Electrolyzers Market by Type (Alkaline Electrolyzers, Proton Exchange Membrane Electrolyzers, Solid Oxide Electrolyzers), Component (Electrolyzer Cell Stacks, Power Supply, Pumps), Scope of Supply, Application - Global Forecast 2024-2030
The Electrolyzers Market size was estimated at USD 2.10 billion in 2023 and expected to reach USD 2.70 billion in 2024, at a CAGR 30.29% 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.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Electrolyzers Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Utilization of hydrogen for power generation and in industrial processes
- Government investments & initiatives accelerating hydrogen production activities worldwide
- Market Restraints
- High cost of developing and owning electrolyzers with significant investment required for hydrogen production
- Market Opportunities
- Ongoing R&D activities for advancing electrolyzers
- Emerging use of green hydrogen electrolyser for onsite hydrogen generation at refueling stations
- Market Challenges
- Operational and technical limitations of low & high temperature electrolyzers
- Market Segmentation Analysis
- Type : Adaptability for Alkaline electrolyzers due to their simplicity and well-established technology
- Component : Importance of Electrolyzer cell stacks as the core component of an electrolyzer system
- Scope of Supply : Preferences for Indoor electrolyzers due to easy access for maintenance and monitoring activities
- Application : Proliferation in Industrial Processes for multiple applications
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Electrolyzers Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment 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, namely 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 assessment of the current state of vendors in the Electrolyzers Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. 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 these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- GreenH Electrolysis plans to set up 1 GW electrolyser manufacturing in India
GreenH Electrolysis planned to establish a state-of-the-art PEM electrolyzer manufacturing plant in the Jhajjar district of Haryana, India, contributing to India's journey towards green hydrogen production. This manufacturing facility aims to cover an area of 97,000 square feet, and the plant construction is carried out in two phases, with each stage having a capacity of 500 MW.
PLUG SECURES 100 MW ELECTROLYZER DEAL FOR GREEN HYDROGEN PROJECT IN EUROPE
Plug Power Inc. received a significant order for 100 megawatts (MW) of proton exchange membrane (PEM) electrolyzers committed to renewable energy, as 100% renewable sources power the electrolyzers. With an impressive daily production of approximately 43 tons of green hydrogen, these electrolyzers are set to replace gray hydrogen in oil refining, reducing 516 tons of CO2 emissions per day.
Green hydrogen platform to go public via merger
H2B2 Electrolysis Technologies and RMG Acquisition Corp III have agreed to merge to leverage its extensive pipeline of opportunities and drive the advancement of next-generation energy infrastructure. The merger with RMG III bolsters their international business and enhances their operational capacity worldwide, positioning hydrogen as a pivotal energy vector for decarbonization efforts.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Electrolyzers Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
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
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Utilization of hydrogen for power generation and in industrial processes
- 5.1.1.2. Government investments & initiatives accelerating hydrogen production activities worldwide
- 5.1.2. Restraints
- 5.1.2.1. High cost of developing and owning electrolyzers with significant investment required for hydrogen production
- 5.1.3. Opportunities
- 5.1.3.1. Ongoing R&D activities for advancing electrolyzers
