Electrolyzer Market to Reach $34.4 billion, globally, by 2032 at 27.2% CAGR: Allied Market Research
WILMINGTON, Del., Dec. 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Electrolyzer Market by Product (Alkaline Electrolyzer, Proton Exchange Membrane (PEM) Electrolyzer, Solid Oxide Electrolyzer, and Anion Exchange Membrane (AEM)), Capacity (Less Than 500 kW, 500–2 MW, and Above 2 MW), and Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heat & Power, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global Electrolyzer industry generated $3.0 billion in 2022 and is estimated to reach $34.4 billion by 2032, exhibiting a CAGR of 27.2% from 2023 to 2032.
- Depending on the product, alkaline electrolyzer dominated the market share for electrolyzer in 2022 in terms of revenue.
- In 2022, it contributed nearly three-fifths of the total market revenue in 2022 while growing at a CAGR of 27.1%.
- Moreover, the use of wind and solar energy sources for electricity used in electrolysis has driven the electrolyzer market growth.
- Ongoing R&D are focused on improving efficiency and reducing the costs of electrolyzers to enhance their competitiveness in the market.