Product Code: GVR-4-68040-417-4
Electrolyzer Market Size & Trends:
The global electrolyzer market size was valued at USD 489.12 million in 2023 and is expected to grow at a CAGR of 95.2% from 2024 to 2030. The market is driven primarily by the increasing demand for clean energy solutions and the global push toward decarbonization. As countries and industries strive to reduce their carbon footprint and meet ambitious climate targets, hydrogen produced through electrolysis is emerging as a versatile and environment-friendly energy carrier. This growing interest in green hydrogen is a major factor propelling the electrolyzer industry.
Government policies and incentives are playing a crucial role in market expansion. For instance, the European Union's hydrogen strategy aims to install at least 6 GW of renewable hydrogen electrolyzers by 2024 and 40 GW by 2030. Similarly, countries such as Japan, South Korea, and Australia have implemented national hydrogen strategies that include substantial investments in electrolyzer technology. These supportive policies create a favorable environment for market growth and technological advancements in the market.
Moreover, the falling costs of renewable energy, particularly solar and wind power, are also contributing to the electrolyzer market's growth. As the price of electricity from these sources continues to decrease, the production of green hydrogen becomes more economically viable. This trend is encouraging industries such as steel manufacturing, chemical production, and transportation to explore hydrogen as an alternative to fossil fuels. For example, companies such as ThyssenKrupp in Germany are implementing hydrogen-based steel production processes, while automakers such as Toyota and Hyundai are investing heavily in fuel cell electric vehicles, further driving demand for electrolyzers.
Global Electrolyzer Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global electrolyzer market report on the basis of technology, application, and region:
- Technology Outlook (Revenue, USD Million, 2018 - 2030)
- Alkaline Electrolyzer
- Proton Exchange Membrane (PEM)
- Solid Oxide Electrolyzer (SOE)
- Anion Exchange Membrane (AEM)
- Application Outlook (Revenue, USD Million, 2018 - 2030)
- Power Plants
- Energy Storage or Fueling for FCEV's
- Industrial Gases
- Power to Gas
- Steel Plant
- Electronics & Photovoltaics
- Others
- Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Central & South America
- Middle East & Africa
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Materials & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
- 1.7. List of Abbreviations
Chapter 2. Executive Summary
- 2.1. Market Outlook, 2023 (USD Million)
- 2.2. Segmental Outlook
- 2.3. Competitive Landscape Snapshot
Chapter 3. Electrolyzer Market Variables, Trends, and Scope
- 3.1. Market Lineage Outlook
- 3.2. Penetration and Growth Prospect Mapping
- 3.3. Industry Value Chain Analysis
- 3.4. Price Trend Analysis, 2018 to 2030 (USD/Unit)
- 3.4.1. Key Factors Influencing Pricing
- 3.5. Regulatory Framework
- 3.5.1. Standard & Compliance
- 3.5.2. Safety
- 3.6. Market Dynamics
- 3.6.1. Market Driver Analysis
- 3.6.2. Market Restraint Analysis
- 3.6.3. Market Challenges Analysis
- 3.6.4. Market Opportunity Analysis
- 3.7. Business Environment Analysis
- 3.7.1. Industry Analysis - Porter's Five Forces Analysis
- 3.7.2. PESTEL Analysis
Chapter 4. Electrolyzer Market: Technology Estimates & Trend Analysis
- 4.1. Definition & Scope
- 4.2. Technology Movement Analysis & Market Share, 2023 & 2030
- 4.3. Alkaline Electrolyzer
- 4.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.4. Proton Exchange Membrane (PEM)
- 4.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.5. Solid Oxide Electrolyzer (SOE)
- 4.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.6. Anion Exchange Membrane (AEM)
- 4.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 5. Electrolyzer Market: Application Estimates & Trend Analysis
- 5.1. Definition & Scope
- 5.2. Application Movement Analysis & Market Share, 2023 & 2030
- 5.3. Power Plants
- 5.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.4. Energy Storage or Fueling for FCEV's
- 5.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.5. Industrial Gases
- 5.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.6. Power to Gas
- 5.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.7. Steel Plant
- 5.7.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.8. Electronics & Photovoltaics
- 5.8.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.9. Others
- 5.9.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 6. Electrolyzer Market: Regional Estimates & Trend Analysis
- 6.1. Key Takeaways
- 6.2. Regional Movement Analysis & Market Share, 2023 & 2030
- 6.3. North America
- 6.3.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.3.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.3.4. U.S.
- 6.3.4.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.4.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.3.4.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.3.5. Canada
- 6.3.5.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.5.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.3.5.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.3.6. Mexico
- 6.3.6.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3.6.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.3.6.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.4. Europe
- 6.4.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.4.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.4.4. Germany
- 6.4.4.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.4.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.4.4.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.4.5. U.K.
- 6.4.5.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.5.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.4.5.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.4.6. France
- 6.4.6.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.6.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.4.6.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.4.7. Italy
- 6.4.7.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.7.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.4.7.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.4.8. Spain
- 6.4.8.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4.8.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.4.8.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.5. Asia Pacific
- 6.5.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.5.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.5.4. China
- 6.5.4.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.4.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.5.4.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.5.5. India
- 6.5.5.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.5.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.5.5.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.5.6. Japan
- 6.5.6.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.6.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.5.6.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.5.7. South Korea
- 6.5.7.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.7.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.5.7.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.5.8. Australia
- 6.5.8.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5.8.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.5.8.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.6. Central & South America
- 6.6.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.6.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.6.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.6.4. Brazil
- 6.6.4.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.6.4.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.6.4.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.7. Middle East & Africa
- 6.7.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.7.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.7.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 6.7.4. Saudi Arabia
- 6.7.4.1. market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.7.4.2. market estimates and forecasts, by technology, 2018 - 2030 (USD Million)
- 6.7.4.3. market estimates and forecasts, by application, 2018 - 2030 (USD Million)
Chapter 7. Competitive Landscape
- 7.1. Key Players & Recent Developments & Their Impact on the Industry
- 7.2. Key Company/Competition Categorization
- 7.3. List of key Components Suppliers and Channel Partners
- 7.4. Company Market Share & Position Analysis, 2023
- 7.5. Company Heat Map Analysis
- 7.6. Competitive Dashboard Analysis
- 7.7. Strategy Mapping
- 7.7.1. Collaboration/ Partnerships/ Agreements
- 7.7.2. New Product launches
- 7.7.3. Mergers & Acquisitions
- 7.7.4. Research & Development
- 7.7.5. Others
- 7.8. Company Listing/Profiles
- 7.8.1. Siemens AG
- 7.8.1.1. Company Overview
- 7.8.1.2. Financial Performance
- 7.8.1.3. Product Benchmarking
- 7.8.2. Cummins Inc.
- 7.8.3. ITM Power plc
- 7.8.4. Nel ASA
- 7.8.5. Plug Power Inc.
- 7.8.6. John Cockerill Group
- 7.8.7. Enapter AG
- 7.8.8. Haldor Topsoe A/S
- 7.8.9. Bloom Energy Corporation
- 7.8.10. thyssenkrupp AG
- 7.8.11. Sunfire GmbH
- 7.8.12. Electric Hydrogen Co.
- 7.8.13. Ecolectro Inc.
- 7.8.14. Ohmium International
- 7.8.15. ACME Group