USD 1.29 billion
Electrolyzer Market Size, Share, Growth Analysis, By Technology(Alkaline Electrolyzer (AE), Proton Exchange Membrane (PEM), Solid Oxide Electrolyzer (SOE), Anion Exchange Membrane (AEM)), By Power Rating(<500 KW, 500-2, 000 KW, >2), By Application(Energy (Power Generation, CHP), Mobility, Industrial (Chemical), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55A2026 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
125
|Figures:
77
Electrolyzer Market Insights
Electrolyzer Market size was valued at USD 1.29 billion in 2019 and is poised to grow from USD 1.58 billion in 2023 to USD 4.27 billion by 2031, growing at a CAGR of 21.2% in the forecast period (2024-2031).
The electrolyzers are used for the electrolysis of water. Through electrolysis, water is split into hydrogen and oxygen, which are further collected separately for use in industrial processes, automotive, power, and chemical industries. The electrolyzers are available in various sizes and have different methods of electrolysis. Most of the electrolyzers used are alkaline electrolyzers. Unlike fossil fuels, electrolyzers do not generate emissions due to this it is being used to generate electricity this ability of electrolyzers, is facilitating the growth of the market. Increased electricity consumption, along with the increasing deployment of green hydrogen generation systems, will further drive market growth in the upcoming years.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
PEM Electrolyzer
Fastest Growth
PEM Electrolyzer
Growth Rate
21.2% CAGR
Global Electrolyzer Market 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
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Electrolyzer Market Segmental Analysis
Electrolyzer Market is segmented by Technology, Application, Power Rating, and region. Based on Technology, the market can be segmented into Alkaline Electrolyzer (AE), Proton Exchange Membrane (PEM), Solid Oxide Electrolyzer (SOE), Anion Exchange Membrane (AEM). Based on Application, the market is segmented into Energy (Power Generation, CHP), Mobility, Industrial (Chemical, Industries), Grid Injection. Based on Power Rating, the market is segmented into <500 KW, 500-2,000 KW, >2,000 KW. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Electrolyzer Market Analysis by Type
Based on the Type, the Global Electrolyzer Market is segmented as (Alkaline Electrolyzer, PEM Electrolyzer, and Solid Oxide Electrolyzer). The PEM electrolyzer segment is set to grow faster due to its high current density, small size, and quick reaction to current variations. Followed by Alkaline and Slid oxide Electrolyzer. The Segment of PEM and Alkaline Electrolyzers is expected to grow even more in the coming years due to government initiatives to promote clean energy sources.
Electrolyzer Market Analysis by Capacity
Based on the Capacity, the Electrolyzer Market is segmented as (≤ 500 kW, > 500 kW - 2 MW, and Above 2 MW). The > 500 kW - 2 MW Electrolyzer segment is set to grow faster than all other capacities of electrolyzer due to ongoing government electrification programs. Rapid urbanization in both underdeveloped as well as developing countries along with sustainable building development initiatives by government authorities is also likely to further propel the product demand. While rising investments in the development of fuel cell infrastructure will promote the growth of the < 500 kW capacity segment.
Electrolyzer Market Analysis by Application
Based on Application the Electrolyzer Market is segmented as Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heating & Power, and Others. Attributing to the increasing demand for a sustainable and renewable source of electricity generation; the Power generation segment is projected to grow at a faster rate as compared to other segments.
Global Electrolyzer Market by Type, 2021 (%)
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Electrolyzer Market Regional Insights
The Analysis of the Global Electrolyzer Market is done across the region of North America, the Asia Pacific, Latin America, and the Middle East & Africa. Among all the regions, the North American region led the market in the year 2021. This is due to the rising demand for hydrogen in various manufacturing sectors such as the power industry and others. Europe stands second in the Global Electrolyzer Market due to the European Government initiatives regarding decarbonization. Whereas, the Asia Pacific region is expected to grow at a faster rate in upcoming years due to the wide acceptance of electric vehicles in countries like China, Japan, South Korea, and India. As the government of different countries is on a quest to find alternative source and reduce fuel dependency, the Global Electrolyzer Market will grow significantly through the forecast period of 2024-2031.
