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市场调查报告书
商品编码
1561556

2024-2032 年按产品、产能、应用和地区分類的电解槽市场报告

Electrolyzer Market Report by Product, Capacity, Application, and Region 2024-2032
出版日期: | 出版商: IMARC | 英文 136 Pages | 商品交期: 2-3个工作天内

价格

2023年全球电解槽IMARC Group规模达5.056亿美元。该市场主要是由对绿色氢的需求不断增长以及促进再生能源的政府优惠政策所推动的。此外，提高效率和成本的快速技术创新以及氢基础设施投资的增加也有助于市场成长，进一步支持全球脱碳目标和能源转型措施。

电解槽市场分析：

  • 主要市场驱动因素：电解槽市场的主要驱动因素包括政府对绿氢计画的倡议和资助的增加、对减少碳排放的日益重视、电解槽技术的进步提高了效率和成本效益、对再生能源的需求不断增长以及扩大氢在交通、工业流程和发电等各个领域的使用。
  • 主要市场趋势：电解槽市场的主要趋势包括将风能和太阳能等再生能源与电解槽系统相结合以生产绿色氢气、技术进步带来更高的效率和更低的成本、增加行业参与者之间的投资和合作、扩大电解槽规模用于大规模氢气生产的电解槽能力，以及创新储存和分配解决方案的开发。此外，加氢站的兴起以及氢在各种工业应用中的采用是值得注意的趋势。
  • 地理趋势：根据电解槽市场预测，由于欧洲对脱碳和实现气候目标的坚定承诺、政府对氢项目的大量资助和支持政策以及先进的可再生能源整合基础设施的存在，预计欧洲将主导市场。欧盟的氢战略旨在促进绿氢的生产和利用，以及主要产业参与者之间的战略伙伴关係和合作，进一步巩固了欧洲作为电解槽市场领导者的地位。此外，欧洲对技术创新和研究的关注有助于其市场领先地位。
  • 竞争格局：电解槽产业的一些主要市场参与者包括Air Liquide SA、Air Products and Chemicals Inc.、Asahi Kasei Corporation、Cummins Inc.、ITM Power plc、Linde plc、McPhy Energy SA、Nel ASA、Plug Power Inc. .、西门子股份公司、钛钽製品有限公司和东芝公司等。
  • 挑战与机会：根据电解槽市场概况，市场的重大机会包括在全球脱碳努力和向永续能源解决方案转变的推动下，对绿氢作为清洁能源的需求不断增长。电解槽技术的进步提高了效率并降低了成本，也创造了新的市场前景。此外，政府和私人实体增加对氢基础设施的投资正在促进市场扩张。然而，市场面临一些挑战，例如电解槽系统的初始成本较高，这可能会成为采用的障碍。与大规模氢气生产和储存相关的技术复杂性也存在困难。广泛的基础设施发展的需求，加上监管和标准化问题以及再生能源资源的可用性，对市场的成长构成了重大障碍。

电解槽市场趋势：

对绿氢的需求不断增加

对永续能源的推动极大地增加了对使用再生能源供电的电解槽生产的绿色氢的需求。绿氢是一种清洁能源载体，可以使交通、工业、发电等各个领域脱碳。这一转变是由全球减少碳排放和应对气候变迁的努力所推动的，使绿氢成为实现长期环境永续性的关键组成部分。例如，2023 年 3 月，康明斯公司推出了康明斯新品牌 Accelera，这是其新动力业务部门内的一个新品牌，旨在推进零排放解决方案。 Accelera 旨在透过其多样化的产品组合（包括电池电动和燃料电池电动解决方案）来帮助产业过渡到永续实践。此次发布支持康明斯的「目的地零」策略，该策略的重点是实现其产品的零排放。 Accelera 也将承接重大项目，包括魁北克省的 90MW 电解槽系统和美国的 1,000 辆电动校车车队。

重大技术进步

电解槽市场收入稳定成长，主要归功于电解槽技术的创新，提高了效率、降低了营运成本并提高了耐用性。更高的电解效率、更好的催化剂材料和改进的系统整合等进步使得电解槽更适合大规模氢气生产。例如，2023 年 3 月，丰田利用 Mirai 燃料电池汽车的技术开发了一种电解槽，作为新能源和工业技术综合开发组织 (NEDO) 资助的项目，将在 DENSO 福岛工厂实施。此电解槽每小时可生产 8 公斤氢气，将支持当地氢气消耗并减少二氧化碳排放。这些技术改进使电解槽对工业应用和能源储存更具吸引力，支援更广泛地采用氢作为清洁能源，并为电解槽市场的成长做出关键贡献。

政府激励措施和政策

世界各国政府正在实施政策并提供财政激励措施，以促进绿氢和电解槽技术的采用。其中包括旨在加速氢基础设施开发和部署的补贴、税收抵免和研究补助。据产业报告称，印度的目标是到 2047 年实现能源独立，并在 2070 年实现净零排放。目标包括使印度成为绿氢的领先生产国、减少对化石燃料的依赖、发展当地製造业、吸引投资、创造就业机会和支持研发。到 2030 年，该任务的目标是实现每年至少 5 MMT 的绿氢产量、125 吉瓦的再生能源产能、超过 80 亿卢比的投资，并大幅减少化石燃料进口和温室气体排放。这种支援对于克服初始成本障碍、促进创新和创造有利的监管环境至关重要，从而推动电解槽市场的成长。

