Electrolyzers Market by Type, Component, Scope of Supply, Application

List of Tables

[185 Pages Report] The Electrolyzers Market size was estimated at USD 2.10 billion in 2023 and expected to reach USD 2.70 billion in 2024, at a CAGR 30.29% to reach USD 13.40 billion by 2030.

Electrolyzers use electricity to split water (H2O) into its constituent elements, hydrogen (H2) and oxygen (O2), through a process called electrolysis. Electrolysis involves the application of an electric current to an electrolyte solution or molten salt, causing the decomposition of the water molecules. Electrolyzers play a crucial role in renewable energy as they enable hydrogen production using electricity from renewable sources, including wind and solar power. Increasing government investments and initiatives are accelerating hydrogen production activities worldwide, and the rising popularity of digitalized and automated electrolyzers in various end-use cases has enhanced the adoption of electrolyzers. However, the high cost of developing electrolyzers with significant investment required for hydrogen production and several operational and technical limitations of low & high-temperature electrolyzers significantly impede the usage of electrolyzers. In addition, ongoing R&D activities on advancing electrolyzers using silicon and AI and increasing the use of green hydrogen electrolyzer for onsite hydrogen generation at refueling stations is expected to create tremendous opportunities for electrolyzer market development.

KEY MARKET STATISTICS
Base Year [2023]	USD 2.10 billion
Estimated Year [2024]	USD 2.70 billion
Forecast Year [2030]	USD 13.40 billion
CAGR (%)	30.29%

Type : Adaptability for Alkaline electrolyzers due to their simplicity and well-established technology

Alkaline electrolyzers are the most established and widely used technology for hydrogen production through water electrolysis. They operate at relatively low current densities, typically using a liquid alkaline potassium hydroxide (KOH) solution as an electrolyte. The primary advantage of alkaline electrolyzers is their simplicity and well-established technology, which translates to high reliability, long lifetime, and relatively low capital costs. However, they have lower efficiency compared to PEM or SOEC electrolyzers due to their slower reaction kinetics and higher overpotential requirements. In terms of need-based preference, alkaline electrolyzers are ideal for applications requiring large-scale hydrogen production with less stringent purity requirements, such as chemical plants or refineries. Proton exchange membrane (PEM) electrolyzers utilize a solid polymer membrane as the electrolyte, allowing for higher current densities than alkaline systems, resulting in smaller system footprints and potentially low capital costs per unit of hydrogen produced. Additionally, PEM systems can rapidly vary output without compromising efficiency or durability, making them well-suited for grid-scale energy storage and load management applications. PEM electrolyzers are preferred in applications that require high-purity hydrogen or where space is limited, such as fueling stations for hydrogen-powered vehicles. Solid oxide electrolyzers (SOEC) use a solid ceramic material as the electrolyte, operating at high temperatures. Additionally, SOEC technology can be integrated with waste heat recovery systems or coupled with high-temperature industrial processes, improving overall system efficiency. SOEC electrolyzers are suitable for high-efficiency applications or where waste heat is available, such as combined heat and power plants or steel mills.

Component : Importance of Electrolyzer cell stacks as the core component of an electrolyzer system

Electrolyzer cell stacks are the core component of an electrolyzer system, responsible for the electrochemical reaction that splits water into hydrogen and oxygen. Multiple cells are connected in series or parallel configurations to achieve desired production capacities. The need for efficient and durable cell stacks is essential to ensure optimal performance and longevity of the electrolyzer system. A reliable power supply is essential for converting electrical energy into chemical energy within an electrolyzer system. The choice of power supply depends on factors such as voltage requirements, load regulation needs, and compatibility with renewable energy sources. Pumps play a vital role in electrolysis by circulating electrolyte solutions, cooling systems, and transporting produced gases. The choice of pumps depends on factors such as flow rate requirements, materials compatibility, and operational efficiency. Separators are essential components that prevent the mixing of hydrogen and oxygen gases produced during electrolysis, ensuring the safety and purity of the products while minimizing energy losses due to gas crossover. The choice of separator material depends on factors such as chemical compatibility, mechanical stability, and cost-effectiveness. Storage tanks are necessary for storing hydrogen and oxygen until they can be utilized or transported. They must meet stringent safety standards due to the potential risk of explosion and leakage. The choice of storage tank depends on factors such as capacity, pressure requirements, and materials compatibility. Ventilation systems are critical in managing excess gases or pressure buildup within an electrolyzer system to ensure safe operation. They must be designed to handle different gas compositions and flow rates while minimizing environmental emissions.

