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Asia-Pacific PEM Electrolyzer Market - Analysis and Forecast, 2022-2031

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    Report

  • 96 Pages
  • November 2023
  • Region: Asia Pacific
  • BIS Research
  • ID: 5903109
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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.

Market Introduction

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.

Market Segmentation:

Segmentation 1: by End User

  • Refining Industry
  • Power and Energy Storage
  • Ammonia Production
  • Methanol Production
  • Transportation
  • Others

Segmentation 2: by Material Type

  • Iridium
  • Platinum
  • Others

Segmentation 3: by Country

  • Japan
  • India
  • South Korea
  • Australia
  • Rest-of-Asia-Pacific

How can this report add value to an organization?

Product/Innovation Strategy: The product segment helps the reader understand the different material types involved in the production of PEM electrolyzers. Moreover, the study provides the reader with a detailed understanding of the Asia-Pacific PEM electrolyzer market based on the end user (refining industry, ammonia production, methanol production, power and energy storage, transportation, and others). PEM electrolyzers are gaining traction in end-user industries on the back of sustainability concerns and their high-power density properties. They are also being used for controlling GHG emissions.

Growth/Marketing Strategy: The APAC PEM electrolyzer market has seen major development by key players operating in the market, such as business expansions, partnerships, collaborations, mergers and acquisitions, and joint ventures. The favored strategy for the companies has been product developments, business expansions, and acquisitions to strengthen their position in the global PEM electrolyzer market.

Competitive Strategy: Key players in the APAC PEM electrolyzer market analyzed and profiled in the study involve PEM electrolyzer manufacturers and the overall ecosystem. Moreover, a detailed competitive benchmarking of the players operating in the Asia-Pacific PEM electrolyzer market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analysing company coverage, product portfolio, and market penetration.

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.


