Increasing demand for highly efficient and low-space utilizing energy storage systems coupled with government funding and support
Growing demand for highly efficient and low-space utilizing energy storage systems to operate from renewable energy sources such as solar and wind has increased government investment in the Hydrogen electrolyzer, leading to uplift the market share for the product. For instance, in 2019, the Australian Government and the Australian Renewable Energy Agency (ARENA) has announced a funding of around US$ 50 Million to fast track the development of renewable Hydrogen projects in Australia. ARENA's Hydrogen funding is expected to play a vital role in supporting commercial-scale deployments of renewable Hydrogen in Australia.
Also, increasing government initiatives and funding to fulfill the local demand of the electricity and electricity storage systems with post fulfillment of Hydrogen storage tanks through Hydrogen electrolyzers and distribution of the electricity to the respective grids have propelled the need for the growth of this market.
For instance, on July 20 2020, The US Department of Energy (DOE) announced US$ 64 Million in funding for 18 projects to help realize the H2@Scale vision of affordable Hydrogen production, storage, distribution, and use of the Fiscal Year 2020. The next round of research, development, and demonstration (RD&D) activities under H2@Scale's multi-year initiative to fully realize Hydrogen's economic benefits will be fueled by these projects.
Furthermore, increasing the launch of compact size, low space-required Hydrogen electrolyzer has propelled the market growth. For instance, in 2018, McPhy launched a compact design of the "Augmented McLyzer" technology-based Hydrogen electrolyzer, which has a unique combination of high-pressure alkaline Hydrogen electrolysis. It integrates new generation electrodes with a high current density, which is doubled compared to standard electrodes.
Growing demand of renewable energy coupled with increasing investment by the leading players
Despite the pandemic, according to a recent analysis from the International Energy Agency, the world's renewable energy capacity grew 45 percent in 2020 as part of an "unprecedented boom" in wind and solar energy. It's the highest annual growth rate since 1999.
Furthermore, The International Energy Agency (IEA), whose purpose is to make the world's energy supply more reliable, affordable, and sustainable, reports that renewable energy was "the only energy source for which demand climbed, while consumption of all other fuels dropped" in 2020. The tremendously improving demand for renewable energy has positively impacted the Hydrogen electrolyzer market in recent times and is expected to grow even further in the forecast period.
Growing government investment and funding to promote renewable energy projects that use advanced technology such as Hydrogen electrolyzers to store electricity have impelled the market growth. For instance, on April 15 2020, the Australian government have funded around US$ 44.3 Million to 'fast-track' the competitive Hydrogen electrolysis market. The fast track projects also include developing 15,000 MW of wind and solar power to produce Hydrogen and ammonia for export to the Asia-Pacific region.
Increasing investment by the leading players to establish new renewable energy sources for electricity generation to meet the growing demand for electricity across the globe has propelled the global Hydrogen electrolyzer market growth.
For instance, on January 13, 2021, Linde has announced to build its own and operate the world's largest PEM (Proton Exchange Membrane) electrolyzer plant at the Leuna Chemical Complex in Germany. In addition, Linde will also supply liquefied green Hydrogen to regional refueling stations and other industrial users. Green Hydrogen produced in total can fuel around 600 fuel cell buses, covering 40 Million kilometers and reducing up to 40,000 tonnes of carbon dioxide emissions every year.
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