Electrolyzers for Green Hydrogen Market by Technology, Capacity, Application

Description

List of Tables

[195 Pages Report] The Electrolyzers for Green Hydrogen Market size was estimated at USD 2.12 billion in 2023 and expected to reach USD 2.87 billion in 2024, at a CAGR 36.07% to reach USD 18.38 billion by 2030.

Electrolyzers play a crucial role in green hydrogen development by splitting water into hydrogen and oxygen using electrical energy from renewable sources. Green hydrogen is an eco-friendly energy source derived from renewable resources, including solar or wind power through electrolysis. The green hydrogen electrolyzer produces, distributes, and utilizes electrolyzers specifically designed for generating green hydrogen. The urgency to combat climate change by reducing greenhouse gas emissions has prompted governments worldwide to implement supportive policies and regulations promoting clean energy adoption. These initiatives include setting ambitious targets for renewable energy generation, providing incentives for research and development (R&D), and offering subsidies for green hydrogen production facilities, increasing the demand for electrolyzers for green hydrogen generation. The development of digitized and automated electrolyzers for efficient green hydrogen production has further expanded the scope of the market worldwide.

KEY MARKET STATISTICS
Base Year [2023]	USD 2.12 billion
Estimated Year [2024]	USD 2.87 billion
Forecast Year [2030]	USD 18.38 billion
CAGR (%)	36.07%

Moreover, the growing demand for green hydrogen across various end-use sectors, including automotive and metal manufacturing, presents significant opportunities for deploying electrolyzers in green hydrogen generation. High capital costs associated with installing electrolyzers and the initial investment needed for renewable energy infrastructure limit market growth. Additionally, the technical limitations associated with efficiency and energy requirements, scalability, and durability negatively impact the electrolyzers for green hydrogen market. Ongoing technological advancements in electrolyzer design, materials, and technologies to improve efficiency levels, reduce operational costs, and enhance durability are expected to bolster the availability of electrolyzers for green hydrogen in the coming years. Moreover, the potential deployment of electrolyzers for onsite green hydrogen development is expected to create growth opportunities for the electrolyzers for green hydrogen market.

Regional Insights

The market for electrolyzers for green hydrogen is witnessing significant growth in the Americas, driven by increasing demand for clean energy and decarbonization efforts across various countries. In North America, stringent regulations to reduce carbon emissions drive investments in green hydrogen production. The U.S. Department of Energy actively provides funding to advance clean hydrogen technologies. Canadian initiatives and projects to facilitate collaboration between industry stakeholders have further encouraged the deployment and development associated with electrolyzers for green hydrogen. Europe, the Middle East, and Africa represent highly developing electrolyzers for the green hydrogen market due to ambitious targets by regional governments for renewable hydrogen capacity expansion and the establishment of national strategies with significant investments for green hydrogen generation. The Middle East has abundant solar resources and adopts green hydrogen production to diversify its energy sector. Countries including China, Japan, and India drive the growing demand for electrolyzers for green hydrogen with industrialization and urbanization in the Asia-Pacific region. China's 14th Five-Year Plan includes targets for hydrogen production, and Japan aims to achieve a carbon-neutral society by 2050 with its basic hydrogen strategy, further encouraging the demand for electrolyzers for green hydrogen in the Asia-Pacific region. Advancing research and development, fostering public-private partnerships, and streamlining permitting processes are expected to support the growth of electrolyzers for the green hydrogen market in the coming years.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Electrolyzers for Green Hydrogen Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Growing usage of green hydrogen across various end-user industries
- Government initiatives and investments for green hydrogen generation and deployment

Market Restraints
- High costs of developing electrolyzers for green hydrogen

Market Opportunities
- Ongoing advancements in green hydrogen electrolyzers
- Adoption of green hydrogen electrolyzers for onsite hydrogen generation at refueling stations

Market Challenges
- Operational and technical limitations associated with green hydrogen electrolyzers

Market Segmentation Analysis
- Technology: Increasing adoption of proton-exchange-membrane (PEM) technology offering higher efficiency levels
- Capacity: Growing government focus on developing and deploying over 100 GW capacity electrolyzers in economies
- Application: Evolving utilization of electrolyzers for green hydrogen in the renewable energy sector

