The hydrogen electrolyzer market size was USD 1.15 billion in 2023 and is anticipated to reach over USD 12.7 billion in 2033, growing at a rate of over 25.1% from 2024 to 2033.
A hydrogen electrolyzer is an apparatus that produces hydrogen through a chemical process (electrolysis) capable of separating the hydrogen and oxygen molecules of which water is composed using electricity. Through electrolysis, the hydrogen electrolyzer system creates hydrogen gas. The oxygen left over is released into the atmosphere or can be captured or stored to supply other industrial processes or even medical gases in some cases. The hydrogen gas can either be stored as a compressed gas or liquefied since hydrogen is an energy carrier and can be used to power any hydrogen fuel cell electric application, such as trains, buses, and trucks.
Hydrogen Electrolyzer Market Trends
Some of the key trends in the hydrogen electrolyzer market are:
- Increased Efficiency: Newer electrolyzers are able to operate at up to 80% efficiency, compared to the 60-70% efficiency of older models. This improved efficiency means that more hydrogen can be produced from a given amount of electrical energy.
- Increased Durability: Newer electrolyzers are made with more durable materials that can withstand higher temperatures and pressures. This means that they can operate for longer periods of time without needing to be replaced.
- Increased Capacity: Newer electrolyzers are being designed with larger capacities, meaning that they can produce more hydrogen per unit of time. This is important for commercial applications where large quantities of hydrogen are required.
- Lower Cost: The cost of hydrogen electrolyzers has been falling in recent years, making them more affordable for a wider range of applications.
Hydrogen Electrolyzer Market Drivers
The key drivers of the hydrogen electrolyzer market are the growing demand for clean energy, the declining cost of electrolyzers, and the increasing government support for hydrogen fuel cell technology.
The demand for clean energy is increasing as the world becomes more aware of the impact of greenhouse gas emissions on the environment. Hydrogen is a clean energy source that can be used to power fuel cells, which produce no emissions.
Government support for hydrogen fuel cell technology has been increasing in recent years as countries recognize the potential of this clean energy source. Incentives and subsidies are being offered to encourage the development and use of hydrogen fuel cells.
The cost of electrolyzers has been declining as the technology has become more efficient. The cost of hydrogen fuel cells has also been declining, making them more attractive as an alternative to traditional fossil fuel-powered vehicles. In addition, the green hydrogen cost development by technology is declining year-on-year. This is further expected to lead to the demand for hydrogen electrolyzer market.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Hydrogen Electrolyzer Market Segmental Overview
The Hydrogen Electrolyzer Market is segmented by type, capacity, end-user and region.
Hydrogen Electrolyzer Market by Type
By type, the market is classified into proton exchange membrane (PEM) electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. The alkaline electrolyzer segment accounted for over three-fifths hydrogen electrolyzer market share in 2022, and the proton exchange membrane (PEM) electrolyzer segment is expected to be the fastest-growing segment during the forecast period. In addition, the alkaline electrolyzers are significantly less expensive than PEM electrolyzers. As a result, this type of electrolyzer is commonly used for on-site hydrogen production. The main benefit of alkaline electrolyzers is that they can sustain greater megawatt (MW) range stacks, resulting in increased capacity and a more stable working environment for hydrogen electrolyzers.
Hydrogen Electrolyzer Market by Capacity
By capacity, the market is bifurcated into below 500 kW, 500 kW – 2 MW, and above 2 MW. The 500 kW – 2 MW segment accounted for the largest market share in 2023, and the above 2 MW segment is expected to be the fastest-growing segment during the forecast period. In addition, the 500 kW – 2 MW capacity of hydrogen electrolyzers are high in demand because they can be deployed on-site and generate adequate amounts of power and hydrogen, which is then used as industrial energy or feedstock. Many businesses prefer to install medium electrolyzers at their plants for hydrogen production and the added benefit of reduced carbon emissions.
Hydrogen Electrolyzer Market by End-user
By end-user, the market is divided into ammonia, methanol, refining/ hydrocarbon, transport, and others. The ammonia segment accounted for the largest market share in 2023, and the transport segment is expected to be the fastest-growing segment during the forecast period. The transportation sector is anticipated to increase significantly over the forecasted period. Hydrogen’s role as a fuel for the transport sector can extend beyond road transport to shipping and aviation. Shipping and aviation sectors use heavy fuel oil and jet fuel, respectively. Moreover, there are few alternatives to decarbonize these sectors, which are less readily available and more expensive than conventional fuels. Hence, hydrogen or hydrogen-based compounds can significantly decarbonize shipping and aviation.
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Major Players in the Hydrogen Electrolyzer Market
The key players in the Hydrogen Electrolyzer Market are Nel Hydrogen, Siemens AG, McPhy Energy, ITM Power Plc, Gaztransport & Technigaz, GreenHydrogen Systems, iGas Energy GmbH, Next Hydrogen., Asahi Kasei, thyssenkrupp nucera, Hydrogenics (Cummins), Toshiba Corporation, Plug Power, John Cockerill, H2Greem, Sunfire GmbH, Bloom Energy, Air Liquide, Volkswagen AG (H-TEC SYSTEMS), and Enapter AG. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launches. For instance, in August 2022, Nel ASA decided to build a new, fully automated production line at Herøya in Norway, doubling its capacity for the production of alkaline electrolyzer stacks to ~1 GW. The growing demand for green hydrogen needs more electrolyzers and in order to match the supply Nel has increased its production sites.
Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
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