1. LONGi

LONGi, one of the largest solar panel manufacturers in the world, has recently made substantial investments in the electrolyzer market as part of its broader clean energy strategy. Based in China, LONGi has leveraged its expertise in renewable energy to develop highly efficient electrolyzers that are intended to reduce the cost of green hydrogen production. LONGi’s electrolyzers are known for their reliability and scalability, and the company has been actively involved in several large-scale hydrogen projects.

The company’s expansion into electrolyzer technology is aligned with its goal to provide comprehensive green energy solutions, creating a more integrated energy ecosystem. With ongoing research and development, LONGi is well-positioned to play a significant role in the hydrogen sector.

2. Plug Power, Inc.

Plug Power, a leading American company, is widely recognized for its hydrogen fuel cell solutions, but it is also a major player in the electrolyzer market. The company manufactures PEM (Proton Exchange Membrane) electrolyzers, which are designed for the efficient production of green hydrogen. Plug Power focuses on supplying electrolyzers for both large-scale industrial applications and green hydrogen infrastructure.

In addition to its electrolyzer offerings, Plug Power has established strategic partnerships with industry giants like Amazon and Walmart to integrate hydrogen solutions into their operations. The company's emphasis on hydrogen fuel cells, combined with its electrolyzer technology, positions Plug Power as a key player in the global push toward clean energy.

3. Hygreen Energy

Hygreen Energy is a relatively newer player in the electrolyzer space, but its innovations are making waves in the market. Based in China, Hygreen specializes in developing and producing high-performance PEM electrolyzers. Their focus on cutting-edge technology and energy efficiency has made them an attractive option for renewable energy projects looking to produce green hydrogen at scale. Hygreen Energy is at the forefront of the clean energy transition, offering a complete range of electrolyzer solutions designed for a variety of green hydrogen project applications.

Hygreen’s electrolyzers are designed for various industrial applications, particularly those seeking to integrate renewable electricity sources like wind and solar into their hydrogen production systems. The company is positioning itself as a strong competitor in the growing global electrolyzer market. The company has more than 60 patents and has 2GW annual production capacity and plans to reach upto 5 GW by 2025. The company has sold and delivered more than 300 units to clients across 5 continents. Key advantages of Hygreen electrolyzers are that they have high efficiency, highly customizable, have high safety standards, comply with certification, digitalized and automated, and are proven & reliable.

4. Bloom Energy

Bloom Energy, a well-established American company, is known for its innovative fuel cell technology, but it has also made significant strides in the electrolyzer market. The company focuses on developing solid oxide electrolyzer cells (SOECs), which are known for their high efficiency and ability to operate at high temperatures, making them suitable for large-scale industrial applications.

Bloom Energy’s solid oxide electrolyzers have the potential to revolutionize the green hydrogen industry by lowering production costs and increasing efficiency. Their systems are designed to work with various renewable energy sources, making them a flexible solution for hydrogen production in both commercial and industrial sectors. The company‘s flexible, future-proof technology generates lower-carbon energy today, while laying the foundation for a net zero tomorrow. 

5. ITM Power PLC

ITM Power, a UK-based company, is a leading manufacturer of Proton Exchange Membrane (PEM) electrolyzers and is known for its high-quality, cost-efficient hydrogen production systems. ITM Power has been at the forefront of hydrogen innovation, working on large-scale projects across Europe and beyond. The company’s electrolyzers are crucial for producing green hydrogen, which is essential for decarbonizing sectors like heavy industry and transportation. The company's electrolyzers operate using renewable electricity and water, producing only oxygen as a by-product.

ITM Power has formed significant partnerships with companies like Siemens and Shell, helping to accelerate the deployment of electrolyzer technologies. Its focus on scalability and efficiency positions ITM Power as a key player in the global hydrogen economy.

6. McPhy Energy

McPhy Energy, headquartered in France, is another key player in the electrolyzer market. Specializing in both hydrogen production and storage, McPhy manufactures alkaline electrolyzers used for large-scale hydrogen production. Their systems are designed to optimize energy efficiency, making them a popular choice for projects seeking to leverage excess renewable energy for hydrogen generation.

McPhy Energy is actively involved in green hydrogen initiatives across Europe, partnering with various stakeholders to accelerate the hydrogen economy. With strong research and development capabilities, McPhy continues to innovate in the electrolyzer space, focusing on improving efficiency and reducing costs.

7. PERIC Hydrogen Technologies Co., Ltd.

Based in China, PERIC Hydrogen Technologies Co., Ltd. is one of the country’s leading electrolyzer manufacturers. The company specializes in producing alkaline electrolyzers, which are widely used for large-scale hydrogen production. With a strong focus on industrial applications, PERIC’s electrolyzers are designed for high-capacity, cost-effective hydrogen generation.