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Electrolyzers for Green Hydrogen Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Electrolyzers for Green Hydrogen Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

H TEC SYSTEMS to Deliver PEM Electrolyzer to Spanish Project Developer SailH2

The "HUB LA ISLA H2" project, led by SailH2 in Sevilla's Dos Hermanas district, signifies a pioneering venture of green hydrogen production in Andalusia. With a strategic investment of 25 million Euros, this initiative is set to leverage a 1MW PEM electrolyzer from H-TEC SYSTEMS, specifically the ME450 model aiming to produce upwards of 136 tons of green hydrogen annually in its first phase. [Published On: 2024-02-13]

Plug Signs BEDP Contract for a 500 MW Electrolyzer in Europe

Plug Power Inc. marked a significant advancement in the green hydrogen sector by securing a contract for delivering a Basic Engineering and Design Package (BEDP) aimed at a formidable 500 MW electrolyzer project in Europe. This achievement escalates Plug's BEDP contracts to an impressive 4.1GW, highlighting the market's recognition of its innovative approach. [Published On: 2024-02-02]

Bloom Energy and SK Ecoplant Collaborate on a Major Hydrogen Project to be Developed by Korea Southern Power Co., Ltd.

Bloom Energy, in partnership with SK eco plant, a subsidiary of the SK Group, has embarked on a groundbreaking project in collaboration with Korea Southern Power Co., Ltd (KOSPO) and local authorities to launch a significant green hydrogen initiative on Jeju Island, South Korea. This pioneering demonstration aims to utilize 1.8 MW of Bloom's cutting-edge Solid Oxide Electrolyzer (SOEC) technology to produce green hydrogen, primarily for transportation fuel. [Published On: 2023-12-27]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Electrolyzers for Green Hydrogen Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Electrolyzers for Green Hydrogen Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Advent Technologies Holdings Inc., Agfa-Gevaert N.V., Air Liquide S.A., Asahi Kasei Corporation, Avium, LLC, Bloom Energy Corporation, Cummins Inc., Enapter S.r.l., Erre Due s.p.a., General Electric Company, Green Hydrogen Systems A/S, H-TEC SYSTEMS GmbH, H2 Core Systems GmbH, h2e Power Systems Inc., H2U Technologies, Inc., Hoeller Electrolyzer GmbH, Hydrogen Optimized Inc., Hysata Pty Ltd, Hystar AS, Iberdrola, S.A., iGas energy GmbH, INEOS AG, ITM Power plc, John Cockerill S.A., Linde PLC, LONGi Green Energy Technology Co., Ltd., McPhy Energy S.A., Nel ASA, Next Hydrogen Solutions Inc., Ohmium International, Inc., OxEon Energy, LLC, OU Stargate Hydrogen, Plug Power Inc., Pure Energy Centre, Siemens AG, SolydEra SpA, Sumitomo Corporation, SunFire GmbH, Sungrow Power Supply Co., Ltd., thyssenkrupp AG, Topsoe A/S, and Toshiba Corporation.

Market Segmentation & Coverage

This research report categorizes the Electrolyzers for Green Hydrogen Market to forecast the revenues and analyze trends in each of the following sub-markets:

Technology
- Alkaline Water Electrolysis
- Proton-Exchange-Membrane/ Polymer-Electrolyte-Membrane
- Solid-Oxide Electrolyzers

Capacity
- 101MW - 500MW
- 10KW - 1MW
- 11GW - 100GW
- 11MW - 100MW
- 2GW - 10GW
- 2MW - 10MW
- 500MW - 1GW
- Over 100GW

Application
- Chemicals
- Iron & Steel
- Renewable Energy
- Transportation

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Connecticut
    - Massachusetts
    - New Jersey
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-EA4EC02A8ECB