电解槽市场细分：

IMARC Group提供了每个细分市场的主要趋势的分析，以及 2024-2032 年全球、区域和国家层面的预测。我们的报告根据产品、产能和应用对市场进行了分类。

按产品划分：

  • 碱性电解槽
  • 质子交换膜电解槽
  • 固态氧化物电解槽

碱性电解槽占大部分市场份额

该报告根据产品提供了详细的市场细分和分析。这包括碱性电解槽、质子交换膜电解槽和固体氧化物电解槽。根据该报告，碱性电解槽占据了最大的份额。

碱性电解槽凭藉其悠久的技术、成本效益和可靠性占据了电解槽市场的大部分份额。它们已经使用了几十年，提供了经过验证的性能记录。碱性电解槽可以在较低的温度和压力下高效运行，从而降低运营成本。此外，他们使用广泛可用且廉价的材料，进一步增强了其经济可行性。它们的耐用性和可扩展性使其适合大规模氢气生产，满足对绿色氢气不断增长的需求。例如，2023 年 7 月，Nel ASA 子公司 Nel Hydrogen Electrolyser AS 签署了一份价值 900 万欧元的合同，为 Hyd'Occ 位于法国新港的项目提供 20 MW 碱性电解槽设备。该电解槽将为当地工业和运输生产可再生氢气，使新港成为地中海重要的氢气中心。这反过来又推动了碱性电解槽领域的发展，从而提高了电解槽的市场价值。

按容量划分：

  • 小于500千瓦
  • 500千瓦至2兆瓦
  • 2兆瓦以上

500kW至2MW占据产业最大份额

该报告根据产能对市场进行了详细的细分和分析。其中包括 500 kW 以下、500 kW 至 2 MW 以及 2 MW 以上。根据该报告，500 kW 至 2 MW 是最大的细分市场。

500 kW 至 2 MW 细分市场由于其适用于广泛的应用、平衡规模和灵活性而在电解槽市场份额中占据主导地位。此容量范围非常适合工业应用、再生能源整合和运输燃料生产，为中等规模的氢气生产提供有效的解决方案。它提供了成本效益和营运效率的最佳组合，使其对各种最终用户具有吸引力。此外，电解槽市场报告还强调了重大技术进步，这些进步提高了该范围内电解槽的效率和耐用性，进一步推动了电解槽的采用。 500 kW 至 2 MW 电解槽的可扩展性和适应性使其成为不断发展的氢经济中的首选。

按应用划分：

  • 发电
  • 运输
  • 工业能源
  • 工业原料
  • 建筑热力发电
  • 其他的

发电是领先的细分市场

电解槽研究报告根据应用提供了详细的市场细分和分析。这包括发电、交通、工业能源、工业原料、建筑​​热电等。根据电解槽市场研究报告，发电是最大的部分。

由于对再生能源的日益重视以及对高效能能源储存解决方案的需求，发电代表了领先的细分市场。电解槽能够将多余的再生能源（例如太阳能和风能）转化为绿色氢气，可以储存起来，然后在需求高或再生能源产量低的时期用于发电。此功能增强了电网稳定性和可靠性。此外，电解槽产生的绿色氢气可用于燃料电池产生清洁电力，支持向低碳能源系统的过渡。将电解槽整合到发电中符合全球脱碳目标和能源永续性倡议，进一步创造了积极的电解槽市场前景。

例如，2024 年2 月，科钦国际机场有限公司(CIAL) 和巴拉特石油公司(BPCL) 宣布签署谅解备忘录，将在喀拉拉邦科钦机场建立世界上第一个机场绿色氢厂和加氢站。该工厂将利用再生能源从水中生产氢气，以支援机场车辆的运作。 BPCL 将监督技术和运营，而 CIAL 将提供土地、水和绿色能源。

按地区划分：

  • 北美洲
    • 美国
    • 加拿大
  • 亚太
    • 中国
    • 日本
    • 印度
    • 韩国
    • 澳洲
    • 印尼
    • 其他的
  • 欧洲
    • 德国
    • 法国
    • 英国
    • 义大利
    • 西班牙
    • 俄罗斯
    • 其他的
  • 拉丁美洲
    • 巴西
    • 墨西哥
    • 其他的
  • 中东和非洲

欧洲引领市场，占最大电解槽市场份额

该报告还对所有主要区域市场进行了全面分析，其中包括北美（美国和加拿大）；欧洲（德国、法国、英国、义大利、西班牙、俄罗斯等）；亚太地区（中国、日本、印度、韩国、澳洲、印尼等）；拉丁美洲（巴西、墨西哥等）；以及中东和非洲。报告称，欧洲是电解槽最大的区域市场。

欧洲由于对脱碳和再生能源采用的坚定承诺而在电解槽市场占据主导地位。该地区强有力的政策框架，包括欧洲绿色协议和各种国家氢战略，支持氢技术的开发和部署。例如，根据欧盟委员会官方网站的消息，政府批准了来自七个成员国的高达14亿欧元的国家援助，用于氢价值链中的第四个欧洲共同利益重要项目（IPCEI）。该计画名为IPCEI Hy2Move，将支持氢技术的研究、创新和首次工业部署，以减少移动和运输领域的排放，为欧盟到2050 年实现气候中和目标做出贡献。欧元的资金私人投资，创造约 3,600 个直接就业机会。

