The electrolyzer market will grow at a progressive rate of 32.21% over the course of the forecast period. FMI projects that the market will increase from USD 9.79 billion in 2023 to USD 159.74 billion by 2033.
The rising development in advanced power solutions technologies and clean hydrogen methods increasing the electrolyzer market share during the forecast period. The government initiatives plans and growing investment in renewable resources are increasing the market expansion in coming years.
On the other hand, rising industrial feedstock and developing hydrogen plants to reduce carbon emissions are estimated to increase the adoption of electrolyzer. 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 flourishing the market size during the forecast period.
The US market for electrolyzers dominates the global market by capturing the highest number of shares during the forecast period. The rising manufacturing companies and power industry are accelerating the demand for electrolyzer in recent years. 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 Report:
- 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$ 74 Billion by 2033 with a CAGR of 32.21%.
- The market for electrolyzers increased from US$ 40 Billion 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-users 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.
Leading Key Players:
- 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
Recent Developments in the Electrolyzer Market are:
In Jan 2022, Logan Energy Company deals 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.
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Electrolyzer Market Segmentation:
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
- Middle East and Africa(MEA)
