The global hydrogen electrolyzer market is anticipated to reach a valuation of USD 651.6 million in 2024, driven by international collaboration and trade. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 24.2% between 2024 and 2034, and reaching a total valuation of approximately USD 5,709.8 million by 2034.

Electrolyzers can provide grid balancing services by converting excess renewable energy into hydrogen during periods of oversupply and generating electricity through fuel cells during peak demand periods. The flexibility in hydrogen production and utilization can help optimize the integration of renewable energy sources into the grid and enhance energy security.

Continuous innovation in electrolyzer design, materials, and manufacturing processes is driving down the capital and operational costs associated with hydrogen production. Research and development efforts focused on cost reduction are making electrolyzers more economically competitive compared to conventional hydrogen production methods.

There is a growing interest in decentralized hydrogen production solutions, where electrolyzers are deployed at or near the point of hydrogen consumption. Decentralized production reduces transportation costs and enables the use of locally available renewable energy sources, promoting energy independence and resilience.

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Key Takeaways from the Market Study

• Global hydrogen electrolyzer market was valued at USD 527.5 Million in 2023.
• From 2019 to 2023, the market demand expanded at a CAGR of 20.3%.
• The market in Japan is expected to expand at a CAGR of 26.7% through 2034.
• By product type, the PEM electrolyzer segment to account for a share of 52.6% in 2024.

• The market in Korea is expected to expand at a CAGR of 9% through 2034.

• In terms of outlet pressure, the low segment to account for a share of 62.0% in 2024.

Competitive Landscape

Prominent players in the hydrogen electrolyzer market are Nel Hydrogen, Siemens AG, McPhy Energy, ITM Power Plc, Tianjin Mainland Hydrogen Equipment Co. Ltd, Gaztransport & Technigaz, Giner Inc., GreenHydrogen Systems, iGas Energy GmbH, Beijing CEI Technology Co., Ltd., Next Hydrogen, Air Liquide, Ballard Power Systems, Enapter, Plug Power Inc., Bloom Energy, Pure Energy Centre, Shandong Saikesaisi Hydrogen Energy Co., Ltd., Idroenergy, Erredue SpA, and SwissHydrogen SA, among others.

Company Portfolio

• Hydrogenics Corporation, now part of Cummins, specializes in hydrogen generation and fuel cell systems, offering advanced electrolyzer solutions for industrial, energy, and transportation markets. The electrolyzer portfolio includes both alkaline and proton exchange membrane electrolyzers, designed to produce high purity hydrogen for various applications.
• Green Hydrogen Systems develops proton exchange membrane electrolyzer solutions for industrial, energy, and mobility applications. The electrolyzer portfolio includes containerized and skid mounted electrolyzer systems designed for on site hydrogen production.

More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global hydrogen electrolyzer market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.

To understand opportunities in the hydrogen electrolyzer market, the market is segmented on the basis of product type (proton exchange membrane electrolyzer, alkaline electrolyzer, solid oxide electrolyzer), capacity (low (<= 150 kw), medium (150kw–1mw), high (> 1mw)), outlet pressure (low (<= 10 bar), medium (150 bar–40 bar), high (> 40 bar)),and end user (ammonia, methanol, refining/ hydrocarbon, electronics, energy, power to gas, transport, metal production and fabrication, pharma and biotech, food and beverages, glass industry, other industrial), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia &

Segmentation Analysis of the Hydrogen Electrolyzer Industry

By Product Type:

• Proton Exchange Membrane Electrolyzer
• Alkaline Electrolyzer
• Solid Oxide Electrolyzer

By Capacity:

• Low (<= 150 kW)
• Medium (150kW – 1mW)
• 150 – 400 kW
• 400 – 750kW
• 750 – 1mW
• High (> 1mW)
• 1 – 10 mW
• 10 – 20 mW
• Above 20 mW

By Outlet Pressure:

• Low (<= 10 Bar)
• Medium (150 Bar – 40 Bar)
• High (> 40 Bar)

By End Use:

• Ammonia
• Methanol
• Refining/ Hydrocarbon
• Electronics
• Energy
• Power to Gas
• Transport
• Metal Production and Fabrication
• Pharma and Biotech
• Food and Beverages
• Glass Industry
• Other Industrial

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• The Middle East and Africa