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

Industry : Power
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Published Date : NA

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Report Description

Forecast Period	2025-2029
Market Size (2023)	USD 1.67 Billion
Market Size (2029)	USD 5.09 Billion
CAGR (2024-2029)	20.22%
Fastest Growing Segment	≤ 500 kW
Largest Market	Europe

Market Overview

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 electrolyzers market encompasses the industry dedicated to the production and sale of electrolyzers—devices that use electrical energy to drive chemical reactions, typically the electrolysis of water to produce hydrogen and oxygen. This market is integral to the advancement of green hydrogen technology, which is crucial for sustainable energy solutions. Electrolyzers can be categorized into several types, including alkaline, proton exchange membrane (PEM), and solid oxide electrolyzers, each with distinct operating principles and applications.

The market is driven by increasing demand for clean energy solutions, governmental policies promoting decarbonization, and advancements in electrolyzer technology. The growth of the electrolyzers market is supported by the rising focus on renewable energy sources, energy storage systems, and hydrogen fuel cells. Key players in the market include manufacturers of electrolyzer systems, research institutions, and companies involved in hydrogen infrastructure development.

Market dynamics are influenced by factors such as technological innovation, production costs, and supply chain considerations. As the global emphasis on reducing carbon emissions intensifies, the electrolyzers market is expected to expand significantly, playing a pivotal role in the transition to a sustainable energy future.

Key Market Drivers

Growing Demand for Clean Energy Solutions

The global electrolyzers market is significantly driven by the escalating demand for clean and sustainable energy solutions. As the world grapples with the adverse effects of climate change and environmental degradation, there is an increasing shift towards renewable energy sources such as wind, solar, and hydro power. Electrolyzers play a crucial role in this transition by facilitating the production of green hydrogen—a key component in achieving energy sustainability.

Green hydrogen, produced through the electrolysis of water using renewable electricity, is considered a vital element in reducing carbon emissions across various sectors, including transportation, industrial processes, and energy storage. The versatility of hydrogen as an energy carrier and its potential to replace fossil fuels in numerous applications heighten its importance in achieving global decarbonization goals. As countries and organizations commit to ambitious climate targets and adopt stricter environmental regulations, the demand for electrolyzers, which are essential for green hydrogen production, is expected to rise correspondingly.

Advancements in electrolyzer technology are making these systems more efficient and cost-effective, thus encouraging greater adoption. Governments and private entities are increasingly investing in research and development to improve electrolyzer performance and reduce production costs. This investment further supports the growth of the electrolyzers market by making clean hydrogen more accessible and economically viable.

Government Policies and Incentives for Decarbonization

Government policies and incentives play a pivotal role in driving the global electrolyzers market. Many countries have established ambitious climate goals and have implemented supportive policies to promote the transition to low-carbon and renewable energy sources. These policies often include subsidies, tax incentives, and grants aimed at reducing the cost of clean technologies, including electrolyzers.

For instance, national and regional governments are introducing mandates for hydrogen production targets and setting deadlines for reducing greenhouse gas emissions. These regulations create a favorable market environment for electrolyzer manufacturers and encourage investments in hydrogen infrastructure. By providing financial support and regulatory frameworks, governments are effectively lowering the barriers to entry for new technologies and fostering innovation in the electrolyzer sector.

International agreements and collaborations, such as the Paris Agreement, reinforce the commitment of governments to climate action and sustainable energy development. These agreements drive global efforts to enhance hydrogen production capabilities, thereby stimulating demand for electrolyzers. The alignment of government policies with climate goals ensures a stable and supportive market environment, which is essential for the continued growth and development of the electrolyzers market.

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Key Market Challenges

High Capital Costs and Economic Viability

One of the primary challenges facing the global electrolyzers market is the high capital cost associated with the production and installation of electrolyzer systems. Electrolyzers, particularly those utilizing advanced technologies such as proton exchange membrane (PEM) or solid oxide electrolyzers (SOEs), require significant investment in research, development, and manufacturing. These systems involve complex components, specialized materials, and precise engineering, which contribute to their high initial costs.

