Increasing demand for fuel cell vehicle and favorable government policies to drive electrolyzer market demand
Evolve Business Intelligence will be publishing study on electrolyzer market. According to the study, the global Electrolyzer market size was valued at $219.35 Million in 2020 and is expected to reach $1,303.39 Million by 2028 growing at the CAGR of 24.75% from 2021 to 2028. Some of the major factor impacting the overall growth of Electrolyzer market include, increasing commercialization of fuel cell vehicle, and favorable government policies for the green energy-based startups.
Analyst's View
According to Swapnil, Principle Analyst, Evolve Business Intelligence “the recent COVID scenario is expected to impact the electrolyzer market negatively. Due to the imposed lockdown in several countries, companies in the manufacturing sector have lost labor. This is expected to impact the overall demand generated for electrolyzers. The post-covid scenario is witnessing major up-trend with several companies investing into green energy.”
ITM Power to hold the highest market share in Electrolyzer Market
The electrolyzer market has witnessed several new additions to the number of players offering the product with multiple startups due to the increasing focus on green energy. ITM power with its key emphasis on clean energy is expected to continue to hold the highest market share during the forecast period.
The electrolyzer market report published today includes market revenue generated through the sale of several electrolyzer types such as alkaline electrolyzer, PEM electrolyzer, and solid oxide electrolyzer, among others. The report also includes the analysis of the market on the basis of applications such as, power generation, transportation, industry energy, industry feedstock, and building heat & power, among others.
