hitachi zosen corporation elogen siemens energy ag ningbo vet energy technology

**InsightAce Analytic Pvt. Ltd. Announces Release of Market Assessment Report on Global PEM Electrolyzer Market**

InsightAce Analytic Pvt. Ltd. is pleased to announce the release of a comprehensive market assessment report titled:
**“Global PEM Electrolyzer Market Size, Share & Trends Analysis Report By End-User (Refining Industry, Power & Energy Storage, Ammonia Production, Methanol Production, Transportation) and Material Type (Iridium, Platinum) – Market Outlook and Industry Analysis 2034.”**

The global PEM electrolyzer market is projected to reach over USD 6,078.7 million by 2034, exhibiting a robust compound annual growth rate (CAGR) of 38.2% during the forecast period.

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### Request For Free Sample Pages

Hydrogen gas is a highly efficient and clean-burning fuel with widespread applications across various industries. It is primarily used in the production of chemicals such as ammonia and methanol.

– **Ammonia (NH₃)** is a key ingredient in agricultural fertilizers, playing a vital role in supporting global food production.
– In the **petroleum industry**, hydrogen is essential for hydrocracking processes that facilitate the production of gasoline, diesel, and other refined petroleum products.
– Innovative applications, especially hydrogen fuel cells, are opening new opportunities in the **transportation** sector and energy-related industries.
– Hydrogen is currently used in **power plants** for generator cooling and is being explored as a potential solution for electrical grid stabilization.

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### Prominent Players in the PEM Electrolyzer Market
– Plug Power Inc.
– Nel ASA Inc.
– ITM Power PLC
– Hitachi Zosen Corporation
– Elogen
– Siemens Energy AG
– Ningbo Vet Energy Technology Co., Ltd.
– Ohmium International, Inc.
– Hystar
– H-TEC SYSTEMS GmbH

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### Market Dynamics

#### Drivers
The increasing global energy demand is primarily fueled by population growth and expanding rural electrification initiatives. Rapid urbanization alongside the development of large-scale infrastructure projects has further escalated the demand for reliable power supply from utilities worldwide.

Government policies promoting low-carbon technologies have been instrumental in market expansion. For example, on April 3, 2020, Japanese company Asahi Kasei established an alkaline water electrolysis plant at the Fukushima Hydrogen Energy Research Field (FH2R), highlighting increasing investments in hydrogen production technologies.

Moreover, recent reductions in solar and wind energy costs have significantly decreased both current and projected costs for renewable hydrogen production. Notably, utility-scale solar photovoltaic (PV) capital costs have dropped by 75% since 2010, while onshore wind generation costs have fallen by approximately 25% over the past decade.

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### Regional Trends

– **North America** is anticipated to achieve significant revenue growth during the forecast period. The widespread adoption of hydrogen in the power sector and a strong manufacturing infrastructure are key factors driving market expansion. Increased investments in refining, exploration, and production activities continue to boost demand for large-scale hydrogen production.

– **Europe** holds a prominent position within the market, with major investments by key players substantially contributing to industry revenue generation.

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### Recent Developments

In July 2022, Plug Power Inc. signed a contract with Irving Oil, an international energy corporation, to supply a 5-megawatt (MW) containerized proton exchange membrane (PEM) electrolyzer system. This system will be utilized for hydrogen production and distribution at the Saint John refinery in New Brunswick, Canada.

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### Market Segmentation

**By End-User:**
– Refining Industry
– Power and Energy Storage
– Ammonia Production
– Methanol Production
– Transportation
– Others

**By Material Type:**
– Iridium
– Platinum
– Others

**By Region:**
– **North America:** US, Canada, Mexico
– **Europe:** Germany, UK, France, Italy, Spain, Rest of Europe
– **Asia-Pacific:** China, Japan, India, South Korea, Southeast Asia, Rest of Asia Pacific
– **Latin America:** Brazil, Argentina, Rest of Latin America
– **Middle East & Africa:** GCC Countries, South Africa, Rest of the Middle East and Africa

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### Get More Information

To request specific chapters or detailed information from the report, please contact us.

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### About InsightAce Analytic Pvt. Ltd.

InsightAce Analytic is a market research and consulting firm dedicated to enabling clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions help identify new market opportunities, explore competing technologies, segment potential markets, and reposition products effectively.

We offer syndicated and custom market intelligence reports with in-depth analysis and key market insights delivered in a timely and cost-effective manner.

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### Contact Us

Email: info@insightaceanalytic.com
Website: [www.insightaceanalytic.com](http://www.insightaceanalytic.com)
Phone (US): +1 607 400-7072
Phone (Asia): +91 79 72967118

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Stay ahead in the hydrogen economy with InsightAce Analytic’s expert market reports!
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