Rising Government Backing, Net Zero Goals, and Hydrogen Fuel Demand Fuel Anticipated 33.27% CAGR in Power Supply Equipment Market for Water Electrolysis from 2022 to 2032.
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Power Supply Equipment Market for Water Electrolysis – A Global and Regional Analysis.
The power supply equipment market for water electrolysis was valued at $331.5 million in 2022, and it is expected to grow at a CAGR of 33.27% and reach $5,714.8 million by 2032. The growth in the power supply equipment market for water electrolysis is expected to be driven by supportive government initiatives, strict net zero targets, and rising demand for hydrogen fuel cell vehicles, green ammonia, green methanol, and other applications.
The following factors are responsible for the increase in demand for Power Supply Equipment Market for Water Electrolysis:
The power supply equipment market for water electrolysis thrives on multiple drivers, including a surging interest in hydrogen as a clean energy solution and the imperative for energy storage. Industry players and startups alike are actively advancing water electrolysis systems to elevate efficiency, cut costs, and boost scalability. The flourishing water electrolysis sector directly fuels demand and innovation within the power supply equipment market.
Notable industry contenders like ABB, General Electric, Nidec Industrial Solutions, Danfoss Drives, SMA Solar Technology AG, and American Superconductor are strategically partnering, collaborating, and acquiring to elevate product portfolios and expand market influence. In sum, the power supply equipment market for water electrolysis undergoes significant growth and evolution driven by heightened emphasis on emissions reduction, transition to cleaner energy, supportive regulations, subsidies, and renewable energy and hydrogen production goals.
The detailed study is a compilation of 55 market data tables and 24 figures spread across 194 pages.
Check Out the Detailed Table of Contents Here:
Analyst’s Take on the Market Projection: According to Sachin Singh, Lead Analyst, BIS Research, “The power supply equipment market for water electrolysis is likely to grow multi-fold in the coming years during the forecast period, owing to the rapidly growing demand for green solutions in various sectors. Furthermore, the demand for hydrogen fuel cells is undergoing rapid growth in various industries, including power and energy generation, transportation/mobility, and manufacturing. This increasing demand for energy presents significant potential for the growth of water electrolysis technology. This trend creates promising opportunities for the adoption and advancement of water electrolysis technology and power supply equipment as a means to meet the growing need for green hydrogen in fuel cell applications. However, the market confronts certain constraints, including high costs, infrastructural needs, and regulatory obstacles. The market is expected to witness significant growth in the coming years, and the key players in the market are focused on strategic partnerships and collaborations to expand their market presence and enhance their product offerings.”
Major Industry Leaders in Power Supply Equipment Market for Water Electrolysis
The companies profiled have been selected based on input gathered from primary experts and analysing company coverage, product portfolio, and market penetration. Some of the established names in the market are:
- AEG Power Solutions B.V.
- Comeca Group
- Prodrive Technologies
- FRIEM SPA
- Statcon Energiaa Pvt. Ltd.
- Green Power Co., Ltd.
- Mak Plus Power Systems
- MUNK GmbH
- Liyuan Rectifier Group
- General Electric
- Sensata Technologies, Inc.
- Ador Powertron Ltd
- Nidec Industrial Solutions
- Danfoss Drives
- American Superconductor
- SMA Solar Technology AG
Recent Developments in Power Supply Equipment Market for Water Electrolysis
- In March 2023, Ingeteam introduced a new rectifier solution specifically designed for electrolyzers, known commercially as the INGECON H2 FSK E12000. This innovative product is tailored for large-scale green hydrogen production facilities. The initial units are scheduled to be delivered in September 2023, with projects in Germany and Spain being the first recipients of this technology.
- In March 2023, Nidec Industrial Solutions unveiled two significant projects focused on green hydrogen production and storage in the southwestern region of the U.S. In the first project, the power supply unit, capable of generating 5.6 MW of energy, is expected to be housed within a 40-foot container. In the second project, Nidec Industrial Solutions assumes a crucial role in the storage of liquid hydrogen. The company is responsible for supplying the electrical component of the order, which includes 14 electric motors. These motors would be coupled with 14 compressors forming the mechanical part of the system.
- In January 2023, TMEIC introduced an innovative power electronics solution designed specifically for contemporary electrolyzer technologies, enabling a high-current DC power supply. The Type-1 system incorporates a 24-pulse diode front-end rectifier to efficiently convert AC to DC. Similarly, the Type-2 system utilizes an insulated gate bipolar transistor (IGBT) front-end converter for AC to DC conversion.
- In May 2022, Liyuan Rectifier Group announced plans to develop an electrolysis rectifier system for the proton exchange membrane electrolysis system.
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