Global Electrolyzer Market Size, Share & Trend Analysis by Product, Capacity, Application, and Regional Forecasts 2022-2032

Description

The Global Electrolyzer Market, valued at approximately USD 2.26 billion in 2023, is projected to expand at a robust CAGR of 65.9% during the forecast period 2024-2032. The surge in market demand stems from the increasing emphasis on reducing carbon emissions, promoting green energy solutions, and the widespread adoption of hydrogen technologies across diverse industries. Electrolyzers, pivotal in hydrogen production, play an instrumental role in decarbonization strategies and sustainable energy solutions.

Electrolyzers, comprising an anode, cathode, and membrane, are utilized in breaking down water into hydrogen and oxygen through electrolysis. The resultant hydrogen serves multiple applications, including industrial feedstock, power generation, and transportation. The increasing focus on green hydrogen, propelled by supportive government regulations and incentives, is expected to drive market growth further. For instance, initiatives such as subsidies, exemptions from grid fees, and grid service revenues underscore governmental commitment to this sector.

The market's growth trajectory is bolstered by advancements in technology, including solid oxide electrolyzers (SOEs) and proton exchange membrane (PEM) electrolyzers. Innovations such as Hysata's capillary technology, achieving 80% efficiency, and the integration of waste-heat utilization in SOE systems exemplify the industry's dedication to efficiency and sustainability. However, challenges like high initial costs, delayed equipment supply, and limited technological progress may impede growth to some extent.

The Asia-Pacific region dominates the market owing to its substantial industrial base, strong government policies promoting renewable energy, and expanding infrastructure for electric vehicles and sustainable practices. Meanwhile, regions such as Europe and North America are experiencing steady growth driven by policy-driven incentives and significant investments in hydrogen technologies.

Major market players included in this report are:

Cummins, Inc.
Nel ASA
Siemens AG
Toshiba Corporation
Plug Power Inc.
ITM Power
Air Liquide
McPhy Energy
Bloom Energy
Iberdrola S.A.

The detailed segments and sub-segment of the market are explained below:

By Product:

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

By Capacity:

Less than 500 kW
500 kW to 2 MW
Above 2 MW

By Application:

Power Generation
Transportation
Industrial Energy
Industrial Feedstock
Building Heat & Power
Others

By Region: North America:

U.S.
Canada
Mexico

Europe:

Germany
UK
France
Italy
Spain
Rest of Europe

Asia Pacific:

China
Japan
India
South Korea
Australia
Rest of Asia-Pacific

LAMEA:

Brazil
Saudi Arabia
South Africa
Rest of LAMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional-level analysis for each market segment.
Detailed analysis of geographical landscapes with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations for future market approaches.
Analysis of the competitive structure of the market.
Demand-side and supply-side analysis of the market.

Chapter 1. Global Electrolyzer Market Executive Summary

1.1. Global Electrolyzer Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Product
- 1.3.2. By Capacity
- 1.3.3. By Application
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendations & Conclusion

Chapter 2. Global Electrolyzer Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply-Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand-Side Analysis
  - 2.3.4.1. Regulatory Frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Electrolyzer Market Dynamics

3.1. Market Drivers
- 3.1.1. Increase in Concern Toward Reducing Carbon Emissions
- 3.1.2. Decline in Costs of Renewable Energy
3.2. Market Challenges
- 3.2.1. Limited Technological Advances
- 3.2.2. High Initial Costs
3.3. Market Opportunities
- 3.3.1. Government Policies Supporting Hydrogen Technologies
- 3.3.2. Growing Market for Smart Cities and IoT

Chapter 4. Global Electrolyzer Market Industry Analysis

4.1. Porter's Five Forces Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economic
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunities
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendations & Conclusion

Chapter 5. Global Electrolyzer Market Size & Forecasts by Product 2022-2032

5.1. Segment Dashboard
5.2. Global Electrolyzer Market: Product Revenue Trend Analysis, 2022-2032 (USD Billion)
- 5.2.1. Alkaline Electrolyzer
- 5.2.2. Proton Exchange Membrane Electrolyzer
- 5.2.3. Solid Oxide Electrolyzer
- 5.2.4. Anion Exchange Membrane Electrolyzer

Chapter 6. Global Electrolyzer Market Size & Forecasts by Capacity 2022-2032

6.1. Segment Dashboard
6.2. Global Electrolyzer Market: Capacity Revenue Trend Analysis, 2022-2032 (USD Billion)
- 6.2.1. Less than 500 kW
- 6.2.2. 500 kW to 2 MW
- 6.2.3. Above 2 MW

Chapter 7. Global Electrolyzer Market Size & Forecasts by Application 2022-2032

7.1. Segment Dashboard
7.2. Global Electrolyzer Market: Application Revenue Trend Analysis, 2022-2032 (USD Billion)
- 7.2.1. Power Generation
- 7.2.2. Transportation
- 7.2.3. Industrial Energy
- 7.2.4. Industrial Feedstock
- 7.2.5. Building Heat & Power
- 7.2.6. Others

Chapter 8. Global Electrolyzer Market Size & Forecasts by Region 2022-2032

8.1. North America
- 8.1.1. U.S.
- 8.1.2. Canada
- 8.1.3. Mexico
8.2. Europe
- 8.2.1. Germany
- 8.2.2. UK
- 8.2.3. France
- 8.2.4. Italy
- 8.2.5. Spain
- 8.2.6. Rest of Europe
8.3. Asia-Pacific
- 8.3.1. China
- 8.3.2. Japan
- 8.3.3. India
- 8.3.4. South Korea
- 8.3.5. Australia
- 8.3.6. Rest of Asia-Pacific
8.4. LAMEA
- 8.4.1. Brazil
- 8.4.2. Saudi Arabia
- 8.4.3. South Africa
- 8.4.4. Rest of LAMEA

Chapter 9. Competitive Intelligence

9.1. Key Company SWOT Analysis
- 9.1.1. Siemens AG
- 9.1.2. Cummins, Inc.
- 9.1.3. Plug Power Inc.
9.2. Top Market Strategies
9.3. Company Profiles
- 9.3.1. Air Liquide
- 9.3.2. Nel ASA
- 9.3.3. Toshiba Corporation
- 9.3.4. ITM Power
- 9.3.5. Bloom Energy
- 9.3.6. McPhy Energy

Chapter 10. Research Process

10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
10.2. Research Attributes