Electrolyzer Market Size, Share, Growth Analysis, By Technology(Alkaline Electrolyzer (AE), Proton Exchange Membrane (PEM), Solid Oxide Electrolyzer (SOE), Anion Exchange Membrane (AEM)), By Power Rating(<500 KW, 500-2, 000 KW, >2), By Application(Energy (Power Generation, CHP), Mobility, Industrial (Chemical), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031

Electrolyzer Market Driver

• Government policies and growing electricity demand will favor the growth of the Global Electrolyzer Market. Increasing government investments in the development of technologies to suffice the need for renewable sources of energy with less gas emission is one of the factors driving the growth of the Electrolyzer market globally.
• Growing Demand for fuel cell-based electric vehicles will significantly boost the growth of the Global Electrolyzer Market. The growing popularity of FCEVs as a viable alternative to traditional automobiles will accelerate the use of electrolyzers in the transportation sector. For instance, Hydrogen Mobility Europe completed the 3EMOTION project in 2019 to develop the H2 Bus networks in the United Kingdom, Italy, and the Netherlands. Product acceptance will be boosted by the widespread use of various vehicles to provide power, such as forklift trucks, trams, light vehicles, ferries, and boats.

 Electrolyzer Market Restraint

• The high electricity cost of the device is one of the factors that limit the growth of the Global Electrolyzer Market. Electrolyzers are widely used in many countries for the production of electricity as well as hydrogen, however, the high cost of electrolyzers and the limited ability of operation and pressure sensitivity become a challenge for the growth of the Global Electrolyzer Industry.