- 5.1.3.2. Emerging use of green hydrogen electrolyser for onsite hydrogen generation at refueling stations
- 5.1.4. Challenges
- 5.1.4.1. Operational and technical limitations of low & high temperature electrolyzers
- 5.2. Market Segmentation Analysis
- 5.2.1. Type : Adaptability for Alkaline electrolyzers due to their simplicity and well-established technology
- 5.2.2. Component : Importance of Electrolyzer cell stacks as the core component of an electrolyzer system
- 5.2.3. Scope of Supply : Preferences for Indoor electrolyzers due to easy access for maintenance and monitoring activities
- 5.2.4. Application : Proliferation in Industrial Processes for multiple applications
- 5.3. Market Trend Analysis
- 5.3.1. Significant push towards adopting green hydrogen technologies across Americas
- 5.3.2. Increasing demand for hydrogen as a clean energy source backed by government initiatives, to promote the adoption of electrolyzers in Asia-Pacific region
- 5.3.3. Rising investments to accelerate the production of green hydrogen in EMEA region
- 5.4. Cumulative Impact of Russia-Ukraine Conflict
- 5.5. Cumulative Impact of High Inflation
- 5.6. Porter’s Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
- 5.7. Value Chain & Critical Path Analysis
- 5.8. Regulatory Framework Analysis
- 6. Electrolyzers Market, by Type
- 6.1. Introduction
- 6.2. Alkaline Electrolyzers
- 6.3. Proton Exchange Membrane Electrolyzers
- 6.4. Solid Oxide Electrolyzers
- 7. Electrolyzers Market, by Component
- 7.1. Introduction
- 7.2. Electrolyzer Cell Stacks
- 7.3. Power Supply
- 7.4. Pumps
- 7.5. Separator
- 7.6. Storage Tanks
- 7.7. Vents
- 8. Electrolyzers Market, by Scope of Supply
- 8.1. Introduction
- 8.2. Indoor
- 8.3. Outdoor
- 9. Electrolyzers Market, by Application
- 9.1. Introduction
- 9.2. Ammonia Production
- 9.3. Industrial Processes
- 9.4. Renewable Power
- 10. Americas Electrolyzers Market
- 10.1. Introduction
- 10.2. Argentina
- 10.3. Brazil
- 10.4. Canada
- 10.5. Mexico
- 10.6. United States
- 11. Asia-Pacific Electrolyzers Market
- 11.1. Introduction
- 11.2. Australia
- 11.3. China
- 11.4. India
- 11.5. Indonesia
- 11.6. Japan
- 11.7. Malaysia
- 11.8. Philippines
- 11.9. Singapore
- 11.10. South Korea
- 11.11. Taiwan
- 11.12. Thailand
- 11.13. Vietnam
- 12. Europe, Middle East & Africa Electrolyzers Market
- 12.1. Introduction
- 12.2. Denmark
- 12.3. Egypt
- 12.4. Finland
- 12.5. France
- 12.6. Germany
- 12.7. Israel
- 12.8. Italy
- 12.9. Netherlands
- 12.10. Nigeria
- 12.11. Norway
- 12.12. Poland
- 12.13. Qatar
- 12.14. Russia
- 12.15. Saudi Arabia
- 12.16. South Africa
- 12.17. Spain
- 12.18. Sweden
- 12.19. Switzerland
- 12.20. Turkey
- 12.21. United Arab Emirates
- 12.22. United Kingdom
- 13. Competitive Landscape
- 13.1. Market Share Analysis, 2023
- 13.2. FPNV Positioning Matrix, 2023
- 13.3. Competitive Scenario Analysis
- 13.3.1. GreenH Electrolysis plans to set up 1 GW electrolyser manufacturing in India
- 13.3.2. PLUG SECURES 100 MW ELECTROLYZER DEAL FOR GREEN HYDROGEN PROJECT IN EUROPE
- 13.3.3. Green hydrogen platform to go public via merger
- 13.3.4. Green Hydrogen Company Ohmium Closes USD 250 Million Series C Fundraise Led by TPG Rise Climate
- 13.3.5. Evonik Partners with Siemens to Pilot New Electrolysis Technology for Green Hydrogen
- 13.3.6. McPhy Signs Agreement With L&T for Electrolyzer Manufacturing
- 13.3.7. Varennes Carbon Recycling selects Accelera by Cummins to manufacture, supply 90MW electrolyzer system in Quebec
- 13.3.8. H-TEC Systems to Deliver Electrolyzer for Norwegian-Danish Cooperation for Green Production of Liquid Biogas
- 13.3.9. Longi Releases New Alkaline Electrolyzer
- 13.3.10. ITM Power Signed Contracts with Linde Engineering for Two 100 MW Electrolysers
- 13.3.11. Plug Power and Johnson Matthey Announce Long-Term Strategic Partnership to Accelerate the Hydrogen Economy
- 13.3.12. Green Hydrogen Systems Signs New Order of 16 A-series Electrolyser Units
- 14. Competitive Portfolio
- 14.1. Key Company Profiles
- 14.2. Key Product Portfolio
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