Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Electrolyzers Market size was valued at USD 609.02 million in 2024 and is set to exceed USD 13.34 billion by 2037, expanding at over 26.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of electrolyzers is evaluated at USD 747.75 million.
The growth of the market can be attributed to the increasing demand for hydrogen as a green fuel, rise in demand for fuel-cell based automotive, and ongoing developments toward more efficient renewable energy technologies. Along with these, favorable regulatory policies regarding development of hydrogen infrastructure and reduction in the prices of electrolyzers are also expected to drive market growth in the upcoming years. Furthermore, largescale integration of renewable energy sources, coupled with surge in investments associated with the usage of environment-friendly technologies for power generation are projected to offer lucrative opportunities for market growth in the near future. According to the statistics by the International Energy Agency (IEA), global hydrogen electrolysis capacity additions is expected to touch 895.1 MW/y by the end of 2023, up from 11.9 MW/y in 2018.
Electrolyzers Sector: Growth Drivers and Challenges
Growth Drivers
- Increasing Demand for Hydrogen as a Green Fuel
- Rise in Demand for Fuel-Cell Based Automotive
Challenges
- High Electricity Cost of Using Electrolyzers
Electrolyzers Market: Key Insights
| Report Attribute | Details |
|---|---|
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
26.8% |
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Base Year Market Size (2024) |
USD 609.02 million |
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Forecast Year Market Size (2037) |
USD 13.34 billion |
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Regional Scope |
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Electrolyzers Segmentation
The market is segmented by application into transportation, industry energy, industry feedstock, power generation, building heat & power, and others, out of which, the power generation segment is anticipated to hold the largest share in the global electrolyzers market on account of the rising demand for on-site electrolyzer setup in the power industry. Apart from these, the transportation segment in predicted to observe the highest CAGR over the forecast period owing to the growing investments in electrolyzer technology for fuel cells which are used in electric vehicles. Additionally, on the basis of product, the segment for alkaline electrolyzer is assessed to grab the largest share during the forecast period ascribing to its low capital cost, long lifespan, superior corrosion resistance and high ionic conductivity.
Our in-depth analysis of the global market includes the following segments:
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By Product |
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By Capacity |
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By Application |
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Vishnu Nair
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Electrolyzers Industry - Regional Synopsis
On the basis of geographical analysis, the global electrolyzers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Europe industry is likely to dominate majority revenue share by 2037, on the back of increasing demand for hydrogen as a fuel from the automotive industry, and several initiatives from the government to encourage decarbonizing. In addition, growing electricity demand is also expected to drive the region’s market growth in the coming years. As per the data provided by Eurostat, the total electricity generation in the European Union was 2,780 TWh in 2019. More than half (56.4 %) of the net electricity generated in the EU in 2019 came from non-combustible primary sources. Moreover, the market in North America is assessed to acquire the largest share, which can be credited to the high usage of hydrogen in industries namely, refining, petrochemicals, fertilizers and glass purification, and strong presence of market players in the region.
Companies Dominating the Electrolyzers Landscape
- Siemens AG
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Erredue SpA
- Giner Inc.
- Shandong Saikesaisi Hydrogen Energy Co., Ltd.
- Cummins, Inc.
- SIEMENS ENERGY Global GmbH & Co. KG. AG
- TOSHIBA CORPORATION
- Air Liquide S.A.
- NEL ASA
- Plug Power Inc.
Recent Developments
· February 2021- Siemens AG and Air Liquide signed a Memorandum of Understanding to develop a largescale partnership for creation of industrial hydrogen projects by laying the ground for mass manufacturing of electrolyzers in Europe.
Author Credits: Dhruv Bhatia
- Report ID: 3485
- Published Date: Dec 26, 2024
- Report Format: PDF, PPT
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