Electrolyzer Market By Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heat and Power, Others), By Capacity (Less than 500 kW, 500 kW to 2 MW, Above 2 MW), By Product (Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer, Solid Oxide (SOE) Electrolyzer, Anion Exchange Membrane (AEM) Electrolyzer): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global electrolyzer market was valued at $3 billion in 2022, and is projected to reach $34.4 billion by 2032, growing at a CAGR of 27.2% from 2023 to 2032.
An electrolyzer is a system of devices used to electrolyze water. Water is split into hydrogen and oxygen in an electrolyzer by means of electricity. There are several methods for electrolysis, including the solid oxide electrolysis method, the proton exchange membrane (PEM), and the alkaline method. 99.99% pure hydrogen is produced by electrolysis and is kept in either liquid or gaseous form. It is employed in the production of fuel cells found in electric cars.
Net-Zero 2030 Scenario and electrolyzerThe current pipeline of projects in development and their anticipated dates of operation suggest that by the end of 2023, worldwide electrolysis capacity could approach 3 GW, which would be a more than four-fold increase in overall capacity over 2022. By 2030, the combined potential of all ongoing projects might result in a global electrolysis capacity of 170-365 GW. With half of the capacity combined, Europe and Australia lead the way, followed by Latin America with about 15% of the projects that have been announced. However, there is still a great deal of ambiguity around the development of these projects. The primary obstacles are the following: a lack of clarity on regulation and certification, an inability to supply hydrogen to the final customer, and, in the case of emerging economies, extremely limited access to finances. Alkaline and PEM technologies are commercially available, while SOEC and anion exchange membrane technologies are maturing.
In 2022, the capacity of the world to produce electrolyzers increased by more than 25%, reaching about 11 GW annually. Of the world's manufacturing capacity, two thirds come from Europe and China. Even with deployments linked to chlor-alkali applications, this technology's global manufacturing capacity is currently mostly underutilized due to the capacity increases of electrolyzers for specialized hydrogen production in the order of tens to hundreds of MW in the last few years. Due to the current growth of the industry (more big-scale projects are being announced), predictions of future demand growth, and the fact that purchasing large manufacturing facilities is a long-term choice, manufacturers have begun to increase their production capacity.
Recent Market DevelopmentsIn October 2022, Cummins Inc., expanded its new gigawatt electrolyzer manufacturing plant in Guadalajara, Castilla-La Mancha, Spain, reaffirming the company's commitment to expanding the green hydrogen economy in Europe and globally.
In November 2022, Nel ASA entered into a joint development agreement with General Motors (NYSE: GM) to help accelerate the industrialization of Nel's proton exchange membrane (PEM) electrolyzer platform. By combining GM's extensive fuel cell expertise and Nel's deep knowledge of electrolyzers, the two companies are looking to enable more cost competitive sources of renewable hydrogen.
For the purpose of analysis, the report segments the global electrolyzer market based on product, capacity, application, and region. The study provides information on various product types available in the market such as alkaline electrolyzer, proton exchange membrane (PEM) electrolyzer, solid oxide electrolyzer, and anion exchange membrane (AEM). In addition, the report outlines the details about different capacities of electrolyzers, including 500 kW, 500–2 MW, and above 2 MW. Depending on application, the electrolyzer market size is studied for power generation, transportation, industry energy, industry feedstock, building heat & power, and others.
The report offers a thorough analysis of the electrolyzers market with detailed study of various aspects of the market such as market dynamics, vital segments, major geographies, key players, and competitive landscape. The report provides a clear picture of the current market situation and future trends of the Electrolyzers market based on the impact of various market dynamics and vital forces influencing the market. The drivers and opportunities in the market contributing to market growth are acknowledged in the market dynamics. Besides, challenges and restraints that hold potential to hamper market growth are also premeditated in the electrolyzers market. Porter's five forces analysis is delivered through the report which precisely highlights the effects of key forces on the electrolyzers market. The report offers market size and estimations analyzing electrolyzers market through various segments.
In addition, the report includes geographical market analysis of these segments. Each segment entailed in the report is studied at regional and country level as well to provide complete coverage of electrolyzers market. The report categorizes the electrolyzers market into four major geographies including North America, Europe, Asia-Pacific, and LAMEA. These geographies are further sub-categorized into countries to cover electrolyzers market scenario across respective regions. Furthermore, the report covers the competitive scenario of the electrolyzers market. The key players operating in the electrolyzers market are studied in the report to understand their current market position and competitive strengths in the industry.
The report profiles 10 key companies namely, Cummins, Inc., Nel ASA, Siemens AG, Toshiba Corporation, Air Liquide, Plug Power Inc., McPhy Energy, ITM Power, Iberdrola S.A., and Bloom Energy. Moreover, the company profiles include various data-points such as company overview, company executives, recent financials of the company, major growth strategies espoused by company, new initiatives, and advancements by company to sustain and mend their position in the electrolyzers market, and others.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electrolyzer market analysis from 2022 to 2032 to identify the prevailing electrolyzer market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the electrolyzer market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global electrolyzer market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy CapacityLess than 500 kW
500 kW to 2 MW
Above 2 MW
By ApplicationPower Generation
Transportation
Industry Energy
Industry Feedstock
Building Heat and Power
Others
By ProductAlkaline Electrolyzer
Proton Exchange Membrane Electrolyzer
Solid Oxide (SOE) Electrolyzer
Anion Exchange Membrane (AEM) Electrolyzer
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market PlayersCummins, Inc.
Toshiba Corporation.
Plug Power Inc.
McPhy Energy
Iberdrola S.A.
Siemens AG.
Nel ASA
Air Liquide
ITM Power
Bloom Energy
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