The global electrolyser market will grow by 16% through 2028, according to a new study by Navigant Research.
Rapid growth in the mobility segment, supplemented by consistent growth in the industrial and storage segments, is expected to boost the electrolyser market
The expansion of the fuel cell vehicle market and in the hydrogen storage segment will positive impact the electrolyser industry.
One of the strongest drivers will be in the variability of renewables, primarily wind and solar PV. Grid operators will increase their reliance of electrolysis to produce hydrogen from energy generate during off-peak periods for seasonal storage – to meet demand during times when generation is low and energy demand high.
Electrolysis is the process of extracting hydrogen by running an electric current though water.
In 2019, only 1%-4% of hydrogen is expected to be produced with electrolysers.
An increase in the implementation of decarbonisation policies and the declining capital cost of electrolysers is also expected to drive the market.
Shayne Willette, research analyst with Navigant, said: “Manufacturers are scaling up electrolyzer offerings, and double-digit megawatt projects are being built.
“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.”
For more information about the report, https://www.navigantresearch.com/reports/electrolyzersclick here...