Meticulous Research®—a leading global market research company, published a research report titled, ‘Electrolyzers Market by Type, by Capacity, Application (Mobility, Industrial Applications, Chemical Production, Other Applications) and Geography—Global Forecasts to 2030.’
The global electrolyzers market is projected to reach $ 4.27 billion by 2030, at a CAGR of 21.2% from 2023 to 2030. The growth of this market is driven by the proliferation of renewable and nuclear technologies for electricity generation, increasing investments in green energy initiatives, and the growing government focus on hydrogen technologies. However, the shortage of raw materials restrains the growth of the global electrolyzers market. The increasing affordability of electrolyzers is expected to create growth opportunities for the players operating in this market. However, the high energy requirements of electrolyzers are a major challenge for market growth.
The global electrolyzers market is segmented by type, capacity, application, and geography. The study also evaluates industry competitors and analyses the country and regional-level markets.
Based on type, the global electrolyzers market is segmented into polymer electrolyte membrane (PEM) electrolyzers, alkaline electrolyzers, and solid oxide electrolyzers. In 2023, the alkaline electrolyzers segment is expected to account for the largest share of the global electrolyzers market. This segment’s large market share is mainly attributed to the rising demand for green hydrogen in industrial applications and collaborations between market players to meet the global demand for green hydrogen.
Based on capacity, the global electrolyzers market is segmented into less than 500 kW, 500 kW to 2 MW, and more than 2 MW. In 2023, the more than 2 MW segment is expected to account for the largest share of the global electrolyzers market. The segment’s large market share is mainly attributed to the major electrolyzer deployments in 2021. Electrolyzers with more than 2 MW capacity are gaining traction among manufacturers focused on making a strategic shift toward low-carbon energy.
Based on application, the global electrolyzers market is segmented into mobility, industrial applications, chemical production, and other applications. In 2023, the industrial applications segment is expected to account for the largest share of the global electrolyzers market. The large market share of this segment is attributed to the capability of green hydrogen to replace fossils fuel and the growing use of green hydrogen across all industries.
Based on geography, the electrolyzers market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa (MEA). In 2023, Asia-Pacific is expected to account for the largest share of the global electrolyzers market, followed by Europe, North America, Latin America, and the Middle East & Africa. The large share of this market is mainly attributed to the rising focus on regulatory policies toward the development of hydrogen networks and the increasing applicability of electrolyzers in industrial applications. Moreover, rising government initiatives to tackle climate change, investments in clean energy technologies, and growing energy consumption further encourage market growth.
The key players operating in the global electrolyzers market are Plug Power Inc. (U.S.), CUMMINS INC. (U.S.), ITM Power PLC (U.K.), Siemens Energy AG (Germany), thyssenkrupp nucera AG & CO. KGAA. (Germany), Nel ASA (Norway), McPhy Energy (France), BLOOM ENERGY CORPORATION (U.S.), Green Hydrogen Systems A/S (Denmark), Asahi Kasei Corporation (Japan), Sunfire GmbH (Germany), H-TEC SYSTEMS GmbH (Germany), ELOGEN SAS (France), Pure Energy Centre (U.K.), and Shannxi Hele Titanium Technology Co.,Ltd (China).
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