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MENA Hydrogen Electrolyzer Market: Valued at US$ 35.24 Million in 2021, Forecasted to Reach US$ 6,491.98 Million by 2040 with a CAGR of 30.08%

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MENA Hydrogen Electrolyzer Market: Valued at US$ 35.24 Million in 2021, Forecasted to Reach US$ 6,491.98 Million by 2040 with a CAGR of 30.08%

February 28
11:58 2024
MENA Hydrogen Electrolyzer Market: Valued at US$ 35.24 Million in 2021, Forecasted to Reach US$ 6,491.98 Million by 2040 with a CAGR of 30.08%
MENA Hydrogen Electrolyzer Market
MENA Hydrogen Electrolyzer Market Analysis and Forecast to 2040: By Type (Proton Exchange Membrane (PEM) Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer), Capacity (Below 500 kW, 500 kW – 2 MW, Above 2 MW), End-Use (Ammonia, Methanol, Refining/Hydrocarbon, Transport, Others), and Country.

Market Definition:

A hydrogen electrolyzer is an apparatus that produces hydrogen through a chemical process (electrolysis) capable of separating the hydrogen and oxygen molecules of which water is composed using electricity. Through electrolysis, the hydrogen electrolyzer system creates hydrogen gas. The oxygen left over is released into the atmosphere or can be captured or stored to supply other industrial processes or even medical gases in some cases. The hydrogen gas can either be stored as a compressed gas or liquefied since hydrogen is an energy carrier and can be used to power any hydrogen fuel cell electric end user, such as trains, buses, and trucks.

In general, an electrolyzer contains a cathode (negative charge), an anode (positive charge), and a membrane. The system also contains pumps, vents, storage tanks, a power supply, a separator, and other components. Water electrolysis is an electrochemical reaction that takes place within the cell stacks. Electricity is applied to the anode and cathode across the membrane and causes the water to split into its component molecules, hydrogen and oxygen. Hydrogen produced in this sustainable way, without emitting carbon dioxide into the atmosphere, can be the basis for a decarbonized economy.

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Market Outlook:

The automotive and transportation sector is experiencing high technological advancement due to various attempts that governments make to reduce carbon emissions from vehicles. For instance, in December 2019, Volkswagen announced plans to reduce the average emissions of its new vehicles by 30% by 2025 and aim to be carbon neutral by 2050. Due to technological advancement in the automotive sector, innovative hydrogen fuel stations are rapidly developing across the MENA region. For instance, in August 2021, according to the article published by the Petrol Plaza, PowerTap Hydrogen Fueling Corp. planned to deploy a minimum of 100 hydrogen fueling stations with multiple Middle Eastern governments and private and public multinational corporations over the next two years, subject to completing the manufacturing of a prototype dispensing unit and successful testing. Additionally, with only two hydrogen fueling stations across the UAE, PowerTap targets to develop a hydrogen highway utilizing many of the country’s 643 fueling stations. Further, hydrogen fuel cell vehicles use a propulsion system similar to that of electric vehicles, where energy stored as hydrogen is converted to electricity by the fuel cell. Unlike conventional internal combustion engine vehicles, these hydrogen fuel cell vehicles produce no harmful tailpipe emissions. Thus, it helps increase the demand for hydrogen in fuel cell-based vehicles across the MENA region. Therefore, increasing demand for vehicles operated with the help of hydrogen fuel cells has proved to be a major driving force for the market. The dependency on traditional fuels has reduced comparatively, which has proved to be a major growth factor for the market. People are switching to fuel cell vehicles instead of gasoline-based machines, which is helping the market record a considerable revenue over time.

Hydrogen can be produced using multiple technologies, including electrolysis, thermochemical, photolytic, and biological processes. The electrolysis-based hydrogen generation process faces stiff competition from other alternative processes, especially thermochemical processes, as electrolysis only accounts for one-twenty-fifth of the overall sources of hydrogen generation. Major thermochemical processes include natural gas reforming/SMR, coal gasification, and biomass gasification. SMR (steam-methane reforming) is one of the most popular technologies for hydrogen generation and uses high-temperature steam to produce hydrogen from natural gas, a methane source. However, these technologies have the potential for sustainable hydrogen production and low emissions. Therefore, the presence of mature and cost-efficient alternative hydrogen production technologies may hinder the market’s growth during the forecast period.

 

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Research Objectives:

•            Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region

•            Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling

•            Identify factors influencing market growth and challenges, opportunities, drivers and restraints

•            Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates

•            Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities

•            Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market

•            To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.

•            Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives

 

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Segmental Overview:

The report analyses the MENA hydrogen electrolyzer market based on type, capacity, end-use, and country.


Key Players:

  • Nel Hydrogen
  • John Cockerill
  • Plug Power
  • Cavendish Renewable Technology
  • Siemens Energy (Siemens AG)
  • Air Liquide
  • thyssenkrupp nucera
  • Asahi Kasei
  • Cummins (Hydrogenics)
  • Linde plc

 

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Research Scope: 

•            Scope – Highlights, Trends, Insights. Attractiveness, Forecast

•            Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others

•            Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain

•            Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments

•            Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis

•            Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis

•            Market Size in 2021 – US$ 35.24 Million

•            Market Size in 2040 – US$ 6,491.98 Million

•            CAGR % – 30.08%

•            Historic Period – 2015-2022

•            Forecast Period – 2022-2040

•            Base Year – 2021

 

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