Electrolyzers Market worth $57.2 billion by 2030

Electrolyzers Market worth $57.2 billion by 2030

According to a research report Electrolyzers Market is expected to grow from an estimated USD 0.5 billion in 2023 to USD 57.2 billion by 2030, at a CAGR of 97.7%

The growing demand for cleaner fuels is one of the major factors driving the electrolyzers market. Global electrolyzers demand has been increasing gradually due to goals set to achieve net zero emissions in recent years. Governments worldwide are taking proactive measures to establish the necessary infrastructure for the development of green hydrogen, with a notable focus in Asia and the European Union, alongside select American and Middle Eastern nations. The increasing investment and funding landscape have emerged as formidable catalysts propelling the electrolyzer market into a phase of rapid expansion and technological evolution. Nations have incorporated electrolyzer targets into their hydrogen strategies.With the spotlight on green hydrogen intensifying as a linchpin in the roadmap toward a net-zero future which presents a significant opportunity for the electrolyzers market.

Key Market Players

Plug Power Inc. (US),    

Thyssenkrupp nucera (Germany),    

Siemens Energy (Germany),    

Nel ASA (Norway),    

John Cockerill (Belgium), among others...

Increasing campaigns to achieve net zero and meet electrolyzer installation targets

Achieving net zero involves striking a balance between the greenhouse gases emitted into the atmosphere and those effectively removed. Numerous countries, businesses, cities, and institutions have committed to attaining net-zero emissions. A noteworthy 70-plus countries, encompassing major contributors like China, the US, and the European Union, have established net-zero targets, encompassing approximately 76% of global emissions. In collaboration with the Science-Based Targets Initiative, over 3,000 businesses and financial entities are actively working to align their emissions reduction efforts with climate science. Moreover, more than 1,000 educational institutions, 1,000 cities, and 400 financial institutions have united in the Race to Zero initiative, pledging robust and immediate actions to cut global emissions by half by 2030.

In addition, nations have incorporated electrolyzer targets into their hydrogen strategies. With the spotlight on green hydrogen intensifying as a linchpin in the roadmap toward a net-zero future, electrolyzer technologies are gaining unprecedented attention.

Growing demand for green ammonia as sustainable fuel for power generation

Green ammonia, derived from renewable sources, is the product of ammonia gas production without carbon emissions. Excess renewable energy harnessed in remote locations can be effectively utilized to electrolyze water, yielding carbon-free ammonia. This environmentally friendly ammonia serves a dual purpose as a sustainable fuel for power generation and a feedstock for industrial applications. A notable example of this application is the collaboration between Yara International and Nel ASA in Norway. They partnered to generate carbon-free hydrogen using Nel's innovative water electrolyzer technology, intending to integrate this green hydrogen into Yara's existing plant in Porsgrunn for the production of green ammonia used in fertilizer manufacturing. Similarly, Fertiglobe in the UAE, a major nitrogen fertilizer platform, inaugurated the initial phase of a green ammonia plant in Ain Sokhna, Egypt. Anticipated to produce around 15,000 tons of green hydrogen annually, this facility will serve as a feedstock for up to 90,000 tons of green ammonia in Fertiglobe's existing ammonia plants.