Summary

The electrolyzers market is estimated to grow from USD 1.2 billion in 2023 to USD 23.6 billion by 2028, at a CAGR of 80.3% during the forecast period. The primary drivers of the market include the rapid advancement of technologies and growing demand for the power using renewable hydrogen as a energy source. Additionally, green hydrogen projects are increasing as many countries focus on investing in developing a hydrogen-based economy. Investments in hydrogen infrastructure will subsequently bring opportunities for electrolyzers, thus accelerating the growth of the market “Anion Exchange Membrane technology segment to be fastest-growing market from 2023 to 2028” The electrolyzers market, by technology, is bifurcated into alkaline electrolyzer, proton exchange membrane, solid oxide electrolyzer, and anion exchange membrane. The anion exchange membrane is expected to be the fastest growing segment as it is a potential technology. Anion exchange membrane (AEM) is a hydrogen production method that is achieved using electricity. AEM is a potentially low-cost and sustainable hydrogen production technology that combines the benefits of the proton exchange membrane water electrolysis and traditional alkaline water electrolysis systems. “Industrial, by application, expected to be second largest market from 2023 to 2028” The electrolyzers market, by application, is bifurcated into energy, mobility, industrial, and grid injection. The industrial segment is expected to be the second largest market during the forecast period. The industrial segment is further divided into two sub-segments: chemical and industries. In the forecast period, the industrial segment is expected to will dominate the electrolyzers market. Different chemicals, like methanol, ammonia, etc., are produced using hydrogen. In the shipping business, ammonia is utilized as fuel or in the production of fertilizers.The growth is due to the surge in demand for green hydrogen for clean energy. Breakdown of Primaries: In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows: By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15% By Designation: C-Level- 35%, Director Level- 25%, and Others- 40% By Region: Asia Pacific – 30%, North America – 25%, Europe – 25%, and Rest of the World – 20% Note: Others designations include sales managers, marketing managers, product managers, and product engineers. The tier of the companies is defined based on their total revenue as of 2017. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:

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Table of Contents

