The global electrolyzers market is projected to experience significant growth, reaching $4.27 billion by 2030, driven by a CAGR of 21.2% from 2023 to 2030. This growth is largely attributed to the increased deployment of renewable and nuclear technologies for electricity generation, alongside rising investments in green energy and government focus on hydrogen technologies. Despite this optimistic outlook, the market faces hurdles, particularly in terms of the shortage of raw materials, which could impede its expansion. On the bright side, the decreasing costs of electrolyzers offer a promising growth opportunity for businesses in the sector, although high energy requirements remain a challenge.
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The market is segmented into type, capacity, application, and geography, with each segment playing a vital role in shaping the future of electrolyzers. Under type, the market is divided into polymer electrolyte membrane (PEM) electrolyzers, alkaline electrolyzers, and solid oxide electrolyzers. Among these, the alkaline electrolyzers segment is expected to dominate in 2023, primarily due to the surging demand for green hydrogen in industrial applications. Additionally, collaborations among companies to meet the global demand for green hydrogen will further strengthen this segment’s market position.
When it comes to capacity, the global market is split into less than 500 kW, 500 kW to 2 MW, and more than 2 MW categories. The more than 2 MW segment is expected to hold the largest share in 2023, driven by substantial electrolyzer deployments in 2021. Manufacturers are increasingly focusing on larger electrolyzers to facilitate a shift toward low-carbon energy solutions, thus pushing this segment forward.
In terms of applications, the market is divided into mobility, industrial applications, chemical production, and other uses. The industrial applications segment is set to dominate the market in 2023, owing to the growing use of green hydrogen to replace fossil fuels in various industries. As industries worldwide strive for carbon neutrality, green hydrogen’s role becomes ever more crucial in decarbonizing energy-intensive processes.
From a geographical perspective, Asia-Pacific is poised to account for the largest market share in 2023, followed by Europe and North America. This regional growth can be attributed to rising government policies focused on developing hydrogen networks and the growing application of electrolyzers in industrial sectors. Furthermore, increasing government efforts to combat climate change and expanding investments in clean energy technologies are spurring demand for electrolyzers in Asia-Pacific.
Key players in the global electrolyzers market include Plug Power Inc. (U.S.), CUMMINS INC. (U.S.), ITM Power PLC (U.K.), Siemens Energy AG (Germany), thyssenkrupp nucera AG & CO. KGAA (Germany), Nel ASA (Norway), and others. These companies are leading the charge in developing innovative technologies and expanding their reach in the evolving market.
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Proliferation of Renewable and Nuclear Technologies for Electricity Generation
The world’s electricity markets are experiencing the profound impacts of climate change. Heatwaves, cold snaps, droughts, and floods have become more frequent and intense, resulting in unstable and unreliable electricity supply. Grid operators are increasingly using renewable or nuclear technologies for electricity generation due to their viability for hydrogen production via electrolysis. Despite remarkable growth in the generation of renewable energy, electricity production from coal and gas has hit record levels, with coal accounting for 70% of all production in the energy & power sector. As a result, in 2021, carbon dioxide (CO2) emissions from power generation rose by 7%, reaching a record high after declining during 2019 and 2020.
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