此外，对研发（R＆D）的大量投资，加上大量的政府资助和补贴，加速了技术进步。此外，欧洲完善的再生能源基础设施为绿氢生产提供了可靠的来源。政府、产业和研究机构之间的合作进一步推动创新和市场成长，使欧洲成为全球电解槽市场的领导者。例如，2023 年 1 月，清洁氢伙伴关係启动了 2023 年提案征集，拨款 1.95 亿欧元用于开发清洁氢技术，支持可再生氢生产项目，并刺激在难以减排的领域使用低排放氢。 。

（请注意，这只是关键参与者的部分列表，报告中提供了完整列表。）

  • 电解槽市场竞争格局的特点是既有老牌公司，也有新兴新创公司，它们都在快速成长的产业中争夺市场份额。主要参与者正在专注于技术进步、提高效率和降低成本，以获得竞争优势。当公司寻求扩大其能力和市场份额时，策略合作伙伴关係、合併和收购很常见。产品创新，例如可扩展和模组化电解槽系统，是一个重要趋势。此外，电解槽公司越来越多地与再生能源供应商合作，以确保为氢气生产提供稳定的绿色电力，从而进一步增强其竞争地位。
  • 2023 年 3 月，蒂森克虏伯 nucera 与 Unigel 签署了一份谅解备忘录，将 Unigel 位于巴西巴伊亚的绿氢工厂从 60 兆瓦扩大到 240 兆瓦。该工厂是巴西第一座工业规模的绿氢工厂，将生产1万吨/年绿色氢气和6万吨/年绿色氨。

电解槽市场新闻：

  • 2023 年 10 月，领先的电解槽製造商 John Cockerill 宣布进军美国氢气市场，在德州休士顿贝敦建立了一座新的超级工厂。该工厂每年将生产 1GW 电解槽，创造 200 个就业机会，并巩固休士顿作为氢中心的地位，同时扩大全球电解槽需求。
  • 2024年2月，H-TEC SYSTEMS宣布将向SailH2交付一台1MW PEM电解槽，用于安达卢西亚塞维利亚的「HUB LA ISLA H2」专案。这个耗资 2500 万欧元的项目旨在生产和分配绿色氢气，最初使用 1.5 兆瓦光伏电站每年生产 136 吨氢气。此电解槽将支援行动应用和加氢站。第二阶段将从 2025 年开始，将氢气产量扩大到 680 吨，目标是透过 5 兆瓦电解功率实现工业脱碳。该项目预计将减少地区二氧化碳排放量超过3,500吨。

本报告回答的关键问题：

  • 迄今为止，全球电解槽市场表现如何，未来几年将如何表现？
  • 全球电解槽市场的驱动因素、限制因素和机会是什么？
  • 每个驱动因素、限制因素和机会对全球电解槽市场有何影响？
  • 主要区域市场有哪些？
  • 哪些国家代表了最具吸引力的电解槽市场？
  • 基于产品的市场区隔是什么？
  • 电解槽市场上最具吸引力的产品是什么？
  • 依产能分類的市场是怎么样的？
  • 电解槽市场哪项产能最具吸引力？
  • 基于应用的市场区隔是什么？
  • 电解槽市场哪项应用最具吸引力？
  • 市场竞争结构如何？
  • 全球电解槽市场的主要参与者/公司有哪些？

本报告回答的关键问题：

  • 迄今为止，全球电解槽市场表现如何，未来几年将如何表现？
  • 全球电解槽市场的驱动因素、限制因素和机会是什么？
  • 每个驱动因素、限制因素和机会对全球电解槽市场有何影响？
  • 主要区域市场有哪些？
  • 哪些国家代表了最具吸引力的电解槽市场？
  • 基于产品的市场区隔是什么？
  • 电解槽市场上最具吸引力的产品是什么？
  • 依产能分類的市场是怎么样的？
  • 电解槽市场哪项产能最具吸引力？
  • 基于应用的市场区隔是什么？
  • 电解槽市场哪项应用最具吸引力？
  • 市场竞争结构如何？
  • 全球电解槽市场的主要参与者/公司有哪些？

目录

第一章：前言

第 2 章：范围与方法

  • 研究目的
  • 利害关係人
  • 数据来源
    • 主要来源
    • 二手资料
  • 市场预测
    • 自下而上的方法
    • 自上而下的方法
  • 预测方法

第 3 章：执行摘要

第 4 章：简介

  • 概述
  • 主要行业趋势

第 5 章：全球电解槽市场

  • 市场概况
  • 市场表现
  • COVID-19 的影响
  • 市场预测

第 6 章：市场区隔：依产品

  • 碱性电解槽
    • 市场趋势
    • 市场预测
  • 质子交换膜电解槽
    • 市场趋势
    • 市场预测
  • 固态氧化物电解槽
    • 市场趋势
    • 市场预测

第 7 章：市场区隔：按产能

  • 小于500千瓦
    • 市场趋势
    • 市场预测
  • 500千瓦至2兆瓦
    • 市场趋势
    • 市场预测
  • 2兆瓦以上
    • 市场趋势
    • 市场预测

第 8 章：市场区隔：按应用

  • 发电
    • 市场趋势
    • 市场预测
  • 运输
    • 市场趋势
    • 市场预测
  • 工业能源
    • 市场趋势
    • 市场预测
  • 工业原料
    • 市场趋势
    • 市场预测
  • 建筑热力发电
    • 市场趋势
    • 市场预测
  • 其他的
    • 市场趋势
    • 市场预测

