Electrolyzer Market Size, Share, Trends, Industry Analysis Report: By Technology, Application, Capacity, and Region

Description

List of Tables

The global electrolyzer market size is expected to reach USD 323.93 billion by 2034, according to a new study by Polaris Market Research. The report "Electrolyzer Market Size, Share, Trends, Industry Analysis Report: By Technology, Application (Power Generation, Transportation, and Industrial), Capacity, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

The electrolyzer market is experiencing significant expansion, driven by the escalating demand for green hydrogen as a clean and sustainable energy carrier across industries. Electrolyzers, essential for hydrogen production through water electrolysis, are becoming pivotal in addressing global decarbonization objectives.

The electrolyzer market growth is propelled by the growing emphasis on reducing carbon emissions, coupled with government policies supporting the transition to renewable energy sources. Other key growth drivers include advancements in electrolyzer technologies, such as proton exchange membrane (PEM) and alkaline electrolyzers, which offer higher efficiency and scalability, catering to diverse industrial applications. The declining costs of renewable energy, particularly solar and wind power, also support market expansion by enabling economically viable hydrogen production.

Emerging industry trends highlight the increasing integration of electrolyzers with renewable energy systems and the adoption of modular designs to meet flexible energy requirements. The electrolyzer market demand is also fueled by its critical role in decarbonizing energy-intensive sectors, including steel production, ammonia synthesis, and heavy-duty transportation. Market analysis indicates a surge in investments in green hydrogen projects, with major industries and governments collaborating to establish large-scale hydrogen production facilities.

The electrolyzer market opportunities lie in technological innovations aimed at enhancing performance, reducing operational costs, and scaling up production to meet rising global demand.

Electrolyzer Market Key Report Highlights

In terms of technology, the proton exchange membrane (PEM) electrolyzers segment held the largest market share in 2024 due to their high efficiency, scalability, and suitability for variable renewable energy integration.

Based on application, the industrial segment accounted for the largest market share in the electrolyzer market in 2024, driven by the rising adoption of green hydrogen in decarbonizing processes like steel production and ammonia synthesis.

In 2024, Europe accounted for the largest share of the electrolyzer market due to strong policy frameworks, substantial investments in hydrogen infrastructure, and leadership in renewable energy projects.

Asia Pacific is expected to witness the fastest growth during the forecast period due to increasing renewable energy investments, government support for hydrogen projects, and rising demand from industrial applications.

Some of the global key market players are Siemens Energy, Nel ASA, ITM Power, Plug Power Inc., Cummins Inc., Thyssenkrupp AG, McPhy Energy, Hydrogenics Corporation (acquired by Cummins), Enapter, H2B2 Electrolysis Technologies, Bloom Energy, Sunfire GmbH, Ballard Power Systems, Toshiba Energy Systems & Solutions, and Green Hydrogen Systems.

Polaris Market Research has segmented the electrolyzer market report on the basis of technology, application, capacity, and region:

By Technology Outlook (Revenue - USD Billion, 2020-2034)

Proton Exchange Membrane (PEM) Electrolyzers
Alkaline Electrolyzers
Solid Oxide Electrolyzers

By Application Outlook (Revenue - USD Billion, 2020-2034)

Power Generation
Transportation
Industrial

By Capacity Outlook (Revenue - USD Billion, 2020-2034)

<500 kW
500 kW-2 MW
2 MW

By Regional Outlook (Revenue - USD Billion, 2020-2034)

North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Netherlands
Russia
Rest of Europe
Asia Pacific
China
Japan
India
Malaysia
South Korea
Indonesia
Australia
Vietnam
Rest of Asia Pacific
Middle East & Africa
Saudi Arabia
UAE
Israel
South Africa
Rest of Middle East & Africa
Latin America
Mexico
Brazil
Argentina
Rest of Latin America

Product Code: PM3120

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Electrolyzer Market Insights

4.1. Electrolyzer Market - Market Snapshot
4.2. Electrolyzer Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Increasing Demand for Green Hydrogen
  - 4.2.1.2. Technological Advancements in Electrolyzers
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. High Initial Capital Costs
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Electrolyzer Market Trends
4.6. Value Chain Analysis