1 INTRODUCTION 24 1.1 STUDY OBJECTIVES 24 1.2 MARKET DEFINITION 24 1.2.1 INCLUSIONS AND EXCLUSIONS 25 1.3 MARKET SCOPE 25 1.3.1 MARKET SEGMENTATION 25 1.3.2 REGIONAL SCOPE 26 1.3.3 YEARS CONSIDERED 26 1.4 CURRENCY CONSIDERED 27 1.5 LIMITATIONS 27 1.6 STAKEHOLDERS 27 1.7 IMPACT OF RECESSION 27 2 RESEARCH METHODOLOGY 28 2.1 RESEARCH DATA 28 FIGURE 1 ELECTROLYZERS MARKET: RESEARCH DESIGN 28 2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 29 FIGURE 2 DATA TRIANGULATION METHODOLOGY 29 2.2.1 SECONDARY DATA 30 2.2.1.1 Key data from secondary sources 30 2.2.2 PRIMARY DATA 30 2.2.2.1 Key data from primary sources 31 2.2.2.2 Breakdown of primary interviews 31 FIGURE 3 BREAKDOWN OF PRIMARIES 31 2.3 MARKET SIZE ESTIMATION 32 2.3.1 BOTTOM-UP APPROACH 32 FIGURE 4 ELECTROLYZERS MARKET: BOTTOM-UP APPROACH 32 2.3.2 TOP-DOWN APPROACH 32 FIGURE 5 ELECTROLYZERS MARKET: TOP-DOWN APPROACH 33 2.3.3 DEMAND-SIDE ANALYSIS 33 FIGURE 6 METRICS CONSIDERED TO ANALYZE DEMAND FOR ELECTROLYZERS 33 2.3.3.1 Assumptions for demand-side analysis 34 2.3.3.2 Calculations for demand-side analysis 34 TABLE 1 GLOBAL MARKET SIZE ESTIMATION, BY TECHNOLOGY, 2022 34 2.3.4 SUPPLY-SIDE ANALYSIS 35 FIGURE 7 KEY METRICS CONSIDERED FOR ASSESSING SUPPLY OF ELECTROLYZERS 35 FIGURE 8 ELECTROLYZERS MARKET: SUPPLY SIDE ANALYSIS 35 2.3.4.1 Assumptions and calculations for supply-side analysis 36 FIGURE 9 ELECTROLYZERS MARKET: MARKET SHARE ANALYSIS 36 2.4 GROWTH FORECAST 37 2.5 IMPACT OF RECESSION 37 3 EXECUTIVE SUMMARY 38 TABLE 2 ELECTROLYZERS MARKET SNAPSHOT 38 FIGURE 10 ALKALINE ELECTROLYZERS TO DOMINATE ELECTROLYZERS MARKET, BY TECHNOLOGY, DURING FORECAST PERIOD 39 FIGURE 11 MOBILITY APPLICATIONS TO LEAD ELECTROLYZERS MARKET, BY APPLICATION, DURING FORECAST PERIOD 39 FIGURE 12 ROW DOMINATED ELECTROLYZERS MARKET IN 2022 40 4 PREMIUM INSIGHTS 41 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ELECTROLYZERS MARKET 41 FIGURE 13 INCREASING DEMAND FOR GREEN HYDROGEN TO DRIVE ELECTROLYZERS MARKET, 2023–2028 41 4.2 ELECTROLYZERS MARKET, BY REGION 41 FIGURE 14 EUROPE TO WITNESS FASTEST GROWTH OF ELECTROLYZERS MARKET DURING FORECAST PERIOD 41 4.3 ELECTROLYZERS MARKET, BY TECHNOLOGY 42 FIGURE 15 ALKALINE ELECTROLYZER SEGMENT DOMINATED ELECTROLYZERS MARKET, BY TECHNOLOGY, IN 2021 42 4.4 ELECTROLYZERS MARKET, BY APPLICATION 42 FIGURE 16 MOBILITY SEGMENT DOMINATED ELECTROLYZERS MARKET, BY APPLICATION, IN 2022 42 4.5 ELECTROLYZERS MARKET IN ROW, BY APPLICATION & COUNTRY 43 FIGURE 17 INDUSTRIAL APPLICATIONS & EGYPT DOMINATED ELECTROLYZERS MARKET IN ROW, BY APPLICATION & COUNTRY, IN 2022 43 5 MARKET OVERVIEW 44 5.1 INTRODUCTION 44 5.2 MARKET DYNAMICS 45 FIGURE 18 ELECTROLYZERS MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 45 5.2.1 DRIVERS 45 5.2.1.1 Declining renewable energy costs 45 TABLE 3 GLOBAL LCOE FROM NEWLY COMMISSIONED UTILITY-SCALE SOLAR AND WIND POWER TECHNOLOGIES, 2020–2021 46 FIGURE 19 GLOBAL WEIGHTED AVERAGE LCOE FROM NEWLY COMMISSIONED, UTILITY-SCALE RENEWABLE POWER GENERATION TECHNOLOGIES, 2010–2021 46 5.2.1.2 Increasing government support 46 5.2.1.3 Increasing investments in electrolyzer deployment 47 5.2.1.4 Rising demand for electrolyzer-based green ammonia for fertilizer