Global Hydrogen Electrolyzers Market 2019-2023 | 8% CAGR Projection over the Next Five Years | Technavio
The global hydrogen electrolyzers market is expected to post a CAGR of
more than 8% during the period 2019-2023, according to the latest market
research report by Technavio.
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Technavio has published a new market research report on the global hydrogen electrolyzers market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global hydrogen electrolyzers
market size is the growing adoption of fuel cell-powered vehicles. The
growing emphasis on reducing carbon emissions is increasing the adoption
of environmentally sustainable technologies such as fuel cells. 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.
As per Technavio, the growing focus on using clean hydrogen in
refineries will have a positive impact on the market and contribute to
its growth significantly over the forecast period. This global
hydrogen electrolyzers market 2019-2023 research
report also analyzes other important trends and market drivers that will
affect market growth over 2019-2023.
Global hydrogen electrolyzers market: Growing
focus on using clean hydrogen in refineries
With the growing global demand for distillate fuel oil and regulations
related to sulfur content becoming more stringent, the demand for
hydrogen from the refining industry is growing significantly across the
world. Refineries require hydrogen to process crude oil into refined
fuel and to remove impurities or contaminants such as sulfur from
refined fuels. Moreover, the focus of refineries is increasingly
shifting toward generating clean hydrogen, which is expected to increase
the demand for hydrogen electrolyzers during the forecast period.
“Apart from the growing focus on using clean hydrogen in refineries,
other factors such as the increase in strategic partnerships, and the
rising usage of fuel cells in stationary power sector will have a
significant impact on the growth of the hydrogen electrolyzers market
size during the forecast period,” says a senior analyst at Technavio.
Global hydrogen electrolyzers market:
Segmentation analysis
This market research report segments the global hydrogen electrolyzers
market by type (alkaline, and PEM), and geographic regions (the
Americas, EMEA, and APAC)
The Americas led the hydrogen electrolyzers market in 2018, followed by
EMEA, and APAC respectively. The market dominance of the Americas can be
attributed to factors such as growing adoption of fuel cells across
sectors, and favorable government initiatives and incentives in the
region. The US and Canada were the key leading countries of the hydrogen
electrolyzers market in the Americas and will continue to dominate the
market during the next five years.
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Some of the key topics covered in the report include:
Market Landscape
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Market ecosystem
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Market characteristics
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Market segmentation analysis
Market Sizing
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Market definition
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Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Regional comparison
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Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
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Vendors covered
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Vendor classification
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Market positioning of vendors
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Competitive scenario
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