The PEM Electrolyzer market was valued at about USD 3.2 billion in 2024 and is projected to grow to USD 45.48 billion by 2034 at a compound annual growth rate (CAGR) of 32.2% during the 2025–2035 forecast period. The market is expected to grow because it is essential to the shift to a low-carbon energy future by facilitating the production of clean hydrogen fuel, which is in high demand due to its properties from renewable resources.

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PEM electrolyzers' solid polymer electrolyte membrane permits higher working pressures and lightweight, compact designs that are appropriate for a range of uses, such as industrial operations, energy storage, and fuel cell hydrogen production. The primary advantage of PEM electrolyzers is their capacity to generate pure and high-quality hydrogen gas that is appropriate for use in fuel cell applications, where contaminants can shorten lifespan and performance.

GROWTH DRIVERS

Demand is increasing due to the focus on decarburization, the shift to renewable energy, and advancements including decreasing costs and boosting efficiency. The demand for PEM electrolyzers is anticipated to rise as hydrogen becomes more widely available and abundant as a fuel for industry, transportation, and power generation. PEM electrolyzers provide an appropriate method of producing hydrogen using renewable electricity from sources like wind and solar power.

Governments are also putting policies and incentives in place to encourage the adoption of hydrogen technology in order to lower greenhouse gas emissions. PEM electrolyzers are used in energy storage applications, which allow surplus renewable energy to be converted into hydrogen that can be stored and later used to generate electricity as a backup for various applications.

MARKET SEGMENTATION:

·         By Material Type – Iridium, platinum and others

·         By End User- power generation, transportation, industrial processes, transportation and others

·         By Region - North America, Europe, Asia Pacific, the Middle East and Africa, and South America.

Global Key Players:

·         Siemens

·         ITM Power

·         Nel ASA

·         Air Liquide

·         Plug Power

·         Erre Due

·         Elogen

·         Cummins

·         Gineric

·         Air Products and Chemicals

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