production 47 5.2.2 RESTRAINTS 47 5.2.2.1 Use of critical materials 47 TABLE 4 CRITICAL MATERIALS GLOBAL SHARES 48 5.2.2.2 Underdeveloped electrolyzer supply chain 48 5.2.3 OPPORTUNITIES 48 5.2.3.1 Plans to achieve net zero and electrolyzer targets 48 TABLE 5 ZERO EMISSION TARGETS OF MAJOR ECONOMIES 49 FIGURE 20 ELECTROLYZER CAPACITY TARGETS IN EUROPE, 2030 (GW) 49 5.2.3.2 Increasing demand for electrolyzer-based onsite hydrogen refueling stations (HRS) 49 FIGURE 21 HYDROGEN REFUELING STATIONS WORLDWIDE, 2020 50 5.2.3.3 High potential of electrolyzer-based hydrogen trade in Europe 50 5.2.4 CHALLENGES 50 5.2.4.1 High initial investments in hydrogen fueling infrastructure 50 5.2.4.2 Insufficient infrastructure to support hydrogen markets 51 5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 51 FIGURE 22 REVENUE SHIFT FOR ELECTROLYZER PROVIDERS 51 5.4 SUPPLY CHAIN ANALYSIS 52 FIGURE 23 ELECTROLYZERS MARKET: SUPPLY CHAIN ANALYSIS 52 5.4.1 RAW MATERIALS PROVIDERS 52 5.4.2 PROCESSED MATERIALS PROVIDERS 52 5.4.3 SUBCOMPONENT PROVIDERS 53 5.4.4 ELECTROLYZER MANUFACTURERS 53 5.4.5 END USERS 53 TABLE 6 LIST OF COMPANIES AND THEIR ROLES IN ELECTROLYZER ECOSYSTEM 53 5.5 ECOSYSTEM MAPPING 55 FIGURE 24 ELECTROLYZERS MARKET MAP 55 5.6 TECHNOLOGY ANALYSIS 55 5.7 PATENT ANALYSIS 58 5.7.1 LIST OF MAJOR PATENTS 58 TABLE 7 ELECTROLYZER: INNOVATIONS AND PATENT REGISTRATIONS, JUNE 2016–NOVEMBER 2022 58 5.8 TARIFF AND REGULATORY FRAMEWORK 59 5.8.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 59 TABLE 8 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 59 TABLE 9 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 60 TABLE 10 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 61 TABLE 11 REST OF THE WORLD: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 61 5.8.2 ELECTROLYZERS MARKET: REGULATORY FRAMEWORK 62 TABLE 12 REGULATORY FRAMEWORK: ELECTROLYZERS MARKET, BY REGION 62   5.9 KEY CONFERENCES AND EVENTS 62 TABLE 13 ELECTROLYZERS MARKET: DETAILED LIST OF CONFERENCES AND EVENTS, 2023–2024 62 5.10 TRADE ANALYSIS 63 5.10.1 HS CODE 63 5.10.1.1 Export scenario 63 TABLE 14 EXPORT SCENARIO FOR HS CODE, BY COUNTRY, 2019–2021 (USD) 63 FIGURE 25 EXPORT DATA FOR TOP 5 COUNTRIES, 2019–2021 (USD) 64 5.10.1.2 Import scenario 64 TABLE 15 IMPORT SCENARIO FOR HS CODE, BY COUNTRY, 2019–2021 (USD) 64 FIGURE 26 IMPORT DATA FOR TOP 5 COUNTRIES, 2019–2021 (USD) 65 5.11 PRICING ANALYSIS 65 TABLE 16 INDICATIVE PRICING ANALYSIS, BY TECHNOLOGY 65 5.12 CASE STUDY ANALYSIS 65 5.12.1 LARGE-SCALE HYDROGEN PRODUCTION 65 5.12.1.1 Problem statement 65 5.12.1.2 Solution 65 5.12.2 STORING AND TRANSPORTING RENEWABLE ENERGY 66 5.12.2.1 Problem statement 66 5.12.2.2 Solution 66 5.13 PORTER'S FIVE FORCES ANALYSIS 66 FIGURE 27 PORTER'S FIVE FORCES ANALYSIS FOR ELECTROLYZERS MARKET 66 TABLE 17 ELECTROLYZERS MARKET: PORTER'S FIVE FORCES ANALYSIS 67 5.13.1 THREAT OF SUBSTITUTES 67 5.13.2 BARGAINING