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Table of Contents

1 Markets
1.1 Industry Outlook
1.1.1 Trends: Current and Future
1.1.1.1 Rising Government Efforts to Construct Low-Carbon Infrastructure
1.1.1.2 Surge in Sustainable Hydrogen Economy
1.1.1.3 Rising Demand for Advanced Electrolysis Technologies
1.1.2 Supply Chain Analysis
1.1.3 Ecosystem/Ongoing Programs
1.1.3.1 Consortiums and Associations
1.1.3.2 Regulatory Bodies
1.1.3.3 Government Programs
1.1.3.4 Programs by Research Institutions and Universities
1.1.4 Impact of COVID-19 on the PEM Electrolyzer Market
1.1.5 Impact of Iridium Demand-Supply Gap on the PEM Electrolyzer Market
1.1.5.1 Global Iridium Demand-Regional Analysis and Specification
1.1.5.1.1 China
1.1.5.1.2 Asia-Pacific and Japan
1.1.6 Asia-Pacific Iridium Demand Analysis (by Region), Value and Volume Data, 2021 to 2031
1.1.6.1 Asia-Pacific Iridium Demand Analysis (by Region), Volume, 2021 to 2031
1.1.6.2 Global Iridium Demand Analysis (by Region), Value, 2021 to 2031
1.1.7 Iridium Impact on PEM Electrolyzer: Current and Future
1.1.7.1 Company Innovations to Lessen Reliance on Iridium
1.1.7.2 Iridium, Osmium, and Ruthenium: Import and Export Analysis by key Countries, (2017-2021)
1.1.8 Iridium Supply and Demand Gap
1.1.9 PEM Electrolyzer Market Scenario: Historical vs Realistic vs Optimistic, MW, 2021-2031
1.1.9.1 Hitachi Zosen Corporation
1.1.9.1.1 Company Overview
1.1.9.1.2 Iridium Procurement Analysis
1.1.9.1.2.1 Key Challenges Faced by the Company
1.1.9.1.2.2 Key Steps to Mitigate Iridium Demand-Supply Gap
1.1.9.1.3 Hitachi Zosen Corporation: SWOT Analysis
2 Regions
2.1 China
2.1.1 Market
2.1.1.1 Buyer Attributes
2.1.1.2 Key Producers and Suppliers in China
2.1.1.3 Regulatory Landscape
2.1.1.4 Business Drivers
2.1.1.5 Business Challenges
2.1.2 Applications
2.1.2.1 China PEM Electrolyzer Market (by End User), Volume and Value Data
2.1.3 Products
2.1.3.1 China PEM Electrolyzer Market (by Material Type), Value Data
2.2 Asia-Pacific and Japan
2.2.1 Market
2.2.1.1 Key Producers and Suppliers in Asia-Pacific and Japan
2.2.1.2 Business Drivers
2.2.1.3 Business Challenges
2.2.2 Applications
2.2.2.1 Asia-Pacific and Japan PEM Electrolyzer Market (by End User), Volume and Value Data
2.2.3 Products
2.2.3.1 Asia-Pacific and Japan PEM Electrolyzer Market (by Material Type), Value Data
2.2.4 Asia-Pacific and Japan (by Country)
2.2.4.1 Japan
2.2.4.1.1 Market
2.2.4.1.1.1 Buyer Attributes
2.2.4.1.1.2 Key Producers and Suppliers in Japan
2.2.4.1.1.3 Regulatory Landscape
2.2.4.1.1.4 Business Drivers
2.2.4.1.1.5 Business Challenges
2.2.4.1.2 Applications
2.2.4.1.2.1 Japan PEM Electrolyzer Market (by End User), Volume and Value Data
2.2.4.1.3 Products
2.2.4.1.3.1 Japan PEM Electrolyzer Market (by Material Type), Value Data
2.2.4.2 South Korea
2.2.4.2.1 Market
2.2.4.2.1.1 Buyer Attributes
2.2.4.2.1.2 Key Producers and Suppliers in South Korea
2.2.4.2.1.3 Regulatory Landscape
2.2.4.2.1.4 Business Drivers
2.2.4.2.1.5 Business Challenges
2.2.4.2.2 Applications
2.2.4.2.2.1 South Korea PEM Electrolyzer Market (by End User), Volume and Value Data
2.2.4.2.3 Products
2.2.4.2.3.1 South Korea PEM Electrolyzer Market (by Material Type), Value Data
2.2.4.3 India
2.2.4.3.1 Market
2.2.4.3.1.1 Buyer Attributes
2.2.4.3.1.2 Key Producers and Suppliers in India
2.2.4.3.1.3 Regulatory Landscape
2.2.4.3.1.4 Business Drivers
2.2.4.3.1.5 Business Challenges
2.2.4.3.2 Applications
2.2.4.3.2.1 India PEM Electrolyzer Market (by End User), Volume and Value Data
2.2.4.3.3 Products
2.2.4.3.3.1 India PEM Electrolyzer Market (by Material Type), Value Data
2.2.4.4 Australia
2.2.4.4.1 Market
2.2.4.4.1.1 Buyer Attributes
2.2.4.4.1.2 Key Producers and Suppliers in Australia
2.2.4.4.1.3 Regulatory Landscape
2.2.4.4.1.4 Business Drivers
2.2.4.4.1.5 Business Challenges
2.2.4.4.2 Applications
2.2.4.4.2.1 Australia PEM Electrolyzer Market (by End User), Volume and Value Data
2.2.4.4.3 Products
2.2.4.4.3.1 Australia PEM Electrolyzer Market (by Material Type), Value Data
2.2.4.5 Rest-of-Asia-Pacific and Japan
2.2.4.5.1 Market
2.2.4.5.1.1 Buyer Attributes
2.2.4.5.1.2 Key Producers and Suppliers in Rest-of-Asia-Pacific and Japan
2.2.4.5.1.3 Business Drivers
2.2.4.5.1.4 Business Challenges
2.2.4.5.2 Applications
2.2.4.5.2.1 Rest-of-Asia-Pacific PEM Electrolyzer Market (by End User), Volume and Value Data
2.2.4.5.3 Products
2.2.4.5.3.1 Rest-of-Asia-Pacific PEM Electrolyzer Market (by Material Type), Value Data
3 Markets - Competitive Benchmarking & Company Profiles
3.1 Competitive Benchmarking (2021)
