The Asia Pacific Electrolyzers Market would witness market growth of 55.7% CAGR during the forecast period (2023-2030).
The transportation sector is transforming profoundly, with hydrogen emerging as a promising alternative to conventional fuels. Fuel cell vehicles (FCVs) powered by hydrogen are gaining traction, offering a zero-emission solution for personal and commercial transportation. These devices play a crucial role in producing the hydrogen to fuel these vehicles, providing a sustainable and scalable solution for the transportation industry.
Furthermore, fuel cell vehicles are increasingly being recognized and adopted as a sustainable and practical means of transportation. These vehicles generate electricity from hydrogen gas via a chemical reaction in the fuel cell; water vapor and heat are the only byproducts. FCVs offer several advantages over traditional vehicles, including zero-emission operation, reduced dependence on finite fossil fuel resources, and potentially shorter refueling times than battery electric vehicles.
As per the data from the State Council of China, the nation possessed a cumulative installed renewable energy capacity of 1.06 billion kilowatts by the conclusion of 2021, constituting 44.8 percent of the overall installed power generation capacity. China produced 2.48 trillion kWh of electricity from renewable sources in 2021, representing 29.8 percent of the nation's overall electricity usage. Furthermore, as per the Government of India, the nation is committed to attaining energy independence by 2047 and a Net Zero energy consumption status by 2070. India's energy transition is predicated on expanding renewable energy use in all sectors of the economy to reach this objective. Hence, rising green hydrogen initiatives and the renewable energy sector in the Asia Pacific will propel the demand for these devices in the region.
The China market dominated the Asia Pacific Electrolyzers Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,665.1 million by 2030. The Japan market is registering a CAGR of 54.6% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 56.6% during (2023 - 2030).
Free Valuable Insights: The Global Electrolyzers Market is Predict to reach $ 39.5 Billion by 2030, at a CAGR of 55%
Based on Capacity, the market is segmented into 500 kW to 2 MW, Less than 500 kW, and Above 2 MW. Based on Technology, the market is segmented into Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer, Solid Oxide (SOE) Electrolyzer, and Anion Exchange Membrane (AEM) Electrolyzer. Based on Application, the market is segmented into Power Generation, Industry Feedstock, Transportation, Building Heat & Power, Industry Energy, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
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