Hydrogen Electrolyzer Market Analysis and Forecast to 2033

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $4,750	410 Pages	Global Insight Services	January, 2024	GIS18576730

Best Price Guarantee
Price	from $4,750
Length	410 Pages
Publisher	Global Insight Services
Published Date	January, 2024
SKU	GIS18576730

Hydrogen Electrolyzer Market Analysis and Forecast to 2033: By Type (Proton Exchange Membrane (PEM) Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer), Capacity (Below 500 kW, 500 kW – 2 mW, Above 2 mW), End-user (Ammonia, Methanol, Refineries, Transport, Others), and Region

The hydrogen electrolyzer market size was USD 1.15 billion in 2023 and is anticipated to reach over USD 12.7 billion in 2033, growing at a rate of over 25.1% from 2024 to 2033.

A hydrogen electrolyzer is an apparatus that produces hydrogen through a chemical process (electrolysis) capable of separating the hydrogen and oxygen molecules of which water is composed using electricity. Through electrolysis, the hydrogen electrolyzer system creates hydrogen gas. The oxygen left over is released into the atmosphere or can be captured or stored to supply other industrial processes or even medical gases in some cases. The hydrogen gas can either be stored as a compressed gas or liquefied since hydrogen is an energy carrier and can be used to power any hydrogen fuel cell electric application, such as trains, buses, and trucks.

Global Hydrogen Electrolyzer Market Scope and Report Structure

Report Attribute Details

Market Size in 2023 USD 1.15 Billion

Market Size in 2033 USD 12.7 Billion

CAGR % 25.1%

Historic Period 2017-2022

Forecast Period 2024-2033

Base Year 2023

Segments Covered Type, Capacity, End-user, and Region

Key Companies Nel Hydrogen, Siemens AG, McPhy Energy, ITM Power Plc, Gaztransport & Technigaz, Green Hydrogen Systems, iGas Energy GmbH, Next Hydrogen, Asahi Kasei, thyssenkrupp nucera, Cummins (Hydrogenics), Toshiba Corporation, Plug Power, John Cockerill, H2Greem, Sunfire GmbH, Bloom Energy, Air Liquide, Volkswagen AG (H-TEC SYSTEMS), and Enapter AG

Regional Scope North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Analysis Coverage Market Forecast, Competitive Landscape, Drivers, Trends, Restraints, Opportunities, Value-Chain, PESTLE, Key Events and Developments

Hydrogen Electrolyzer Market Trends

Some of the key trends in the hydrogen electrolyzer market are:

1. Increased Efficiency: Newer electrolyzers are able to operate at up to 80% efficiency, compared to the 60-70% efficiency of older models. This improved efficiency means that more hydrogen can be produced from a given amount of electrical energy.

2. Increased Durability: Newer electrolyzers are made with more durable materials that can withstand higher temperatures and pressures. This means that they can operate for longer periods of time without needing to be replaced.

3. Increased Capacity: Newer electrolyzers are being designed with larger capacities, meaning that they can produce more hydrogen per unit of time. This is important for commercial applications where large quantities of hydrogen are required.

4. Lower Cost: The cost of hydrogen electrolyzers has been falling in recent years, making them more affordable for a wider range of applications.

Hydrogen Electrolyzer Market Drivers

The key drivers of the hydrogen electrolyzer market are the growing demand for clean energy, the declining cost of electrolyzers, and the increasing government support for hydrogen fuel cell technology.

The demand for clean energy is increasing as the world becomes more aware of the impact of greenhouse gas emissions on the environment. Hydrogen is a clean energy source that can be used to power fuel cells, which produce no emissions.

Government support for hydrogen fuel cell technology has been increasing in recent years as countries recognize the potential of this clean energy source. Incentives and subsidies are being offered to encourage the development and use of hydrogen fuel cells.

The cost of electrolyzers has been declining as the technology has become more efficient. The cost of hydrogen fuel cells has also been declining, making them more attractive as an alternative to traditional fossil fuel-powered vehicles. In addition, the green hydrogen cost development by technology is declining year-on-year. This is further expected to lead to the demand for hydrogen electrolyzer market.

