2Q 2023

Analyst Insight: Megatrends in Hydrogen

Hydrogen Electrolyzer Tracker Insights

The hydrogen industry is currently undergoing a period of intense change and growth as global economies ramp up efforts to decarbonize and transition to a more sustainable energy system. However, geopolitical and infrastructure challenges are exerting a significant influence on the sector. For example, the ongoing war in Ukraine is a key trend affecting the business case for green hydrogen in Europe and Asia Pacific, leading to an increased emphasis on energy security. Elevated natural gas prices have bolstered green hydrogen’s cost competitiveness with fossil-based hydrogen production.

US policy makers are providing strong support for the hydrogen economy, especially through the Inflation Reduction Act, which focuses on improving the business case for hydrogen pathways with lower emissions. Other regions with ambitious hydrogen plans include parts of Latin America, the Middle East, and Africa, where significant natural gas and renewable energy resources promise low production costs. However, challenges for those regions include a lack of existing infrastructure, high cost of capital, and remoteness from major markets.

This fifth Guidehouse Insights Hydrogen Electrolyzer Tracker Analyst Insight summarizes the key findings of the tracker, outlines important industry trends, and identifies market drivers and barriers.

Pages 15
Tables | Charts | Figures 11
  • What are the regional megatrends affecting hydrogen adoption?
  • What effect will the Inflation Reduction Act have on the electrolyzer manufacturing industry?
  • What effect will the conflict in Ukraine have on Europe’s adoption of hydrogen?
  • How will critical mineral concerns influence the electrolyzer industry?
  • Electrolyzer producers
  • Hydrogen producers
  • Investors
  • Industry players
  • Mineral industry specialists
  • Policy makers



Executive Summary

Market Inflection Trends

Market Drivers and Barriers

Megatrends Impacting North America

Megatrends Impacting Europe

Megatrends Impacting Asia Pacific

Megatrends Impacting Latin America

Megatrends Impacting the Middle East & Africa

Key Recommendations

Acronyms and Abbreviations

Additional Resources & Contact

  • Electrolyzer Capacity: Project Pipeline, North America 2022-2026
  • Top 10 Companies Involved in Current Hydrogen Projects, Europe, 1Q23
  • Top 10 Countries by Electrolyzer Capacity: Projects Deployed and In Progress, Europe, 2022-2032
  • Asian LNG benchmark prices, IMF, 2020-2023
  • Top Countries by Electrolyzer Capacity: Projects Deployed and In Progress, Asia Pacific, 2022-2030
  • Latin America Energy Mix, IEA, 2019
  • Top Countries by Electrolyzer Capacity: Projects Deployed and
  • In Progress, Latin America, 2022-2032
  • Top Flaring Countries, m3 Methane Flared, World Markets, 2022
  • Top Countries by Electrolyzer Capacity: Projects Deployed and In Progress, Middle East and Africa, 2022-2032
  • Market Drivers and Barriers
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