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing usage of green hydrogen across various end-user industries
  - 5.1.1.2. Government initiatives and investments for green hydrogen generation and deployment
- 5.1.2. Restraints
  - 5.1.2.1. High costs of developing electrolyzers for green hydrogen
- 5.1.3. Opportunities
  - 5.1.3.1. Ongoing advancements in green hydrogen electrolyzers
  - 5.1.3.2. Adoption of green hydrogen electrolyzers for onsite hydrogen generation at refueling stations
- 5.1.4. Challenges
  - 5.1.4.1. Operational and technical limitations associated with green hydrogen electrolyzers
5.2. Market Segmentation Analysis
- 5.2.1. Technology: Increasing adoption of proton-exchange-membrane (PEM) technology offering higher efficiency levels
- 5.2.2. Capacity: Growing government focus on developing and deploying over 100 GW capacity electrolyzers in economies
- 5.2.3. Application: Evolving utilization of electrolyzers for green hydrogen in the renewable energy sector
5.3. Market Trend Analysis
- 5.3.1. Expanding hydrogen production and focus on local electrolyzers manufacturing for green hydrogen production in the Americas
- 5.3.2. High manufacturing capacity, ongoing advancement in electrolyzer technology, and increasing government investment in the APAC region
- 5.3.3. Increasing utilization of hydrogen fuel, expanding strategic collaboration among government entities and industry players, and strong foothold of major companies in the EMEA region
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework Analysis
5.8. Client Customization
- 5.8.1. Electrolyzer Capacity for Green Hydrogen in Chemical Applications
- 5.8.2. Electrolyzer Capacity for Green Hydrogen in Transportation Applications
- 5.8.3. Electrolyzer Capacity for Green Hydrogen in Iron & Steel Applications
- 5.8.4. Electrolyzer Capacity for Green Hydrogen in Renewable Energy Applications

6. Electrolyzers for Green Hydrogen Market, by Technology

6.1. Introduction
6.2. Alkaline Water Electrolysis
6.3. Proton-Exchange-Membrane/ Polymer-Electrolyte-Membrane
6.4. Solid-Oxide Electrolyzers

7. Electrolyzers for Green Hydrogen Market, by Capacity

7.1. Introduction
7.2. 101MW - 500MW
7.3. 10KW - 1MW
7.4. 11GW - 100GW
7.5. 11MW - 100MW
7.6. 2GW - 10GW
7.7. 2MW - 10MW
7.8. 500MW - 1GW
7.9. Over 100GW

8. Electrolyzers for Green Hydrogen Market, by Application

8.1. Introduction
8.2. Chemicals
8.3. Iron & Steel
8.4. Renewable Energy
8.5. Transportation

9. Americas Electrolyzers for Green Hydrogen Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Electrolyzers for Green Hydrogen Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Electrolyzers for Green Hydrogen Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. H TEC SYSTEMS to Deliver PEM Electrolyzer to Spanish Project Developer SailH2
- 12.3.2. Plug Signs BEDP Contract for a 500 MW Electrolyzer in Europe
- 12.3.3. Bloom Energy and SK Ecoplant Collaborate on a Major Hydrogen Project to be Developed by Korea Southern Power Co., Ltd.
- 12.3.4. Green Hydrogen Systems and BioCirc Cooperate on Potential Testing and Supply of an X-Series Unit
- 12.3.5. Enapter AG Expands Product Portfolio with "AEM Flex 120" Electrolyser for the Streamlined Launch of Industrial and Refuelling Hydrogen Projects
- 12.3.6. Sunfire Receives EUR 169 Million Boost for Electrolyzer Production
- 12.3.7. Enapter AG Secures Order for 101 AEM Electrolysers for Japan from Enoah Inc.
- 12.3.8. Hysata to Build Next-generation Hydrogen Electrolyser
- 12.3.9. Enapter AG and Wolong Work Together to Bring AEM Electrolysers to China
- 12.3.10. Nel ASA: Receives Purchase Order for 20 MW Electrolyser Equipment From Hyd'occ
- 12.3.11. Cummins Acquires Full Ownership of Hydrogenics
- 12.3.12. Ministry Unveils INR 175 Billion Program for Electrolyzers, Green Hydrogen Production
- 12.3.13. H2U Technologies Announces Hydrogen Industry's Commercial-Scale Non-Iridium PEM Electrolyzer
- 12.3.14. Siemens Energy Electrolyzers Selected for World-Scale Electrofuel Facility in Texas

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio