Electrolyzer Market worth $78.01 billion by 2030

Electrolyzer Market worth $78.01 billion by 2030

According to a research report "Electrolyzers Market by Technology (Alkaline Electrolyzer, Proton Exchange Membrane, Solid Oxide Electrolyzer, Anion Exchange Membrane), Application (Energy, Mobility, Industrial, Grid Injection), Power Rating and Region - Global Forecast to 2030", the Electrolyzer market is expected to grow from an estimated in USD 3.75 billion in 2024 to USD 78.01 billion by 2030, at a CAGR of 65.9% during the forecast period. This growth mainly comes in response to supportive government initiatives that encourage renewable energy technologies as well as advancements in the electrolysis process. Electrolyzers play a crucial role in the production of hydrogen since they split water into hydrogen and oxygen using electricity that can be generated from renewable sources, such as solar and wind energies. As nations accelerate efforts to decarbonize and reduce the reliance on fossil fuels, electrolyzers are increasingly important in diverse applications involving power generation, transportation, or industrial processes. The recent interest in hydrogen fuel cells and green ammonia production further underlines the potential of the electrolyser market as the basis of global energy transition towards sustainable solutions.

Key Market Players

Siemens Energy (Germany),

Nel ASA (Norway),

thyssenkrupp nucera (Germany),

John Cockerill (Belgium),

Plug Power Inc. (US) among others...

<500 KW, by Power Rating, is expected to be the second largest market during the forecast period

The <500 kW segment dominates the electrolyzers market by power ratings in 2024 due to its suitability for decentralized and small-scale applications. These electrolyzers are widely adopted in industries such as transportation, small-scale hydrogen fueling stations, and renewable energy integration projects. Their relatively lower cost and ease of installation make them ideal for emerging economies and niche applications like hydrogen production for local use. Additionally, the growing interest in green hydrogen production, supported by renewable energy sources like solar and wind, aligns with the scalability and efficiency of <500 kW systems. Their flexibility and compatibility with distributed energy systems further drive their adoption, ensuring they remain a key segment in the market.

Anion exchange membrane, by Technology, is expected to be the largest segment during the forecast period

Anion exchange membrane (AEM) is now becoming the most rapidly growing technology in the electrolyzers market, owing to its unique combination of cost-effectiveness and performance efficiency. While PEM systems are rather expensively made using precious metal catalysts, non-precious metal catalysts are used in AEM, making them much cheaper. Besides this, the possibility of low-energy operation and compatibility with renewable sources makes it even more attractive during transition into green hydrogen. Membrane technology and scalability in the manufacturing processes further increase the efficiency of and robustness of AEM-based electrolyzers faster and make them favourites for those industries that look for low-cost, environmentally friendly hydrogen production.

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Europe is expected to be the largest region during the forecast period.

Europe is the leading region for the electrolyzer market primarily due to its strengthened commitment to decarbonization and a more developed framework for adopting renewable energy. Most European countries have launched ambitious hydrogen strategies and policies, such as the European Green Deal and the "Fit for 55" package, which give priority to the production of green hydrogen to reach net-zero emission goals. The region sees considerable investment in renewable energy infrastructure, especially solar and wind power with seamless integration with technologies such as electrolyzers. Furthermore, Europe has an impressive industrial base and proactive collaborations between governments, private enterprises, and research institutions: a confluence that helps establish innovation and the scaling of electrolyzer production. This strategic focus puts Europe at the helm of the race toward a global hydrogen economy.

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