Global Electrolyzers Market by Type (Alkaline Electrolyzers, Proton Exchange Membrane Electrolyzers, Solid Oxide Electrolyzers), Component (Electrolyzer Cell Stacks, Power Supply, Pumps), Scope of Supply, Application - Forecast 2023-2030

The Electrolyzers Market size was estimated at USD 1.64 billion in 2022, USD 2.10 billion in 2023, and is expected to grow at a CAGR of 29.95% to reach USD 13.40 billion by 2030.

Electrolyzers use electricity to split water (H2O) into its constituent elements, hydrogen (H2) and oxygen (O2), through a process called electrolysis. Electrolysis involves the application of an electric current to an electrolyte solution or molten salt, causing the decomposition of the water molecules. Electrolyzers play a crucial role in renewable energy as they enable hydrogen production using electricity from renewable sources, including wind and solar power. Increasing government investments and initiatives are accelerating hydrogen production activities worldwide, and the rising popularity of digitalized and automated electrolyzers in various end-use cases has enhanced the adoption of electrolyzers. However, the high cost of developing electrolyzers with significant investment required for hydrogen production and several operational and technical limitations of low & high-temperature electrolyzers significantly impede the usage of electrolyzers. In addition, ongoing R&D activities on advancing electrolyzers using silicon and AI and increasing the use of green hydrogen electrolyzer for onsite hydrogen generation at refueling stations is expected to create tremendous opportunities for electrolyzer market development.

Regional Insights

The market is witnessing rapid growth in the Americas due to supportive government policies, investments in hydrogen infrastructure development, and the growing adoption of fuel cell electric vehicles (FCEVs). The United States, being the largest economy in this region, is leading the way with its plans to foster a clean hydrogen economy. Furthermore, countries such as Canada are also investing heavily in hydrogen technologies. The Asia-Pacific (APAC) region is experiencing rapid growth in the electrolyzer market due to increasing investments in clean energy projects and a strong focus on reducing carbon emissions. China dominates this region's market with ambitious targets for deploying renewable energy sources such as solar and wind power. In addition to China's efforts, other countries such as Japan and South Korea are also accelerating their commitments towards hydrogen technology adoption. In the Europe, Middle East & Africa (EMEA) region, market growth is driven by the European Union's (EU) ambitious climate goals and strong support for green hydrogen initiatives. Countries such as France, the United Kingdom, and Spain are also prioritizing investments in renewable energy and clean hydrogen technologies. The Middle East region is also exploring opportunities to develop their hydrogen economies, with countries such as Saudi Arabia planning large-scale projects.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Electrolyzers Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Electrolyzers Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Electrolyzers Market, highlighting leading vendors and their innovative profiles. These include Advent Technologies Holdings Inc., Air Liquide S.A., Asahi Kasei Corporation, Bloom Energy Corporation, Cummins Inc., Enapter S.r.l., Erre Due s.p.a., Green Hydrogen Systems A/S, H-TEC SYSTEMS GmbH by MAN Energy Solutions SE, H2 Core Systems GmbH, h2e Power Systems Inc., Hoeller Electrolyzer GmbH, Hydrogen Optimized Inc., HydrogenPro ASA, iGas energy GmbH, INEOS AG, ITM Power PLC, John Cockerill SA, Linde PLC, McPhy Energy S.A., Nel ASA, Next Hydrogen Solutions Inc., Ningbo TopCorr Corrosion Technology Co.,Ltd., Ohmium International, Inc., OxEon Energy, LLC, OÜ Stargate Hydrogen, PERIC Hydrogen Technologies Co., Ltd, Plug Power Inc., Pure Energy Centre, Siemens Energy AG, Sono-Tek Corporation, Sumitomo Corporation, Sunfire GmbH, thyssenkrupp AG, Topsoe A/S, and Toshiba Corporation.

Market Segmentation & Coverage

This research report categorizes the Electrolyzers Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Type
  • Alkaline Electrolyzers
  • Proton Exchange Membrane Electrolyzers
  • Solid Oxide Electrolyzers
• Component
  • Electrolyzer Cell Stacks
  • Power Supply
  • Pumps
  • Separator
  • Storage Tanks
  • Vents
• Scope of Supply
  • Indoor
  • Outdoor
• Application
  • Ammonia Production
  • Industrial Processes
  • Renewable Power

• Region
  • Americas
    • Argentina
    • Brazil
    • Canada
    • Mexico
    • United States
      • California
      • Florida
      • Illinois
      • New York
      • Ohio
      • Pennsylvania
      • Texas
  • Asia-Pacific
    • Australia
    • China
    • India
    • Indonesia
    • Japan
    • Malaysia
    • Philippines
    • Singapore
    • South Korea
    • Taiwan
    • Thailand
    • Vietnam
  • Europe, Middle East & Africa
    • Denmark
    • Egypt
    • Finland
    • France
    • Germany
    • Israel
    • Italy
    • Netherlands
    • Nigeria
    • Norway
    • Poland
    • Qatar
    • Russia
    • Saudi Arabia
    • South Africa
    • Spain
    • Sweden
    • Switzerland
    • Turkey
    • United Arab Emirates
    • United Kingdom

The report offers valuable insights on the following aspects

1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as

1. What is the market size and forecast of the Electrolyzers Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Electrolyzers Market?
3. What are the technology trends and regulatory frameworks in the Electrolyzers Market?
4. What is the market share of the leading vendors in the Electrolyzers Market?
5. Which modes and strategic moves are suitable for entering the Electrolyzers Market?

Please note: For this report, the purchase of an Enterprise license allows up to ten worldwide users of an organization access to the report

Please note: This report can be updated on request. Please contact our Customer Experience team using the Ask a Question widget on our website.

With the purchase of this report at the Multi-user License or greater level, you will have access to one hour with an expert analyst who will help you link key findings in the report to the business issues you're addressing. This will need to be used within three months of purchase.

This report also includes a complimentary Excel file with data from the report for purchasers at the Site License or greater level.