USD 602 Million
Report ID:
SQMIG55A2026 |
Region:
Global |
Published Date: December, 2024
Pages:
157
|Tables:
125
|Figures:
77
Electrolyzer Market size was valued at USD 1.58 Billion in 2023 and is poised to grow from USD 1.91 Billion in 2024 to USD 5.18 Billion by 2032, growing at a CAGR of 21.2% during the forecast period (2025-2032).
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.
Global Market Size
USD 602 Million
Largest Segment
PEM Electrolyzer
Fastest Growth
PEM Electrolyzer
Growth Rate
41.3% CAGR
To get more reports on the above market click here to Buy The Report
Global Electrolyzer Market is segmented by product type, capacity, application and region. Based on product type, the market is segmented into alkaline electrolyzer, proton exchange membrane (PEM) electrolyzer, solid oxide electrolyzer and anion exchange membrane (AEM) electrolyzer. Based on capacity, the market is segmented into ≤500 kW, >500 kW - 2 MW and above 2 MW. Based on application, the market is segmented into power generation, transportation, industrial energy, industrial feedstock, building heating & power, grid injection and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
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.
To get detailed analysis on other segments, Request For Free Sample Report
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.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Electrolyzer Market Driver
Electrolyzer Market Restraint
Request Free Customization of this report to help us to meet your business objectives.
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
Electrolyzer Market Recent Developments
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 2023 | USD 1.58 Billion |
Market size value in 2032 | USD 5.18 Billion |
Growth Rate | 21.2% |
Base year | 2024 |
Forecast period | 2025-2032 |
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:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG55A2026
sales@skyquestt.com
USA +1 351-333-4748