During the projection period, it is predicted that the electrolyzer market will maintain a steady CAGR of 32.21%. By 2033, the market is expected to be worth US$ 159.74 billion, up from US$ 9.79 billion in 2023, according to FMI.
The market share of electrolyzers is expected to grow due to the increased development of innovative power solutions technologies and clean hydrogen production techniques. In the upcoming years, market expansion will be accelerated by government programs and rising investments in renewable resources.
On the other hand, rising industrial feedstock and developing hydrogen plants to reduce carbon emissions are estimated to increase the adoption of electrolyzers. The end-user industries, including oil refineries and chemicals, are accelerating huge demand for electrolyzers in recent years. The electricity grid and coal gasification uplift the market share.
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The introduction of modern technologies, R&D activities, the presence of prominent vendors, and the growing production of hydrogen accelerated the market opportunities during the foreseen time. The rising Electric vehicles and other petroleum vehicles are rapidly growing with considerable revenue and are increasing the market size during the forecast period.
The alkaline electrolyzer segment dominates the global market due to holding a significant share of 59% during the forecast period. The potassium hydroxide, hydroxide ions, and electrodes are the alkaline electrolyte solutions used for nickel catalysts. The rising power plants and energy generators are increasing the adoption of alkaline electrolyzers during the forecast period.
The growing infrastructure and rising consumption of power by end-users are increasing the US electrolyzers market growth during the forecast period.
Key Takeaways from the Electrolyzer Market
- North America is leading the global market with rising manufacturing companies and the power industry is accelerating the demand for electrolyzers in recent years.
- The global electrolyzer market valuation stands at US$ 159.74 Bn by 2033 with a CAGR of 32.21%.
- The market for electrolyzers increased from US$ 7.40 Bn between 2017 and 2021 with an impressive CAGR of 32.21%.
- The alkaline electrolyzer segment dominates the global market due to holding a significant share of 59% during the forecast period.
- The rising government policies, urbanization, and renewable resources are expanding the Japan electrolyzer market size.
Who is Winning?
The number of prominent vendors is advancing the global market during the forecast period. These vendors play an essential role in the market by collecting better revenue during the forecast period. These players are focusing on the end-user’s requirements as per their demand in recent years.
These players are making several marketing strategies to acquire a maximum share during the foreseen time. The rising R&D activities and generating power through modern technologies uplift the market during the forecast period. Some of the marketing tactics adopted by these players include collaborations, partnerships, mergers, acquisitions, agreements, and product launches.
Some of the Key Companies in the Market are
- Green Hydrogen
- Linde Plc
- NeL ASA,
- Siemens Energy
- Next Hydrogen
- Suzhou Green Energy Co.
- ITM Power PLC
- Siemens Energy
- Plug Power Inc
- ErrDue Spa
- Sunfire GnmH
- Cockerill Jingli Hydrogen
- Cummins Inc
- Air Products Inc
- Air Liquide
- Others
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Recent Developments in the Electrolyzer Market are:
In Jan 2022, Logan Energy Company reached an agreement with Green Hydrogen Systems to provide electrolysis equipment in England. A container of 40 feet is likely to be utilized to form an electrolytic system in the coming period.
Segmentation by Category in the Market for Electrolyzer
By Type:
- Solid Oxide Electrolyzer
- PEM Electrolyzer
- Alkaline Electrolyzer
By Application:
- Power Plant
- Photovoltaics
- Steel Plant
- Electronics
- Power to Gas
- Energy Storage for Fuel Cells
- Industrial Gases
- Others
By Capacity:
- 500 KW
- 500KW – 2 MW
- Above 2 MW
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
About Future Market Insights (FMI)
Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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