Explosive Surge in Demand for Electrolyzer Ignites a Green Energy Revolution - Explore

Electrolysis is a process that uses an electric current to drive a non-spontaneous chemical reaction. It is commonly employed to break down compounds into their consistent elements or ions, typically to decompose water into hydrogen and oxygen. A device that is used to facilitate the process of electrolysis is called an electrolyzer. It typically consists of an electrolyte solution, electrodes i.e. anode (positive charge) and cathode (negative charge) and an external power source.

When an electric current passes through the electrolyte, water molecules are split into hydrogen ions (protons) and hydroxide ions. The protons move towards the cathode, where they gain electrons to form hydrogen gas, while oxygen gas is produced at the anode. Electrolyzers play a key role in the production of hydrogen for various industrial applications and as a clean energy carrier.

There are two types of electrolyzers -

• Alkaline electrolyzers -

Electrolyte – uses a liquid alkaline solution, typically potassium hydroxide (KOH).

Operation – operates at elevated temperatures and pressures.

Catalysts – employs materials like nickel or other base metals as catalysts.

Advantages – historically, alkaline electrolyzers have been widely used and are known for their reliability. They are often used in large scale industrial applications.

• Proton exchange membrane (PEM) electrolyzers -

Electrolyte – utilizes a solid polymer electrolyte membrane, typically made of a proton conductive polymer like Nafion.

Operation – operates at lower temperatures and does not require alkaline electrolyte.

Catalysts – usually employ precious metals like platinum as catalysts at the electrodes.

Advantages – PEM electrolyzers are more compact, have a quicker response time, and are well–suited for smaller scale applications and renewable energy integration.

According to a report published by Allied Market Research, the global electrolyzer market size is registered to reach $34.4 billion from 2023 to 2032. The Asia-Pacific region is currently dominating the market with the highest market share and is also expected to witness the fastest growth rate during the forecasted period. Numerous factors including the growing emphasis on renewable energy, hydrogen economy development, and decarbonization efforts are contributing to a growing demand for electrolyzers, positioning them as crucial components in the transition towards a more sustainable and low carbon energy landscape.

Furthermore, supportive policies, subsidies, and incentives from governments around the world encourage the adoption of electrolyzers as part of broader strategies to promote renewable energy and reduce greenhouse gas emissions. Technological advancements and decreasing costs further contribute to the rising adoption of electrolyzers, making them a key player in the transition to a sustainable energy landscape.

With this drift on board, the future scope of electrolyzers appears promising, with ongoing research focused on improving efficiency, reducing costs, and exploring innovative applications. As renewable energy sources continue to dominate the energy landscape, electrolyzers are expected to be integral in facilitating energy storage, grid balancing, and powering various sectors, contributing significantly to a greener and more sustainable future.

Key Findings Of The Study:

• The global electrolyzer market size is provided in terms of revenue and volume.
• Asia-Pacific is projected to grow at the highest CAGR of approximately 27.5%, in terms of revenue, during the forecast period.
• By product, the solid oxide electrolyzer segment is anticipated to grow with CAGR 28.1%, in terms of revenue, during the forecast period.
• Europe and Asia-Pacific dominated the electrolyzer market share in 2022.

Author’s Bio - Suchita Gupta is an explorer, musician and content writer. While pursuing MBA, she found that nothing satisfies her more than writing on miscellaneous domains. She is a writer by day, and a reader by night. Besides, she can be found entertaining her audience on social media platforms. Find her on LinkedIn & Instagram.