Dublin, Jan. 06, 2025 (GLOBE NEWSWIRE) — The “Electrolyzers Market by Technology, Application, Power Rating and Region – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
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 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.
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.
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.
< 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.
The report provides insights on the following pointers:
- Analysis of key drivers (Favorable government initiatives and policies supporting green hydrogen production, Substantial growing demand for clean and renewable energies to align with net zero emission goals), restraints (Limited availability of platinum group metals (PGMs), Intermittency of renewable energy sources), opportunities (Declining cost of renewable energy sources, Increasing Adoption of Green Hydrogen in Transport Application), and challenges (Lack of infrastructure to bolster hydrogen markets)
- Product Development/ Innovation: The electrolyzer market is seeing substantial product development and innovation, driven by rising environmental concerns. Companies are investing in improved electrolyzer technology to manufacture advanced electrolyzer technologies.
- Market Development: In November 2023, Siemens Energy and Air Liquide inaugurated a new gigawatt electrolyzer factory in Berlin. The establishment of the new factory by Siemens Energy is turning electrolyzers into a widely produced item, setting the groundwork for the expansion of the hydrogen economy. To transform hydrogen into a pivotal element for a climate-neutral future, it must be accessible in substantial volumes and at competitive prices.
- Market Diversification: In December 2023, John Cockerill has entered the North American market with the groundbreaking of its first alkaline electrolyzer gigafactory in Baytown, Texas. The event was attended by Belgian Prime Minister Alexander De Croo, John Cockerill CEO Francois Michel, and President Americas Nicolas de Coignac, marking a significant milestone in the company’s US energy sector expansion.
- Competitive Assessment: In-depth analysis of market share, growth plans, and service offerings of top companies in the electrolyzer market, including Siemens Energy (Germany), Nel ASA (Norway), thyssenkrupp nucera (Germany), John Cockerill (Belgium), Plug Power Inc. (US), among others.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 312 |
| Forecast Period | 2024 – 2030 |
| Estimated Market Value (USD) in 2024 | $3.75 Billion |
| Forecasted Market Value (USD) by 2030 | $78.01 Billion |
| Compound Annual Growth Rate | 65.9% |
| Regions Covered | Global |
Companies Featured
- Thyssenkrupp Nucera
- John Cockerill
- Nel Asa
- Siemens Energy
- Plug Power Inc.
- Enapter S.R.L.
- Cummins Inc.
- Itm Power PLC
- Mcphy Energy SA
- Longi
- Sunfire GmbH
- Bloom Energy
- Beijing Sinohy Energy Co. Ltd
- Asahi Kasei Corporation
- Next Hydrogen
- Peric Hydrogen Technologies Co. Ltd
- Cipher Neutron
- Green Hydrogen Systems
- Erre due S.P.A.
- Hydrogenpro
- Igas Energy GmbH
- Topsoe
- Hygreen Energy
- Ohmium
- Quest One GmbH
For more information about this report visit https://www.researchandmarkets.com/r/o5wmym
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