The electrolyzers market was USD 496.7 million in 2023, which will increase to USD 51,992.8 million, advancing at a 94.7% compound annual growth rate, by 2030.
Moreover, the increasing need for green ammonia derived by electrolysis is assisting the expansion of this industry. The majority of ammonia is made via conventional approaches, necessitates more power, and it contributes approximately 1.8% of worldwide carbon dioxide emissions.
The rising emphasis of nations around the world on net-zero carbon dioxide emissions is the major reason behind the rising utilization of the electrolysis technique for making green ammonia.
The proton exchange membrane (PEM) category, on the other hand, is likely to advance significantly in the years to come. This can be primarily because of the progressions in this technology, coupled with the fact that these types are a basis of high-purity hydrogen.
The more than 2,000 kW category, based on capacity, will advance significantly during this decade. This is because of the rising need for electrolyzers of this category in the industrial and automotive sectors.
In addition, because of the rising incorporation of these devices in electric grids, the industry is expanding.
APAC is likely to observe a high compound annual growth rate in the years to come. This is because of the increasing need for fuel-cell EVs in South Korea, Japan, and China and the commencement of key green H2 projects in China.
It is because of the rise in the need for clean energy sources, the electrolyzers industry will continue to advance significantly in the years to come.
