According to the research report titled ‘Global Hydrogen Electrolyzer Market (Value, Volume) - Analysis By Product, Application, By Region, By Country (2021 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2021-2026)’, available with Market Study Report LLC, global hydrogen electrolyzer market is anticipated to showcase lucrative growth trends between 2021 and 2026.
 

Rising demand for compact and highly efficient energy storage systems to manage the electricity produced from wind, solar, and hydropower generation units is the major factor driving the global hydrogen electrolyzer market growth. Widespread deployment of renewable power generation units around the world along with increasing investments for sustainable technologies are further bolstering the industry share.
 

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For the record, an electrolyzer is mostly used to produce hydrogen by means of electrolysis of water. The product is commonly used in the automotive sector for fuel cell electric vehicles considering that hydrogen can store abundant energy and release it when required for industrial use.
 

Based on product type, global hydrogen electrolyzer industry is segmented into proton exchange membrane electrolyzer, solid oxide electrolyzer, and alkaline electrolyzer. As cited in the report, alkaline electrolyzer segment is leading in terms of revenue hierarchy and is poise to showcase lucrative growth over the assessment duration.
 

Speaking of application range, the marketplace is categorized into power plants, industrial gases, energy storage, and power to gas among others. Among these, power plants segment presently holds a significant share in the overall market and is reckoned to amass considerable valuation over the study period.
 

On the regional front, North America, Asia Pacific, and Europe are considered to be the major contributors towards the overall valuation of the industry.
 

Experts cite, North America is slated to garner notable returns over the estimated timeline, owing to collective investments by the government to enhance the renewable energy production capacities and reduce the dependency on coal-powered stations.
 

Prominent players profiled in the worldwide hydrogen electrolyzer industry are Loop Energy Inc., Giner Inc., ERGOSUP, Areva H2Gen, Plug Power Inc., McPhy, Green Hydrogen Systems, Hydrogenics, ITM Power, and Nel ASA.