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Global Hydrogen Electrolyzer Market Projected to Grow with CAGR of 25.05%

Author: QYResearch  |   Published Date: 2021-12-13   |   Views: 59

Electrolysis is a promising option for carbon-free hydrogen production from renewable and nuclear resources. Electrolysis is the process of using electricity to split water into hydrogen and oxygen. This reaction takes place in a unit called an electrolyzer. Electrolyzers can range in size from small, appliance-size equipment that is well-suited for small-scale distributed hydrogen production to large-scale, central production facilities that could be tied directly to renewable or other non-greenhouse-gas-emitting forms of electricity production.


Nowadays, 96% of the global hydrogen produced comes from the use of fossil fuels (i.e., natural gas, oil); whereas production from water electrolysis represents only 4%. Indeed, the cost of hydrogen production by using fossil fuels is smaller than water electrolysis given that current electrolyzers are quite expensive and the cost of electricity as well. However, hydrogen production based on fossil fuels, namely gray hydrogen, suffers from lower purity and higher generation of greenhouse gases. To face the intensive use and depletion of fossil fuels to respond to hydrogen demands, water electrolysis supplied by renewable energy sources (e.g., wind turbine, photovoltaic) is considered an attractive and promising alternative. Renewable energy sources combined with water electrolysis come within the scope of the development of environmentally friendly hydrogen production pathways to substitute current hydrogen production based on pollutant fuels. Water electrolysis can produce hydrogen at high gas purity but features high cost (electrolyzer, electricity) and lower energy efficiency due to a high specific energy consumption. For this reason, energy efficiency, cost of electricity, and water electrolysis systems remain major concern to the development of water electrolysis process at a large scale. The water electrolysis process consists of using electricity coming from the power grid or renewable energy sources to split pure water into hydrogen and oxygen.


In 2020, due to COVID-19, global market demand has shown a slight decline, which makes us particularly cautious in forecasting the growth rate in 2021. In fact, the actual growth rate in 2021 has exceeded our expectations, especially the market growth rate in China. As China's capital market highly favors the hydrogen energy industry, coupled with the Chinese government's support for the hydrogen energy industry, this has led to a rapid growth of China's hydrogen energy industry. For example, Suzhou Jingli’s shipments have doubled, and they are all large-scale water electrolyzers of the 1-5 MW class. In general, due to the large number of photovoltaic hydrogen production projects in China in 2021, large amounts of investment and announcements in clean hydrogen production projects and P2G projects, global shipments of water electrolyzers will skyrocket in 2021. At the same time, in 2021, a large number of countries and regions have announced investment plans for the hydrogen energy industry, and we have further adjusted the forecast data.


If we go back to five years ago, MW-level projects are already very large, but now MW-level projects have become common. Technically speaking, super-large alkaline electrolyzers of 10MW-20 MW have appeared, and 5MW-10MW will also become possible. In the future, with the further growth of large-scale projects, it is expected that the price of water electrolyzers will become higher and higher. In addition, due to the increasing market potential of water electrolyzers and the favor of capital, many players such as Longi and Sungrow Power Supply and other Chinese companies have announced their entry into this market. From 2019 to 2021, at least a dozen companies have directly or indirectly entered this industry.


In 2020 the global Hydrogen Electrolyzer sales volume is 694 and it will be 3014 in 2027, with a CAGR of 27.73% between 2021 and 2027. In 2020, the global Hydrogen Electrolyzer market is led by China. USA is the second-largest region-wise market. The global Hydrogen Electrolyzer market was valued at US$ 209.15 million in 2020 and will reach US$ 1252.00 million by the end of 2027, growing at a CAGR of 25.05% during 2021-2027.


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