POWER OF SUPPLIERS 67 5.13.3 BARGAINING POWER OF BUYERS 67 5.13.4 THREAT OF NEW ENTRANTS 68 5.13.5 INTENSITY OF COMPETITIVE RIVALRY 68 5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 68 5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 68 FIGURE 28 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 APPLICATION INDUSTRIES 68 TABLE 18 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 APPLICATIONS (%) 69 5.14.2 BUYING CRITERIA 69 FIGURE 29 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS 69 TABLE 19 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS 69   6 ELECTROLYZERS MARKET, BY POWER RATING 70 6.1 INTRODUCTION 71 TABLE 20 COMPANY POWER RATING FOOTPRINT 71 6.2 <500 KW 71 6.2.1 GROWING DEMAND FOR <500 KW ELECTROLYZERS EXPECTED TO BOOST SEGMENT 71 6.3 500–2,000 KW 72 6.3.1 INCREASING DEMAND FOR GREEN HYDROGEN TO BOOST MARKET 72 6.4 >2,000 KW 72 6.4.1 RISING INVESTMENTS IN HIGH-CAPACITY HYDROGEN PRODUCTION PLANTS 72 7 ELECTROLYZERS MARKET, BY TECHNOLOGY 73 7.1 INTRODUCTION 74 FIGURE 30 ELECTROLYZERS MARKET SHARE, BY TECHNOLOGY, 2022 (%) 74 TABLE 21 ELECTROLYZERS MARKET, BY TECHNOLOGY, 2021–2028 (KW) 74 TABLE 22 ELECTROLYZERS MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION) 75 7.2 ALKALINE ELECTROLYZER (AE) 75 7.2.1 RELATIVELY MATURE AND COST-EFFECTIVE TECHNOLOGY 75 TABLE 23 ALKALINE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (KW) 75 TABLE 24 ALKALINE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (USD MILLION) 76 7.3 PROTON EXCHANGE MEMBRANE (PEM) 76 7.3.1 HIGHLY FLEXIBLE TECHNOLOGY AND GOOD COUPLING WITH DYNAMIC AND INTERMITTENT RENEWABLE ENERGY SYSTEMS 76 TABLE 25 PROTON EXCHANGE MEMBRANE (PEM): ELECTROLYZERS MARKET, BY REGION, 2021–2028 (KW) 77 TABLE 26 PROTON EXCHANGE MEMBRANE (PEM): ELECTROLYZERS MARKET, BY REGION, 2021–2028 (USD MILLION) 77 7.4 SOLID OXIDE ELECTROLYZER (SOE) 77 7.4.1 EFFICIENT TECHNOLOGY REDUCING NEED FOR ELECTRICITY WHILE PRODUCING HYDROGEN 77 TABLE 27 SOLID OXIDE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (KW) 78 TABLE 28 SOLID OXIDE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (USD MILLION) 78 7.5 ANION EXCHANGE MEMBRANE (AEM) 78 7.5.1 POTENTIAL TECHNOLOGY COUPLED WITH BENEFITS OF PROTON EXCHANGE MEMBRANE AND ALKALINE WATER ELECTROLYSIS 78 TABLE 29 ANION EXCHANGE MEMBRANE: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (KW) 79 TABLE 30 ANION EXCHANGE MEMBRANE: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (USD MILLION) 79   8 ELECTROLYZERS MARKET, BY APPLICATION 80 8.1 INTRODUCTION 81 FIGURE 31 ELECTROLYZERS MARKET SHARE, BY APPLICATION, 2022 (%) 81 TABLE 31 ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (KW) 81 TABLE 32 ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 82 8.2 ENERGY 82 TABLE 33 ENERGY: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (KW) 82 TABLE 34 ENERGY: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (USD MILLION) 