第 9 章：市场区隔：按地区

  • 北美洲
    • 美国
    • 加拿大
  • 亚太
    • 中国
    • 日本
    • 印度
    • 韩国
    • 澳洲
    • 印尼
    • 其他的
  • 欧洲
    • 德国
    • 法国
    • 英国
    • 义大利
    • 西班牙
    • 俄罗斯
    • 其他的
  • 拉丁美洲
    • 巴西
    • 墨西哥
    • 其他的
  • 中东和非洲
    • 市场趋势
    • 市场细分：按国家/地区
    • 市场预测

第 10 章：SWOT 分析

  • 概述
  • 优势
  • 弱点
  • 机会
  • 威胁

第 11 章：价值链分析

第 12 章：波特五力分析

  • 概述
  • 买家的议价能力
  • 供应商的议价能力
  • 竞争程度
  • 新进入者的威胁
  • 替代品的威胁

第 13 章：价格分析

第14章：竞争格局

  • 市场结构
  • 关键参与者
  • 关键参与者简介
    • Air Liquide SA
    • Air Products and Chemicals Inc.
    • Asahi Kasei Corporation
    • Cummins Inc.
    • ITM Power plc
    • Linde plc
    • McPhy Energy SA
    • Nel ASA
    • Plug Power Inc.
    • Siemens AG
    • Titanium Tantalum Products Limited
    • Toshiba Corporation
Product Code: SR112024A4752

The global electrolyzer market size reached US$ 505.6 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,017.7 Million by 2032, exhibiting a growth rate (CAGR) of 7.8% during 2024-2032. The market is primarily driven by the increasing demand for green hydrogen and favorable government policies promoting renewable energy. Additionally, rapid technological innovations for improving efficiency and costs and rising investments in hydrogen infrastructure are also contributing to the market growth, further supporting global decarbonization goals and energy transition initiatives.

Electrolyzer Market Analysis:

  • Major Market Drivers: The major drivers for the electrolyzer market include increasing government initiatives and funding for green hydrogen projects, growing emphasis on reducing carbon emissions, advancements in electrolyzer technologies improving efficiency and cost-effectiveness, the rising demand for renewable energy sources, and the expanding use of hydrogen across various sectors, such as transportation, industrial processes, and power generation.
  • Key Market Trends: Key trends in the electrolyzer market include the integration of renewable energy sources like wind and solar with electrolyzer systems to produce green hydrogen, technological advancements leading to higher efficiency and lower costs, increased investment and collaborations among industry players, scaling up of electrolyzer capacities for large-scale hydrogen production, and the development of innovative storage and distribution solutions. Furthermore, the rise of hydrogen fueling stations and the adoption of hydrogen in various industrial applications are notable trends.
  • Geographical Trends: According to the electrolyzer market forecast, Europe is anticipated to dominate the market due to its strong commitment to decarbonization and achieving climate goals, substantial government funding and supportive policies for hydrogen projects, and the presence of advanced infrastructure for renewable energy integration. The European Union's hydrogen strategy, aimed at boosting green hydrogen production and utilization, along with strategic partnerships and collaborations among key industry players, further strengthens Europe's position as a leader in the electrolyzer market. Additionally, Europe's focus on technological innovation and research contributes to its market leadership.
  • Competitive Landscape: Some of the major market players in the electrolyzer industry include Air Liquide S.A., Air Products and Chemicals Inc., Asahi Kasei Corporation, Cummins Inc., ITM Power plc, Linde plc, McPhy Energy S.A., Nel ASA, Plug Power Inc., Siemens AG, Titanium Tantalum Products Limited, and Toshiba Corporation, among many others.
  • Challenges and Opportunities: According to the electrolyzer market overview, significant opportunities in the market include the growing demand for green hydrogen as a clean energy source, driven by global decarbonization efforts and the shift towards sustainable energy solutions. Advancements in electrolyzer technology, leading to increased efficiency and reduced costs, are also creating new market prospects. Furthermore, increasing investments in hydrogen infrastructure by governments and private entities are fostering market expansion. However, the market faces several challenges, such as the high initial costs of electrolyzer systems, which can be a barrier to adoption. Technical complexities related to large-scale hydrogen production and storage also present difficulties. The need for extensive infrastructure development, coupled with regulatory and standardization issues and the availability of renewable energy resources, pose significant hurdles to the market's growth.

Electrolyzer Market Trends:

Increasing Demand for Green Hydrogen

The push toward sustainable energy has significantly boosted the demand for green hydrogen, produced using electrolyzers powered by renewable energy sources. Green hydrogen is a clean energy carrier that can decarbonize various sectors, including transportation, industry, and power generation. This shift is driven by global efforts to reduce carbon emissions and combat climate change, making green hydrogen a pivotal component in achieving long-term environmental sustainability. For instance, in March 2023, Cummins Inc. launched Accelera by Cummins, a new brand within its New Power business unit, to advance zero-emissions solutions. Accelera aims to help industries transition to sustainable practices with its diverse portfolio, including battery electric and fuel cell electric solutions. The launch supports Cummins' Destination Zero strategy, which focuses on achieving zero emissions across its products. Accelera will also undertake major projects, including a 90MW electrolyzer system in Quebec and a fleet of 1,000 electric school buses in the US.