PERIC’s success lies in its ability to produce electrolyzers that meet the demanding needs of sectors like energy storage, chemicals, and steel production. The company is expanding its presence globally, as demand for green hydrogen and efficient electrolyzer technologies continues to grow.

8. Electric Hydrogen

Electric Hydrogen is an American company focused on advancing electrolyzer technology to produce cost-competitive green hydrogen. The company has developed a unique approach to electrolysis, using advanced materials and engineering to optimize electrolyzer performance and reduce costs. Electric Hydrogen’s mission is to make green hydrogen a mainstream solution for a wide range of industries, including heavy transportation, power generation, and industrial manufacturing.

By addressing the challenges of electrolyzer scalability and cost-efficiency, Electric Hydrogen is positioning itself as a key innovator in the growing electrolyzer market.

9. Thyssenkrupp Nucera

Thyssenkrupp Nucera, a subsidiary of the German industrial giant Thyssenkrupp, is a major player in the electrolyzer market. The company specializes in high-efficiency alkaline electrolyzers and has a strong focus on large-scale hydrogen production. Thyssenkrupp Nucera’s technologies are used in several large-scale projects worldwide, aimed at generating green hydrogen from renewable energy. With over 60 years of expertise in electrolysis, the company provides large-scale water electrolysis technology that meets the highest market standards. With over 600 electrolysis projects globally and more than 10 GW installed, the company is a global leader in chlor-alkali electrolysis technology.

Thyssenkrupp Nucera’s expertise in industrial processes and engineering has made it one of the top companies in the electrolyzer market. The company’s efforts to scale electrolyzer production and reduce costs align with the global push for affordable green hydrogen.

10. Cummins Inc.

Cummins Inc., a leading global power technology company, is a key player in the electrolyzer market. The company produces both PEM and alkaline electrolyzers, with a focus on developing efficient and scalable hydrogen solutions. Cummins has strengthened its position in the hydrogen sector through strategic acquisitions, including the purchase of Hydrogenics in 2019.

With a deep understanding of fuel cells and energy storage, Cummins is uniquely positioned to play a central role in the development of hydrogen infrastructure. The company’s commitment to innovation and sustainability has made it a driving force in the electrolyzer market.

According to TechSci Research report “Electrolyzers Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (PEM Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer), By Capacity (≤ 500 kW, 500 kW - 2 MW, Above 2 MW), By Application (Steel Plant, Power Plants, Electronics & Photovoltaics, Energy Storage For Fuel Cells, Industrial Gases, Power To Gas, Others) By Region & Competition, 2019-2029F,” Global Electrolyzers Market was valued at USD 1.67 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 20.22% through 2029. The market growth is driven by various factors, such as increasing demand for green hydrogen, government support and policy frameworks, etc.

Factors Driving the Growth of Global Electrolyzers Market:

1. Increasing Demand for Green Hydrogen

The primary driver behind the growth of the electrolyzer market is the increasing demand for green hydrogen, which is produced through the electrolysis of water using renewable energy sources like wind, solar, and hydro power. Green hydrogen is seen as a vital solution for decarbonizing industries that are difficult to electrify, such as steel production, heavy transport, and chemicals. As governments, industries, and consumers push for cleaner energy sources, electrolyzers are emerging as a key technology to enable this green hydrogen revolution.

Hydrogen has vast potential in reducing global carbon emissions and is being recognized as a versatile energy carrier. Its role in creating a circular economy where renewable energy is stored and transported efficiently is further fueling the demand for large-scale electrolyzer systems.

2. Government Support and Policy Frameworks

Government policies and incentives are playing a significant role in accelerating the adoption of electrolyzers. Many governments around the world have set ambitious targets for reducing carbon emissions and achieving net-zero emissions, which has spurred investments in green hydrogen projects. National and regional governments, particularly in Europe, the United States, and parts of Asia, are introducing policies, subsidies, and grants to support the deployment of hydrogen technologies, including electrolyzers.

For example, the European Union's Green Deal and the Hydrogen Strategy for a climate-neutral Europe aim to promote the production and use of clean hydrogen. In addition, governments are offering financial incentives and establishing regulatory frameworks to make green hydrogen projects more viable, further encouraging the growth of electrolyzer demand.

3. Technological Advancements in Electrolyzer Efficiency

Technological innovation is driving significant improvements in the performance and efficiency of electrolyzers, making them more cost competitive. Advances in materials, catalysts, and membrane technologies are enhancing the efficiency of electrolyzers, reducing energy consumption, and increasing hydrogen production capacity. For instance, PEM (Proton Exchange Membrane) and AEM (Anion Exchange Membrane) electrolyzers have been evolving to offer higher efficiency and lower operational costs.

