A new report from Navigant
Research analyzes the global market for electrolyzers based on
geographic region and hydrogen end-use, providing market forecasts for
capacity and revenue, through 2028.
The process of water electrolysis, which extracts hydrogen by running an
electric current through water, is growing in popularity as green
hydrogen (hydrogen produced with renewable electricity) becomes more
prevalent. Only 1%-4% of hydrogen is produced with electrolyzers in
2019. However, with greater emphasis on decarbonization, increasing
renewables integration, and decreasing capital costs of electrolyzers,
Navigant Research expects significant growth in the electrolyzer market. Click
to tweet: According to a new Navigant Research report, the market
for electrolyzers is expected to experience a compound annual growth
rate of 16% through 2028 globally.
“Manufacturers are scaling up electrolyzer offerings, and double-digit
megawatt projects are being built,” says Shayne Willette, research
analyst at Navigant Research. “In the coming years, further market
expansion is expected, primarily driven by rapid growth in the mobility
segment supplemented by consistent growth in the industrial and storage
segments.”
According to the report, significant growth is expected in the mobility
sector, due to expansion in the fuel cell vehicle market, and in the
hydrogen storage segment. Additionally, one of the strongest drivers
will be in the variability of renewables, primarily wind and solar PV.
As grid operators aim to balance the grid during periods of surplus
electricity from renewables, this electricity can be used in
electrolysis to produce hydrogen for seasonal storage.
The report, Electrolyzers,
analyzes the global market for electrolyzers based on geographic region
and hydrogen end-use. The study provides an analysis of current market
issues, opportunities, drivers, and key market players regarding
electrolyzers. Global market forecasts for capacity and revenue extend
through 2028. The report also examines end-use segments broken down into
industry, mobility, and storage. An Executive Summary of the report is
available for free download on the Navigant
Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides
market research and benchmarking services for rapidly changing and often
highly regulated industries. In the energy sector, Navigant Research
focuses on in-depth analysis and reporting about global clean technology
markets. The team’s research methodology combines supply-side industry
analysis, end-user primary research and demand assessment, and deep
examination of technology trends to provide a comprehensive view of
clean, intelligent, mobile, and distributed energy. Additional
information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant Consulting, Inc. is a specialized, global professional services
firm that helps clients take control of their future. Navigant’s
professionals apply deep industry knowledge, substantive technical
expertise, and an enterprising approach to help clients build, manage
and/or protect their business interests. With a focus on markets and
clients facing transformational change and significant regulatory or
legal pressures, the Firm primarily serves clients in the healthcare,
energy and financial services industries. Across a range of advisory,
consulting, outsourcing, and technology/analytics services, Navigant’s
practitioners bring sharp insight that pinpoints opportunities and
delivers powerful results. More information about Navigant can be found
at navigant.com.
* The information contained in this press release concerning the
report, Electrolyzers, is a summary and reflects Navigant
Research’s current expectations based on market data and trend analysis.
Market predictions and expectations are inherently uncertain and actual
results may differ materially from those contained in this press release
or the report. Please refer to the full report for a complete
understanding of the assumptions underlying the report’s conclusions and
the methodologies used to create the report. Neither Navigant Research
nor Navigant undertakes any obligation to update any of the information
contained in this press release or the report.
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