The Latin America, Middle East and Africa Electrolyzers Market would witness market growth of 59.5% CAGR during the forecast period (2023-2030).
One of the most significant advantages of hydrogen-powered transportation, facilitated by FCVs, is their contribution to a zero-emission solution. As hydrogen fuel cells convert hydrogen gas into electricity without combustion, water vapor is the only emission from these vehicles. This aligns with efforts to reduce air pollution and combat climate change, making hydrogen an attractive option for environmentally conscious transportation.
Moreover, power-to-X involves using excess electricity generated from renewable sources to produce hydrogen, which can be utilized in various applications. Power-to-X technologies, including Power-to-Gas and Power-to-Liquid, leverage these devices to convert renewable energy into hydrogen or synthetic fuels. This integration of these devices with Power-to-X technologies unlocks new possibilities for decarbonizing multiple sectors simultaneously.
Saudi Arabia has initiated various renewable energy projects, including large-scale solar and wind projects. These projects provide abundant sources of intermittent renewable energy that can be harnessed for electrolysis. As per the data provided in 2021 by the International Trade Administration, Saudi Arabia intends to generate 50 percent of its electricity from renewable sources and fifty percent from gas by 2030. The nation was preparing to construct a green hydrogen facility that would generate 660 tons of green hydrogen per day using solar and wind energy. Hence, the rising renewable energy sector in the LAMEA region will help expand the regional market.
The Brazil market dominated the LAMEA Electrolyzers Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $810.5 million by 2030. The Argentina market is showcasing a CAGR of 60.4% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 58.9% during (2023 - 2030).
Free Valuable Insights: The Worldwide Electrolyzers Market is Projected to reach USD 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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