Electrolyzers Market size was valued at US$ 0.3 billion in 2023 and is poised to grow at a CAGR of 26.3% from 2024-2030. The large number of individuals choosing for electric vehicles over other petroleum-based vehicles has helped the electrolyzer business generate significant revenue. The growing public awareness of global warming and rapid climate change has increased demand for clean energy, which the government encourages by offering various facilities and plans. The government and primary market participants have made significant investments in R&D initiatives with the goal of introducing current technology to the market. As a result, demand for electrolyzers is expected to rise over the forecast period as governments focus on decreasing carbon footprints and developing hydrogen capacity. Which in turn, drives revenue in the Electrolyzers Market.
Study Period
2024-2030Base Year
2023CAGR
26.3%Largest Market
North AmericaFastest Growing Market
Asia Pacific
Rising investments in sustainable energy projects, as well as increased government attention on hydrogen-related technologies, are significant market drivers promoting growth. The increased government focus on decreasing carbon footprints and expanding hydrogen capacity is expected to fuel the market revenue growth. Increased government investments in hydrogen technology are expected to boost the Electrolyzers market. Furthermore, nations are increasingly allocating money to create severe methods for measuring and managing carbon emissions. Germany, for example, intends to invest €9 billion to increase its renewable hydrogen capacity to 5 GW by 2030 and 10 GW by 2040. Meanwhile, France has set aside €7 billion to develop 6.5 GW of renewable hydrogen capacity by 2030. As a result, the increased government commitment to decreasing carbon footprints and expanding hydrogen capabilities is expected to increase electrolyzer demand, driving market growth. However, market expansion is impeded by a scarcity of electrolyzers. Furthermore, the expansion of the electrolyzer market is hampered by the lateness of permission grants from national or local government organizations. Government laws encouraging the use of electric vehicles are in the works, and in the near future, technology improvements could present a profitable opportunity for corporate expansion.
Based on regions, the Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America has emerged as the key market for electrolyzers, owing to high demand across a wide range of manufacturing applications. The region's large power industry extensively uses hydrogen, generating significant revenue. In 2021, the electric power sector was a major player in the United States' renewable energy scene, accounting for roughly 59% of total renewable energy consumption. Electrolyzers can play an important role in storing extra energy during periods of significant renewable energy generation. Furthermore, North America's robust manufacturing infrastructure contributes significantly to market growth.
Latin America
Europe
Asia Pacific
Middle East
North America
|
Report Benchmarks |
Details |
|
Report Study Period |
2024-2030 |
|
Market Size in 2023 |
US$ 0.3 billion |
|
Market CAGR |
26.3% |
|
By Product Type |
|
|
By Application |
|
|
By Region |
|
Download Free Sample Report
The Electrolyzers Market is expected to grow at a CAGR of 26.3%.
Increasing government investments in hydrogen technology are expected to boost the Electrolyzers market
Subsequent trends in the global Electrolyzer Market include increased concern about decreasing carbon emissions, lower costs of renewable energy, and a developing market for IoT, smart cities, and energy as a service.
Market research is segmented based on Product type, application, and region
North America is estimated to dominate with the highest CAGR over the forecast period.
