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Hydrogen Electrolyzer Market Size

  • Report ID: GMI8553
  • Published Date: Mar 2024
  • Report Format: PDF

Hydrogen Electrolyzer Market Size

Hydrogen Electrolyzer Market was valued at over USD 588 million in 2023 and is estimated to register at a CAGR of over 26.5% between 2024 and 2032. Hydrogen electrolyzers are experiencing a remarkable rise in demand, driven by an expanding range of applications across many industries.


Hydrogen produced through electrolysis is emerging as a versatile and clean energy carrier for a variety of applications including transportation, industrial operations, power generation, and energy storage. This diversity in applications is propelling the demand for advanced electrolyzer systems capable of producing high-quality hydrogen efficiently. The public and commercial sectors are making considerable investments in electrolyzer technology, acknowledging its critical role in the transition to a sustainable energy future. These investments promote innovations and accelerate the commercialization of electrolyzer systems. The key industry participants are forming strategic alliances and collaborations to create synergies, share expertise, and co-develop cutting-edge electrolyzer solutions.

The transition from coal to hydrogen as a source of renewable energy comes with significant obstacles that must be overcome to achieve its full potential. One of the major challenges is the variable nature of renewable energy sources, such as solar and wind power, which electrolysis relies on. Fluctuations in energy availability can interrupt electrolyzer operations, reducing efficiency & dependability and posing hurdles to steady hydrogen generation.

Furthermore, the wide deployment of hydrogen demands significant infrastructure construction such as storage facilities, distribution networks, and refueling stations. The lack of infrastructure is an obstacle to industry expansion, especially in areas with limited hydrogen infrastructure. Scaling up electrolyzer technology to meet the rising demand creates technological and logistical challenges. Supply chain restrictions, production scalability, and system integration issues must all be solved for increased electrolyzer adoption.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of hydrogen electrolyzer was reached USD 588 million in 2023 and is expected to record a CAGR of over 26.5% between 2024 and 2032, as hydrogen produced through electrolysis is a versatile & clean energy carrier for applications including transportation, industrial operations, power generation, and energy storage.

The polymer electrolyte membrane electrolyzer segment accounted for USD 267 million in 2023 and expected to reach USD 2.03 billion by 2032, as these electrolyzers are known for their high efficiency and fast response times, making them suitable for applications requiring rapid hydrogen production and dynamic operation.

North America held around 29% share of the total market in 2023 and is anticipated to grow at a strong rate through 2032, favored by rapid growth in renewable energy deployment, including wind, solar, and hydroelectric power across the region.

Air Liquide, Ballard Power Systems, Beijing CEI Technology Co., Ltd., Enapter, Gaztransport & Technigaz, Giner Inc., GreenHydrogen Systems, iGas Energy GmbH, ITM Power Plc, McPhy Energy, Nel Hydrogen, Next Hydrogen, Plug Power Inc., Siemens AG, and Tianjin Mainland Hydrogen Equipment Co. Ltd.

Hydrogen Electrolyzer Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 215
  • Countries covered: 22
  • Pages: 250
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