Electrolyzer Market Size, By Product (Alkaline Electrolyzer, PEM Electrolyzer, Solid Oxide Electrolyzer), By Process (≤ 500 kW, > 500 kW - 2 MW, Above 2 MW), By Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heating & Power), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Netherlands, Denmark, Spain, Norway, China, Japan, Australia), Application Potential, Competitive Market Share & Forecast, 2021 – 2030

Published Date: Aug 2021  |  Report ID: GMI4787  |  Authors: Ankit Gupta, Riya Gupta

Report Format: PDF   |   Pages: 340   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Electrolyzer Market Size exceeded USD 266 million in 2020 and is set to grow at a CAGR of over 30% between 2021 and 2030. An electrolyzer is a vessel, which is filled with a liquid electrolyte. The electrolyte is primarily used to separate anode and cathode from each other. These systems are used to decompose water into hydrogen and oxygen by passing an electric current. Rapid industrialization across emerging economies combined with the growing commercialization of hydrogen to meet energy-efficiency targets will augment the business scenario.
 

Electrolyzer Market

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Surging demand for hydrogen as a feedstock across the chemical and other industries along with a positive outlook toward industrial base expansion will energize the business scenario. Increasing research & development activities to produce green hydrogen coupled with rising government spending on H2 energy design & development programs will influence product penetration over the forecast timeline. For instance, in 2019, IEA introduced multiple policy targets including the Green Act for a variety of sectors.
 

Favorable government norms to promote eco-friendly technologies will drive the alkaline electrolyzer industry size

Electrolyzer Market Size, By Product

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The alkaline electrolyzer market size is estimated to reach over USD 5.5 billion by 2030. The introduction of government policies to promote clean energy sources along with shifting consumer focus toward the reduction of carbon footprints will favor the industry scenario. The product offers key advantages including long-term stability, matured technology, and low operating & installation costs, accelerating the industry potential.
 

PEM electrolyzers will gain appreciable momentum owing to their high current densities, compact system design, and rapid response toward current fluctuations. The ongoing adoption of various policies and norms by developing nations to increase the share of renewables in the overall energy mix is set to boost the product adoption. Increasing electricity demand along with the growing deployment of green hydrogen generation methods will further facilitate business growth.
 

Ongoing government electrification programs will propel the > 500 kW - 2 MW electrolyzer industry demand

The > 500 kW - 2 MW electrolyzer market is set to grow at a CAGR of over 15% between 2021 and 2030. Ongoing electrification programs across off grid/rural areas along with growing industrialization will fuel the industry landscape. Increasing applicability across the glass, metal, food & beverage, transportation, and chemical sectors is set to foster product penetration. The key benefits including flexible delivery contracts, reduced cost, energy-efficient process, and compact & modular design will, in turn, drive the industry expansion.
 

Increasing investments in the development of fuel cell infrastructure and chemical plants along with ongoing distribution of these systems across the railway & other transportation sectors will stimulate the < 500 kW capacity segment demand., Rapid urbanization across developing/underdeveloped economies along with sustainable building development initiatives by respective government authorities will propel the product demand further.
 

Large-scale integration of renewable energy resources will foster the power generation electrolyzer industry statistics

The power generation electrolyzer market is estimated to exceed USD 15 billion by 2030. An increasing proportion of renewables coupled with increasing infrastructural investments across the commercial sector and the growing need for energy imports will energize the industry dynamics. Surging investments in the development of technologies for desulfurization of petroleum products along with the upgrade & expansion of refineries to comply with clean energy targets will augment the business outlook.
 

Increasing demand for FCEVs as an alternative to conventional automobiles will strengthen the adoption of electrolyzers across the transport sector. For instance, Hydrogen Mobility Europe completed the project, 3EMOTION in 2019 to expand the H2 Bus networks across the UK, Italy, and the Netherlands. Wide-scale utilization across various vehicles to provide power including forklift trucks, trams, light vehicles, ferries, and boats will enhance product adoption.
 

Increasing consumer focus toward environmental security will boost the electrolyzer market forecasts

Diversification of sources of fossil fuel supply due to environmental security and economic concerns has increased the penetration of various hydrogen-related infrastructure, which in turn, will augment electrolyzer industry share. Hydrogen does not release carbon dioxide when burned, resulting in the reduction of terrestrial radiations and increases energy efficiency. Low carbon footprints and easy production are factors influencing the market share.
 

The global economy has been hit hard by an unexpected outbreak of the novel coronavirus (COVID-19). The ongoing pandemic may delay projects based on geographic locations and government regulations. The industry is set to regain its lost strength by 2021 owing to the upliftment of lockdown by the respective government authorities and reopening of industrial facilities, manufacturing plants & the transportation sector. Furthermore, restructuring of investments in new projects and upgrading existing facilities will complement the industry outlook.
 

Europe is anticipated to witness growth owing to intensifying electricity demand & shifting focus toward sustainable power generation

Europe Electrolyzer Market Size, By Country

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Europe held a major share of over 55% in 2020. Increasing electricity demand has diverted the industry focus toward alternative power solutions, creating a comprehensive platform for hydrogen-based power generation. Burgeoning industrial sectors including refining, petrochemicals, glass purification, and fertilizers will positively impact the regional business outlook.
 

The extensive establishment of hydrogen refueling, and T&D infrastructure will significantly thrust Italy electrolyzer market size. The rising awareness of clean energy, government-aided financial support, and the need to fulfill demand & supply mismatch will complement the industry outlook. The favorable regulatory landscape along with shifting trends toward renewable energy will further augment the regional industry forecasts.
 

Product innovations and partnerships will act as crucial points for market participants

Eminent companies are focusing on technological advancements along with partnerships and acquisitions to face the predominant competition in the industry. Manufacturers are laying importance on economies of scale and forward integration to comply with the quality standards. Major participants operating across electrolyzer market include Siemens Energy, Air Liquide, Plug Power, ITM Power, McPhy Energy, Asahi Kasei Corporation, Idroenergy, Tianjin Mainland Hydrogen Equipment, Cockerill Jingli Hydrogen, Nel ASA, Kobelco Eco-solutions, Erredue, Green Hydrogen, Areva H2Gen, Next Hydrogen, Acta (Enapter), Sunfire, Cummins, Air Products, Suzhou Green Hydrogen Energy, and Linde.
 

The electrolyzer market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW and USD from 2017 to 2030 for the following segments:

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
  • Others

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

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

 

Frequently Asked Questions (FAQ) :

Global market for electrolyzer had surpassed USD 266 million in 2020 and will register a CAGR of over 30% through 2030 with increasing commercialization of hydrogen to meet energy-efficiency targets.
Alkaline electrolyzer market size will reach over USD 5.5 billion by 2030 on account of the government initiatives for clean energy sources and shifting focus toward the reduction of carbon footprints.
> 500 kW - 2 MW electrolyzer industry will observe a CAGR of over 15% through 2030 with ongoing electrification programs across off-grid areas along with growing industrialization.
Europe electrolyzer business had captured over 55% share in 2020 and will grow owing to rising electricity demand in the region.

Premium Report Details

  • Published Date: Aug 2021
  • Pages: 340
  • Tables: 475
  • Charts / Figures: 36
  • Companies covered: 21
  • Countries covered: 13

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