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Electrolyzer Market Size By Product (Alkaline Electrolyzer, PEM Electrolyzer, Solid Oxide Electrolyzer), By Capacity (≤ 500 kW, > 500 kW - 2 MW, Above 2 MW), By Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heating & Power), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI4787
  • Published Date: Jul 2022
  • Report Format: PDF

Industry Trends

Electrolyzer Market size exceeded USD 5 billion in 2021 and is projected to expand at a CAGR of over 33% from 2022 to 2030. The continuous development of reliable and advanced technological power solutions in line with rising deployments of clean hydrogen generation methods will drive the market growth. The increasing consumer shift toward environmental security coupled with the large-scale integration of renewables will sway the industry trend.
 

Electrolyzer Market Overview

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The COVID- 19 outbreak has halted the industry with limited workforce management along with strict government-imposed restrictions across the globe. However, with declining cases in line with the resumption of various industrial facilities, the market is set to recover its lost strength. In addition, growing inclination toward the adoption of renewable resources along with robust government investments in several projects will boost the market demand.
 

Transportation application is poised to witness substantial gains during the forecast period. This growth is attributed to the rising inclination toward the adoption of FCEVs in line with a positive outlook for a clean environment. Strict government norms & policies to support a sustainable environment in line with the ongoing consumer shift toward hydrogen-driven vehicles will stimulate the market outlook. Moreover, increasing applications to provide power for trams, forklift trucks, light vehicles, buses, and other vehicles will augment the business potential.
 

Continuous infrastructural developments along with a rising shift toward green hydrogen generation methods

Electrolyzer Market Size

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The alkaline electrolyzer market is estimated to attain around 33% growth rate till 2030. Long-term stability, low operation & installation costs, high efficiency & durability, and matured technology are a few attributes positively impacting the product demand. Furthermore, continuous product developments along with increasing deployments of these systems across various facilities will enhance the market growth. Additionally, the surging demand for hydrogen as a feedstock across various industries coupled with continuous infrastructural developments will foster the industry scenario.
 

≤ 500 kW capacity segment is anticipated to reach USD 276 million revenue by 2030. Growing investments across private & public sectors for the development of hydrogen infrastructure in line with ongoing developments of several projects primarily across industrial & mobility applications will fuel the industry dynamics. Moreover, a rising shift toward the adoption of eco-friendly energy sources to cater to increasing carbon emission concerns will propel the market demand.
 

Shifting consumer focus on better alternatives coupled with large-scale renewable integration

Europe Electrolyzer Market

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Europe electrolyzer market is expected to register significant growth during the forecast timeframe, due to favorable government incentives, policies, and norms for infrastructure growth along with increasing consumer inclination toward the adoption of renewables. In addition, the rising electricity demand across various commercial & industrial facilities coupled with a growing focus on alternative power sources will accelerate the market growth.
 

The Germany market is predicted to showcase a considerable gain in the coming years, on account of continuous advancements in the infrastructure in line with ongoing integration of renewable energy resources. Significant measures and laws to reduce carbon emissions along with the introduction of various projects by government authorities will escalate the market landscape. Additionally, robust investments by private and public sectors combined with various funding programs with emphasis on green hydrogen production systems will spur the market expansion.
 

Strategic collaborations and contracts among major players across the industry coupled with continuous product innovations

Key companies operating in the market are Linde plc, Suzhou Green Hydrogen Energy Co., Ltd., Air Products Inc., Cummins, Inc. Sunfire GmbH, Next Hydrogen, Green Hydrogen, ErreDue spa, NeL ASA, Cockerill Jingli Hydrogen, Idroenergy, ITM Power PLC, PLUG POWER INC., Air Liquide, and Siemens Energy amongst others.
 

These leaders are focusing on the continuous development of advanced technologies along with strategic mergers and acquisitions. Furthermore, rising awareness toward green energy devices coupled with the expansion of hydrogen infrastructure will positively influence the industry outlook.
 

Electrolyzer market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW & ‘USD Million’ from 2018 to 2030, for the following segments:

Market, By Product

  • Alkaline Electrolyzer
  • PEM Electrolyzer
  • Solid Oxide Electrolyzer
  • Others

Market, By Capacity

  • ≤ 500 kW
  • 500 kW - 2 MW
  • Above 2 MW

Market, By Application

  • Power Generation
  • Transportation
  • Industry Energy
  • Industry feedstock
  • Building Heating & Power
  • Others

The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Netherlands
    • Denmark
    • Spain
    • Norway
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • Australia
    • Rest of Asia Pacific
  • Rest of World

 

Authors: Ankit Gupta, Sristhi Agrawal

Frequently Asked Questions (FAQ) :

The market size of electrolyzer surpassed USD 5 billion in 2021 and is predicted to observe more than 33% CAGR during the forecast period of 2022-2030.

Global alkaline electrolyzer industry size will showcase over 33% CAGR through 2030 due to various benefits offered by the product, such as low operation & installation costs, long-term stability, use of advanced technologies, etc.

The Europe market value will increase significantly in the future because of the introduction of favorable government initiatives & policies along with the growing customer preference for renewable energy sources.

Air Products Inc., Sunfire GmbH, Cummins, Inc., Next Hydrogen, Idroenergy, PLUG POWER INC., ITM Power PLC, and Air Liquide, among many others, are the top market participants.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 21
  • Tables & Figures: 517
  • Countries covered: 15
  • Pages: 350

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