Significant Technological Advancements

The electrolyzer market revenue is steadily increasing primarily due to innovations in electrolyzer technology, which have enhanced efficiency, reduced operational costs, and improved durability. Advances such as higher electrolytic efficiency, better catalyst materials, and improved system integration have made electrolyzers more viable for large-scale hydrogen production. For instance, in March 2023, Toyota developed an electrolyzer using technology from its Mirai fuel cell vehicle, set to be implemented at DENSO Fukushima plant as a project subsidized by the New Energy and Industrial Technology Development Organization (NEDO). This electrolyzer, producing 8 kg of hydrogen per hour, will support local hydrogen consumption and reduce CO2 emissions. These technological improvements make electrolyzers more attractive for industrial applications and energy storage, supporting the broader adoption of hydrogen as a clean energy source and contributing to the electrolyzer market growth pivotally.

Government Incentives and Policies

Governments worldwide are implementing policies and providing financial incentives to promote the adoption of green hydrogen and electrolyzer technology. These include subsidies, tax credits, and research grants aimed at accelerating the development and deployment of hydrogen infrastructure. According to industry reports, India aims to become energy independent by 2047 and achieve Net Zero by 2070. The National Green Hydrogen Mission supports this goal by promoting renewable energy use and green hydrogen. Objectives include making India a leading producer of green hydrogen, reducing fossil fuel dependence, developing local manufacturing, attracting investment, creating jobs, and supporting R&D. By 2030, the mission aims for at least 5 MMT annual green hydrogen production, 125 GW of renewable energy capacity, over ₹8 lakh crore in investments, and significant reductions in fossil fuel imports and greenhouse gas emissions. Such support is crucial for overcoming initial cost barriers, fostering innovation, and creating a favorable regulatory environment, thereby driving the growth of the electrolyzer market.

Electrolyzer Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on product, capacity, and application.

Breakup by Product:

  • Alkaline Electrolyzer
  • PEM Electrolyzer
  • Solid Oxide Electrolyzer

Alkaline electrolyzer accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the product. This includes alkaline, PEM, and solid oxide electrolyzers. According to the report, alkaline electrolyzer represented the largest segment.

Alkaline electrolyzers account for the majority of the electrolyzer market share due to their long-established technology, cost-effectiveness, and reliability. They have been used for decades, providing a proven track record of performance. Alkaline electrolyzers operate efficiently at lower temperatures and pressures, which reduces operational costs. Additionally, they use widely available and inexpensive materials, further enhancing their economic viability. Their durability and scalability make them suitable for large-scale hydrogen production, meeting the growing demand for green hydrogen. For instance, in July 2023, Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA, signed a €9 million contract to supply 20 MW of alkaline electrolyser equipment to Hyd'Occ for its project in Port-La-Nouvelle, France. The electrolyser will produce renewable hydrogen for local industry and transportation, positioning Port-La-Nouvelle as a key Mediterranean hydrogen hub. This, in turn, is driving the alkaline electrolyzer segment, thereby enhancing the electrolyzer market value.

Breakup by Capacity:

  • Less than 500 kW
  • 500 kW to 2 MW
  • Above 2 MW

500 kW to 2 MW holds the largest share of the industry

The report has provided a detailed breakup and analysis of the market based on the capacity. This includes less than 500 kW, 500 kW to 2 MW, and above 2 MW. According to the report, 500 kW to 2 MW represented the largest segment.

The 500 kW to 2 MW segment dominates the electrolyzer market share due to its suitability for a wide range of applications, balancing scale and flexibility. This capacity range is ideal for industrial applications, renewable energy integration, and transportation fuel production, providing an efficient solution for medium-scale hydrogen generation. It offers an optimal blend of cost-effectiveness and operational efficiency, making it attractive for various end-users. Additionally, the electrolyzer market report highlights significant technological advancements that have improved the efficiency and durability of electrolyzers within this range, further driving their adoption. The scalability and adaptability of 500 kW to 2 MW electrolyzers position them as a preferred choice in the evolving hydrogen economy.

Breakup by Application:

  • Power Generation
  • Transportation
  • Industry Energy
  • Industry Feedstock
  • Building Heat and Power
  • Others

Power generation represents the leading market segment

The electrolyzer research report has provided a detailed breakup and analysis of the market based on the application. This includes power generation, transportation, industry energy, industry feedstock, building heat and power, and others. According to the electrolyzer market research report, power generation represented the largest segment.

Power generation represents the leading market segment due to the growing emphasis on renewable energy sources and the need for efficient energy storage solutions. Electrolyzers enable the conversion of excess renewable energy, such as solar and wind, into green hydrogen, which can be stored and later used to generate electricity during periods of high demand or low renewable output. This capability enhances grid stability and reliability. Additionally, green hydrogen produced by electrolyzers can be used in fuel cells to generate clean electricity, supporting the transition to a low-carbon energy system. The integration of electrolyzers into power generation aligns with global decarbonization goals and energy sustainability initiatives, further creating a positive electrolyzer market outlook.

For instance, in February 2024, Cochin International Airport Ltd (CIAL) and Bharat Petroleum Corporation Ltd (BPCL) announced that they have signed an MoU to establish the world's first airport-based green hydrogen plant and fueling station at Cochin Airport, Kerala. The plant will produce hydrogen from water using renewable energy to support airport vehicle operations. BPCL will oversee technology and operations, while CIAL will provide land, water, and green energy resources.

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

Europe leads the market, accounting for the largest electrolyzer market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe represents the largest regional market for electrolyzer.

