The global hydrogen electrolyzer market is projected to reach a valuation of USD 651.6 million in 2024, driven by international collaboration and trade. This trend is expected to unlock new opportunities, leading to a robust CAGR of 24.2% from 2024 to 2034, with the market reaching an estimated value of USD 5,709.8 million by 2034.
Electrolyzers play a key role in grid balancing by converting excess renewable energy into hydrogen during periods of oversupply and generating electricity through fuel cells during peak demand. This flexibility enhances the integration of renewable energy into the grid, improving energy security.
Ongoing innovation in electrolyzer design, materials, and manufacturing processes is reducing capital and operational costs, making hydrogen production through electrolyzers more competitive compared to traditional methods.
There is also growing interest in decentralized hydrogen production, where electrolyzers are installed at or near the point of consumption. This approach reduces transportation costs and leverages locally available renewable energy, promoting energy independence and resilience.
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 18.9% through 2034.
- In terms of outlet pressure, the low segment to account for a share of 62.0% in 2024.
Competitive Landscape:
The hydrogen electrolyzer market’s competitive landscape is marked by a blend of established companies, emerging startups, and technological innovators all competing for market share and leadership.
As global demand for clean hydrogen surges, driven by decarbonization efforts and the shift toward renewable energy, competition within the electrolyzer market is becoming increasingly intense.
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., I
- droenergy, Erredue SpA,
- SwissHydrogen SA,
Segmentation Analysis of the Hydrogen Electrolyzer Market:
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
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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.
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