Scope of Supply : Preferences for Indoor electrolyzers due to easy access for maintenance and monitoring activities

Indoor electrolyzers are typically placed within controlled environments such as industrial facilities, research centers, or warehouses. These closed settings enable operators to maintain optimal operating conditions while ensuring easy access for maintenance and monitoring activities. Space-sensitive designs and compact configurations that allow for efficient use of available space; ease of integration with existing infrastructure such as power supply networks and gas distribution systems; demanding safety measures to prevent any potential hazards arising from hydrogen leakages or equipment malfunction; and noise reduction features to minimize disruption to neighboring areas or personnel within the facility are some factors impacting indoor electrolyzer usage and development. Outdoor electrolyzers are designed for installation in open areas or remote locations, such as solar or wind farms, where they directly harness renewable energy sources to produce hydrogen. Outdoor installations with specific requirements prioritize factors such as robust and durable construction materials capable of withstanding harsh environmental conditions, such as extreme temperatures, humidity, and dust. They also value flexible scalability options to accommodate evolving hydrogen production needs. Remote monitoring and control capabilities enable operators to oversee system performance from a distance, while modular designs enhance transportability and ease of deployment across various sites.

Application : Proliferation in Industrial Processes for multiple applications

Ammonia production is a critical process in the fertilizer and chemical industries, and it involves the reaction of hydrogen and nitrogen under high pressure and temperature. Electrolyzers can produce hydrogen directly from water, reducing the carbon percentage associated with traditional hydrogen production methods. Industrial processes such as steel manufacturing, electronics fabrication involving hydrogen as a reducing agent or feedstock can benefit significantly from on-site hydrogen generation using electrolyzers. With growing emphasis on decarbonization in transportation sectors such as aviation and heavy-duty vehicles (trucks, buses), there is an increasing demand for green hydrogen as a fuel source. Electrolyzers are crucial in producing green hydrogen for mobility applications by splitting water into oxygen and renewable energy-sourced hydrogen gas. Electrolyzers can store excess renewable energy (solar, wind) as hydrogen gas, acting as an effective energy storage solution during periods of low demand or reduced generation capacity. This stored hydrogen can then be converted into electricity through fuel cells or combusted in gas turbines.

Regional Insights

The market is witnessing rapid growth in the Americas due to supportive government policies, investments in hydrogen infrastructure development, and the growing adoption of fuel cell electric vehicles (FCEVs). The United States, being the largest economy in this region, is leading the way with its plans to foster a clean hydrogen economy. Furthermore, countries such as Canada are also investing heavily in hydrogen technologies. The Asia-Pacific (APAC) region is experiencing rapid growth in the electrolyzer market due to increasing investments in clean energy projects and a strong focus on reducing carbon emissions. China dominates this region's market with ambitious targets for deploying renewable energy sources such as solar and wind power. In addition to China's efforts, other countries such as Japan and South Korea are also accelerating their commitments towards hydrogen technology adoption. In the Europe, Middle East & Africa (EMEA) region, market growth is driven by the European Union's (EU) ambitious climate goals and strong support for green hydrogen initiatives. Countries such as France, the United Kingdom, and Spain are also prioritizing investments in renewable energy and clean hydrogen technologies. The Middle East region is also exploring opportunities to develop their hydrogen economies, with countries such as Saudi Arabia planning large-scale projects.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Electrolyzers Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Electrolyzers Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Electrolyzers Market, highlighting leading vendors and their innovative profiles. These include Advent Technologies Holdings Inc., Air Liquide S.A., Asahi Kasei Corporation, Bloom Energy Corporation, Cummins Inc., Enapter S.r.l., Erre Due s.p.a., Green Hydrogen Systems A/S, H-TEC SYSTEMS GmbH by MAN Energy Solutions SE, H2 Core Systems GmbH, h2e Power Systems Inc., Hoeller Electrolyzer GmbH, Hydrogen Optimized Inc., HydrogenPro ASA, iGas energy GmbH, INEOS AG, ITM Power PLC, John Cockerill SA, Linde PLC, McPhy Energy S.A., Nel ASA, Next Hydrogen Solutions Inc., Ningbo TopCorr Corrosion Technology Co.,Ltd., Ohmium International, Inc., OxEon Energy, LLC, OU Stargate Hydrogen, PERIC Hydrogen Technologies Co., Ltd, Plug Power Inc., Pure Energy Centre, Siemens Energy AG, Sono-Tek Corporation, Sumitomo Corporation, Sunfire GmbH, thyssenkrupp AG, Topsoe A/S, and Toshiba Corporation.

Market Segmentation & Coverage

This research report categorizes the Electrolyzers Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Alkaline Electrolyzers
- Proton Exchange Membrane Electrolyzers
- Solid Oxide Electrolyzers

Component
- Electrolyzer Cell Stacks
- Power Supply
- Pumps
- Separator
- Storage Tanks
- Vents

Scope of Supply
- Indoor
- Outdoor

Application
- Ammonia Production
- Industrial Processes
- Renewable Power

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Electrolyzers Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Electrolyzers Market?

3. What are the technology trends and regulatory frameworks in the Electrolyzers Market?

4. What is the market share of the leading vendors in the Electrolyzers Market?

5. Which modes and strategic moves are suitable for entering the Electrolyzers Market?

Product Code: MRR-190BF4DC80EA

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Utilization of hydrogen for power generation and in industrial processes
  - 5.1.1.2. Government investments & initiatives accelerating hydrogen production activities worldwide
- 5.1.2. Restraints
  - 5.1.2.1. High cost of developing and owning electrolyzers with significant investment required for hydrogen production
- 5.1.3. Opportunities
  - 5.1.3.1. Ongoing R&D activities for advancing electrolyzers
  - 5.1.3.2. Emerging use of green hydrogen electrolyser for onsite hydrogen generation at refueling stations
- 5.1.4. Challenges
  - 5.1.4.1. Operational and technical limitations of low & high temperature electrolyzers
5.2. Market Segmentation Analysis
- 5.2.1. Type : Adaptability for Alkaline electrolyzers due to their simplicity and well-established technology
- 5.2.2. Component : Importance of Electrolyzer cell stacks as the core component of an electrolyzer system
- 5.2.3. Scope of Supply : Preferences for Indoor electrolyzers due to easy access for maintenance and monitoring activities
- 5.2.4. Application : Proliferation in Industrial Processes for multiple applications
5.3. Market Trend Analysis
- 5.3.1. Significant push towards adopting green hydrogen technologies across Americas
- 5.3.2. Increasing demand for hydrogen as a clean energy source backed by government initiatives, to promote the adoption of electrolyzers in Asia-Pacific region
- 5.3.3. Rising investments to accelerate the production of green hydrogen in EMEA region
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis

6. Electrolyzers Market, by Type

6.1. Introduction
6.2. Alkaline Electrolyzers
6.3. Proton Exchange Membrane Electrolyzers
6.4. Solid Oxide Electrolyzers

7. Electrolyzers Market, by Component

7.1. Introduction
7.2. Electrolyzer Cell Stacks
7.3. Power Supply
7.4. Pumps
7.5. Separator
7.6. Storage Tanks
7.7. Vents

8. Electrolyzers Market, by Scope of Supply

8.1. Introduction
8.2. Indoor
8.3. Outdoor

9. Electrolyzers Market, by Application

9.1. Introduction
9.2. Ammonia Production
9.3. Industrial Processes
9.4. Renewable Power

10. Americas Electrolyzers Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Electrolyzers Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Electrolyzers Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. GreenH Electrolysis plans to set up 1 GW electrolyser manufacturing in India
- 13.3.2. PLUG SECURES 100 MW ELECTROLYZER DEAL FOR GREEN HYDROGEN PROJECT IN EUROPE
- 13.3.3. Green hydrogen platform to go public via merger
- 13.3.4. Green Hydrogen Company Ohmium Closes USD 250 Million Series C Fundraise Led by TPG Rise Climate
- 13.3.5. Evonik Partners with Siemens to Pilot New Electrolysis Technology for Green Hydrogen
- 13.3.6. McPhy Signs Agreement With L&T for Electrolyzer Manufacturing
- 13.3.7. Varennes Carbon Recycling selects Accelera by Cummins to manufacture, supply 90MW electrolyzer system in Quebec
- 13.3.8. H-TEC Systems to Deliver Electrolyzer for Norwegian-Danish Cooperation for Green Production of Liquid Biogas
- 13.3.9. Longi Releases New Alkaline Electrolyzer
- 13.3.10. ITM Power Signed Contracts with Linde Engineering for Two 100 MW Electrolysers
- 13.3.11. Plug Power and Johnson Matthey Announce Long-Term Strategic Partnership to Accelerate the Hydrogen Economy
- 13.3.12. Green Hydrogen Systems Signs New Order of 16 A-series Electrolyser Units

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio