What Has Been the Growth Trajectory for the Electrolyzers Market in Recent Years?
The electrolyzers market has seen considerable growth due to a variety of factors.
• The electrolyzers market has seen a robust growth in the past few years. The market size is predicted to rise from $0.35 billion in 2024 to $0.38 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.1%.
The rapid growth in the previous years can be credited to a rising demand for hydrogen as a clean energy source, policies and subsidies from the government, growing environmental consciousness, the spread of renewable energy sources, and early adopters engaging in pilot projects across several industries.
How Does the Forecast Look for the Electrolyzers Market?
The electrolyzers market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of electrolyzers is predicted to experience substantial expansion in the coming years, reaching a valuation of $0.54 billion in 2029, with a CAGR of 8.9%.
This growth during the forecast period can be credited to a variety of factors such as the introduction of electrolyzers in aviation and maritime sectors, the broadening of the global hydrogen infrastructure, the combination of renewable energy projects with electrolyzers, stringent regulations focusing on the reduction of carbon emissions, and the heightened growth of power-to-gas systems utilization. The forecast period is also expected to witness significant trends such as the production of green hydrogen, decentralized hydrogen production, advancements in technology, production of green ammonia, and the application of hydrogen in transportation.
What Main Forces Are Fueling Expansion In The Electrolyzers Market?
The upswing in the need for fuel cell-powered vehicles is considerably bolstering the expansion of the electrolyzers market. A vehicle propelled by fuel cells is an electric vehicle that employs hydrogen as a power source via a fuel cell that manufactures electricity. The electrolyzers facilitate the functioning of such vehicles by providing the necessary hydrogen as fuel. For example, the California Fuel Cell Partnership reported in September 2024 that the number of fuel cell vehicles purchased and leased in the United States peaked at 18,355 in 2024. As a result, this escalating demand for fuel cell-powered vehicles propels the growth of the electrolyzers market.
What Are The Primary Segments In The Global Electrolyzers Market?
The electrolyzers market covered in this report is segmented –
1) By Product: Alkaline Electrolyzer, PEM Electrolyzer, Solid Oxide Electrolyzers
2) By Capacity: Less than 500 kW, 500 kW to 2 MW, Above 2 MW
3) By Application: Power Plants, Steel Plants, Electronics And Photovoltaics, Industrial Gases, Energy Storage or Fueling for FCEV's, Power to Gas, Other Applications
Subsegments:
1) By Alkaline Electrolyzer: Pressurized Alkaline Electrolyzers, Atmospheric Alkaline Electrolyzers
2) By PEM (Proton Exchange Membrane) Electrolyzer: Standard PEM Electrolyzers, High-Temperature PEM Electrolyzers
3) By Solid Oxide Electrolyzers: Planar Solid Oxide Electrolyzers, Tubular Solid Oxide Electrolyzers
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Which Key Trends Are Driving Changes In The Electrolyzers Market?
The surge in technological innovation is a notable trend emerging in the electrolyzers market. The essence of technological advancement lies in expanding our foothold of knowledge to progress technology. As an example, Bloom Energy Corporation, an American company publicly traded and known for producing and selling solid oxide fuel cells that generate on-site power, unveiled a commercial electrolyzer production line at high capacity at their Newark location in November 2022. This move significantly boosted the firm's capacity to produce electrolyzers, reaching two gigatonnes. The recognized method is currently the most energy-efficient solution for clean hydrogen production. Established on the proven solid oxide technology platform like the Bloom Electrolyzer, which is used for energy generation, enhances existing manufacturing processes for large-scale electrolyzer production, enabling Bloom to respond more effectively to market needs.
Who Are the Key Players in the Electrolyzers Market?
Major companies operating in the electrolyzers market include:
• Nel ASA
• Asahi Kasei Corporation
• Hydrogenics
• Siemens AG
• McPhy Energy S.A.
• ITM Power PLC
• Erredue SpA
• Enapter
• Next Hydrogen Solutions Inc.
• Tianjin Continental Hydrogen Equipment Co. Ltd.
• Toshiba Corporation
• Air Liquide S.A
• Plug Power Inc.
• H-TEC SYSTEMS GmbH
• Hysata Pty. Ltd.
• Supercritical Solutions
• SunGreenH2
• Hydrogen Pro
• Iberlyzer
• Bloom Energy
• Cummins Inc.
• Green Hydrogen Systems A/S
• Topsoe A/S
• John Cockerill
• LONGi Green Energy Technology Co. Ltd.
• MAN Energy Solutions SE
• Ohmium International Inc.
• Sunfire GmbH
• Sungrow Power Supply Co. Ltd.
• thyssenkrupp nucera AG & Co KgaA
• Air Products and Chemicals Inc.
What Is The Most Dominant Region In The Electrolyzers Market?
Western Europe was the largest region in the electrolyzers market in 2024. Asia-Pacific is expected to be the fastest-growing region in the electrolyzers market during the forecast period. The regions covered in the electrolyzers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