Chapter 1. Hydrogen Electrolyzer Market Overview: 1.1. Objectives of the Study; 1.2. Market Definition and Scope of the Report; 1.3. Report Limitations; 1.4. Years & Currency Considered in the Study; 1.5. Research Methodologies; 1.5.1. Secondary Research; 1.5.1.1. Data Collection; 1.5.1.2. List of Secondary Sources; 1.5.1.3. Key Data from Secondary Sources; 1.5.2. Primary Research; 1.5.2.1. List of Primary Research Sources; 1.5.3. Market Size and Estimation: Top-Down Approach; 1.5.4. Market Size and Estimation: Bottom-Up Approach; 1.5.5. Data Triangulation and Validation
Chapter 2. Executive Summary: 2.1. Summary; 2.2. Key Highlights of the Market; 2.3. Analyst’s Review
Chapter 3. Premium Insights on the Market: 3.1. Market Attractiveness Analysis, by Region; 3.2. Market Attractiveness Analysis, by Type; 3.3. Market Attractiveness Analysis, by Capacity; 3.4. Market Attractiveness Analysis, by End-user
Chapter 4. Hydrogen Electrolyzer Market Outlook: 4.1 Market Segmentation; 4.2 Market Dynamics; 4.2.1 Market Drivers; 4.2.2 Market Restraints; 4.2.3 Market Opportunities; 4.3 Porters Five Forces Analysis; 4.3.1 Bargaining Power of Buyers; 4.3.2 Bargaining Power of Suppliers; 4.3.3 Threat of New Entrants; 4.3.4 Threat of Substitution; 4.3.5 Competitive Rivalry; 4.4 PESTLE Analysis; 4.5 Value Chain Analysis; 4.6 Impact of COVID-19 on the Market; 4.7 Impact of the Russia and Ukraine War; 4.8 Potential Customer/companies that can adopt green hydrogen; 4.9 Pricing Analysis, by Electrolyzer Technology; 4.10 Analysis on Green Hydrogen Production Costs; 4.11 Transportation and Storage of Green Hydrogen; 4.12 List of Global Green Hydrogen Projects; 4.13 Green Hydrogen Market, 2022-2032 (USD Million); 4.14 Cost Economics for Green Ammonia Production; 4.15 Case Studies; 4.16 Total Installed Electrolysis Capacity, by Technology, 2019-2030
Chapter 5. Hydrogen Electrolyzer Market by Type: 5.1 Overview; 5.2 Market Size and Forecast; 5.3 Proton Exchange Membrane (PEM) Electrolyzer; 5.3.1 Key Market Trends & Opportunity Analysis; 5.3.2. Market Size and Forecast, by Region; 5.4 Alkaline Electrolyzer; 5.4.1 Key Market Trends & Opportunity Analysis; 5.4.2 Market Size and Forecast, by Region; 5.5 Solid Oxide Electrolyzer; 5.5.1 Key Market Trends & Opportunity Analysis; 5.5.2 Market Size and Forecast, by Region
Chapter 6. Hydrogen Electrolyzer Market by Capacity: 6.1 Overview; 6.2 Market Size and Forecast; 6.3 Below 500 kW; 6.3.1 Key Market Trends & Opportunity Analysis; 6.3.2 Market Size and Forecast, by Region; 6.4 500 kW – 2 mW; 6.4.1 Key Market Trends & Opportunity Analysis; 6.4.2 Market Size and Forecast, by Region; 6.5 Above 2 mW; 6.5.1 Key Market Trends & Opportunity Analysis; 6.5.2 Market Size and Forecast, by Region
Chapter 7. Hydrogen Electrolyzer Market by End-user: 7.1 Overview; 7.2 Market Size and Forecast; 7.3 Ammonia; 7.3.1 Key Market Trends & Opportunity Analysis; 7.3.2 Market Size and Forecast, by Region; 7.4 Methanol; 7.4.1 Key Market Trends & Opportunity Analysis; 7.4.2 Market Size and Forecast, by Region; 7.5 Refining/ Hydrocarbon; 7.5.1 Key Market Trends & Opportunity Analysis; 7.5.2 Market Size and Forecast, by Region; 7.6 Transport; 7.6.1 Key Market Trends & Opportunity Analysis; 7.6.2 Market Size and Forecast, by Region; 7.7 Others; 7.7.1 Key Market Trends & Opportunity Analysis; 7.7.2 Market Size and Forecast, by Region
