Hydrogen Electrolyzer Market, By Technology (Proton Exchange Membrane, Alkaline Electrolyzer, Solid Oxide Electrolyzer, and Anion Exchange Membrane), By Power Generation, By End-use Industry, By Geography .

Description

The global hydrogen electrolyzer market is estimated to be valued at USD 1.12 Bn in 2024 and is expected to reach USD 25.45 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 56.2% from 2024 to 2031.

Report Coverage		Report Details
Base Year:	2023	Market Size in 2024:	US$ 1.12 Bn
Historical Data for:	2019 To 2023	Forecast Period:	2024 To 2031
Forecast Period 2024 to 2031 CAGR:	56.20%	2031 Value Projection:	US$ 25.45 Bn

Figure. Hydrogen Electrolyzer Market Share (%), By Region 2024

The global hydrogen electrolyzer market has been witnessing significant growth over the past few years owing to the growing focus on developing green and sustainable sources of energy. Hydrogen electrolyzers play a vital role in power-to-gas technology by converting renewable electric power into hydrogen and oxygen. Various governments around the world are supporting the production and deployment of hydrogen electrolyzers to reduce emissions and further the hydrogen economy agenda. The market has been expanding due to factors such as increasing investments in building hydrogen infrastructure and rising demand from industries like oil refineries, chemicals, and electronics. However, high initial costs and lack of standardization continue to hinder the market to some extent.

Market Dynamics

The key drivers propelling the global hydrogen electrolyzer market include growing demand for clean sources of energy, supportive government policies and initiatives promoting hydrogen applications, and increasing investments by public and private players to establish hydrogen ecosystems. Additionally, the rising need to decarbonize industries and develop sustainable transportation is spurring the adoption of hydrogen electrolyzers. However, the market faces challenges from high installation and maintenance costs of electrolyzers as well as lack of sufficient hydrogen refueling infrastructure in many countries. On the other hand, ongoing R&D to reduce costs and improve efficiency of electrolyzers is expected to create significant growth opportunities for market players.

Key Features of the Study

This report provides in-depth analysis of the global hydrogen electrolyzer market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year

It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players

It profiles key players in the global hydrogen electrolyzer market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies

Key companies covered as a part of this study include Siemens Energy AG, ITM Power plc, Nel ASA, Air Products and Chemicals, Inc., McPhy Energy S.A., Cummins Inc., Plug Power Inc., Thyssenkrupp AG, Ballard Power Systems Inc., Enel Green Power S.p.A., Hydrogenics (a Cummins Inc. company), Proton OnSite (a Nel ASA company), H2B2 Electrolysis Technologies, Green Hydrogen Systems A/S, and Anovion Battery Materials

Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

The global hydrogen electrolyzer market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global hydrogen electrolyzer market

Market Segmentation

By Technology Insights (Revenue, USD Bn, 2019 - 2031)
- Proton Exchange Membrane (PEM)
- Alkaline Electrolyzer (AE)
- Solid Oxide Electrolyzer (SOE)
- Anion Exchange Membrane (AEM)
By Power Generation Insights (Revenue, USD Bn, 2019 - 2031)
- 500 kW
- 500-2,000 kW
- 2,000 kW
By End-use Industry Insights (Revenue, USD Bn, 2019 - 2031)
- Chemical Industry
- Refining
- Power Generation
- Others
Regional Insights (Revenue, USD Bn, 2019 - 2031)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
Key Players Insights
- Siemens Energy AG
- ITM Power plc
- Nel ASA
- Air Products and Chemicals, Inc.
- McPhy Energy S.A.
- Cummins Inc.
- Plug Power Inc.
- Thyssenkrupp AG
- Ballard Power Systems Inc.
- Enel Green Power S.p.A.
- Hydrogenics (a Cummins Inc. company)
- Proton OnSite (a Nel ASA company)
- H2B2 Electrolysis Technologies
- Green Hydrogen Systems A/S
- Anovion Battery Materials

Product Code: CMI7635

1. Research Objectives and Assumptions

Research Objectives
Assumptions
Abbreviations

2. Market Purview

Report Description
- Market Definition and Scope
Executive Summary
- Global Hydrogen Electrolyzer Market, By Technology
- Global Hydrogen Electrolyzer Market, By Power Generation
- Global Hydrogen Electrolyzer Market, By End-use Industry
- Global Hydrogen Electrolyzer Market, By Region

3. Market Dynamics, Regulations, and Trends Analysis

Market Dynamics
Impact Analysis
Key Highlights
Regulatory Scenario
Product Launches/Approvals
PEST Analysis
PORTER's Analysis
Market Opportunities
Regulatory Scenario
Key Developments
Industry Trend

4. Global Hydrogen Electrolyzer Market, By Technology, 2019-2031, (USD Bn)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Proton Exchange Membrane (PEM)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Alkaline Electrolyzer (AE)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Solid Oxide Electrolyzer (SOE)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Anion Exchange Membrane (AEM)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)

5. Global Hydrogen Electrolyzer Market, By Power Generation, 2019-2031, (USD Bn)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
500 kW
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
500-2,000 kW
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
2,000 kW
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)

6. Global Hydrogen Electrolyzer Market, By End-use Industry, 2019-2031, (USD Bn)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Chemical Industry
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Refining
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Power Generation
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)

7. Global Hydrogen Electrolyzer Market, By Region, 2019 - 2031, Value (USD Bn)

Introduction
- Market Share (%) Analysis, 2024, 2027 & 2031, Value (USD Bn)
- Market Y-o-Y Growth Analysis (%), 2020 - 2031, Value (USD Bn)
- Regional Trends
North America
- Introduction
- Market Size and Forecast, By Technology, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Power Generation, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By End-use Industry, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Bn)
  - U.S.
  - Canada
Latin America
- Introduction
- Market Size and Forecast, By Technology, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Power Generation, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By End-use Industry, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Bn)
  - Brazil
  - Argentina
  - Mexico
  - Rest of Latin America
Europe
- Introduction
- Market Size and Forecast, By Technology, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Power Generation, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By End-use Industry, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Bn)
  - Germany
  - U.K.
  - Spain
  - France
  - Italy
  - Russia
  - Rest of Europe
Asia Pacific
- Introduction
- Market Size and Forecast, By Technology, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Power Generation, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By End-use Industry, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Bn)
  - China
  - India
  - Japan
  - Australia
  - South Korea
  - ASEAN
  - Rest of Asia Pacific
Middle East
- Introduction
- Market Size and Forecast, By Technology, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Power Generation, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By End-use Industry, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country, 2019 - 2031, Value (USD Bn)
  - GCC Countries
  - Israel
  - Rest of Middle East
Africa
- Introduction
- Market Size and Forecast, By Technology, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Power Generation, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By End-use Industry, 2019 - 2031, Value (USD Bn)
- Market Size and Forecast, By Country/Region, 2019 - 2031, Value (USD Bn)
  - South Africa
  - North Africa
  - Central Africa

8. Competitive Landscape

Siemens Energy AG
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
ITM Power plc
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Nel ASA
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Air Products and Chemicals, Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
McPhy Energy S.A.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Cummins Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Plug Power Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Thyssenkrupp AG
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Ballard Power Systems Inc.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Enel Green Power S.p.A.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Hydrogenics (a Cummins Inc. company)
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Proton OnSite (a Nel ASA company)
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
H2B2 Electrolysis Technologies
Green Hydrogen Systems A/S
Anovion Battery Materials

9. Analyst Recommendations

Wheel of Fortune
Analyst View
Coherent Opportunity Map

10. References and Research Methodology

References
Research Methodology
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