The increased support from governments in the form of hydrogen strategies, and the rapidly increasing low-carbon hydrogen capacity are driving the expansion of the global electrolyzer market which is estimated to reach 8.52 GW in 2026, found GlobalData.
The company also notes that electrolyzer capacity has doubled over the last five years, reaching just over 0.3 GW by mid-2021. By 2030, almost 350 projects in the pipeline could enhance the global capacity to 54 GW. Another 40 projects, totalling more than 35 GW of capacity, are in the early stages. If these projects come online, global hydrogen production from electrolyzers could exceed 8 Mt by 2030
GlobalData’s latest report, ‘Hydrogen Electrolyzers Market Report Market Size, Share and Trends Analysis by Technology, Installed Capacity, Generation, Key Players and Forecast, 2021-2026’, reveals that the Asia-Pacific region (APAC) dominated the electrolyzer capacity with a share of 45.45% excluding feasibility study projects, until April 2022.
Over the next decade, APAC’s electrolyzer ability is projected to exceed 10 GW, as it will be the fastest-growing market for energy and growth in renewable energy. The abundance of low-cost, low-carbon electricity is a major driving force behind its growth.
Japan and Australia are expected to lead the green hydrogen development in the region, but China, India, South Korea, Singapore, and New Zealand are also actively participating in this effort.
By the end of April 2022, Europe, Middle East and Africa (EMEA) and the Americas had a market share of 35.18% and 19.37%, respectively. Hydrogen plays a major role in enabling Europe to achieve its energy transition. By 2050, hydrogen has the potential to generate 2,250 TWh of energy in Europe, accounting for 24% of the total demand for energy. Also, large capacity is likely to be deployed in Latin America and the Middle East, particularly for export.