Chapter 8. Hydrogen Electrolyzer Market, by Region: 8.1. Overview; 8.2. North America; 8.2.1. Key Market Trends and Opportunities; 8.2.2. Market Size and Forecast by Type; 8.2.3. Market Size and Forecast by Capacity; 8.2.4. Market Size and Forecast by End User; 8.2.5. Market Size and Forecast by Country; 8.2.6. The U.S.; 8.2.6.1. Market Size and Forecast by Type; 8.2.6.2. Market Size and Forecast by Capacity; 8.2.6.3. Market Size and Forecast by End User; 8.2.7. Canada; 8.2.7.1. Market Size and Forecast by Type; 8.2.7.2. Market Size and Forecast by Capacity; 8.2.7.3. Market Size and Forecast by End User; 8.3. Europe; 8.3.1. Key Market Trends and Opportunities; 8.3.2. Market Size and Forecast by Type; 8.3.3. Market Size and Forecast by Capacity; 8.3.4. Market Size and Forecast by End User; 8.3.5. Market Size and Forecast by Country; 8.3.6. Germany; 8.3.6.1. Market Size and Forecast by Type; 8.3.6.2. Market Size and Forecast by Capacity; 8.3.6.3. Market Size and Forecast by End User; 8.3.7. France; 8.3.7.1. Market Size and Forecast by Type; 8.3.7.2. Market Size and Forecast by Capacity; 8.3.7.3. Market Size and Forecast by End User; 8.3.8. The UK; 8.3.8.1. Market Size and Forecast by Type; 8.3.8.2. Market Size and Forecast by Capacity; 8.3.8.3. Market Size and Forecast by End User; 8.3.9. Spain; 8.3.9.1. Market Size and Forecast by Type; 8.3.9.2. Market Size and Forecast by Capacity; 8.3.9.3. Market Size and Forecast by End User; 8.3.10. Italy; 8.3.10.1. Market Size and Forecast by Type; 8.3.10.2. Market Size and Forecast by Capacity; 8.3.10.3. Market Size and Forecast by End User; 8.3.11. Rest of Europe; 8.3.11.1. Market Size and Forecast by Type; 8.3.11.2. Market Size and Forecast by Capacity; 8.3.11.3. Market Size and Forecast by End User; 8.4. Asia-Pacific; 8.4.1. Key Market Trends and Opportunities; 8.4.2. Market Size and Forecast by Type; 8.4.3. Market Size and Forecast by Capacity; 8.4.4. Market Size and Forecast by End User; 8.4.5. Market Size and Forecast by Country; 8.4.6. China; 8.4.6.1. Market Size and Forecast by Type; 8.4.6.2. Market Size and Forecast by Capacity; 8.4.6.3. Market Size and Forecast by End User; 8.4.7. India; 8.4.7.1. Market Size and Forecast by Type; 8.4.7.2. Market Size and Forecast by Capacity; 8.4.7.3. Market Size and Forecast by End User; 8.4.8. Japan; 8.4.8.1. Market Size and Forecast by Type; 8.4.8.2. Market Size and Forecast by Capacity; 8.4.8.3. Market Size and Forecast by End User; 8.4.9. South Korea; 8.4.9.1. Market Size and Forecast by Type; 8.4.9.2. Market Size and Forecast by Capacity; 8.4.9.3. Market Size and Forecast by End User; 8.4.10. Rest of APAC; 8.4.10.1. Market Size and Forecast by Type; 8.4.10.2. Market Size and Forecast by Capacity; 8.4.10.3. Market Size and Forecast by End User; 8.5. Rest of the World; 8.5.1. Key Market Trends and Opportunities; 8.5.2. Market Size and Forecast by Type; 8.5.3. Market Size and Forecast by Capacity; 8.5.4. Market Size and Forecast by End User; 8.5.5. Market Size and Forecast by Country; 8.5.6. Latin America; 8.5.6.1. Market Size and Forecast by Type; 8.5.6.2. Market Size and Forecast by Capacity; 8.5.6.3. Market Size and Forecast by End User; 8.5.7. The Middle East; 8.5.7.1. Market Size and Forecast by Type; 8.5.7.2. Market Size and Forecast by Capacity; 8.5.7.3. Market Size and Forecast by End User; 8.5.8. Africa; 8.5.8.1. Market Size and Forecast by Type; 8.5.8.2. Market Size and Forecast by Capacity; 8.5.8.3. Market Size and Forecast by End User
Chapter 9. Competitive Landscape: 9.1 Overview; 9.2 Market Share Analysis; 9.3 Ranking by Hydrogen Electrolyzer Market Revenue; 9.4 Vendor Benchmarking; 9.5 Developmental Strategy Benchmarking; 9.5.1. Acquisitions & Mergers; 9.5.2. Product Launches & Developments; 9.5.3. Business Expansions; 9.5.4. Partnerships, Joint Ventures, and Collaborations
