Demand for highly efficient and low-space utilizing energy storage systems driving demand for hydrogen electrolyzer market
According to a research report published by Azoth Analytics in March 2021, the Global Hydrogen Electrolyzer market in terms of Value was USD xx Million and in terms of Volume xx Megawatt in year 2020 with North America leading regional market share. Increasing demand for highly efficient and low-space utilizing energy storage systems to handle the electricity produced from solar, wind and hydropower generation units are primary factors driving the global hydrogen electrolyzers market during forecast period.
Based on Application (Power Plants, Energy Storage, Industrial Gases, Power to Gas and Others), Power Plants segment gains a considerable share. Electrolyzers are mainly used for the production of hydrogen with the help of electrolysis of water. They are widely used in the automotive industry for fuel cell electric vehicles as hydrogen can store large amounts of energy and release it when needed for industrial use.
The North America Region dominates the Hydrogen Electrolyzer market. In North America, collective government investments to boost the activities of renewable energy production units and decrease the production of electricity from coal-powered stations is expected to boost huge market demand for hydrogen electrolyzer during forecast period.
The Azoth Analytics Research Report ‘Global Hydrogen Electrolyzer Market (2021 Edition)’, has been analyzed by Product (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer and Solid Oxide Electrolyzer) and by Application (Power Plants, Energy Storage, Industrial Gases, Power to Gas and Others). The report has been assessed by Region (North America, Europe, APAC) and by Country (United States, Canada, Germany, Italy, France, United Kingdom, China, Japan, India, Australia) for the historical period of 2016-2020 and the forecast period of 2021-2026.
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