Global Aircraft Lighting Market By Geography, 2021 - 2028
- Largest
- Fastest
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Electrolyzer Market Dynamics
Electrolyzer Market Driver
- Government policies and growing electricity demand will favor the growth of the Global Electrolyzer Market. Increasing government investments in the development of technologies to suffice the need for renewable sources of energy with less gas emission is one of the factors driving the growth of the Electrolyzer market globally.
- Growing Demand for fuel cell-based electric vehicles will significantly boost the growth of the Global Electrolyzer Market. The growing popularity of FCEVs as a viable alternative to traditional automobiles will accelerate the use of electrolyzers in the transportation sector. For instance, Hydrogen Mobility Europe completed the 3EMOTION project in 2019 to develop the H2 Bus networks in the United Kingdom, Italy, and the Netherlands. Product acceptance will be boosted by the widespread use of various vehicles to provide power, such as forklift trucks, trams, light vehicles, ferries, and boats.
Electrolyzer Market Restraint
- The high electricity cost of the device is one of the factors that limit the growth of the Global Electrolyzer Market. Electrolyzers are widely used in many countries for the production of electricity as well as hydrogen, however, the high cost of electrolyzers and the limited ability of operation and pressure sensitivity become a challenge for the growth of the Global Electrolyzer Industry.
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Electrolyzer Market Competitive Landscape
The Global Electrolyzer market is relatively fragmented, with a high level of competition. Companies are working on technological advancements and focusing on establishing a partnership with local sales partners to look forward to expanding their businesses globally. This market is in the phase of innovation at present which leads companies to strive hard to invent and develop their product effectively for their survival in the market.
Electrolyzer Market Top Player's Company Profiles
- SIEMENS ENERGY Global GmbH & Co. KG. AG
- Giner Inc.
- Nel Hydrogen
- ITM Power
- Air Liquide
- McPhy Energy
- Hydrogenics Corporation
- Plug Power
- Green Hydrogen Systems
- Enapter
- Tianjin Mainland Hydrogen Equipment Co., Ltd.
- Areva H2Gen
- Ballard Power Systems
- Proton OnSite
- AquaHydrex
- Ceres Power
- Sunfire
- Mitsubishi Power
- Idroenergy Srl
- Next Hydrogen.
Electrolyzer Market Recent Developments
- In June 2022, The European Commission launched an initiative on June 16 to increase the European Union's green hydrogen electrolyzer manufacturing capacity tenfold by 2025. The Electrolyzer Partnership, first announced in May, will bring together manufacturers and component suppliers to ramp up the production of electrolyzers — the technology used to produce renewable-powered hydrogen — to 17.5 GW per year from an estimated 1.75 GW today.
- In June 2022, France’s TotalEnergies signed an agreement with Adani Enterprises to acquire 25% of its new energy arm, Adani New Industries Ltd. The joint venture platform, ANIL, will be integrated across the value chain to drive down green hydrogen production costs. It aims to develop a green hydrogen production capacity of 1 million tons per annum by 2030.
Electrolyzer Key Market Trends
- Increased trends of clean hydrogen electrolyzers. Clean hydrogen generation has emerged as a major source of focus due to the increasing gas emission issue. The government is adopting policies regarding clean Hydrogen Generation worldwide focusing on a sustainable hydrogen economy. Further, rising hydrogen demand across industries such as chemical, glass, mining, food, beverage, and semiconductor industries is configured to frame the growth of the market in the future.
Electrolyzer Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Analysis, in 2021, North America is one of the leading regions due to the rising demand for hydrogen in various manufacturing sectors such as the power industry and others. Europe stands second due to the European Government initiatives regarding decarbonization and reduction of fuel dependency. The European region is followed by Asia pacific Region in a steady-state all set to grow in upcoming years. According to segmental Analysis, the PEM segment is at a higher pace growing at a faster rate than all other types of electrolyzers. Increasing awareness among consumers regarding the environment, government policies, and increasing demand for fuel cell-based electric vehicles are some of the factors influencing the growth of the market whereas the high costs of electrolyzers are the major factor hindrance to its growth; however, overall analysis it can be concluded that Global Electrolyzer Market will flourish in upcoming years.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 1.29 billion |
| Market size value in 2031 | USD 4.27 billion |
| Growth Rate | 21.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electrolyzer Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electrolyzer Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electrolyzer Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electrolyzer Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electrolyzer Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electrolyzer Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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