Electrolyzer Market Skyrockets from $4.7B to $42.4B by 2034, Fueled by Green Hydrogen Revolution | Future Market Insights, Inc.

Green hydrogen fuels electrolyzer market boom, driven by sustainability shift. R&D and government support boost efficiency, competitiveness, and unlock stakeholder opportunities. Explore the details in our report.

NEWARK, Del., Feb. 8, 2024 /PRNewswire/ — The global electrolyzer market is expected to grow from US$ 4.7 billion in 2024 to US$ 42.4 billion by 2034, with a CAGR of 24.6%. The emphasis on green hydrogen drives this growth as governments and industries invest in electrolysis technology to reduce carbon emissions and promote renewable energy.

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Electrolyzers are becoming increasingly common as we transition to low-carbon, sustainable energy sources. There is a noticeable shift in the widespread adoption of electrolyzers, marked by a growing recognition of hydrogen as a versatile and eco-friendly energy carrier. The prevailing trend involves scaling up the deployment of electrolyzers, emphasizing their pivotal role in producing clean hydrogen.

Research and development endeavors are actively directed toward enhancing the efficiency and cost-effectiveness of electrolyzers, aiming to bolster their competitiveness and commercial viability. This concerted effort aligns with the broader goal of establishing hydrogen as a sustainable energy solution. Governments are fostering this transition by enacting supportive policies and incentives specifically geared toward advancing clean hydrogen technologies, creating a conducive environment for the robust development of electrolyzers in the global energy landscape.

“The electrolyzer market is expected to grow due to innovative power solutions technologies and clean hydrogen production techniques. Government initiatives, investment in renewable resources, rising industrial feedstock, and hydrogen plants are increasing demand. However, rising electricity costs and the consumption of economic alternatives to hydrogen fuel cells may limit market growth.” Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Key Takeaways

  • The United States electrolyzer industry is projected to experience a CAGR of 25.0% through 2034.
  • Japan electrolyzer market is expected to demonstrate a rapid CAGR of 25.9% through 2034.
  • The United Kingdom electrolyzer industry is anticipated to see a CAGR of 26.2% through 2034.
  • Demand for electrolyzers in South Korea showcases a significant CAGR of 26.9% through 2034.
  • China electrolyzer market is expected to display a favorable CAGR of 23.8% through 2034.

Competitive Landscape

The global market for electrolyzers is witnessing a notable surge propelled by a growing number of prominent vendors, and their strategic contributions are set to shape the industry’s trajectory during the forecast decade. These key players are pivotal in driving market dynamics, translating their efforts into substantial revenue gains. With a keen focus on aligning with end-user requirements, these vendors are adapting dynamically to the evolving demands of recent years.

These influential players are orchestrating comprehensive marketing strategies to fortify their presence and secure a maximal share in the anticipated period. Notably, increased Research and Development activities within the industry are a testament to their commitment to harnessing the potential of modern technologies. This technological emphasis is instrumental in uplifting the market and contributing to its expansion during the forecast period.

In navigating the competitive landscape, these leaders deploy multifaceted tactics such as collaborations, partnerships, mergers, acquisitions, agreements, and strategic product launches. These strategic moves reinforce their positions and catalyze innovation and synergy within the electrolyzer industry, fostering an environment of continuous growth and adaptation to emerging trends.


Key Companies in the Electrolyzer Market

  • Nel Hydrogen (Norway)
  • Asahi Kasei (Japan)
  • Hydrogenics (Canada)
  • Shandong Saikesaisi Hydrogen Energy Co., Ltd. (China)
  • Teledyne Energy Systems (United States)
  • Siemens Energy (Germany)
  • Kobelco Eco-Solutions (United States)
  • ITM Power (United Kingdom)
  • Ballard Power Systems (Canada)
  • McPhy Energy (France)
  • Plug Power (United States)
  • ABB (Switzerland)
  • De Nora (Italy)
  • Green Hydrogen Systems (Denmark)

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Recent Developments

  • To form a joint venture to purchase stacks from the Enapter Group and manufacture Enapter AEM electrolyzer devices domestically in China for the Chinese market, Enapter AG teamed up with Wolong Electric Group Co., Ltd. in January 2024.
  • McPhy Energy, a French company, signed an agreement in December 2023 with Berlin-based HMS Oil and Gas division GmbH to deliver and install four McLyzer 3200-30 electrolyzers, totaling 64 MW in capacity.


Key Segments

By Type:

  • PEM Electrolyzer
  • Alkaline Electrolyzer
  • Solid Oxide Electrolyzer

By Capacity:

  • ≤ 500 kW
  • 500 kW to 2 MW
  • Above 2 MW

By Application:

  • Steel plant
  • Power plants
  • Electronics and photovoltaics
  • Energy storage for fuel cells
  • Industrial gases
  • Power to gas
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • The Middle East and Africa

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About the Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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