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.
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).
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Key Market Drivers
- Decarbonization
Initiatives: Governments worldwide are implementing policies to reduce
carbon emissions, positioning green hydrogen as a pivotal solution for
sectors like transportation, industry, and energy storage.
- Technological
Advancements: Innovations in electrolyzer technologies, including
Proton Exchange Membrane (PEM), Alkaline, and Solid Oxide Electrolyzers,
are enhancing efficiency and reducing costs, making green hydrogen
production more viable .
- Industrial
Demand: Industries such as steel manufacturing, ammonia production,
and refineries are transitioning from fossil-fuel-based hydrogen to green
hydrogen, increasing the demand for electrolyzers .
Market Segmentation
By Technology:
- Proton
Exchange Membrane (PEM) Electrolyzers: Leading the market with over
63% share, favored for their efficiency and compact design .
- Alkaline
Electrolyzers: Gaining traction, especially in Europe, due to their
cost-effectiveness and established technology .
- Solid
Oxide Electrolyzers (SOE): Emerging technology with high efficiency at
elevated temperatures.
By Application:
- Industrial:
Dominant application segment, including chemical production and refining
processes.
- Energy:
Utilization in power generation and combined heat and power (CHP) systems.
- Mobility:
Growing use in fuel cell electric vehicles (FCEVs) and hydrogen fueling
infrastructure.
Regional Insights
- North
America: Leading the market, accounting for approximately 43% of
global demand by 2025, driven by strong decarbonization commitments and
presence of key manufacturers .
- Europe:
Significant growth anticipated, supported by government initiatives to
expand electrolyzer manufacturing capacity and promote green hydrogen .
- Asia-Pacific:
Expected to witness rapid growth due to increasing investments in
renewable energy projects and adoption of electric vehicles in countries
like China, Japan, South Korea, and India .
Key Players
Prominent companies in the electrolyzer market include:
·
thyssenkrupp nucera
·
John Cockerill
·
Nel ASA
·
Plug Power Inc.
·
Siemens Energy
·
Linde plc
·
Suzhou Green Hydrogen Energy Co., Ltd.
·
Air Products Inc.
·
Cummins Inc.
·
Sunfire GmbH
·
Next Hydrogen
·
Green Hydrogen
·
ErreDue spa
·
Cockerill Jingli Hydrogen
·
Idroenergy
·
ITM Power PLC
·
Air Liquide
·
Enapter AG
These companies are focusing on technological advancements,
strategic partnerships, and expanding their global presence to meet the growing
demand for electrolyzers .
Future Outlook
The electrolyzer market is poised for substantial growth,
underpinned by the global shift towards sustainable energy solutions. As
technological innovations continue to improve efficiency and reduce costs,
electrolyzers will play a crucial role in the transition to a green hydrogen
economy.
For a comprehensive analysis, refer to the full report: https://www.skyquestt.com/report/electrolyzer-market
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