Furthermore, the development of larger, more scalable electrolyzers is making it possible to produce hydrogen at an industrial scale. These innovations are reducing the capital and operational expenses associated with electrolyzers, which in turn is boosting their adoption in commercial projects.

4. Declining Cost of Renewable Energy

The rapid decline in the cost of renewable energy, especially solar and wind power, has made green hydrogen production increasingly economically feasible. Electrolyzers rely on renewable electricity to produce hydrogen, and as the cost of renewable energy continues to fall, the overall cost of producing green hydrogen also decreases.

Renewable energy generation is becoming more accessible and widespread, which is directly driving the growth of electrolyzer deployment. The ability to harness surplus renewable energy for hydrogen production has made electrolyzers an attractive solution, especially for areas with abundant renewable resources.

5. Growing Focus on Sustainability and Decarbonization

The global focus on environmental sustainability and the urgent need to combat climate change are major factors driving the electrolyzer market. Businesses, industries, and governments are prioritizing carbon reduction strategies to meet their net-zero targets. Electrolyzers, as a clean technology for hydrogen production, play an essential role in decarbonizing sectors such as energy, transportation, and manufacturing.

The electrification of industries and the reduction of reliance on fossil fuels are key components of global decarbonization efforts. Hydrogen produced via electrolyzers offers a clean alternative to natural gas and other fossil fuels, making it essential for industries seeking to meet their sustainability goals.

6. Increased Investments and Corporate Partnerships

The electrolyzer market is witnessing increased investments from both public and private sectors. Major players in industries like energy, automotive, and technology are investing heavily in hydrogen and electrolyzer technologies. Partnerships between corporations, research institutions, and government bodies are contributing to the development of electrolyzers and the scaling up of hydrogen production projects.

For instance, many automotive companies like Toyota, Hyundai, and Volvo have teamed up with energy providers and electrolyzer manufacturers to build hydrogen infrastructure and develop hydrogen-powered vehicles. Similarly, energy giants such as Shell, Siemens, and Air Liquide are entering into joint ventures and strategic partnerships to commercialize electrolyzer technologies.

7. Demand for Energy Storage Solutions

The need for reliable energy storage solutions is another key factor driving the growth of the electrolyzer market. As renewable energy sources like wind and solar power are intermittent, hydrogen produced through electrolysis can be used as an effective energy storage medium. Electrolyzers can convert surplus renewable energy into hydrogen, which can then be stored and converted back into electricity when demand peaks.

Hydrogen offers a versatile and scalable storage option for renewable energy, addressing the challenge of energy intermittency. The integration of electrolyzers with energy storage systems is creating new opportunities for the growth of the global electrolyzers market.

8. Global Push for Clean Mobility

The transportation sector is a major contributor to global carbon emissions, and hydrogen is seen as a key solution for decarbonizing this industry. Hydrogen fuel cells are gaining popularity for use in heavy-duty transport, such as buses, trucks, and trains, as well as in maritime and aviation sectors. Electrolyzers play an important role in providing green hydrogen to power these vehicles.

As governments set stricter emissions regulations and industries move toward clean mobility solutions, the demand for hydrogen-powered vehicles and the electrolyzers needed to produce hydrogen is growing. This push for clean mobility is thus driving the demand for electrolyzers globally.

9. Increasing Global Hydrogen Initiatives and Projects

Several global hydrogen projects are being launched to explore the potential of hydrogen as a clean energy carrier. Major international hydrogen initiatives, such as the "Hydrogen Council" and the "Clean Hydrogen Alliance," are bringing together industry leaders, governments, and investors to accelerate the development of hydrogen infrastructure and production technologies.

These projects not only promote the use of hydrogen but also emphasize the importance of electrolyzers in producing green hydrogen on a large scale. The increasing number of large-scale hydrogen production projects worldwide is stimulating demand for electrolyzers, thereby driving market growth.

Conclusion:

As the global push for decarbonization intensifies, electrolyzer manufacturers are playing a critical role in enabling the production of green hydrogen, which is essential for achieving net-zero emissions targets. Companies like Cummins Inc., LONGi, Plug Power, Inc., Hygreen Energy and others are not only advancing electrolyzer technologies but are also paving the way for the hydrogen economy to flourish. Their innovations and large-scale projects are making green hydrogen a viable and scalable alternative to fossil fuels, ensuring a cleaner and more sustainable future for all.

These top manufacturers are poised to lead the industry, contributing to a cleaner energy future powered by hydrogen. Their commitment to efficiency, scalability, and sustainability will be pivotal in meeting global energy demands while reducing environmental impact.