- Hydrogen is gaining prominence as a critical component of the energy transition. Significant policy support and the government’s commitment to deep decarbonization continue to spur investments in hydrogen
- In 2021, 17 governments released hydrogen strategies, with more than 20 governments publicly announcing that they are developing strategies, and numerous companies planning to tap business opportunities in hydrogen
- Asia-Pacific will continue to be a high-potential market, as it will be the fastest-growing market for energy and growth in renewable energy. Over the next decade, Asia's electrolyzer ability is projected to exceed 10 GW, and accelerate. Australia, China, and Japan are the major countries focusing on electrolyzer projects
- Large capacity is likely to be deployed in Latin America and the Middle East, particularly for export. Also, the US is broadening its objectives with its recently announced Hydrogen Earthshot
- Hydrogen plays a major role in enabling Europe to achieve the energy transition. By 2050, hydrogen has the potential to generate 2,250 TWh of energy in the EU, accounting for 24% of the total demand for energy
In 2020, the global electrolyzer capacity stood at 26.88 MW and is expected to reach 8.52 GW by 2026. By the end of April 2022, APAC dominated the electrolyzer capacity with a share of 45.45%, followed by EMEA and Americas with 35.18% and 19.37%, respectively. Siemens Energy, Hydrogen Europe NV, Nel ASA, Fusion Fuel Green Plc, and ITM Power Plc are the top global manufacturers of electrolyzers until April 2022.