Europe dominates the electrolyzer market due to its strong commitment to decarbonization and renewable energy adoption. The region's robust policy framework, including the European Green Deal and various national hydrogen strategies, supports the development and deployment of hydrogen technologies. For instance, according to the official website of the European Commission, the government approved up to €1.4 billion in State aid from seven Member States for the fourth Important Project of Common European Interest (IPCEI) in the hydrogen value chain. Named IPCEI Hy2Move, the project will support research, innovation, and the first industrial deployment of hydrogen technologies to reduce emissions in the mobility and transport sectors, contributing to the EU's climate-neutral goals by 2050. The initiative is expected to unlock €3.3 billion in private investments and create around 3,600 direct jobs.

Moreover, significant investments in research and development (R&D), coupled with substantial government funding and subsidies, have accelerated technological advancements. Additionally, Europe's well-established renewable energy infrastructure provides a reliable source for green hydrogen production. Collaborative efforts between governments, industry, and research institutions further drive innovation and market growth, positioning Europe as a leader in the global electrolyzer market. For instance, in January 2023, the Clean Hydrogen Partnership launched its 2023 call for proposals, allocating €195 million to develop clean hydrogen technologies, support projects for renewable hydrogen production, and stimulate the use of low-emission hydrogen in hard-to-abate sectors.

Competitive Landscape:

  • The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the electrolyzer industry include Air Liquide S.A., Air Products and Chemicals Inc., Asahi Kasei Corporation, Cummins Inc., ITM Power plc, Linde plc, McPhy Energy S.A., Nel ASA, Plug Power Inc., Siemens AG, Titanium Tantalum Products Limited, and Toshiba Corporation.

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

  • The competitive landscape of the electrolyzer market is characterized by a mix of established companies and emerging startups, all vying for market share in a rapidly growing industry. Key players are focusing on technological advancements, improving efficiency, and reducing costs to gain a competitive edge. Strategic partnerships, mergers, and acquisitions are common as companies seek to expand their capabilities and market presence. Innovations in product offerings, such as scalable and modular electrolyzer systems, is a significant trend. Additionally, electrolyzer companies are increasingly collaborating with renewable energy providers to ensure a steady supply of green electricity for hydrogen production, further enhancing their competitive positions.
  • In March 2023, thyssenkrupp nucera and Unigel signed a Memorandum of Understanding to expand Unigel's green hydrogen plant in Bahia, Brazil, from 60 MW to 240 MW. This facility, the first industrial-scale green hydrogen plant in Brazil, will produce 10,000 tons/year of green hydrogen and 60,000 tons/year of green ammonia.

Electrolyzer Market News:

  • In October 2023, John Cockerill, a leading electrolyzer manufacturer, announced its expansion into the US hydrogen market with a new gigafactory in Baytown, Houston, Texas. The facility will produce 1GW of electrolyzers annually, create 200 jobs, and bolster Houston's position as a hydrogen hub, while ecpanding electrolyzer demand across the globe.
  • In February 2024, H-TEC SYSTEMS announced that they will deliver a 1 MW PEM electrolyzer to SailH2 for the "HUB LA ISLA H2" project in Sevilla, Andalusia. This €25 million project aims to produce and distribute green hydrogen, initially generating 136 tons of H2 annually using a 1.5 MW PV plant. The electrolyzer will support mobility applications and a hydrogen refueling station. Phase 2, starting in 2025, will expand production to 680 tons of H2, targeting industrial decarbonization with 5 MW electrolysis power. The project expects to cut regional CO2 emissions by over 3,500 tons.

Key Questions Answered in This Report:

  • How has the global electrolyzer market performed so far, and how will it perform in the coming years?
  • What are the drivers, restraints, and opportunities in the global electrolyzer market?
  • What is the impact of each driver, restraint, and opportunity on the global electrolyzer market?
  • What are the key regional markets?
  • Which countries represent the most attractive electrolyzer market?
  • What is the breakup of the market based on the product?
  • Which is the most attractive product in the electrolyzer market?
  • What is the breakup of the market based on the capacity?
  • Which is the most attractive capacity in the electrolyzer market?
  • What is the breakup of the market based on the application?
  • Which is the most attractive application in the electrolyzer market?
  • What is the competitive structure of the market?
  • Who are the key players/companies in the global electrolyzer market?

Table of Contents

1 Preface

2 Scope and Methodology

  • 2.1 Objectives of the Study
  • 2.2 Stakeholders
  • 2.3 Data Sources
    • 2.3.1 Primary Sources
    • 2.3.2 Secondary Sources
  • 2.4 Market Estimation
    • 2.4.1 Bottom-Up Approach
    • 2.4.2 Top-Down Approach
  • 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

  • 4.1 Overview
  • 4.2 Key Industry Trends

5 Global Electrolyzer Market

  • 5.1 Market Overview
  • 5.2 Market Performance
  • 5.3 Impact of COVID-19
  • 5.4 Market Forecast

6 Market Breakup by Product

  • 6.1 Alkaline Electrolyzer
    • 6.1.1 Market Trends
    • 6.1.2 Market Forecast
  • 6.2 PEM Electrolyzer
    • 6.2.1 Market Trends
    • 6.2.2 Market Forecast
  • 6.3 Solid Oxide Electrolyzer
    • 6.3.1 Market Trends
    • 6.3.2 Market Forecast