83 TABLE 35 ENERGY: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (KW) 83 TABLE 36 ENERGY: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 83 8.2.1 POWER GENERATION 83 8.2.1.1 Increasing demand for hydrogen to cope with load fluctuations 83 8.2.2 CHP 84 8.2.2.1 Shift toward green hydrogen instead of coal for CHP plants 84 8.3 MOBILITY 84 8.3.1 INCREASING GOVERNMENT INVESTMENTS TO SHIFT TOWARD CLEAN FUEL 84 TABLE 37 MOBILITY: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (KW) 85 TABLE 38 MOBILITY: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (USD MILLION) 85 8.4 INDUSTRIAL 86 TABLE 39 INDUSTRIAL: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (KW) 86 TABLE 40 INDUSTRIAL: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (USD MILLION) 86 TABLE 41 INDUSTRIAL: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (KW) 86 TABLE 42 INDUSTRIAL: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 87 8.4.1 CHEMICAL 87 8.4.1.1 Increasing demand for clean energy sources in chemical industry 87 8.4.2 INDUSTRIES 87 8.4.2.1 Growing demand for clean energy 87 8.5 GRID INJECTION 88 8.5.1 INCREASED PENETRATION OF RENEWABLES IN ENERGY SYSTEMS 88 TABLE 43 GRID INJECTION: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (KW) 88 TABLE 44 GRID INJECTION: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (USD MILLION) 88 9 ELECTROLYZERS MARKET, BY REGION 89 9.1 INTRODUCTION 90 FIGURE 32 REST OF THE WORLD ACCOUNTED FOR LARGEST SHARE OF ELECTROLYZERS MARKET IN 2022 90 TABLE 45 ELECTROLYZERS MARKET, BY REGION, 2021–2028 (KW) 90 TABLE 46 ELECTROLYZERS MARKET, BY REGION, 2021–2028 (USD MILLION) 91 9.2 EUROPE 91 FIGURE 33 EUROPE: ELECTROLYZERS MARKET SNAPSHOT 92 9.2.1 EUROPE: RECESSION IMPACT 92 9.2.2 EUROPE: ELECTROLYZERS PROJECT LIST 93 TABLE 47 EUROPE: ELECTROLYZERS PROJECT LIST 93 9.2.3 BY TECHNOLOGY 95 TABLE 48 EUROPE: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION) 95 9.2.4 BY APPLICATION 95 TABLE 49 EUROPE: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 95 9.2.5 BY COUNTRY 96 TABLE 50 EUROPE: ELECTROLYZERS MARKET, BY COUNTRY, 2021–2028 (KW) 96 TABLE 51 EUROPE: ELECTROLYZERS MARKET, BY COUNTRY, 2021–2028 (USD MILLION) 96 9.2.5.1 Germany 97 9.2.5.1.1 Ongoing large-scale green hydrogen projects 97 TABLE 52 GERMANY: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 97 9.2.5.2 UK 98 9.2.5.2.1 Rise in electrolyzer manufacturing capacities 98 TABLE 53 UK: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 98 9.2.5.3 France 99 9.2.5.3.1 Government support and focus on research activities 99 TABLE 54 FRANCE: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 100 9.2.5.4 Denmark 100 9.2.5.4.1 Efforts to decarbonize mobility sector 100 TABLE 55 DENMARK: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 101 9.2.5.5 Austria 101 9.2.5.5.1 Focus on decarbonizing steel and chemical industries 101 TABLE 56 