5. Global Electrolyzer Market, by Technology

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
5.3. Proton Exchange Membrane (PEM) Electrolyzers
- 5.3.1. Global Electrolyzer Market, by Proton Exchange Membrane (PEM) Electrolyzers, by Region, 2020-2034 (USD Billion)
5.4. Alkaline Electrolyzers
- 5.4.1. Global Electrolyzer Market, by Alkaline Electrolyzers, by Region, 2020-2034 (USD Billion)
5.5. Solid Oxide Electrolyzers
- 5.5.1. Global Electrolyzer Market, by Solid Oxide Electrolyzers, by Region, 2020-2034 (USD Billion)

6. Global Electrolyzer Market, by Application

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Electrolyzer Market, by Application, 2020-2034 (USD Billion)
6.3. Power Generation
- 6.3.1. Global Electrolyzer Market, by Power Generation, by Region, 2020-2034 (USD Billion)
6.4. Transportation
- 6.4.1. Global Electrolyzer Market, by Transportation, by Region, 2020-2034 (USD Billion)
6.5. Industrial
- 6.5.1. Global Electrolyzer Market, by Industrial, by Region, 2020-2034 (USD Billion)

7. Global Electrolyzer Market, by Capacity

7.1. Key Findings
7.2. Introduction
- 7.2.1. Global Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
7.3. <500 kW
- 7.3.1. Global Electrolyzer Market, by <500 kW, by Region, 2020-2034 (USD Billion)
7.4. 500 kW-2 MW
- 7.4.1. Global Electrolyzer Market, by 500 kW-2 MW, by Region, 2020-2034 (USD Billion)
7.5. 2 MW
- 7.5.1. Global Electrolyzer Market, by 2 MW, by Region, 2020-2034 (USD Billion)

