Electrolyzers, 2023: Frost Radar Report

A Benchmarking System to Spark Companies to Action - Innovation that Fuels New Deal Flow and Growth Pipelines

Concerns about climate change and carbon emissions have put enormous pressure on nations to reduce emissions and move toward carbon neutrality. Decarbonization of industry, transport, heating, and energy has become imperative, and stakeholders must act now to reach climate targets and prevent further damage to the environment.

The global electrolyzer market is forecast to grow from 500MW per year in 2023 to 80GW in 2030, an exponential increase from being a niche, small-scale technology to a high-volume, billion-dollar industry in a matter of a few years. This is all down to the growth potential of the hydrogen economy.

In the short to medium terms, the focus will be on achieving scale in the industry. Nearly all market participants are either constructing or actively planning to build new facilities or expand existing ones. Financing for these projects has been readily available, as investors are keen to back the hydrogen economy. Automation of facilities is a priority in order to achieve cost savings. Manufacturers are increasingly focused on the sustainability of their operations, so constructing facilities in a location that has a guaranteed source of renewable energy is important.

The Frost Radar™ reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar™ methodology. The document presents competitive profiles on each of the companies in the Frost Radar™ based on their strengths, opportunities, and a small discussion on their positioning. The analyst analyzes numerous companies in an industry and benchmarks them across 10 criteria on the Frost Radar™, where the leading companies in the industry are then positioned.