AUSTRIA: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 102 9.2.5.6 Netherlands 102 9.2.5.6.1 Highest subsidies per gigawatt of electrolyzer capacity 102 TABLE 57 NETHERLANDS: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 103 9.2.5.7 Norway 103 9.2.5.7.1 Accelerated development of large electrolyzer manufacturing for industrial applications 103 TABLE 58 NORWAY: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 104   9.2.5.8 Rest of Europe 104 TABLE 59 REST OF EUROPE: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 105 9.3 NORTH AMERICA 106 FIGURE 34 NORTH AMERICA: ELECTROLYZERS MARKET SNAPSHOT 106 9.3.1 NORTH AMERICA: RECESSION IMPACT 107 9.3.2 NORTH AMERICA: ELECTROLYZERS PROJECT LIST 107 TABLE 60 NORTH AMERICA: ELECTROLYZERS PROJECT LIST 107 9.3.3 BY TECHNOLOGY 107 TABLE 61 NORTH AMERICA: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION) 107 9.3.4 BY APPLICATION 108 TABLE 62 NORTH AMERICA: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 108 9.3.5 BY COUNTRY 108 TABLE 63 NORTH AMERICA: ELECTROLYZERS MARKET, BY COUNTRY, 2021–2028 (KW) 108 TABLE 64 NORTH AMERICA: ELECTROLYZERS MARKET, BY COUNTRY, 2021–2028 (USD MILLION) 108 9.3.5.1 US 109 9.3.5.1.1 National hydrogen strategy to support market growth 109 TABLE 65 US: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 109 9.3.5.2 Canada 110 9.3.5.2.1 Presence of hydro-powered electrolyzer facilities 110 TABLE 66 CANADA: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 110 9.4 ASIA PACIFIC 110 9.4.1 ASIA PACIFIC: RECESSION IMPACT 111 9.4.2 ASIA PACIFIC: ELECTROLYZERS PROJECT LIST 111 TABLE 67 ASIA PACIFIC: ELECTROLYZERS PROJECT LIST 111 9.4.3 BY TECHNOLOGY 112 TABLE 68 ASIA PACIFIC: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION) 112 9.4.4 BY APPLICATION 112 TABLE 69 ASIA PACIFIC: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 112 9.4.5 BY COUNTRY 113 TABLE 70 ASIA PACIFIC: ELECTROLYZERS MARKET, BY COUNTRY, 2021–2028 (KW) 113 TABLE 71 ASIA PACIFIC: ELECTROLYZERS MARKET, BY COUNTRY, 2021–2028 (USD MILLION) 113 9.4.5.1 China 113 9.4.5.1.1 Construction of world’s largest electrolysis plants and lower cost/kW 113 TABLE 72 CHINA: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 114   9.4.5.2 Japan 114 9.4.5.2.1 Upcoming hydrogen refueling stations and hydrogen vehicles 114 TABLE 73 JAPAN: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 115 9.4.5.3 Australia 115 9.4.5.3.1 Maximum number of hydrogen projects under pipeline 115 TABLE 74 AUSTRALIA: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 116 9.4.5.4 Rest of Asia Pacific 116 TABLE 75 REST OF ASIA PACIFIC: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 118 9.5 REST OF THE WORLD 118 9.5.1 REST OF THE WORLD: RECESSION IMPACT 118 9.5.2 REST OF THE WORLD: ELECTROLYZERS PROJECT LIST 118 TABLE 76 REST OF THE WORLD: ELECTROLYZERS PROJECT LIST 118 9.5.3 BY TECHNOLOGY 119 TABLE 77 REST OF THE