PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1620871
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1620871
The Electrolyzers market is expected to grow from an estimated in USD 3.75 billion in 2024 to USD 78.01 billion by 2030, at a CAGR of 65.9% during the forecast period. The global electrolyzer market is currently growing, and it is increasingly being driven by the demand for green hydrogen as a key enabler of decarbonization across industries. Governments and companies around the world are investing heavily in renewable energy and hydrogen technologies to meet ambitious net-zero carbon targets. Advancement in electrolyzer efficiency, as well as declining costs of renewable energy sources such as solar and wind, are further driving its adoption. These strategic initiatives involving subsidies, incentives, and research funding are prompting large-scale deployment, mainly in transportation, energy storage, and industrial manufacturing. The development of public-private sector collaborations is also helping to foster innovation and an expansion of the global footprint for electrolyzers.
Scope of the Report | |
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Years Considered for the Study | 2020-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Units Considered | Value (USD Million/Billion) |
Segments | by Technology, applications, power rating and region |
Regions covered | North America, Europe, Asia Pacific, Rest of the World |
"<500 KW market by technology, is expected to be the fastest growing segment from 2024 to 2030."
The <500 KW segment is the fastest-growing market segment in electrolyzers by power rating due to its versatility and aptness for decentralized and small-scale hydrogen production. These systems are being widely used in hydrogen refueling stations, industrial processes, and residential energy storage. Due to their compact size, lower front-end costs, and easy installation, they are more suitable for regions focusing on localized green hydrogen production. The segment is also witnessing growth due to the increasing demand for on-site hydrogen generation in renewable energy integration and mobility solutions, especially in regions with limited access to large-scale hydrogen infrastructure.
"Anion Exchange Membrane Electrolyzer, by technology, is expected to be the fastest-growing market from 2024 to 2030"
The AEM electrolyzer segment is growing at the highest rate by technology type, because of its cost-effectiveness and the ability to operate without requiring expensive materials such as platinum or iridium. AEM-based electrolyzers use non-precious catalysts, which is a huge attraction for lowering the production costs of hydrogen in the overall chains. They share the advantages of both alkaline and PEM technologies, with respect to their efficiency in compact designs. Additionally, their compatibility for producing hydrogen on-site using renewable energy sources increases their adoption as industries and governments request sustainable and affordable means of producing green hydrogen.
"Asia Pacific having highest CAGR for the forecasted period in Electrolyzers market."
Asia Pacific is the fastest-growing region in the electrolyzer market due to strong government initiatives and investments in green hydrogen to meet energy transition goals and carbon neutrality targets. Countries like China, Japan, South Korea, and India are also at the forefront of hydrogen adoption, which is driven by robust industrial demand, renewable integration, and decarbonization strategies. Furthermore, significant growth is initiated due to the region's large manufacturing base, low-cost production capabilities, and supportive policies in terms of subsidies and incentives for clean energy projects. In addition, the rapid increase in hydrogen infrastructure projects along with partnerships worldwide makes Asia Pacific a prime market for further expansion of electrolyzers.
In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the ELECTROLYZER market.
By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15%
By Designation: C-level Executives - 33%, Director Level- 24%, and Others- 43%
By Region: North America - 25%, Europe - 25%, Asia Pacific - 30%, RoW-20%
Note: Other designations include sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined based on their total revenue as of 2023. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: <USD 500 million.
The Electrolyzer market is dominated by a few major players that have a wide regional presence. Some of the major players in the electrolyzer market Siemens Energy (Germany), Nel ASA (Norway), thyssenkrupp nucera (Germany), John Cockerill (Belgium), and Plug Power Inc. (US), among others. The major strategy adopted by the players includes new product launches, joint ventures, acquisitions, and expansions.
The report defines, describes, and forecasts the electrolyzer market by mounting type, voltage range, type, application, verticals, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements. new product launches, mergers and acquisitions, and recent developments associated with the electrolyzer market. Competitive analysis of upcoming startups in the electrolyzer market ecosystem is covered in this report.
Reasons to buy this report The report will help the market leaders/new entrants electrolyzer market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.