3.1.1 Competitive Position Matrix (2021)
3.1.2 Product Matrix for Key Companies
3.1.3 Market Share Analysis of Key Companies, 2021
3.2 Company Profiles
3.2.1 Elchemtech Co., Ltd.
3.2.1.1 Company Overview
3.2.1.1.1 Role of Elchemtech Co., Ltd. in the PEM Electrolyzer Market
3.2.1.1.2 Product Portfolio
3.2.1.1.3 Production Site
3.2.1.2 Analyst View
3.2.2 Hitachi Zosen Corporation
3.2.2.1 Company Overview
3.2.2.1.1 Role of Hitachi Zosen Corporation in the PEM Electrolyzer Market
3.2.2.1.2 Product Portfolio
3.2.2.2 Business Strategies
3.2.2.2.1 Market Developments
3.2.2.3 R&D Analysis
3.2.2.4 Analyst View
3.2.3 Beijing SinoHy Energy Co., Ltd
3.2.3.1 Company Overview
3.2.3.1.1 Role of Beijing SinoHy Energy Co., Ltd in the PEM Electrolyzer Market
3.2.3.1.2 Product Portfolio
3.2.3.2 Analyst View
3.2.4 Ningbo VET Energy Technology Co., Ltd.
3.2.4.1 Company Overview
3.2.4.1.1 Role of Ningbo VET Energy Technology Co., Ltd. in the PEM Electrolyzer Market
3.2.4.1.2 Product Portfolio
3.2.4.1.3 Production Site
3.2.4.2 Analyst View
4 Research Methodology
List of Figures
Figure 1: PEM Electrolyzer Market, $Million, 2021, 2022, and 2031
Figure 2: PEM Electrolyzer Market (by End User), $Million, 2021 and 2031
Figure 3: PEM Electrolyzer Market (by Material Type), $Million, 2021 and 2031
Figure 4: PEM Electrolyzer Market (by Region), $Million, 2021 and 2031
Figure 5: Technological Possibilities for Green Hydrogen Production Under $1.5/kg by 2050
Figure 6: Anticipated Capacity for Producing Electrolyzers (by region), 2021-2031
Figure 7: Supply Chain Analysis of the Global PEM Electrolyzer Market
Figure 8: Comparison Chart of Iridium Spark Plugs and Regular Spark Plugs
Figure 9: Iridium Market Supply and Demand, Tons, 2021-2031
Figure 10: PEM Electrolyzer Market Volume based on Historical, Optimistic, and Realistic Scenario, MW, 2021-2031
Figure 11: Research Methodology
Figure 12: Top-Down and Bottom-Up Approach
Figure 13: PEM Electrolyzer Market Influencing Factors
Figure 14: Assumptions and Limitations
List of Tables
Table 1: List of Green Hydrogen Programs by Major Countries
Table 2: Comparison Table of Various Fuel Sources
Table 3: List of Players Offering Sparkplugs
Table 4: Iridium Usage by Country
Table 5: India and Japan Import Data
Table 6: Asia-Pacific Iridium Demand Analysis (by Region), Tons, 2021 to 2031
Table 7: Asia-Pacific Iridium Demand Analysis (by Region), $Million, 2021 to 2031
Table 8: Characteristics of Alkaline and PEM Electrolyzers
Table 9: Iridium, Osmium, and Ruthenium: Import Analysis by Key Countries, $Thousand, 2017-2021
Table 10: Iridium, Osmium, and Ruthenium: Export Analysis by Key Countries, $Thousand, 2017-2021
Table 11: PEM Electrolyzer Market Volume based on Historical, Optimistic, and Realistic Scenario, MW, 2021-2031
Table 12: China PEM Electrolyzer Market (by End User), MW, 2021-2031
Table 13: China PEM Electrolyzer Market (by End User), $Million, 2021-2031
Table 14: China PEM Electrolyzer Market (by Material Type), $Million, 2021-2031
Table 15: Asia-Pacific and Japan PEM Electrolyzer Market (by End User), MW, 2021-2031
Table 16: Asia-Pacific and Japan PEM Electrolyzer Market (by End User), $Million, 2021-2031
Table 17: Asia-Pacific and Japan PEM Electrolyzer Market (by Material Type), $Million, 2021-2031
Table 18: Japan PEM Electrolyzer Market (by End User), MW, 2021-2031
Table 19: Japan PEM Electrolyzer Market (by End User), $Million, 2021-2031
Table 20: Japan PEM Electrolyzer Market (by Material Type), $Million, 2021-2031
Table 21: South Korea PEM Electrolyzer Market (by End User), MW, 2021-2031
Table 22: South Korea PEM Electrolyzer Market (by End User), $Million, 2021-2031
Table 23: South Korea PEM Electrolyzer Market (by Material Type), $Million, 2021-2031
Table 24: India PEM Electrolyzer Market (by End User), MW, 2021-2031
Table 25: India PEM Electrolyzer Market (by End User), $Million, 2021-2031
Table 26: India PEM Electrolyzer Market (by Material Type), $Million, 2021-2031
Table 27: Australia PEM Electrolyzer Market (by End User), MW, 2021-2031
Table 28: Australia PEM Electrolyzer Market (by End User), $Million, 2021-2031
Table 29: Australia PEM Electrolyzer Market (by Material Type), $Million, 2021-2031
Table 30: Rest-of-Asia-Pacific PEM Electrolyzer Market (by End User), MW, 2021-2031
Table 31: Rest-of-Asia-Pacific PEM Electrolyzer Market (by End User), $Million, 2021-2031
Table 32: Rest-of-Asia-Pacific PEM Electrolyzer Market (by Material Type), $Million, 2021-2031
Table 33: Product Matrix for Key Companies
Table 34: Market Share of Key Companies

