The hydrogen electrolyzer market is experiencing significant growth, with projections estimating an increase from USD 1.1 billion in 2023 to over USD 14.5 billion by 2033, at a compound annual growth rate (CAGR) of 26.9%. In terms of volume, it is expected to grow from 300,000 units in 2023 to 550,000 units by 2033. Alkaline electrolyzers currently dominate the market with a 45% share, while PEM systems account for 35%. Key government initiatives, such as Germany’s National Hydrogen Strategy and Japan’s hydrogen targets, are playing a major role in driving this expansion.
To learn more, visit our website: Global Insight Services
Despite a slowdown in global electrolysis capacity additions in 2022, with only 130 MW added, manufacturing capacity saw a 25% increase, reaching 11 GW per year. China is the global leader, boasting nearly 220 MW of installed capacity and 750 MW under construction. Meanwhile, the European Union doubled its capacity to 80 MW and committed EUR 5.4 billion towards hydrogen technologies. In the U.S., the Inflation Reduction Act has spurred critical incentives, leading to an uptick in manufacturing announcements.
Click here to request a sample for review: Electrolyzer Report
By 2030, global electrolyzer capacity could range between 170-365 GW, which is still below the 550 GW necessary to achieve the Net Zero Emissions by 2050 scenario. Investment in electrolyzers exceeded USD 0.6 billion in 2022, highlighting robust government support and innovations aimed at reducing costs and enhancing efficiency.
Click here to review the projects: Global Hydrogen Projects Database
Electrolyzer capital costs vary widely, with alkaline systems priced between USD 500 to 1,400 per kW, PEM systems ranging from USD 1,100 to 1,800 per kW, and SOEC systems between USD 2,800 to 5,600 per kW. Ongoing innovations, such as reducing the reliance on platinum-group metals and improving system efficiency, are expected to drive down these costs further. As manufacturing capacity continues to optimize and production volumes increase, economies of scale will contribute to a reduction in overall costs, enhancing hydrogen’s viability as a clean energy source.
Click here to request sample data for : Global OEM Electrolyzer Projects Database
Advances in hydrogen specifications, including purity levels and production methods, will also affect market dynamics. High-purity hydrogen, crucial for several applications, is becoming increasingly accessible through improved electrolyzer technologies. Global interest in hydrogen is growing due to sustainability goals and energy security needs, positioning the electrolyzer market for sustained expansion. This presents substantial opportunities for both investors and manufacturers. With Global Insight Services’ hydrogen databases, stakeholders can make informed decisions in this evolving landscape.
Our key product offerings include:
-
Global Hydrogen Projects Database:
Offering critical data on over 1,600 global facilities, this database provides insights into electrolyzer capacity, production volumes, technologies, funding, and participants. It supports clients in managing investments, tracking project developments, and navigating the fast-evolving hydrogen market.
-
OEM Electrolyzer Project Database:
Covering over 300 manufacturing facilities, this database provides detailed data on electrolyzer technologies, capacities, and production stages, enabling clients to track manufacturing progress and make informed decisions.
-
Hydrogen Electrolyzer Market Report:
This comprehensive report analyzes market trends, competitive landscapes, and regional opportunities, helping clients refine their strategies and capitalize on market opportunities.
With Global Insight Services, your organization can benefit significantly. Would you be open to reviewing our sample reports and pricing? We can also arrange a 30-minute call with our analyst team to explore how these insights can align with your strategic objectives.