The economic viability of electrolyzer projects is heavily influenced by these capital costs. For many potential users, particularly in emerging markets or small-scale applications, the upfront investment can be prohibitive. This challenge is compounded by the fact that the cost of renewable electricity, which is necessary for green hydrogen production, also plays a crucial role in the overall economic feasibility. Although advancements in technology and economies of scale are gradually reducing costs, the capital intensity remains a significant barrier to widespread adoption.

The financial risk associated with the high capital expenditure can deter investors and stakeholders from committing to electrolyzer projects. The return on investment (ROI) for electrolyzer systems depends on various factors, including hydrogen demand, energy prices, and regulatory incentives. In the absence of supportive policies or substantial market demand, the financial risks can outweigh the potential benefits, slowing the growth of the electrolyzers market.

To address this challenge, ongoing efforts are focused on improving the efficiency and reducing the costs of electrolyzer technologies. Innovations in materials, manufacturing processes, and system design aim to lower production costs and enhance economic viability. Additionally, government subsidies, tax incentives, and funding programs are being introduced to alleviate the financial burden and stimulate investment in electrolyzer projects. However, achieving economic competitiveness remains a key challenge for the widespread adoption of electrolyzer technologies.

Infrastructure and Supply Chain Limitations

Another significant challenge for the global electrolyzers market is the limitation of infrastructure and supply chain issues. The effective deployment of electrolyzer systems requires a robust infrastructure for hydrogen production, storage, and distribution. In many regions, the necessary infrastructure is either underdeveloped or non-existent, which hampers the widespread adoption of electrolyzer technologies.

Building and maintaining hydrogen infrastructure involves substantial investment and coordination among various stakeholders, including government bodies, private companies, and research institutions. Developing hydrogen refueling stations, pipelines, and storage facilities requires careful planning and significant resources. In regions where infrastructure development is lagging, the lack of hydrogen infrastructure creates a bottleneck for the integration of electrolyzer systems into the energy ecosystem.

Supply chain limitations also pose a challenge, as electrolyzer production relies on specialized materials and components. The availability and cost of critical materials, such as rare metals and advanced catalysts, can impact the overall production process and cost of electrolyzers. Supply chain disruptions, whether due to geopolitical factors, trade restrictions, or natural disasters, can further exacerbate these challenges.

Addressing these infrastructure and supply chain limitations requires a coordinated approach involving public and private sectors. Investments in hydrogen infrastructure, along with supportive policies and incentives, are essential for creating a conducive environment for electrolyzer deployment. Additionally, efforts to enhance supply chain resilience and diversify material sources can help mitigate the risks associated with production and distribution.

Key Market Trends

Increasing Adoption of Green Hydrogen

A significant trend in the global electrolyzers market is the increasing adoption of green hydrogen. As the world shifts towards more sustainable energy solutions, green hydrogen—produced through the electrolysis of water using renewable energy sources—has gained prominence. This trend is driven by the need to reduce greenhouse gas emissions and enhance energy security. Green hydrogen is considered a key component in the transition to a low-carbon economy, offering a clean alternative to fossil fuels in various applications, including transportation, industrial processes, and power generation.

Governments and industries are investing heavily in green hydrogen technology to meet climate targets and promote renewable energy. The development of electrolyzer systems is central to this trend, as they are the technology that enables the production of green hydrogen. Enhanced efficiency and reduced costs of electrolyzers are making green hydrogen more competitive with conventional fuels. Additionally, the expansion of renewable energy sources, such as wind and solar power, is providing a steady and scalable supply of electricity for electrolysis, further supporting the growth of green hydrogen adoption.

This trend is also reflected in strategic partnerships and collaborations between technology providers, energy companies, and governments. These partnerships aim to scale up electrolyzer deployment and integrate green hydrogen into existing energy infrastructure. The growing focus on green hydrogen is driving innovation in electrolyzer technologies and stimulating investments in hydrogen production and distribution networks.

Technological Advancements in Electrolyzer Technologies

Technological advancements are a key trend shaping the global electrolyzers market. Ongoing research and development are leading to the emergence of more efficient, durable, and cost-effective electrolyzer technologies. Innovations in electrolyzer design and materials are enhancing performance and reducing operational costs, thereby expanding the market's potential applications.

