The Global Electrolyzers Market is projected to grow from USD 0.7 billion in 2023 to USD 59.3 billion in 2030 at a CAGR of 96.4% during the forecast period from 2025 to 2030.

Published Date: Aug, 2024

The Global Electrolyzers Market is projected to grow from USD 0.7 billion in 2023 to USD 59.3 billion in 2030 at a CAGR of 96.4% during the forecast period from 2025 to 2030.

An equipment that is used to break down water into hydrogen and oxygen through the process of electrolysis is known as electrolyzer which is made up of an anode, a membrane and a cathode. Hydrogen is gathered on the cathode side and stored for usage in a variety of industries. Oxygen is either discharged into the atmosphere or gathered and used in other industrial operations. Electrolysis capacity for hydrogen production has been growing since past few years, requires a significant acceleration to get on track with the Net Zero Emissions (NZE) Scenario. Electrolyzer market is boosting because of advantageous government regulations that provide subsidies and other advantages. The market for electrolyzers is projected to expand as the government takes a few steps to encourage healthy energy generation like exempting electrolyzers from taxes, grid fees and levies, granting access to limited electricity and acknowledging the value and cost of green hydrogen. Due to decline in the costs of renewable energy, the electrolyzers market is boosting. The growing concerns about climatic change, renewable energy sources have become increasingly popular. The electrolyzer demand is driven by  declining costs. Another factor boosting the growth of this market is the growing market for IoT, energy as a service and smart cities. New business opportunities in the electrolyzers market are because of the rise of energy-as-a-service models, where companies provide energy management solutions as a service. The major constraint of the Global Electrolyzers Market is the Global warming and carbon emissions. Expansion of factory size and rising production volumes shall lower the investment cost for all electrolyzer technologies. The limited supply of electrolyzers is hampered due to market expansion. 

Browse 58 market data Tables and 35 Figures spread through 198 Pages and in-depth TOC on Global Electrolyzers Market By Technology (Alkaline Electrolyzer, Anion Exchange Membrane (AEM) Electrolyzer, Proton Exchange Membrane (PEM) Electrolyzer and Solid Oxide Electrolyzer), By Application (Industry Energy, Building Heat & Power, Power Generation, Industry Feedstock, Transportation and Others), By Power Rating (Less Than 500kW, 500kW to 2 MW and Above 2 MW) and By Geography (North America, Europe, Asia-Pacific and Rest of the World) - Global Forecast from 2025 to 2030.

Global Electrolyzers Market Segmentation and Key Players

Segment / Key Players

Categorization

Technology

Alkaline Electrolyzer, Anion Exchange Membrane (AEM) Electrolyzer, Proton Exchange Membrane (PEM) Electrolyzer and Solid Oxide Electrolyzer

Application

Industry Energy, Building Heat & Power, Power Generation, Industry Feedstock, Transportation and Others

Power Rating

Less Than 500kW, 500kW to 2 MW and Above 2 MW

Key Players

Cummins, Inc., Thyssenkrupp Nucera, Nel ASA, Siemens AG, H-TEC Systems GmBh, Enapter S.r.l, Toshiba Corporation, Air Liquide, Plug Power Inc., McPhy Energy, ITM Power, Iberdrola S.A., and Bloom Energy

By technology, the alkaline electrolyzer dominate the global electrolyzers market

The alkaline electrolyzer dominated the electrolyzer market during the forecast period.

"Europe is projected to register the fastest CAGR during the forecast period, i.e., 2025-2030 in the global electrolyzers market.”

The Europe region dominated the market growth and is further projected to maintain its dominance during the forecasted period. Due to the presence of leading providers of electrolyzer like Siemens Energy (Germany), Thyssenkrup Nucera (Germany), H-TEC Systems GmBh, Enapter S.r.l (Italy).

Some of the key players in this market are Cummins, Inc., Thyssenkrupp Nucera, Nel ASA, Siemens AG, H-TEC Systems GmBh, Enapter S.r.l, Toshiba Corporation, Air Liquide, Plug Power Inc., McPhy Energy, ITM Power, Iberdrola S.A., and Bloom Energy.

Recent developments by Key Players

H-Tec Systems and Bilfinger has collaborated for green hydrogen projects in Europe. The non-exclusive strategic partnership is centered on the development of large-scale electrolysis projects.

Global Electrolyzers Market coverage (By Value)

  • Technology Insight and Forecast 2025 - 2030
    • Alkaline Electrolyzer
    • Proton Exchange Membrane (PEM) Electrolyzer
    • Anion Exchange Membrane (AEM) Electrolyzer
    • Solid Oxide Electrolyzer
  • Application Insight and Forecast 2025 - 2030
    • Power Generation
    • Transportation
    • Industry Feedstock
    • Building Heat & Power
    • Industry energy
    • Others
  • Power Rating Insight and Forecast 2025 - 2030
    • Less than 500kW
    • 500 kW to 2 MW
    • Above 2 MW

Geographical Segmentation

Global Electrolyzers Market by Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia-Pacific (APAC)
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Rest of APAC
  • Rest of the World
    • Brazil
    • Saudi Arabia
    • South Africa
    • U.A.E
    • Other Countries