Chapter 10. Company Profiles: 10.1. Nel Hydrogen; 10.1.1. Company Snapshot; 10.1.2. Financial Performance; 10.1.3. Product Offerings; 10.1.4. Key Strategic Initiatives; 10.1.5. SWOT Analysis; 10.2. Siemens AG; 10.2.1. Company Snapshot; 10.2.2. Financial Performance; 10.2.3. Product offerings; 10.2.4. Key Strategic Initiatives; 10.2.5. SWOT Analysis; 10.3. McPhy Energy; 10.3.1. Company Snapshot; 10.3.2. Financial Performance; 10.3.3. Product offerings; 10.3.4. Key Strategic Initiatives; 10.3.5. SWOT Analysis; 10.4. ITM Power Plc; 10.4.1. Company Snapshot; 10.4.2. Financial Performance; 10.4.3. Product offerings; 10.4.4. Key Strategic Initiatives; 10.4.5. SWOT Analysis; 10.5. Green Hydrogen Systems; 10.5.1. Company Snapshot; 10.5.2. Financial Performance; 10.5.3. Product offerings; 10.5.4. Key Strategic Initiatives; 10.5.5. SWOT Analysis; 10.6. Gaztransport & Technigaz; 10.6.1. Company Snapshot; 10.6.2. Financial Performance; 10.6.3. Product offerings; 10.6.4. Key Strategic Initiatives; 10.6.5. SWOT Analysis; 10.7. iGas Energy GmbH; 10.7.1. Company Snapshot; 10.7.2. Financial Performance; 10.7.3. Product offerings; 10.7.4. Key Strategic Initiatives; 10.7.5. SWOT Analysis; 10.8. Next Hydrogen; 10.8.1. Company Snapshot; 10.8.2. Financial Performance; 10.8.3. Product offerings; 10.8.4. Key Strategic Initiatives; 10.8.5. SWOT Analysis; 10.9. Asahi Kasei; 10.9.1. Company Snapshot; 10.9.2. Financial Performance; 10.9.3. Product offerings; 10.9.4. Key Strategic Initiatives; 10.9.5. SWOT Analysis; 10.10. thyssenkrupp nucera; 10.10.1. Company Snapshot; 10.10.2. Financial Performance; 10.10.3. Product offerings; 10.10.4. Key Strategic Initiatives; 10.10.5. SWOT Analysis; 10.11 Cummins (Hydrogenics); 10.11.1 Company Snapshot; 10.11.2 Business Performance; 10.11.3 Product Offering; 10.11.4 Key Developmental Strategies; 10.11.5 SWOT Analysis; 10.12 Toshiba Corporation; 10.12.1 Company Snapshot; 10.12.2 Business Performance; 10.12.3 Product Offering; 10.12.4 Key Developmental Strategies; 10.12.5 SWOT Analysis; 10.13 Plug Power; 10.13.1 Company Snapshot; 10.13.2 Business Performance; 10.13.3 Product Offering; 10.13.4 Key Developmental Strategies; 10.13.5 SWOT Analysis; 10.14 John Cockerill; 10.14.1 Company Snapshot; 10.14.2 Business Performance; 10.14.3 Product Offering; 10.14.4 Key Developmental Strategies; 10.14.5 SWOT Analysis; 10.15 H2Greem; 10.15.1 Company Snapshot; 10.15.2 Business Performance; 10.15.3 Product Offering; 10.15.4 Key Developmental Strategies; 10.15.5 SWOT Analysis; 10.16 Sunfire GmbH; 10.16.1 Company Snapshot; 10.16.2 Business Performance; 10.16.3 Product Offering; 10.16.4 Key Developmental Strategies; 10.16.5 SWOT Analysis; 10.17 Bloom Energy; 10.17.1 Company Snapshot; 10.17.2 Business Performance; 10.17.3 Product Offering; 10.17.4 Key Developmental Strategies; 10.17.5 SWOT Analysis; 10.18 Air Liquide; 10.18.1 Company Snapshot; 10.18.2 Business Performance; 10.18.3 Product Offering; 10.18.4 Key Developmental Strategies; 10.18.5 SWOT Analysis; 10.19 Volkswagen AG (H-TEC SYSTEMS); 10.19.1 Company Snapshot; 10.19.2 Business Performance; 10.19.3 Product Offering; 10.19.4 Key Developmental Strategies; 10.19.5 SWOT Analysis; 10.20 Enapter AG; 10.20.1 Company Snapshot; 10.20.2 Business Performance; 10.20.3 Product Offering; 10.20.4 Key Developmental Strategies; 10.20.5 SWOT Analysis; *The list of companies is subject to change during the final compilation of the report