With the increasing demand for green hydrogen, the PEM electrolyzer market is thriving in the Asia-Pacific (APAC) region. Factors such as renewable energy integration, government initiatives, industrial applications, international collaboration, technological advancements, hydrogen infrastructure development, and environmental concerns drive the growth, positioning APAC as a critical player in the global green hydrogen economy.
The Asia-Pacific PEM electrolyzer market is forecasted to surge from $14.7 million in 2022 to $306.7 million by 2031, exhibiting a robust CAGR of 40.1% during 2022-2031. This growth is attributed to escalating demand across diverse industries in the region, including methanol manufacturing, transportation, power and energy storage, ammonia production, and refining.
Market Analysis: Trends, Data, and Growth Projections
The increasing use of PEM electrolyzers for green hydrogen production is anticipated, driven by substantial investments in renewable energy sources from both public and private sectors. The surge in demand from various end-user industries and the global push for environmentally friendly fuels contribute to the anticipated growth trajectory of the worldwide PEM electrolyzer market.
BIS Research, a leading market research firm, has released a report titled APAC PEM Electrolyzer Market– which discusses the challenges, growth factors, and future opportunities driving the remarkable growth of the APAC PEM electrolyzer market. The APAC PEM electrolyzer market report is segmented based on end-user, material, and country.
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Key Players in the APAC PEM Electrolyzer Market
Key Producers and Suppliers in the APAC PEM Electrolyzer Market include:
- Elchemtech Co., Ltd.
- Hitachi Zosen Corporation
- Beijing SinoHy Energy Co., Ltd
- Ningbo VET Energy Technology Co., Ltd.
APAC PEM Electrolyzer Market: Drivers, Challenges, and Opportunities
Regulatory advancements, ongoing research, and collaboration between industry leaders are contributing factors in the growth of the APAC PEM Electrolyzer Market.
Countries in the Asia-Pacific and Japan, including Australia, Japan, and Singapore, are increasingly adopting renewable energy for green hydrogen production due to dwindling fossil fuel reserves and rising carbon emissions. The establishment of the Asia-Pacific Hydrogen Association in 2019 has fostered collaboration among renewable energy businesses, leading to a surge in Proton Exchange Membrane (PEM) electrolyzer usage. China and India, major hydrogen consumers globally, utilized 17 and 4 million tons in 2021, driving the PEM electrolyzer market. Despite opportunities, challenges include insufficient hydrogen infrastructure, high renewable energy costs, and a lack of grid installations, contributing to market decline.
Report Focus and Methodology
The APAC PEM Electrolyzer Market report provides a credible global and regional market analysis. The report profiles existing and upcoming products, types, applications, end users, and key players in the market.
BIS Research follows an effective market intelligence methodology comprising a crucial 15-step process. Data is captured from reliable, intelligent sources such as expert interviews, patents, web analytics, scholarly articles, scientific publications, and research and development literature.
BIS follows the Deep Tech M-A-P™ approach, which includes market, application, and product within the syndicated and custom research projects.
M- The Market section covers industry overview, business dynamics, competitive benchmarks, and company profiles. It provides insights to enter, expand, or exit markets globally, regionally, or locally.
A- The Application section delves into product analyses, technology insights, use cases, and user types. Precise market estimates and forecasts back this data.
P- The Product section covers products, parts, technologies, and materials. Companies looking to drive an innovative agenda need information about product definitions, demand analysis, technology benchmarking and roadmaps, patents, and pricing analysis.
Analyst’s Take on APAC PEM Electrolyzer Market
BIS principal analyst states, “The increasing demand for green hydrogen is the primary factor fueling the rising attention towards water electrolysis. As the International Energy Agency (IEA) indicated, the worldwide demand for hydrogen reached approximately 94 million tons in 2021, marking a 5% upturn from the previous year. The IEA also reports that in 2021 the refining sector utilized about 39.8 million tons of hydrogen, while the ammonia industry consumed around 33.8 million tons. In contrast, the demand for methanol amounted to only 14.6 million tons, according to the IEA.”
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