8. Global Electrolyzer Market, by Geography

8.1. Key Findings
8.2. Introduction
- 8.2.1. Electrolyzer Market Assessment, By Geography, 2020-2034 (USD Billion)
8.3. Electrolyzer Market - North America
- 8.3.1. North America: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
- 8.3.2. North America: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
- 8.3.3. North America: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.3.4. Electrolyzer Market - US
  - 8.3.4.1. US: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.3.4.2. US: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.3.4.3. US: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.3.5. Electrolyzer Market - Canada
  - 8.3.5.1. Canada: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.3.5.2. Canada: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.3.5.3. Canada: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
8.4. Electrolyzer Market - Europe
- 8.4.1. Europe: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
- 8.4.2. Europe: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
- 8.4.3. Europe: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.4. Electrolyzer Market - UK
  - 8.4.4.1. UK: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.4.4.2. UK: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.4.4.3. UK: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.5. Electrolyzer Market - France
  - 8.4.5.1. France: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.4.5.2. France: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.4.5.3. France: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.6. Electrolyzer Market - Germany
  - 8.4.6.1. Germany: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.4.6.2. Germany: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.4.6.3. Germany: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.7. Electrolyzer Market - Italy
  - 8.4.7.1. Italy: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.4.7.2. Italy: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.4.7.3. Italy: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.8. Electrolyzer Market - Spain
  - 8.4.8.1. Spain: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.4.8.2. Spain: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.4.8.3. Spain: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.9. Electrolyzer Market - Netherlands
  - 8.4.9.1. Netherlands: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.4.9.2. Netherlands: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.4.9.3. Netherlands: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.10. Electrolyzer Market - Russia
  - 8.4.10.1. Russia: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.4.10.2. Russia: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.4.10.3. Russia: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.4.11. Electrolyzer Market - Rest of Europe
  - 8.4.11.1. Rest of Europe: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.4.11.2. Rest of Europe: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.4.11.3. Rest of Europe: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
8.5. Electrolyzer Market - Asia Pacific
- 8.5.1. Asia Pacific: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
- 8.5.2. Asia Pacific: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
- 8.5.3. Asia Pacific: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.4. Electrolyzer Market - China
  - 8.5.4.1. China: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.5.4.2. China: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.5.4.3. China: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.5. Electrolyzer Market - India
  - 8.5.5.1. India: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.5.5.2. India: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.5.5.3. India: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.6. Electrolyzer Market - Malaysia
  - 8.5.6.1. Malaysia: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.5.6.2. Malaysia: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.5.6.3. Malaysia: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.7. Electrolyzer Market - Japan
  - 8.5.7.1. Japan: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.5.7.2. Japan: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.5.7.3. Japan: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.8. Electrolyzer Market - Indonesia
  - 8.5.8.1. Indonesia: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.5.8.2. Indonesia: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.5.8.3. Indonesia: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.9. Electrolyzer Market - South Korea
  - 8.5.9.1. South Korea: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.5.9.2. South Korea: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.5.9.3. South Korea: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.10. Electrolyzer Market - Australia
  - 8.5.10.1. Australia: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.5.10.2. Australia: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.5.10.3. Australia: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.5.11. Electrolyzer Market - Rest of Asia Pacific
  - 8.5.11.1. Rest of Asia Pacific: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.5.11.2. Rest of Asia Pacific: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.5.11.3. Rest of Asia Pacific: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
8.6. Electrolyzer Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
- 8.6.2. Middle East & Africa: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
- 8.6.3. Middle East & Africa: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.6.4. Electrolyzer Market - Saudi Arabia
  - 8.6.4.1. Saudi Arabia: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.6.4.2. Saudi Arabia: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.6.4.3. Saudi Arabia: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.6.5. Electrolyzer Market - UAE
  - 8.6.5.1. UAE: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.6.5.2. UAE: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.6.5.3. UAE: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.6.6. Electrolyzer Market - Israel
  - 8.6.6.1. Israel: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.6.6.2. Israel: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.6.6.3. Israel: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.6.7. Electrolyzer Market - South Africa
  - 8.6.7.1. South Africa: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.6.7.2. South Africa: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.6.7.3. South Africa: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.6.8. Electrolyzer Market - Rest of Middle East & Africa
  - 8.6.8.1. Rest of Middle East & Africa: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.6.8.2. Rest of Middle East & Africa: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.6.8.3. Rest of Middle East & Africa: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
8.7. Electrolyzer Market - Latin America
- 8.7.1. Latin America: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
- 8.7.2. Latin America: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
- 8.7.3. Latin America: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.7.4. Electrolyzer Market - Mexico
  - 8.7.4.1. Mexico: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.7.4.2. Mexico: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.7.4.3. Mexico: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.7.5. Electrolyzer Market - Brazil
  - 8.7.5.1. Brazil: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.7.5.2. Brazil: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.7.5.3. Brazil: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.7.6. Electrolyzer Market - Argentina
  - 8.7.6.1. Argentina: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.7.6.2. Argentina: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.7.6.3. Argentina: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)
- 8.7.7. Electrolyzer Market - Rest of Latin America
  - 8.7.7.1. Rest of Latin America: Electrolyzer Market, by Technology, 2020-2034 (USD Billion)
  - 8.7.7.2. Rest of Latin America: Electrolyzer Market, by Application, 2020-2034 (USD Billion)
  - 8.7.7.3. Rest of Latin America: Electrolyzer Market, by Capacity, 2020-2034 (USD Billion)

9. Competitive Landscape

9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
9.2. Partnerships/Collaborations/Agreements/Exhibitions

10. Company Profiles

10.1. Siemens Energy
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
10.2. Nel ASA
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
10.3. ITM Power
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
10.4. Plug Power Inc.
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
10.5. Cummins Inc.
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
10.6. Thyssenkrupp AG
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
10.7. McPhy Energy
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
10.8. Hydrogenics Corporation (acquired by Cummins)
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
10.9. Enapter
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
10.10. H2B2 Electrolysis Technologies
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
10.11. Bloom Energy
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
10.12. Sunfire GmbH
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development
10.13. Ballard Power Systems
- 10.13.1. Company Overview
- 10.13.2. Financial Performance
- 10.13.3. Product Benchmarking
- 10.13.4. Recent Development
10.14. Toshiba Energy Systems & Solutions
- 10.14.1. Company Overview
- 10.14.2. Financial Performance
- 10.14.3. Product Benchmarking
- 10.14.4. Recent Development
10.15. Green Hydrogen Systems
- 10.15.1. Company Overview
- 10.15.2. Financial Performance
- 10.15.3. Product Benchmarking
- 10.15.4. Recent Development