One notable advancement is the development of proton exchange membrane (PEM) electrolyzers, which offer higher efficiency and faster response times compared to traditional alkaline electrolyzers. PEM electrolyzers are increasingly used in applications requiring high-purity hydrogen, such as fuel cells and industrial processes. Similarly, advancements in solid oxide electrolyzers (SOEs) are enabling efficient co-production of hydrogen and electricity at high temperatures, making them suitable for large-scale applications.

Research into new materials, such as advanced catalysts and membranes, is also contributing to technological improvements. These materials enhance the performance and lifespan of electrolyzers, addressing issues related to efficiency and durability. Furthermore, innovations in system integration and automation are optimizing the operation and maintenance of electrolyzer systems.

The continuous evolution of electrolyzer technology is driving market growth by making these systems more accessible and economically viable. As technology progresses, electrolyzers are becoming increasingly integrated into diverse energy systems, from small-scale decentralized production to large industrial facilities.

Expansion of Hydrogen Infrastructure

The expansion of hydrogen infrastructure is a prominent trend in the global electrolyzers market. As hydrogen gains traction as a clean energy carrier, there is a growing need for infrastructure to support its production, storage, and distribution. This trend is crucial for facilitating the widespread adoption of hydrogen technologies and integrating them into the existing energy ecosystem.

Hydrogen infrastructure development includes the construction of refueling stations, pipelines, and storage facilities. These components are essential for the efficient delivery of hydrogen to end-users, such as fuel cell vehicles, industrial users, and power plants. The expansion of infrastructure not only supports electrolyzer deployment but also enhances the overall hydrogen value chain.

Governments and private entities are investing in hydrogen infrastructure projects to promote the use of hydrogen in various sectors. Public-private partnerships are common in this space, as they enable collaborative efforts to build and scale hydrogen infrastructure. Additionally, regional and national policies are increasingly focused on supporting hydrogen infrastructure development, providing funding and incentives to stimulate growth.

The expansion of hydrogen infrastructure is creating new opportunities for electrolyzer manufacturers and technology providers. As infrastructure projects progress, the demand for electrolyzers to produce green hydrogen will continue to rise, further driving market growth.

Segmental Insights

Type Insights

The Alkaline Electrolyzer segment held the largest Market share in 2023. Alkaline electrolyzers dominate the global electrolyzers market primarily due to their established technology, cost-effectiveness, and reliability. This technology has been in use for several decades, leading to well-optimized designs and mature supply chains. Their widespread adoption and proven track record in various applications contribute to their dominance in the market.

One key advantage of alkaline electrolyzers is their relatively lower capital and operational costs compared to newer technologies. They are built with cost-effective materials, such as nickel-based electrodes and potassium hydroxide electrolytes, which make them more affordable to produce and maintain. This cost efficiency makes alkaline electrolyzers particularly attractive for large-scale industrial applications where cost considerations are critical.

Alkaline electrolyzers are known for their robustness and reliability. They can operate under a wide range of conditions and have a long operational life, which enhances their appeal for continuous, large-scale hydrogen production. Their technology is well-understood, and extensive industry experience supports their consistent performance, making them a preferred choice for many industrial users.

The alkaline electrolyzer technology also benefits from established infrastructure and supply chains. The long history of alkaline electrolyzers has led to a comprehensive network of suppliers and service providers, further reinforcing their market dominance. This infrastructure supports easier procurement of components and services, which is advantageous for both new installations and maintenance.

Alkaline electrolyzers are versatile and can operate efficiently with various power sources, including intermittent renewable energy, making them suitable for diverse applications. This flexibility allows them to be integrated into various hydrogen production setups, from large industrial plants to smaller-scale operations.

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Regional Insights

Europe region held the largest market share in 2023. European countries have established some of the most ambitious climate and sustainability goals globally. The European Union's Green Deal and various national policies aim to achieve carbon neutrality by 2050, with hydrogen playing a crucial role in this transition. These policies include substantial subsidies, tax incentives, and funding programs designed to accelerate the adoption of electrolyzer technologies and green hydrogen production. This regulatory framework creates a conducive environment for market growth and positions Europe as a leader in electrolyzer deployment.