WORLD: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2021–2028 (USD MILLION) 119 9.5.4 BY APPLICATION 119 TABLE 78 REST OF THE WORLD: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 119 9.5.5 BY COUNTRY 120 TABLE 79 REST OF THE WORLD: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (KW) 120 TABLE 80 REST OF THE WORLD: ELECTROLYZERS MARKET, BY REGION, 2021–2028 (USD MILLION) 120 9.5.5.1 Egypt 120 TABLE 81 EGYPT: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 121 9.5.5.2 Saudi Arabia 121 TABLE 82 SAUDI ARABIA: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 121 9.5.5.3 Other countries 122 TABLE 83 OTHER COUNTRIES: ELECTROLYZERS MARKET, BY APPLICATION, 2021–2028 (USD MILLION) 123 10 COMPETITIVE LANDSCAPE 124 10.1 OVERVIEW 124 FIGURE 35 KEY DEVELOPMENTS IN ELECTROLYZERS MARKET, 2019–2023 124 10.2 MARKET SHARE ANALYSIS OF KEY PLAYERS, 2021 125 TABLE 84 ELECTROLYZERS MARKET: DEGREE OF COMPETITION 125 FIGURE 36 ELECTROLYZERS MARKET: DEGREE OF COMPETITION 125 FIGURE 37 MARKET SHARE ANALYSIS OF TOP PLAYERS, 2021 126   10.3 MARKET EVALUATION FRAMEWORK 126 TABLE 85 MARKET EVALUATION FRAMEWORK, 2019–2023 126 10.4 SEGMENTAL REVENUE ANALYSIS OF TOP MARKET PLAYERS 127 FIGURE 38 SEGMENTAL REVENUE ANALYSIS, 2017–2022 127 10.5 RECENT DEVELOPMENTS 128 10.5.1 DEALS 128 TABLE 86 ELECTROLYZERS MARKET: DEALS, 2019–2023 128 10.5.2 PRODUCT LAUNCHES 129 TABLE 87 ELECTROLYZERS MARKET: PRODUCT LAUNCHES, 2019–2023 129 10.5.3 OTHERS 129 TABLE 88 ELECTROLYZERS MARKET: OTHERS, 2019–2023 129 10.6 KEY COMPANY EVALUATION QUADRANT, 2022 130 10.6.1 STARS 130 10.6.2 EMERGING LEADERS 130 10.6.3 PERVASIVE PLAYERS 130 10.6.4 PARTICIPANTS 130 FIGURE 39 ELECTROLYZERS MARKET: KEY COMPANY EVALUATION QUADRANT, 2021 131 10.7 COMPANY PRODUCT FOOTPRINT ANALYSIS 132 TABLE 89 TECHNOLOGY FOOTPRINT: KEY PLAYERS 132 TABLE 90 APPLICATION FOOTPRINT: KEY PLAYERS 133 TABLE 91 POWER RATING FOOTPRINT: KEY PLAYERS 134 TABLE 92 REGION FOOTPRINT: KEY PLAYERS 135 10.8 START-UPS/SMES EVALUATION QUADRANT, 2022 136 10.8.1 PROGRESSIVE COMPANIES 136 10.8.2 RESPONSIVE COMPANIES 136 10.8.3 DYNAMIC COMPANIES 136 10.8.4 STARTING BLOCKS 136 FIGURE 40 ELECTROLYZERS MARKET: START-UPS/SMES EVALUATION QUADRANT, 2021 137 10.9 COMPETITIVE BENCHMARKING 137 TABLE 93 ELECTROLYZERS MARKET: DETAILED LIST OF KEY START-UPS/SMES 137 TABLE 94 TECHNOLOGY FOOTPRINT: START-UPS 138 TABLE 95 APPLICATION FOOTPRINT: START-UPS 138 TABLE 96 POWER RATING FOOTPRINT: START-UPS 138 TABLE 97 REGION FOOTPRINT: START-UPS 139 11 COMPANY PROFILES 140 (Business Overview, Products/Services/Solutions Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))* 11.1 KEY PLAYERS 140 11.1.1 NEL ASA 140 TABLE 98 NEL ASA: BUSINESS OVERVIEW 140 FIGURE 41 NEL ASA: COMPANY SNAPSHOT 141 TABLE 99 NEL ASA: PRODUCT LAUNCHES 142 TABLE 100 NEL ASA: DEALS 143 TABLE 101 NEL ASA: OTHERS 147 11.1.2 SIEMENS ENERGY 148 TABLE 102 SIEMENS ENERGY: BUSINESS OVERVIEW 148 FIGURE 42 SIEMENS