7 Market Breakup by Capacity

  • 7.1 Less than 500 kW
    • 7.1.1 Market Trends
    • 7.1.2 Market Forecast
  • 7.2 500 kW to 2 MW
    • 7.2.1 Market Trends
    • 7.2.2 Market Forecast
  • 7.3 Above 2 MW
    • 7.3.1 Market Trends
    • 7.3.2 Market Forecast

8 Market Breakup by Application

  • 8.1 Power Generation
    • 8.1.1 Market Trends
    • 8.1.2 Market Forecast
  • 8.2 Transportation
    • 8.2.1 Market Trends
    • 8.2.2 Market Forecast
  • 8.3 Industry Energy
    • 8.3.1 Market Trends
    • 8.3.2 Market Forecast
  • 8.4 Industry Feedstock
    • 8.4.1 Market Trends
    • 8.4.2 Market Forecast
  • 8.5 Building Heat and Power
    • 8.5.1 Market Trends
    • 8.5.2 Market Forecast
  • 8.6 Others
    • 8.6.1 Market Trends
    • 8.6.2 Market Forecast

9 Market Breakup by Region

  • 9.1 North America
    • 9.1.1 United States
      • 9.1.1.1 Market Trends
      • 9.1.1.2 Market Forecast
    • 9.1.2 Canada
      • 9.1.2.1 Market Trends
      • 9.1.2.2 Market Forecast
  • 9.2 Asia-Pacific
    • 9.2.1 China
      • 9.2.1.1 Market Trends
      • 9.2.1.2 Market Forecast
    • 9.2.2 Japan
      • 9.2.2.1 Market Trends
      • 9.2.2.2 Market Forecast
    • 9.2.3 India
      • 9.2.3.1 Market Trends
      • 9.2.3.2 Market Forecast
    • 9.2.4 South Korea
      • 9.2.4.1 Market Trends
      • 9.2.4.2 Market Forecast
    • 9.2.5 Australia
      • 9.2.5.1 Market Trends
      • 9.2.5.2 Market Forecast
    • 9.2.6 Indonesia
      • 9.2.6.1 Market Trends
      • 9.2.6.2 Market Forecast
    • 9.2.7 Others
      • 9.2.7.1 Market Trends
      • 9.2.7.2 Market Forecast
  • 9.3 Europe
    • 9.3.1 Germany
      • 9.3.1.1 Market Trends
      • 9.3.1.2 Market Forecast
    • 9.3.2 France
      • 9.3.2.1 Market Trends
      • 9.3.2.2 Market Forecast
    • 9.3.3 United Kingdom
      • 9.3.3.1 Market Trends
      • 9.3.3.2 Market Forecast
    • 9.3.4 Italy
      • 9.3.4.1 Market Trends
      • 9.3.4.2 Market Forecast
    • 9.3.5 Spain
      • 9.3.5.1 Market Trends
      • 9.3.5.2 Market Forecast
    • 9.3.6 Russia
      • 9.3.6.1 Market Trends
      • 9.3.6.2 Market Forecast
    • 9.3.7 Others
      • 9.3.7.1 Market Trends
      • 9.3.7.2 Market Forecast
  • 9.4 Latin America
    • 9.4.1 Brazil
      • 9.4.1.1 Market Trends
      • 9.4.1.2 Market Forecast
    • 9.4.2 Mexico
      • 9.4.2.1 Market Trends
      • 9.4.2.2 Market Forecast
    • 9.4.3 Others
      • 9.4.3.1 Market Trends
      • 9.4.3.2 Market Forecast
  • 9.5 Middle East and Africa
    • 9.5.1 Market Trends
    • 9.5.2 Market Breakup by Country
    • 9.5.3 Market Forecast

10 SWOT Analysis

  • 10.1 Overview
  • 10.2 Strengths
  • 10.3 Weaknesses
  • 10.4 Opportunities
  • 10.5 Threats

11 Value Chain Analysis

12 Porters Five Forces Analysis

  • 12.1 Overview
  • 12.2 Bargaining Power of Buyers
  • 12.3 Bargaining Power of Suppliers
  • 12.4 Degree of Competition
  • 12.5 Threat of New Entrants
  • 12.6 Threat of Substitutes

13 Price Analysis

14 Competitive Landscape

  • 14.1 Market Structure
  • 14.2 Key Players
  • 14.3 Profiles of Key Players
    • 14.3.1 Air Liquide S.A.
      • 14.3.1.1 Company Overview
      • 14.3.1.2 Product Portfolio
      • 14.3.1.3 Financials
      • 14.3.1.4 SWOT Analysis
    • 14.3.2 Air Products and Chemicals Inc.
      • 14.3.2.1 Company Overview
      • 14.3.2.2 Product Portfolio
      • 14.3.2.3 Financials
      • 14.3.2.4 SWOT Analysis
    • 14.3.3 Asahi Kasei Corporation
      • 14.3.3.1 Company Overview
      • 14.3.3.2 Product Portfolio
      • 14.3.3.3 Financials
      • 14.3.3.4 SWOT Analysis
    • 14.3.4 Cummins Inc.
      • 14.3.4.1 Company Overview
      • 14.3.4.2 Product Portfolio
      • 14.3.4.3 Financials
      • 14.3.4.4 SWOT Analysis
    • 14.3.5 ITM Power plc
      • 14.3.5.1 Company Overview
      • 14.3.5.2 Product Portfolio
      • 14.3.5.3 Financials
      • 14.3.5.4 SWOT Analysis
    • 14.3.6 Linde plc
      • 14.3.6.1 Company Overview
      • 14.3.6.2 Product Portfolio
      • 14.3.6.3 Financials
    • 14.3.7 McPhy Energy S.A.
      • 14.3.7.1 Company Overview
      • 14.3.7.2 Product Portfolio
      • 14.3.7.3 Financials
    • 14.3.8 Nel ASA
      • 14.3.8.1 Company Overview
      • 14.3.8.2 Product Portfolio
      • 14.3.8.3 Financials
    • 14.3.9 Plug Power Inc.
      • 14.3.9.1 Company Overview
      • 14.3.9.2 Product Portfolio
      • 14.3.9.3 Financials
    • 14.3.10 Siemens AG
      • 14.3.10.1 Company Overview
      • 14.3.10.2 Product Portfolio
      • 14.3.10.3 Financials
      • 14.3.10.4 SWOT Analysis
    • 14.3.11 Titanium Tantalum Products Limited
      • 14.3.11.1 Company Overview
      • 14.3.11.2 Product Portfolio
    • 14.3.12 Toshiba Corporation
      • 14.3.12.1 Company Overview
      • 14.3.12.2 Product Portfolio
      • 14.3.12.3 Financials
      • 14.3.12.4 SWOT Analysis