Europe has made significant investments in green hydrogen infrastructure and technology development. Major projects, such as the European Hydrogen Backbone and the HyDeal Europe initiative, are focused on scaling up hydrogen production, distribution, and utilization. These investments include funding for electrolyzer production facilities and research into advanced electrolyzer technologies, reinforcing Europe’s position at the forefront of the global electrolyzers market.

Europe boasts a well-developed renewable energy infrastructure, including extensive wind and solar power networks. Electrolyzers are essential for producing green hydrogen from renewable electricity. The integration of electrolyzers with Europe’s growing renewable energy sources facilitates efficient hydrogen production and supports the market's expansion.

European countries, particularly Germany, the Netherlands, and France, are home to leading electrolyzer manufacturers and research institutions. These entities drive innovation and advancements in electrolyzer technologies, contributing to Europe’s dominant market position. Europe's strong industrial base and technological expertise support the development and deployment of advanced electrolyzer systems.

Recent Developments

In March 2024, At Smart Energy Week 2024 H₂ & FC EXPO, held at the Tokyo Big Sight International Exhibition Center, Sungrow Hydrogen captured significant attention with the global launch of its 300Nm³/h PEM water electrolyzer and the introduction of its versatile hydrogen production solution. The new 300Nm³/h PEM electrolyzer from Sungrow Hydrogen not only set a new record for hourly hydrogen production per PEM stack in the Chinese market but also achieved advanced international benchmarks in key performance metrics. This debut underscores Sungrow Hydrogen's commitment to innovation and excellence in the electrolyzer industry.
In March 2024, Greenzo Energy India Limited, a frontrunner in green hydrogen solutions, has unveiled its 1 MW alkaline electrolyzer, the first of its kind in India. This groundbreaking electrolyzer, developed entirely under the 'Make in India' initiative, represents a major milestone in advancing India's transition to a clean energy future. The launch was announced by Gujarat Industries Minister Balvantsinh Rajput at the Sanand Global Expo, hosted by the Sanand Industries Association. This achievement highlights Greenzo Energy's pivotal role in driving sustainable energy solutions in India.
In June 2024, The Chilean government has announced a subsidy program offering up to $10 million to support the construction of new electrolyzer manufacturing or assembly facilities within the country. The government agency Corfo has issued a call for proposals, seeking detailed submissions for the development of electrolyzer or electrolyzer component plants in Chile. This initiative aims to foster growth in the electrolyzer sector and attract investment in local manufacturing capabilities.

Key Market Players

Cummins Inc.
Siemens AG
ITM Power Plc
Plug Power Inc.
Green Hydrogen Systems A/S
McPhy Energy
Sungrow Power Supply Co., Ltd.
Ballard Power Systems Inc.
Hitachi Zosen Inova AG
Enapter S.r.l

By Type	By Capacity	By Application	By Region
PEM Electrolyzer Alkaline Electrolyzer Solid Oxide Electrolyzer	≤ 500 kW 500 kW - 2 MW Above 2 MW	Steel Plant Power Plants Electronics & Photovoltaics Energy Storage For Fuel Cells Industrial Gases Power To Gas Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Electrolyzers Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Electrolyzers Market, By Type:

o PEM Electrolyzer

o Alkaline Electrolyzer

o Solid Oxide Electrolyzer

Electrolyzers Market, By Capacity:

o ≤ 500 kW

o 500 kW - 2 MW

o Above 2 MW

Electrolyzers Market, By Application:

o Steel Plant

o Power Plants

o Electronics & Photovoltaics

o Energy Storage For Fuel Cells

o Industrial Gases

o Power To Gas

o Others

Electrolyzers Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Europe

§ France

§ United Kingdom

§ Italy

§ Germany

§ Spain

o Asia-Pacific

§ China

§ India

§ Japan

§ Australia

§ South Korea

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East & Africa

§ South Africa

§ Saudi Arabia

§ UAE

§ Kuwait

§ Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Electrolyzers Market.

Available Customizations:

Global Electrolyzers Market report with the given Market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional Market players (up to five).