Executive Summary

The Asia-Pacific PEM electrolyzer market (excluding China) is estimated to reach $306.7 million by 2031, reveals the premium market intelligence study. The study also highlights that the market is set to witness a CAGR of 40.1% during the forecast period 2022-2031.

The Asia-Pacific PEM Electrolyzer Market: Drivers and Challenges

One of the biggest consumers of hydrogen worldwide is the Asia-Pacific region. According to the International Energy Agency (IEA), China and India, the two largest consumers, used 17 and 4 million tons of H2 for ammonia and methanol production units, respectively, in 2021, accounting for half of the world's industrial hydrogen demand. Therefore, it is anticipated that the growth of the PEM electrolyzer market in the region is anticipated to be driven by the rising demand for hydrogen from the ammonia and methanol industries as well as the rising demand for low carbon hydrogen during the forecast period.

One of the main obstacles to the expansion of the PEM electrolyzer market in the area is the lack of adequate infrastructure for the hydrogen economy and the high cost of renewable energy. Energy is required for the energy-intensive process of producing green hydrogen, and renewable energy sources are used to meet this need. The region's PEM electrolyzer market is experiencing a decline due to a lack of grid installation for the transmission of energy from the power plant to the electrolyzer stack.

USPs of report

  • Analysis of business drivers and challenges of the Asia-Pacific PEM Electrolyzer Market
  • Detailed analysis of PEM Electrolyzer Market for Australia, South Korea, India, and Japan
  • Market ranking analysis based on product portfolios, recent developments, and regional spread

Market segregation based on End User and Material Type

Analyst’s Perspective on Asia-Pacific PEM Electrolyzer Market

The Principal Analyst states, 'PEM electrolysis has gained growth in recent years due to a growing emphasis on environmentally friendly and low-carbon technology. PEM electrolysis is gaining popularity among companies as there is zero carbon emission, and it uses electricity as a feedstock. This electricity is generated by renewable energy sources such as wind and solar, which are abundant and produce no greenhouse gases. Furthermore, due to a number of technical and performance advancements in proton exchange membrane electrolyzer, the market is anticipated to expand quickly during the forecast period.'

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?

Companies Mentioned

  • Elchemtech Co., Ltd.
  • Hitachi Zosen Corporation
  • Beijing SinoHy Energy Co., Ltd
  • Ningbo VET Energy Technology Co., Ltd.

Table Information

Report AttributeDetails
No. of Pages96
PublishedNovember 2023
Forecast Period2022 - 2031
Estimated Market Value ( USD ) in 2022 $ 14.7 Million
Forecasted Market Value ( USD ) by 2031 $ 306.7 Million
Compound Annual Growth Rate40.1%
Regions CoveredAsia Pacific
No. of Companies Mentioned4

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About the PEM Electrolyzer Market

The PEM Electrolyzer market is a subset of the Fuel Cells market, which is a technology that converts chemical energy into electrical energy. PEM Electrolyzers are a type of fuel cell that uses a proton exchange membrane (PEM) to separate the anode and cathode, allowing for the efficient conversion of hydrogen and oxygen into electricity and water. PEM Electrolyzers are used in a variety of applications, including stationary power, transportation, and industrial processes. The PEM Electrolyzer market is expected to grow in the coming years due to increasing demand for clean energy sources and the need for efficient energy storage solutions. Additionally, the development of new technologies and materials for PEM Electrolyzers is expected to drive market growth. Some of the major companies in the PEM Electrolyzer market include Ballard Power Systems, Hydrogenics, Plug Power, ITM Power, and Nel Hydrogen. Show Less Read more

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