Electrolyzers Market by Type, Capacity, Application (Mobility, Industrial Applications, Chemical Production, Other Applications) and Geography—Global Forecast to 2030

Electrolyzers Market by Type, Capacity, Application (Mobility, Industrial Applications, Chemical Production, Other Applications) and Geography—Global Forecast to 2030

The research report titled, ‘Electrolyzers Market by Type, Capacity, Application (Mobility, Industrial Applications, Chemical Production, Other Applications) and Geography—Global Forecast to 2030,’ provides an in-depth analysis of the electrolyzers market in five major geographies and emphasizes on the current market trends, size, and share, recent developments, and forecasts till 2030. The global electrolyzers market is projected to reach $ 4.27 billion by 2030, at a CAGR of 21.2% from 2023 to 2030.

An electrolyzer is a system that uses electricity to break water into hydrogen and oxygen. This process is called electrolysis. Through electrolysis, the electrolyzer system creates hydrogen gas. The leftover oxygen is released into the atmosphere and captured or stored to supply other industrial processes or even medical gases in some cases.

Hydrogen is either stored as a compressed gas or liquefied, and since hydrogen is an energy carrier, it is used to power any hydrogen fuel cell electric application such as trains, buses, trucks, or data centers. The three main types of electrolyzers are proton exchange membrane (PEM), alkaline, and solid oxide. These electrolyzers function in slightly different ways depending on the electrolyte material involved. Electrolyzers range from small, appliance-size equipment well-suited for small-scale distributed hydrogen production to large-scale, central production facilities that deliver the hydrogen by trucks or be connected to pipelines.

The growth of this market is driven by the proliferation of renewable and nuclear technologies for electricity generation, increasing investments in green energy initiatives, and the increasing government focus on hydrogen technologies. However, the shortage of raw materials restrains the growth of the global electrolyzers market. The increasing affordability of electrolyzers is expected to create growth opportunities for the players operating in this market. However, the high energy requirements of electrolyzers are a major challenge for market growth.

In this study, the market is segmented based on type, capacity, application, and geography, including its subsegments and geography. The report has considered five major geographies: North America, Asia-Pacific, Europe, Latin America and Middle East & Africa.

Based on type, the global electrolyzers market is segmented into polymer electrolyte membrane (PEM) electrolyzers, alkaline electrolyzers, and solid oxide electrolyzers. The polymer electrolyte membrane electrolyzers segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing demand for large hydrogen plants and continuous product development by key players.

Based on capacity, the global electrolyzers market is segmented into less than 500 kW, 500 kW to 2 MW, and more than 2 MW. The less than 500 kW segment is expected to register the highest CAGR during the forecast period due to the trend toward smaller capacities in applications such as fuel cells for batteries in mobility.

Based on application, the global electrolyzers market is segmented into mobility, industrial applications, chemical production, and other applications. The industrial application segment is projected to register the highest CAGR during the forecast period. The large market share of this segment is attributed to the capability of green hydrogen to replace fossil fuels and the growing use of green hydrogen across all industries.

Based on geography, the global electrolyzers market is segmented into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. Asia-Pacific is slated to register the highest CAGR during the forecast period. The large market share of this region is mainly attributed to the rising focus on regulatory policies toward the development of hydrogen networks and their increasing applicability in industrial applications. Moreover, rising government initiatives to tackle climate change, investments in clean energy technologies, and growing energy consumption further boost market growth.

The key players operating in the global industrial safety market are Plug Power Inc. (U.S.), CUMMINS INC. (U.S.), ITM Power PLC (U.K.), Siemens Energy AG (Germany), thyssenkrupp nucera AG & CO. KGAA. (Germany), Nel ASA (Norway), McPhy Energy (France), BLOOM ENERGY CORPORATION (U.S.), Green Hydrogen Systems A/S (Denmark), Asahi Kasei Corporation (Japan), Sunfire GmbH (Germany), H-TEC SYSTEMS GmbH (Germany), ELOGEN SAS (France), Pure Energy Centre (U.K.), and Shannxi Hele Titanium Technology Co.,Ltd (China).

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of type, capacity, application and geography?
What is the historical market size for the electrolyzers market across the globe?
What are the market forecasts and estimates for the period 2023–2030?
What are the major drivers, restraints, opportunities, and challenges in the global electrolyzers market?
Who are the major players in the market, and what are their market shares?
What is the competitive landscape for the global electrolyzers market?
What are the recent developments in the global electrolyzers market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global electrolyzers market, and how do they compete with other players?