List of Figures

  • Figure 1: Global: Electrolyzer Market: Major Drivers and Challenges
  • Figure 2: Global: Electrolyzer Market: Sales Value (in Million US$), 2018-2023
  • Figure 3: Global: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 4: Global: Electrolyzer Market: Breakup by Product (in %), 2023
  • Figure 5: Global: Electrolyzer Market: Breakup by Capacity (in %), 2023
  • Figure 6: Global: Electrolyzer Market: Breakup by Application (in %), 2023
  • Figure 7: Global: Electrolyzer Market: Breakup by Region (in %), 2023
  • Figure 8: Global: Electrolyzer (Alkaline Electrolyzer) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 9: Global: Electrolyzer (Alkaline Electrolyzer) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 10: Global: Electrolyzer (PEM Electrolyzer) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 11: Global: Electrolyzer (PEM Electrolyzer) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 12: Global: Electrolyzer (Solid Oxide Electrolyzer) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 13: Global: Electrolyzer (Solid Oxide Electrolyzer) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 14: Global: Electrolyzer (Less than 500 kW) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 15: Global: Electrolyzer (Less than 500 kW) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 16: Global: Electrolyzer (500 kW to 2 MW) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 17: Global: Electrolyzer (500 kW to 2 MW) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 18: Global: Electrolyzer (Above 2 MW) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 19: Global: Electrolyzer (Above 2 MW) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 20: Global: Electrolyzer (Power Generation) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 21: Global: Electrolyzer (Power Generation) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 22: Global: Electrolyzer (Transportation) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 23: Global: Electrolyzer (Transportation) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 24: Global: Electrolyzer (Industry Energy) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 25: Global: Electrolyzer (Industry Energy) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 26: Global: Electrolyzer (Industry Feedstock) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 27: Global: Electrolyzer (Industry Feedstock) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 28: Global: Electrolyzer (Building Heat and Power) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 29: Global: Electrolyzer (Building Heat and Power) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 30: Global: Electrolyzer (Other Applications) Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 31: Global: Electrolyzer (Other Applications) Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 32: North America: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 33: North America: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 34: United States: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 35: United States: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 36: Canada: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 37: Canada: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 38: Asia-Pacific: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 39: Asia-Pacific: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 40: China: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 41: China: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 42: Japan: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 43: Japan: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 44: India: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 45: India: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 46: South Korea: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 47: South Korea: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 48: Australia: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 49: Australia: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 50: Indonesia: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 51: Indonesia: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 52: Others: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 53: Others: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 54: Europe: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 55: Europe: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 56: Germany: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 57: Germany: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 58: France: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 59: France: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 60: United Kingdom: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 61: United Kingdom: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 62: Italy: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 63: Italy: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 64: Spain: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 65: Spain: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 66: Russia: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 67: Russia: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 68: Others: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 69: Others: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 70: Latin America: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 71: Latin America: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 72: Brazil: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 73: Brazil: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 74: Mexico: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 75: Mexico: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 76: Others: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 77: Others: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 78: Middle East and Africa: Electrolyzer Market: Sales Value (in Million US$), 2018 & 2023
  • Figure 79: Middle East and Africa: Electrolyzer Market: Breakup by Country (in %), 2023
  • Figure 80: Middle East and Africa: Electrolyzer Market Forecast: Sales Value (in Million US$), 2024-2032
  • Figure 81: Global: Electrolyzer Industry: SWOT Analysis
  • Figure 82: Global: Electrolyzer Industry: Value Chain Analysis
  • Figure 83: Global: Electrolyzer Industry: Porter's Five Forces Analysis

List of Tables

  • Table 1: Global: Electrolyzer Market: Key Industry Highlights, 2023 and 2032
  • Table 2: Global: Electrolyzer Market Forecast: Breakup by Product (in Million US$), 2024-2032
  • Table 3: Global: Electrolyzer Market Forecast: Breakup by Capacity (in Million US$), 2024-2032
  • Table 4: Global: Electrolyzer Market Forecast: Breakup by Application (in Million US$), 2024-2032
  • Table 5: Global: Electrolyzer Market Forecast: Breakup by Region (in Million US$), 2024-2032
  • Table 6: Global: Electrolyzer Market: Competitive Structure
  • Table 7: Global: Electrolyzer Market: Key Players