogen in refineries is anticipated to further boost the growth of the hydrogen electrolyzers market.
The increasing adoption of fuel cell-powered vehicles will be one of the major drivers in the global hydrogen electrolyzers market during the forecast period. Fuel cells are increasingly adopted due to the growing emphasis on reducing carbon emissions. 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.
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Major Five Hydrogen Electrolyzers Market Companies:
Hydrogenics Corp. owns and operates businesses under various segments such as onsite generation, power systems, and corporate and other. The company offers a wide range of hydrogen electrolyzers. Some of the products offered by the company are HySTAT and HyLYZER.
ITM Power Plc
The company’s key hydrogen electrolyzers offering include HGas. The key features of the products are- system power: 0.1-100 MW, hydrogen pressure: 20 bar (50 bar optional), hydrogen production rate: 45-40,000 kg/24 hour, and hydrogen purity: 99.5-99.999%
McPhy Energy SA
The hydrogen electrolyzers products offered by the company are Piel and McLyzer. McPhy Energy SA offers the Piel product line of electrolyzers for light hydrogen production or interrupted operating mode. These electrolyzers are also available in pressure range of 1-8 bar.
Nel ASA operates business under three segments, which include hydrogen fueling, hydrogen solutions, and hydrogen electrolyzer. The company’s key offering include Atmospheric Alkaline Electrolyser.
Siemens AG operates in key business segments including power and gas, energy management, building technologies, mobility, digital factory, process industries and drives, siemens healthineers, siemens gamesa renewable energy, and financial services. The company’s key offerings in the hydrogen electrolyzers market include SILYZER 300 and SILYZER 200.
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Hydrogen Electrolyzers Type Outlook (Revenue, USD Million, 2019 - 2023)
Hydrogen electrolyzers Regional Outlook (Revenue, USD Million, 2019 - 2023)
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SOURCE: Technavio Research
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PUB: 10/23/2019 10:00 AM/DISC: 10/23/2019 10:01 AM