Scope of the Report

Electrolyzers Market, by Type

Alkaline Electrolyzers
Polymer Electrolyte Membrane (PEM) Electrolyzers
Solid Oxide Electrolyzers

Electrolyzers Market, by Capacity

More than 2 MW
500 kW to 2 MW
Less than 500 kW

Electrolyzers Market, by Application

Industrial Applications
Refineries
Steel Industry
Glass Plants
Semiconductor Industry
Natural Gas Plants
Other Industrial Applications
Chemical Production
Ammonia Production
Methanol Production
Other Chemical Production
Mobility
Other Applications

Electrolyzers market, by Geography

Asia-Pacific
China
Japan
South Korea
India
Australia
Singapore
Rest of Asia-Pacific
Europe
Germany
U.K.
France
Spain
Italy
Netherlands
Rest of Europe
North America
U.S.
Canada
Latin America
Middle East & Africa

Electrolyzers Market - Report Summary

Report Metrics	Details
Years Considered	2021 - 2030
Base Year	2022
Forecast Period	2023-2030
Page Count	185
Units Referenced	Value (USD Million)
Segments/Key Topics	Market by Type, Market by Capacity, Market by Application, and Market by geography
Regions Covered	Asia-Pacific, Europe, North America, Latin America, and Middle East & Africa
Key Companies Mentioned	Plug Power Inc. (U.S.), CUMMINS INC. (U.S.), ITM Power PLC (U.K.), Siemens Energy AG (Germany), thyssenkrupp nucera AG & CO. KGAA. (Germany), Nel ASA (Norway), McPhy Energy (France), BLOOM ENERGY CORPORATION (U.S.), Green Hydrogen Systems A/S (Denmark), Asahi Kasei Corporation (Japan), Sunfire GmbH (Germany), H-TEC SYSTEMS GmbH (Germany), ELOGEN SAS (France), Pure Energy Centre (U.K.), and Shannxi Hele Titanium Technology Co.,Ltd (China)

FAQs About the Report

What is the Focus of the Electrolyzers Market Report?

The global electrolyzers market is segmented by type, capacity, application, and geography. The study also evaluates industry competitors and analyses the country and regional-level markets.

What is the value of revenue generated from electrolyzers across the globe? at what rate is their demand expected to grow for the next 5–7 years?

The global electrolyzers market is projected to reach $4.27 billion by 2030, at a CAGR of 21.2% from 2023 to 2030.

Which type category is expected to hold the major share of the market in 2023?

Based on the type, in 2023, the alkaline electrolyzers segment is expected to account for the largest share of the global electrolyzers market.

Which application segment is expected to account for the largest share of the electrolyzers market in 2023?

Based on application, in 2023, the industrial application segment is expected to account for the largest share of the global electrolyzers market.

What are the key factors supporting the growth of this market? what are the major opportunities for existing market players and new entrants in the electrolyzers market?

The growth of this market is driven by the proliferation of renewable and nuclear technologies for electricity generation, increasing investments in green energy initiatives, and the growing government focus on hydrogen technologies.

Who are the major players operating in the electrolyzers market?

Some of the key players operating in the global electrolyzers market are Plug Power Inc. (U.S.), CUMMINS INC. (U.S.), ITM Power PLC (U.K.), Siemens Energy AG (Germany), thyssenkrupp nucera AG & CO. KGAA. (Germany), Nel ASA (Norway), McPhy Energy (France), BLOOM ENERGY CORPORATION (U.S.), Green Hydrogen Systems A/S (Denmark), Asahi Kasei Corporation (Japan), Sunfire GmbH (Germany), H-TEC SYSTEMS GmbH (Germany), ELOGEN SAS (France), Pure Energy Centre (U.K.), and Shannxi Hele Titanium Technology Co.,Ltd (China).

Which region is likely to offer significant growth opportunities for the vendors in this market during the analysis period?

Asia-Pacific is projected to offer significant growth opportunities for this market. The growth of this region is mainly attributed to the rising focus on regulatory policies toward the development of hydrogen networks and their increasing applicability in industrial applications. Moreover, rising government initiatives to tackle climate change, investments in clean energy technologies, and growing energy consumption further boost market growth.