The global hydrogen electrolyzer market is anticipated to reach a valuation of US$ 651.6 million in 2024, driven by international collaboration and trade. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 24.2% between 2024 and 2034, and reaching a total valuation of approximately US$ 5,709.8 million by 2034.
Electrolyzers can provide grid balancing services by converting excess renewable energy into hydrogen during periods of oversupply and generating electricity through fuel cells during peak demand periods. The flexibility in hydrogen production and utilization can help optimize the integration of renewable energy sources into the grid and enhance energy security.
Continuous innovation in electrolyzer design, materials, and manufacturing processes is driving down the capital and operational costs associated with hydrogen production. Research and development efforts focused on cost reduction are making electrolyzers more economically competitive compared to conventional hydrogen production methods.
There is a growing interest in decentralized hydrogen production solutions, where electrolyzers are deployed at or near the point of hydrogen consumption. Decentralized production reduces transportation costs and enables the use of locally available renewable energy sources, promoting energy independence and resilience.
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Key Takeaways from the Market Study
- Global hydrogen electrolyzer market was valued at US$ 527.5 Million in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 20.3%.
- The market in Japan is expected to expand at a CAGR of 26.7% through 2034.
- By product type, the PEM electrolyzer segment to account for a share of 52.6% in 2024.
- The market in Korea is expected to expand at a CAGR of 9% through 2034.
- In terms of outlet pressure, the low segment to account for a share of 62.0% in 2024.
“Electrolyzers play a crucial role in the production of hydrogen for storage purposes. Electrolyzers are being integrated into hydrogen storage systems, including underground caverns, salt domes, and metal hydrides, to store excess renewable energy and provide grid stability, as the demand for energy storage solutions increases,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
Prominent players in the hydrogen electrolyzer market are Nel Hydrogen, Siemens AG, McPhy Energy, ITM Power Plc, Tianjin Mainland Hydrogen Equipment Co. Ltd, Gaztransport & Technigaz, Giner Inc., GreenHydrogen Systems, iGas Energy GmbH, Beijing CEI Technology Co., Ltd., Next Hydrogen, Air Liquide, Ballard Power Systems, Enapter, Plug Power Inc., Bloom Energy, Pure Energy Centre, Shandong Saikesaisi Hydrogen Energy Co., Ltd., Idroenergy, Erredue SpA, and SwissHydrogen SA, among others.
Company Portfolio
- Hydrogenics Corporation, now part of Cummins, specializes in hydrogen generation and fuel cell systems, offering advanced electrolyzer solutions for industrial, energy, and transportation markets. The electrolyzer portfolio includes both alkaline and proton exchange membrane electrolyzers, designed to produce high purity hydrogen for various applications.
- Green Hydrogen Systems develops proton exchange membrane electrolyzer solutions for industrial, energy, and mobility applications. The electrolyzer portfolio includes containerized and skid mounted electrolyzer systems designed for on site hydrogen production.
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Future Market Insights offers an unbiased analysis of the global hydrogen electrolyzer market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the hydrogen electrolyzer market, the market is segmented on the basis of product type (proton exchange membrane electrolyzer, alkaline electrolyzer, solid oxide electrolyzer), capacity (low (<= 150 kw), medium (150kw–1mw), high (> 1mw)), outlet pressure (low (<= 10 bar), medium (150 bar–40 bar), high (> 40 bar)),and end user (ammonia, methanol, refining/ hydrocarbon, electronics, energy, power to gas, transport, metal production and fabrication, pharma and biotech, food and beverages, glass industry, other industrial), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia &
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Segmentation Analysis of the Hydrogen Electrolyzer Industry
By Product Type:
- Proton Exchange Membrane Electrolyzer
- Alkaline Electrolyzer
- Solid Oxide Electrolyzer
By Capacity:
- Low (<= 150 kW)
- Medium (150kW – 1mW)
- 150 – 400 kW
- 400 – 750kW
- 750 – 1mW
- High (> 1mW)
- 1 – 10 mW
- 10 – 20 mW
- Above 20 mW
By Outlet Pressure:
- Low (<= 10 Bar)
- Medium (150 Bar – 40 Bar)
- High (> 40 Bar)
By End Use:
- Ammonia
- Methanol
- Refining/ Hydrocarbon
- Electronics
- Energy
- Power to Gas
- Transport
- Metal Production and Fabrication
- Pharma and Biotech
- Food and Beverages
- Glass Industry
- Other Industrial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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