Global Electrolyzers Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Formulation of the Scope

2.4. Assumptions and Limitations

2.5. Sources of Research

2.5.1. Secondary Research

2.5.2. Primary Research

2.6. Approach for the Market Study

2.6.1. The Bottom-Up Approach

2.6.2. The Top-Down Approach

2.7. Methodology Followed for Calculation of Market Size & Market Shares

2.8. Forecasting Methodology

2.8.1. Data Triangulation & Validation

3. Executive Summary

4. Voice of Customer

5. Global Electrolyzers Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type (PEM Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer)

5.2.2. By Capacity (≤ 500 kW, 500 kW - 2 MW, Above 2 MW)

5.2.3. By Application (Steel Plant, Power Plants, Electronics & Photovoltaics, Energy Storage For Fuel Cells, Industrial Gases, Power To Gas, Others)

5.2.4. By Region (Asia Pacific, North America, South America, Middle East &Africa, Europe)

5.2.5. By Company (2023)

5.3. Market Map

6. North America Electrolyzers Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type

6.2.2. By Capacity

6.2.3. By Application

6.2.4. By Country

6.3. North America: Country Analysis

6.3.1. United States Electrolyzers Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Type

6.3.1.2.2. By Capacity

6.3.1.2.3. By Application

6.3.2. Canada Electrolyzers Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Type

6.3.2.2.2. By Capacity

6.3.2.2.3. By Application

6.3.3. Mexico Electrolyzers Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Type

6.3.3.2.2. By Capacity

6.3.3.2.3. By Application

7. Europe Electrolyzers Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type

7.2.2. By Capacity

7.2.3. By Application

7.2.4. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Electrolyzers Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Type

7.3.1.2.2. By Capacity

7.3.1.2.3. By Application

7.3.2. United Kingdom Electrolyzers Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Type

7.3.2.2.2. By Capacity

7.3.2.2.3. By Application

7.3.3. Italy Electrolyzers Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Type

7.3.3.2.2. By Capacity

7.3.3.2.3. By Application

7.3.4. France Electrolyzers Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Type

7.3.4.2.2. By Capacity

7.3.4.2.3. By Application

7.3.5. Spain Electrolyzers Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Type

7.3.5.2.2. By Capacity

7.3.5.2.3. By Application

8. Asia-Pacific Electrolyzers Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Type

8.2.2. By Capacity

8.2.3. By Application

8.2.4. By Country

8.3. Asia-Pacific: Country Analysis

8.3.1. China Electrolyzers Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Type

8.3.1.2.2. By Capacity

8.3.1.2.3. By Application

8.3.2. India Electrolyzers Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Type

8.3.2.2.2. By Capacity

8.3.2.2.3. By Application

8.3.3. Japan Electrolyzers Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Type

8.3.3.2.2. By Capacity

8.3.3.2.3. By Application

8.3.4. South Korea Electrolyzers Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Type

8.3.4.2.2. By Capacity

8.3.4.2.3. By Application

8.3.5. Australia Electrolyzers Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Type

8.3.5.2.2. By Capacity

8.3.5.2.3. By Application

9. South America Electrolyzers Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Type

9.2.2. By Capacity

9.2.3. By Application

9.2.4. By Country

9.3. South America: Country Analysis

9.3.1. Brazil Electrolyzers Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Type

9.3.1.2.2. By Capacity

9.3.1.2.3. By Application

9.3.2. Argentina Electrolyzers Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Type

9.3.2.2.2. By Capacity

9.3.2.2.3. By Application

9.3.3. Colombia Electrolyzers Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Type

9.3.3.2.2. By Capacity

9.3.3.2.3. By Application

10. Middle East and Africa Electrolyzers Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Type

10.2.2. By Capacity

10.2.3. By Application

10.2.4. By Country

10.3. Middle East and Africa: Country Analysis

10.3.1. South Africa Electrolyzers Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Type

10.3.1.2.2. By Capacity

10.3.1.2.3. By Application

10.3.2. Saudi Arabia Electrolyzers Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Type

10.3.2.2.2. By Capacity

10.3.2.2.3. By Application

10.3.3. UAE Electrolyzers Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Type

10.3.3.2.2. By Capacity

10.3.3.2.3. By Application

10.3.4. Kuwait Electrolyzers Market Outlook

10.3.4.1. Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.2. Market Share & Forecast

