PEM Water Electrolyzer Market Share Analysis Report, 2023-2032
The global PEM water electrolyzer market size was exhibited at USD 6.75 billion in 2022 and is projected to hit around USD 13.45 billion by 2032, growing at a CAGR of 7.14% during the forecast period 2023 to 2032.
Key Pointers:
PEM Water Electrolyzer Market Report Scope
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Report Coverage |
Details |
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Market Size in 2023 |
USD 7.23 Billion |
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Market Size by 2032 |
USD 13.45 Billion |
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Growth Rate From 2023 to 2032 |
CAGR of 7.14% |
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Base Year |
2022 |
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Forecast Period |
2023 to 2032 |
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Segments Covered |
By Type and By Application |
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Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
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Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
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Key Companies Profiled |
Proton On-Site, Teledyne Energy Systems, Suzhou Jingli, Hydrogenics, McPhy, Areva H2gen, ITM, Elchemtech, Siemens, Toshiba and Others. |
The demand for PEM water electrolyzers has been increasing in recent years due to their rapid adoption in various application sectors, such as power plants, steel plants, electronics and photovoltaics, industrial gases, energy storage, or fueling for FCEV's (fuel cell electric vehicles), and others.
PEM Water Electrolyzers are devices that split water into hydrogen and oxygen using electricity in an electrochemical process. The demand for PEM Water Electrolyzers has been increasing in recent years due to their rapid adoption in various application sectors such as power plants, steel plants, electronics and photovoltaics, industrial gases, energy storage, or fueling for FCEV's (fuel cell electric vehicles), and others.
Electronics and Photovoltaics is one of the applications where electrolyzers are used. PEM water electrolyzers have several advantages over alkaline non-aqueous, acidic aqueous, or molten salt electrochemical cells for use in certain technologies such as solar fuel generation systems. This is because PEM electrolyzers only produce hydrogen and oxygen as by-products, whereas other technologies such as alkaline non-aqueous cells or molten salt electrochemical cells result in the production of caustic soda (sodium hydroxide) which reduces their environmental friendliness.
On basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is expected to occupy the largest share of the PEM water electrolyzer market in 2016. The growth is attributed to the increasing demand for clean energy and a growing number of fuel cell electric vehicles (FCEVs) stations, which require hydrogen as a source of fuel.
Europe holds the second position in the global PEM water electrolyzer market by region during the forecast period 2017-2030 due to the presence of a large number of manufacturing facilities related to the automotive industry across Europe. New legislation on carbon emissions imposed by European Union countries is likely to drive the adoption rate of PEMwater Electrolyzers over the next few years.
The Asia Pacific is projected to be the fastest-growing region supported mainly by rapid industrialization and a growing population base coupled with government mandates regarding the deployment of renewable technologies such as solar or wind power generation.
Latin America is expected to grow at the highest CAGR during the next eight years owing to the growing number of fuel cell electric vehicles (FCEVs) stations over the region which requires hydrogen as a source of fuel.
Some of the prominent players in the PEM Water Electrolyzer Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global PEM Water Electrolyzer market.
By Type
By Application
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers