Electrolysis Merchant Hydrogen Generation Market, By Application, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2025-2032

Description

REPORT HIGHLIGHT

The global Electrolysis Merchant Hydrogen Generation Market was valued at USD 2,584 million in 2024, expanding at a CAGR of 8.50% from 2025 to 2032.

The electrolysis merchant hydrogen generation market includes the electrolysis-based production and distribution of hydrogen for commercial sale. This sector includes technologies that use electricity, often from renewable sources, to split water into hydrogen and oxygen, thereby promoting sustainable energy solutions. It serves a variety of industries, including transportation, chemicals, and power generation, providing a cleaner alternative to fossil fuels and assisting the global transition to a low-carbon economy.

Electrolysis Merchant Hydrogen Generation Market- Market Dynamics

Increasing Demand for Hydrogen In The Industrial Sector Propelling The Growth Of The Market

The increasing demand for hydrogen in the industrial sector is expected to drive the future growth of the electrolysis merchant hydrogen generation market. The industrial sector is a sector of the economy that includes businesses that help other businesses produce, transport, or manufacture their goods. The industrial sector consumes a lot of hydrogen as it's a component of many chemical products and is used in hydrocracking, which produces petroleum products like gasoline and diesel. For instance, in May 2024, the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported that global hydrogen usage rose to 95 million tons in 2022, up nearly 3% from the previous year, though Europe saw a decline due to higher natural gas prices affecting industrial activity. As a result, rising industrial demand for hydrogen fuels the expansion of the electrolysis merchant hydrogen generation market.

Electrolysis Merchant Hydrogen Generation Market- Key Insights

As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.50% over the forecast period (2025-2032)

Based on Application segmentation, The petroleum refinery segment is the most dominant.

In terms of region, Asia Pacific was the largest revenue generator in 2024.

Electrolysis Merchant Hydrogen Generation Market- Segmentation Analysis:

The Global Electrolysis Merchant Hydrogen Generation Market is divided into segments: Application and Region.

The market is segmented into four segments according to Application: Petroleum Refinery, Chemical, Metal, and Others. The petroleum refinery segment is the largest in the market. This is primarily due to the high demand for hydrogen during the refining process, where it is used to remove impurities and improve the purity of petroleum products. Refineries use a lot of hydrogen in their hydrocracking and hydrotreating processes, so they consume a lot of hydrogen produced through electrolysis. Furthermore, as the industry transitions to cleaner energy sources and lower carbon emissions, the use of green hydrogen produced through electrolysis is increasing. This development reinforces the petroleum refinery segment's position as a dominant force in the hydrogen production market.

Electrolysis Merchant Hydrogen Generation Market- Geographical Insights

Geographically, this market is distributed across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on which countries bring commerce. Asia Pacific had the highest revenue share in 2024. China was the revenue leader in 2024. The presence of a large number of refineries in major countries such as China and India have increased the use of hydrogen generation. Furthermore, governments in some Asia Pacific countries, including Japan and Australia, are looking into greener and cleaner hydrogen generation technologies. Regional hydrogen producers are looking to expand their geographical reach and increase revenue by targeting developing countries such as Vietnam, Indonesia, and South Africa.

The electrolysis merchant hydrogen generation market in North America has been expanding for several years. The industry has expanded rapidly, with contributions from all applications and technologies. Methanol and ammonia production are the fastest growing sectors, with countries such as the United States and Canada seeing significant growth over the last five years.

Electrolysis Merchant Hydrogen Generation Market- Competitive Landscape:

The Electrolysis Merchant Hydrogen Generation Market is becoming more competitive as the demand for clean hydrogen rises. Leading players such as H2B2, ITM Power, McPhy Energy, and Nel Hydrogen prioritize advanced electrolysis technologies to enhance efficiency. In addition, new entrants are developing electrolysis solutions based on alkaline and proton exchange membranes. Collaborations between technology providers and energy companies are becoming more common, with the goal of developing a robust hydrogen infrastructure. As global sustainability initiatives gain traction, competition in this market is expected to heat up, accelerating advancements in hydrogen generation technologies and expanding opportunities. For instance, in July 2023, Air Products and Chemicals, Inc. has signed an agreement with Edmonton International Airport to provide hydrogen and technology for Alberta's first hydrogen fuel cell passenger vehicle fleet.

Recent Developments:

In April 2024, ITM Power partnered with Hygen Energy to become the preferred supplier of PEM electrolyzers for key hydrogen projects in the United Kingdom and Europe. The collaboration will deploy 50 MW of Neptune Plug and Play electrolyzers in phase one, followed by 150 MW of modular units in phase two, pending final investment decisions. The projects will use UK government funding programs like HAR2. This collaboration aims to speed up large-scale hydrogen production and infrastructure development.

In July 2024, EWE awarded Siemens Energy a contract to supply a 280 MW electrolysis system for a green hydrogen plant in Germany. It is scheduled to begin operations in 2027, with the facility producing up to 26,000 tonnes of green hydrogen per year to support local industries. This project is a significant step toward increasing Germany's hydrogen production and advancing its clean energy objectives.

In March 2022, Air Products and Chemicals, Inc. has announced the construction and operation of a green liquid hydrogen production facility in Casa Grande, Arizona. It will be a zero-carbon liquid hydrogen facility that will enter the market by 2023.

SCOPE OF THE REPORT

This report's scope includes the following important market segments:

GLOBAL ELECTROLYSIS MERCHANT HYDROGEN GENERATION MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS

Air Liquide
H2B2
ITM Power
McPhy Energy
Nel Hydrogen
Siemens Energy
Plug Power
Sunfire
Thyssenkrupp
Cummins
Verdagy
Others

GLOBAL ELECTROLYSIS MERCHANT HYDROGEN GENERATION MARKET, BY APPLICATION- MARKET ANALYSIS, 2019 - 2032

Petroleum Refinery
Chemical
Metal
Others

GLOBAL ELECTROLYSIS MERCHANT HYDROGEN GENERATION MARKET, BY REGION- MARKET ANALYSIS, 2019 - 2032

North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA

Product Code: ANV4991

1. Electrolysis Merchant Hydrogen Generation Market Overview

1.1. Study Scope
1.2. Market Estimation Years

2. Executive Summary

2.1. Market Snippet
- 2.1.1. Electrolysis Merchant Hydrogen Generation Market Snippet by Application
- 2.1.2. Electrolysis Merchant Hydrogen Generation Market Snippet by Country
- 2.1.3. Electrolysis Merchant Hydrogen Generation Market Snippet by Region
2.2. Competitive Insights

3. Electrolysis Merchant Hydrogen Generation Key Market Trends

3.1. Electrolysis Merchant Hydrogen Generation Market Drivers
- 3.1.1. Impact Analysis of Market Drivers
3.2. Electrolysis Merchant Hydrogen Generation Market Restraints
- 3.2.1. Impact Analysis of Market Restraints
3.3. Electrolysis Merchant Hydrogen Generation Market Opportunities
3.4. Electrolysis Merchant Hydrogen Generation Market Future Trends

4. Electrolysis Merchant Hydrogen Generation Industry Study

4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis

5. Electrolysis Merchant Hydrogen Generation Market: Impact of Escalating Geopolitical Tensions

5.1. Impact of COVID-19 Pandemic
5.2. Impact of Russia-Ukraine War
5.3. Impact of Middle East Conflicts

6. Electrolysis Merchant Hydrogen Generation Market Landscape

6.1. Electrolysis Merchant Hydrogen Generation Market Share Analysis, 2024
6.2. Breakdown Data, by Key Manufacturer
- 6.2.1. Established Players' Analysis
- 6.2.2. Emerging Players' Analysis

7. Electrolysis Merchant Hydrogen Generation Market - By Application

7.1. Overview
- 7.1.1. Segment Share Analysis, By Application, 2024 & 2032 (%)
- 7.1.2. Petroleum Refinery
- 7.1.3. Chemical
- 7.1.4. Metal
- 7.1.5. Others

8. Electrolysis Merchant Hydrogen Generation Market- By Geography

8.1. Introduction
- 8.1.1. Segment Share Analysis, By Geography, 2024 & 2032 (%)
8.2. North America
- 8.2.1. Overview
- 8.2.2. Electrolysis Merchant Hydrogen Generation Key Manufacturers in North America
- 8.2.3. North America Market Size and Forecast, By Country, 2019 - 2032 (US$ Million)
- 8.2.4. North America Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.2.5. U.S.
  - 8.2.5.1. Overview
  - 8.2.5.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.2.5.3. U.S. Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.2.6. Canada
  - 8.2.6.1. Overview
  - 8.2.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.2.6.3. Canada Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
8.3. Europe
- 8.3.1. Overview
- 8.3.2. Electrolysis Merchant Hydrogen Generation Key Manufacturers in Europe
- 8.3.3. Europe Market Size and Forecast, By Country, 2019 - 2032 (US$ Million)
- 8.3.4. Europe Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.3.5. Germany
  - 8.3.5.1. Overview
  - 8.3.5.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.3.5.3. Germany Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.3.6. Italy
  - 8.3.6.1. Overview
  - 8.3.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.3.6.3. Italy Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.3.7. United Kingdom
  - 8.3.7.1. Overview
  - 8.3.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.3.7.3. United Kingdom Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.3.8. France
  - 8.3.8.1. Overview
  - 8.3.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.3.8.3. France Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.3.9. Russia
  - 8.3.9.1. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.3.9.2. Russia Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.3.10. Netherlands
  - 8.3.10.1. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.3.10.2. Netherlands Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.3.11. Sweden
  - 8.3.11.1. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.3.11.2. Sweden Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.3.12. Poland
  - 8.3.12.1. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.3.12.2. Poland Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.3.13. Rest of Europe
  - 8.3.13.1. Overview
  - 8.3.13.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.3.13.3. Rest of the Europe Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
8.4. Asia Pacific (APAC)
- 8.4.1. Overview
- 8.4.2. Electrolysis Merchant Hydrogen Generation Key Manufacturers in Asia Pacific
- 8.4.3. Asia Pacific Market Size and Forecast, By Country, 2019 - 2032 (US$ Million)
- 8.4.4. Asia Pacific Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.4.5. India
  - 8.4.5.1. Overview
  - 8.4.5.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.4.5.3. India Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.4.6. China
  - 8.4.6.1. Overview
  - 8.4.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.4.6.3. China Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.4.7. Japan
  - 8.4.7.1. Overview
  - 8.4.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.4.7.3. Japan Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.4.8. South Korea
  - 8.4.8.1. Overview
  - 8.4.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.4.8.3. South Korea Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.4.9. Australia
  - 8.4.9.1. Overview
  - 8.4.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.4.9.3. Australia Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.4.10. Thailand
  - 8.4.10.1. Overview
  - 8.4.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.4.10.3. Thailand Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.4.11. Indonesia
  - 8.4.11.1. Overview
  - 8.4.11.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.4.11.3. Indonesia Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.4.12. Philippines
  - 8.4.12.1. Overview
  - 8.4.12.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.4.12.3. Philippines Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.4.13. Rest of APAC
  - 8.4.13.1. Overview
  - 8.4.13.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.4.13.3. Rest of APAC Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
8.5. Latin America
- 8.5.1. Overview
- 8.5.2. Electrolysis Merchant Hydrogen Generation Key Manufacturers in Latin America
- 8.5.3. Latin America Market Size and Forecast, By Country, 2019 - 2032 (US$ Million)
- 8.5.4. Latin America Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.5.5. Brazil
  - 8.5.5.1. Overview
  - 8.5.5.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.5.5.3. Brazil Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.5.6. Mexico
  - 8.5.6.1. Overview
  - 8.5.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.5.6.3. Mexico Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.5.7. Argentina
  - 8.5.7.1. Overview
  - 8.5.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.5.7.3. Argentina Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.5.8. Colombia
  - 8.5.8.1. Overview
  - 8.5.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.5.8.3. Colombia Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.5.9. Rest of LATAM
  - 8.5.9.1. Overview
  - 8.5.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.5.9.3. Rest of LATAM Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
8.6. Middle East and Africa
- 8.6.1. Overview
- 8.6.2. Electrolysis Merchant Hydrogen Generation Key Manufacturers in Middle East and Africa
- 8.6.3. Middle East and Africa Market Size and Forecast, By Country, 2019 - 2032 (US$ Million)
- 8.6.4. Middle East and Africa Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.6.5. Saudi Arabia
  - 8.6.5.1. Overview
  - 8.6.5.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.6.5.3. Saudi Arabia Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.6.6. United Arab Emirates
  - 8.6.6.1. Overview
  - 8.6.6.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.6.6.3. United Arab Emirates Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.6.7. Israel
  - 8.6.7.1. Overview
  - 8.6.7.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.6.7.3. Israel Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.6.8. Turkey
  - 8.6.8.1. Overview
  - 8.6.8.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.6.8.3. Turkey Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.6.9. Algeria
  - 8.6.9.1. Overview
  - 8.6.9.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.6.9.3. Algeria Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.6.10. Egypt
  - 8.6.10.1. Overview
  - 8.6.10.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.6.10.3. Egypt Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)
- 8.6.11. Rest of MEA
  - 8.6.11.1. Overview
  - 8.6.11.2. Market Analysis, Forecast, and Y-O-Y Growth Rate, 2019 - 2032, (US$ Million)
  - 8.6.11.3. Rest of MEA Market Size and Forecast, By Application, 2019 - 2032 (US$ Million)

9. Key Vendor Analysis- Electrolysis Merchant Hydrogen Generation Industry

9.1. Competitive Dashboard
- 9.1.1. Competitive Benchmarking
- 9.1.2. Competitive Positioning
9.2. Company Profiles
- 9.2.1. Air Liquide
- 9.2.2. H2B2
- 9.2.3. ITM Power
- 9.2.4. McPhy Energy
- 9.2.5. Nel Hydrogen
- 9.2.6. Siemens Energy
- 9.2.7. Plug Power
- 9.2.8. Sunfire
- 9.2.9. Thyssenkrupp
- 9.2.10. Cummins
- 9.2.11. Verdagy
- 9.2.12. Others

10. 360 Degree Analyst View

11. Appendix

11.1. Research Methodology
11.2. References
11.3. Abbreviations
11.4. Disclaimer
11.5. Contact Us