10.3.4.2.1. By Type

10.3.4.2.2. By Capacity

10.3.4.2.3. By Application

10.3.5. Turkey Electrolyzers Market Outlook

10.3.5.1. Market Size & Forecast

10.3.5.1.1. By Value

10.3.5.2. Market Share & Forecast

10.3.5.2.1. By Type

10.3.5.2.2. By Capacity

10.3.5.2.3. By Application

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

13. Company Profiles

13.1. Cummins Inc.

13.1.1. Business Overview

13.1.2. Key Revenue and Financials

13.1.3. Recent Developments

13.1.4. Key Personnel/Key Contact Person

13.1.5. Key Product/Services Offered

13.2. Siemens AG

13.2.1. Business Overview

13.2.2. Key Revenue and Financials

13.2.3. Recent Developments

13.2.4. Key Personnel/Key Contact Person

13.2.5. Key Product/Services Offered

13.3. ITM Power Plc

13.3.1. Business Overview

13.3.2. Key Revenue and Financials

13.3.3. Recent Developments

13.3.4. Key Personnel/Key Contact Person

13.3.5. Key Product/Services Offered

13.4. Plug Power Inc.

13.4.1. Business Overview

13.4.2. Key Revenue and Financials

13.4.3. Recent Developments

13.4.4. Key Personnel/Key Contact Person

13.4.5. Key Product/Services Offered

13.5. Green Hydrogen Systems A/S

13.5.1. Business Overview

13.5.2. Key Revenue and Financials

13.5.3. Recent Developments

13.5.4. Key Personnel/Key Contact Person

13.5.5. Key Product/Services Offered

13.6. McPhy Energy

13.6.1. Business Overview

13.6.2. Key Revenue and Financials

13.6.3. Recent Developments

13.6.4. Key Personnel/Key Contact Person

13.6.5. Key Product/Services Offered

13.7. Sungrow Power Supply Co., Ltd.

13.7.1. Business Overview

13.7.2. Key Revenue and Financials

13.7.3. Recent Developments

13.7.4. Key Personnel/Key Contact Person

13.7.5. Key Product/Services Offered

13.8. Ballard Power Systems Inc.

13.8.1. Business Overview

13.8.2. Key Revenue and Financials

13.8.3. Recent Developments

13.8.4. Key Personnel/Key Contact Person

13.8.5. Key Product/Services Offered

13.9. Hitachi Zosen Inova AG

13.9.1. Business Overview

13.9.2. Key Revenue and Financials

13.9.3. Recent Developments

13.9.4. Key Personnel/Key Contact Person

13.9.5. Key Product/Services Offered

13.10. Enapter S.r.l

13.10.1. Business Overview

13.10.2. Key Revenue and Financials

13.10.3. Recent Developments

13.10.4. Key Personnel/Key Contact Person

13.10.5. Key Product/Services Offered

14. Strategic Recommendations

15. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What was the Market size of the Global Electrolyzers Market in 2023?

The Market size of the Global Electrolyzers Market was USD 1.67 billion in 2023.

Which was the dominant segment by application in the Global Electrolyzers Market in 2023?

In 2023, The industrial gases sector dominates the global electrolyzers market due to its established infrastructure, significant hydrogen demand, and the need for large-scale, high-purity hydrogen production. Electrolyzers efficiently meet these demands, integrating well into existing industrial processes and supporting diverse applications across the sector.

What are the major challenges of the Global Electrolyzers Market?

Major challenges in the global electrolyzers market include high capital costs, which impact economic viability, and infrastructure limitations, affecting hydrogen production, storage, and distribution. Additionally, supply chain issues and material availability for advanced electrolyzer components further complicate market growth and scalability.

What are the major drivers of the Global Electrolyzers Market?

The major drivers of the global electrolyzers market include increasing demand for green hydrogen, supportive government policies and incentives, advancements in electrolyzer technology, and the expansion of hydrogen infrastructure. These factors collectively promote the adoption of electrolyzers and support their integration into sustainable energy systems

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Parvati Sharma

Account Manager BD

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Press Release

Electrolyzers Market to Grow with a CAGR of 20.22% through 2029

Oct, 2024

Growing demand for clean energy solutions, Expansion of Hydrogen Infrastructure, and government policies & incentives for decarbonization are likely to drive the market in the forecast period.