Electrolyzer Market Size, Share & Trends Analysis Report By Technology (Alkaline Electrolyzer, Proton Exchange Membrane, Solid Oxide Electrolyzer, Anion Exchange Membrane), By Application, By Region, And Segment Forecasts, 2024 - 2030

Electrolyzer Market Size, Share & Trends Analysis Report By Technology (Alkaline Electrolyzer, Proton Exchange Membrane, Solid Oxide Electrolyzer, Anion Exchange Membrane), By Application, By Region, And Segment Forecasts, 2024 - 2030

Electrolyzer Market Size & Trends

The global electrolyzer market size was valued at USD 489.12 million in 2023 and is expected to grow at a CAGR of 95.2% from 2024 to 2030. The market is driven primarily by the increasing demand for clean energy solutions and the global push toward decarbonization. As countries and industries strive to reduce their carbon footprint and meet ambitious climate targets, hydrogen produced through electrolysis is emerging as a versatile and environment-friendly energy carrier. This growing interest in green hydrogen is a major factor propelling the electrolyzer industry.

Government policies and incentives are playing a crucial role in market expansion. For instance, the European Union's hydrogen strategy aims to install at least 6 GW of renewable hydrogen electrolyzers by 2024 and 40 GW by 2030. Similarly, countries such as Japan, South Korea, and Australia have implemented national hydrogen strategies that include substantial investments in electrolyzer technology. These supportive policies create a favorable environment for market growth and technological advancements in the market.

Moreover, the falling costs of renewable energy, particularly solar and wind power, are also contributing to the electrolyzer market's growth. As the price of electricity from these sources continues to decrease, the production of green hydrogen becomes more economically viable. This trend is encouraging industries such as steel manufacturing, chemical production, and transportation to explore hydrogen as an alternative to fossil fuels. For example, companies such as ThyssenKrupp in Germany are implementing hydrogen-based steel production processes, while automakers such as Toyota and Hyundai are investing heavily in fuel cell electric vehicles, further driving demand for electrolyzers.

Global Electrolyzer Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global electrolyzer market report on the basis of technology, application, and region:

• Technology Outlook (Revenue, USD Million, 2018 - 2030)
• Alkaline Electrolyzer
• Proton Exchange Membrane (PEM)
• Solid Oxide Electrolyzer (SOE)
• Anion Exchange Membrane (AEM)
• Application Outlook (Revenue, USD Million, 2018 - 2030)
• Power Plants
• Energy Storage or Fueling for FCEV's
• Industrial Gases
• Power to Gas
• Steel Plant
• Electronics & Photovoltaics
• Others
• Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Central & South America
• Brazil
• Middle East & Africa
• Saudi Arabia

Please note The report will be delivered in 4-8 business days upon order notification.