Press Release

PEM Electrolyzer Market to Thrive with Increasing Green Hydrogen Production & Surging Clean Energy Technologies

The Global PEM Electrolyzer Market is projected to grow at a CAGR of 32.7% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The market growth is driven by the rising demand for hydrogen in the transportation sector & supportive government initiatives and policies. There is a consistent global increase in the demand for green hydrogen as nations & industries prioritize decarbonization and the shift toward sustainable energy sources.

Various countries, including the US, China, India, and the UK, have established ambitious climate change mitigation goals with a focus on reducing greenhouse gas emissions & transitioning to a low-carbon economy. Green hydrogen, produced through renewable energy methods, is recognized as a crucial solution to meet these objectives by offering a clean substitute for conventional fossil fuels. Consequently, countries worldwide are making substantial investments in the production of green hydrogen as an alternative to traditional fossil fuels.

Additionally, governments and regulatory authorities across the globe are instituting policies and offering incentives to encourage the uptake of clean energy technologies. Supportive measures, such as subsidies, tax credits, and grants specifically directed at hydrogen production projects utilizing PEM electrolysis, play a vital role in fostering market expansion. Moreover, the growing demand for green ammonia in the transportation and power generation sectors is expected to drive the demand for PEM electrolyzers in the foreseeable future.

Numerous countries and regions have established decarbonization goals and regulations that incentivize the adoption of cleaner energy carriers such as green ammonia. Industries in transportation and power generation face increasing pressure to diminish their carbon footprint, and the adoption of green ammonia aligns with these sustainability objectives. Hence, the increasing need for ammonia in the transportation and power generation sectors is envisioned to drive the demand for PEM electrolyzers in the upcoming years., further states the research report, “Global PEM Electrolyzer Market Analysis, 2024.”

Global PEM Electrolyzer Market Segmentation Analysis

Platinum Material to Grab Prominent Market Share

Based on the material type, the market is further bifurcated into Iridium, Platinum, and Others (Titanium, Gold, etc.). Among them, the Platinum Material is expected to dominate the market share due to its catalytic efficiency, long-term stability, and widespread availability. Platinum's exceptional catalytic properties, especially in reactions like oxygen & hydrogen evolution crucial for PEM electrolyzers, enhance their performance, making platinum the preferred option for manufacturers. Additionally, platinum's easy accessibility in the commercial market ensures a reliable supply necessary for the scalability & widespread adoption of PEM electrolyzer technology in the coming years.

Asia-Pacific to Dominate the Global PEM Electrolyzer Market

The Asia-Pacific region is experiencing substantial growth, driven by the rising integration of renewable energy, increased investments, and the development of hydrogen infrastructure. Government initiatives and growing environmental consciousness among consumers have led to an expanding share of renewable energy sources like wind & solar in the energy mix. Furthermore, the infusion of investments from both public & private sectors into the advancement and implementation of hydrogen technologies, particularly PEM electrolyzers, has been a significant factor fueling Asia-Pacific PEM Electrolyzer Market growth. These investments have the potential to facilitate the expansion of production, ultimately resulting in cost reductions.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Plug Power Inc., Nel ASA, H-Tech Systems, ITM Power Plc., Air Liquide, Elogen, Hande Hydrogen, Ningbo Vet Energy Technology Co., Ltd., Siemens Energy, Ohium International, Inc., Cummins Inc., Adritz., Proton On Site, Toshiba Corporation, and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Global PEM Electrolyzer Market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?