| 1.Executive Summary |
| 2.Global Electrolyzers Market Introduction |
| 2.1.Global Electrolyzers Market - Taxonomy |
| 2.2.Global Electrolyzers Market - Definitions |
| 2.2.1.Product Type |
| 2.2.2.Application |
| 2.2.3.Region |
| 3.Global Electrolyzers Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Electrolyzers Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Electrolyzers Market By Product Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Alkaline Electrolyzer |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Proton Exchange Membrane Electrolyzer |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Solid Oxide Electrolyzer |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Anion Exchange Membrane Electrolyzer |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 6.Global Electrolyzers Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Power Generation |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Transportation |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Industry Energy |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Steel Plant |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Power to gas |
| 6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 6.6. Others |
| 6.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.6.3. Market Opportunity Analysis |
| 7.Global Electrolyzers Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia Pacific (APAC) |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Middle East and Africa (MEA) |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Latin America |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 8.North America Electrolyzers Market, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1.Alkaline Electrolyzer |
| 8.1.2.Proton Exchange Membrane Electrolyzer |
| 8.1.3.Solid Oxide Electrolyzer |
| 8.1.4.Anion Exchange Membrane Electrolyzer |
| 8.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1.Power Generation |
| 8.2.2.Transportation |
| 8.2.3.Industry Energy |
| 8.2.4.Steel Plant |
| 8.2.5.Power to gas |
| 8.2.6.Others |
| 8.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.3.1.United States of America (USA) |
| 8.3.2.Canada |
| 9.Europe Electrolyzers Market, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Alkaline Electrolyzer |
| 9.1.2.Proton Exchange Membrane Electrolyzer |
| 9.1.3.Solid Oxide Electrolyzer |
| 9.1.4.Anion Exchange Membrane Electrolyzer |
| 9.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Power Generation |
| 9.2.2.Transportation |
| 9.2.3.Industry Energy |
| 9.2.4.Steel Plant |
| 9.2.5.Power to gas |
| 9.2.6.Others |
| 9.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Germany |
| 9.3.2.France |
| 9.3.3.Italy |
| 9.3.4.United Kingdom (UK) |
| 9.3.5.Spain |
| 10.Asia Pacific (APAC) Electrolyzers Market, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Alkaline Electrolyzer |
| 10.1.2.Proton Exchange Membrane Electrolyzer |
| 10.1.3.Solid Oxide Electrolyzer |
| 10.1.4.Anion Exchange Membrane Electrolyzer |
| 10.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Power Generation |
| 10.2.2.Transportation |
| 10.2.3.Industry Energy |
| 10.2.4.Steel Plant |
| 10.2.5.Power to gas |
| 10.2.6.Others |
| 10.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.China |
| 10.3.2.India |
| 10.3.3.Australia and New Zealand (ANZ) |
| 10.3.4.Japan |
| 10.3.5.Rest of APAC |
| 11.Middle East and Africa (MEA) Electrolyzers Market 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Alkaline Electrolyzer |
| 11.1.2.Proton Exchange Membrane Electrolyzer |
| 11.1.3.Solid Oxide Electrolyzer |
| 11.1.4.Anion Exchange Membrane Electrolyzer |
| 11.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Power Generation |
| 11.2.2.Transportation |
| 11.2.3.Industry Energy |
| 11.2.4.Steel Plant |
| 11.2.5.Power to gas |
| 11.2.6.Others |
| 11.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.GCC Countries |
| 11.3.2.South Africa |
| 11.3.3.Rest of MEA |
| 12.Latin America Electrolyzers Market 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Product Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Alkaline Electrolyzer |
| 12.1.2.Proton Exchange Membrane Electrolyzer |
| 12.1.3.Solid Oxide Electrolyzer |
| 12.1.4.Anion Exchange Membrane Electrolyzer |
| 12.2. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Power Generation |
| 12.2.2.Transportation |
| 12.2.3.Industry Energy |
| 12.2.4.Steel Plant |
| 12.2.5.Power to gas |
| 12.2.6.Others |
| 12.3. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Brazil |
| 12.3.2.Mexico |
| 12.3.3.Rest of LA |
| 13. Competition Landscape |
| 13.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 13.2.1.Hydrogenics |
| 13.2.2.Siemens |
| 13.2.3.Green Hydrogen Systems |
| 13.2.4.Kobelco Eco-Solutions |
| 13.2.5.Teledyne Energy Systems |
| 13.2.6.Shandong Saikesaisi Hydrogen Energy Co., Ltd |
| 13.2.7.Asahi Kasei |
| 13.2.8.H-Tec Systems |
| 13.2.9.Toshiba Corporation |
| 13.2.10.ITM power |
| 14. Research Methodology |
| 15. Appendix and Abbreviations |
Key Market Players
Download Free Sample