ENERGY: COMPANY SNAPSHOT 149 TABLE 103 SIEMENS ENERGY: DEALS 150 TABLE 104 SIEMENS ENERGY: OTHERS 151 11.1.3 PLUG POWER INC. 153 TABLE 105 PLUG POWER INC.: BUSINESS OVERVIEW 153 FIGURE 43 PLUG POWER INC.: COMPANY SNAPSHOT 154 TABLE 106 PLUG POWER INC.: DEALS 155 TABLE 107 PLUG POWER INC.: OTHERS 156 11.1.4 ENAPTER S.R.L. 157 TABLE 108 ENAPTER S.R.L.: BUSINESS OVERVIEW 157 FIGURE 44 ENAPTER S.R.L.: COMPANY SNAPSHOT 158 TABLE 109 ENAPTER S.R.L.: PRODUCT LAUNCH 159 TABLE 110 ENAPTER S.R.L.: DEALS 159 TABLE 111 ENAPTER S.R.L.: OTHERS 160 11.1.5 CUMMINS INC. 162 TABLE 112 CUMMINS INC.: BUSINESS OVERVIEW 162 FIGURE 45 CUMMINS INC.: COMPANY SNAPSHOT 163 TABLE 113 CUMMINS INC.: DEALS 164 TABLE 114 CUMMINS INC.: OTHERS 166 11.1.6 ITM POWER PLC 168 TABLE 115 ITM POWER PLC: BUSINESS OVERVIEW 168 FIGURE 46 ITM POWER PLC: COMPANY SNAPSHOT 169 TABLE 116 ITM POWER PLC: DEALS 170 TABLE 117 ITM POWER PLC: OTHERS 172 11.1.7 MCPHY ENERGY S.A. 173 TABLE 118 MCPHY ENERGY S.A.: BUSINESS OVERVIEW 173 FIGURE 47 MCPHY ENERGY S.A.: COMPANY SNAPSHOT 174 TABLE 119 MCPHY ENERGY S.A.: DEALS 175 TABLE 120 MCPHY ENERGY S.A.: OTHERS 176 11.1.8 PERIC HYDROGEN TECHNOLOGIES CO., LTD 177 TABLE 121 PERIC HYDROGEN TECHNOLOGIES CO., LTD: BUSINESS OVERVIEW 177 TABLE 122 PERIC HYDROGEN TECHNOLOGIES CO., LTD.: DEALS 178 11.1.9 BEIJING SINOHY ENERGY CO., LTD 179 TABLE 123 BEIJING SINOHY ENERGY CO., LTD.: BUSINESS OVERVIEW 179 TABLE 124 BEIJING SINOHY ENERGY CO., LTD.: DEALS 180 11.1.10 LONGI 181 TABLE 125 LONGI: BUSINESS OVERVIEW 181 FIGURE 48 LONGI: COMPANY SNAPSHOT 182 TABLE 126 LONGI: DEALS 183 TABLE 127 LONGI: OTHERS 183 11.1.11 COCKERILL JINGLI HYDROGEN 184 TABLE 128 COCKERILL JINGLI HYDROGEN: BUSINESS OVERVIEW 184 11.1.12 H2E POWER 185 TABLE 129 H2E POWER: BUSINESS OVERVIEW 185 TABLE 130 H2E POWER: DEALS 185 11.1.13 H-TEC SYSTEMS GMBH 186 TABLE 131 H-TEC SYSTEMS GMBH: BUSINESS OVERVIEW 186 TABLE 132 H-TEC SYSTEMS GMBH: PRODUCT LAUNCH 186 TABLE 133 H-TEC SYSTEMS GMBH: DEALS 187 TABLE 134 H-TEC SYSTEMS GMBH: OTHERS 187 11.1.14 THYSSENKRUPP NUCERA 188 TABLE 135 THYSSENKRUPP NUCERA: BUSINESS OVERVIEW 188 TABLE 136 THYSSENKRUPP NUCERA: DEALS 189 11.1.15 SUNFIRE GMBH 191 TABLE 137 SUNFIRE GMBH: BUSINESS OVERVIEW 191 TABLE 138 SUNFIRE GMBH: DEALS 192 TABLE 139 SUNFIRE GMBH: OTHERS 193 11.2 OTHER COMPANIES 194 11.2.1 NEXT HYDROGEN 194 11.2.2 ASAHI KASEI CORPORATION. 194 11.2.3 BLOOM ENERGY 195 11.2.4 OXEON ENERGY, LLC. 195 11.2.5 GREEN HYDROGEN SYSTEMS 196 11.2.6 ERRE DUE S.P.A. 196 11.2.7 HYDROGENPRO 197 11.2.8 IGAS ENERGY GMBH 197 11.2.9 TOPSOE 198 *Details on Business Overview, Products/Services/Solutions Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies. 12 APPENDIX 199 12.1 INSIGHTS FROM INDUSTRY EXPERTS 199 12.2 DISCUSSION GUIDE 200 12.3 KNOWLEDGESTORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL 203 12.4 CUSTOMIZATION OPTIONS 205 12.5 RELATED REPORTS 205 12.6 AUTHOR DETAILS 206