(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The "Asia-Pacific PEM Electrolyzer Market - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets's offering.
The Asia-Pacific PEM electrolyzer market (excluding China) is projected to reach $306.7 million by 2031 from $14.7 million in 2022, growing at a CAGR of 40.1% during the forecast period 2022-2031.
PEM electrolyzer demand is expected to soar in the Asia-Pacific (APAC) area due to growing demands from a variety of end-use industries, such as methanol manufacturing, transportation, power and energy storage, ammonia production, and refining. A significant increase in the use of PEM electrolyzers for the production of green hydrogen is anticipated, supported by significant investments in renewable energy sources from both public and commercial sectors. However, in the near future, the lack of hydrogen-related infrastructure, such as storage and transportation facilities, may hinder the region's PEM electrolyzer market's expansion.
Proton Exchange Membrane (PEM) electrolyzer sales are currently expanding in the Asia-Pacific (APAC) market due to a number of important factors. The market is expected to develop primarily because to the growing popularity of fuel cell vehicles and the increased focus on decarbonization and lowering greenhouse gas emissions. The need for ecologically friendly fuels is also anticipated to increase due to a spike in demand from a variety of end-user industries and the introduction of stronger government laws targeted at reducing greenhouse gas emissions. The growing need for green hydrogen is expected to propel the growth trajectory of the worldwide PEM electrolyzer market, which is also expected to gain from it. PEM electrolyzers are becoming more and more necessary as a result of fuel cell electric vehicles.
Segmentation by End User
Refining Industry Power and Energy Storage Ammonia Production Methanol Production Transportation
Segmentation by Material Type
Segmentation by Country
Key Market Players and Competition Synopsis
Some of the prominent names established in this market are:
Elchemtech Co., Ltd. Hitachi Zosen Corporation Beijing SinoHy Energy Co., Ltd Ningbo VET Energy Technology Co., Ltd.
Key Questions Answered in the Report
What are the main bottlenecks for scaling up PEM electrolyzer technology, and how can they be overcome? Where is the greatest need for additional R&D efforts needed in the market? What are the various types of electrolyzer technologies expected to be developed in the coming years? What are the major factors and trends that influence the market for PEM electrolyzers? What are some of the key initiatives taken by the existing players to improve their market positioning and strategies adopted by new players entering the market space?
| Report Attribute
| No. of Pages
| Forecast Period
| 2022 - 2031
| Estimated Market Value (USD) in 2022
| $14.7 Million
| Forecasted Market Value (USD) by 2031
| $306.7 Million
| Compound Annual Growth Rate
| Regions Covered
| Asia Pacific
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Asia-Pacific PEM Electrolyzer Market
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