Summary

The Electrolyzers market is expected to grow from an estimated in USD 3.75 billion in 2024 to USD 78.01 billion by 2030, at a CAGR of 65.9% during the forecast period. The global electrolyzer market is currently growing, and it is increasingly being driven by the demand for green hydrogen as a key enabler of decarbonization across industries. Governments and companies around the world are investing heavily in renewable energy and hydrogen technologies to meet ambitious net-zero carbon targets. Advancement in electrolyzer efficiency, as well as declining costs of renewable energy sources such as solar and wind, are further driving its adoption. These strategic initiatives involving subsidies, incentives, and research funding are prompting large-scale deployment, mainly in transportation, energy storage, and industrial manufacturing. The development of public-private sector collaborations is also helping to foster innovation and an expansion of the global footprint for electrolyzers.“<500 KW market by technology, is expected to be the fastest growing segment from 2024 to 2030.” The <500 KW segment is the fastest-growing market segment in electrolyzers by power rating due to its versatility and aptness for decentralized and small-scale hydrogen production. These systems are being widely used in hydrogen refueling stations, industrial processes, and residential energy storage. Due to their compact size, lower front-end costs, and easy installation, they are more suitable for regions focusing on localized green hydrogen production. The segment is also witnessing growth due to the increasing demand for on-site hydrogen generation in renewable energy integration and mobility solutions, especially in regions with limited access to large-scale hydrogen infrastructure.“Anion Exchange Membrane Electrolyzer, by technology, is expected to be the fastest-growing market from 2024 to 2030”The AEM electrolyzer segment is growing at the highest rate by technology type, because of its cost-effectiveness and the ability to operate without requiring expensive materials such as platinum or iridium. AEM-based electrolyzers use non-precious catalysts, which is a huge attraction for lowering the production costs of hydrogen in the overall chains. They share the advantages of both alkaline and PEM technologies, with respect to their efficiency in compact designs. Additionally, their compatibility for producing hydrogen on-site using renewable energy sources increases their adoption as industries and governments request sustainable and affordable means of producing green hydrogen.“Asia Pacific having highest CAGR for the forecasted period in Electrolyzers market.” Asia Pacific is the fastest-growing region in the electrolyzer market due to strong government initiatives and investments in green hydrogen to meet energy transition goals and carbon neutrality targets. Countries like China, Japan, South Korea, and India are also at the forefront of hydrogen adoption, which is driven by robust industrial demand, renewable integration, and decarbonization strategies. Furthermore, significant growth is initiated due to the region's large manufacturing base, low-cost production capabilities, and supportive policies in terms of subsidies and incentives for clean energy projects. In addition, the rapid increase in hydrogen infrastructure projects along with partnerships worldwide makes Asia Pacific a prime market for further expansion of electrolyzers.In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the ELECTROLYZER market. By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15%By Designation: C-level Executives - 33%, Director Level- 24%, and Others- 43%By Region: North America – 25%, Europe – 25%, Asia Pacific – 30%, RoW-20%Note: Other 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 2023. 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 25 1.3 STUDY SCOPE 25 1.3.1 MARKETS COVERED 25 1.3.2 INCLUSIONS AND EXCLUSIONS 26 1.3.3 YEARS CONSIDERED 27 1.4 CURRENCY CONSIDERED 27 1.5 UNIT CONSIDERED 27 1.6 LIMITATIONS 27 1.7 STAKEHOLDERS 28 1.8 SUMMARY OF CHANGES 28 2 RESEARCH METHODOLOGY 29 2.1 RESEARCH DATA 29 2.2 SECONDARY AND PRIMARY RESEARCH 30 2.2.1 SECONDARY DATA 30 2.2.1.1 List of key secondary sources 30 2.2.1.2 Key data from secondary sources 30 2.2.2 PRIMARY DATA 31 2.2.2.1 List of primary interview participants 31 2.2.2.2 Key industry insights 31 2.2.2.3 Breakdown of primaries 32 2.2.2.4 Key data from primary sources 33 2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 33 2.4 MARKET SIZE ESTIMATION METHODOLOGY 34 2.4.1 BOTTOM-UP APPROACH 35 2.4.2 TOP-DOWN APPROACH 35 2.4.3 DEMAND-SIDE ANALYSIS 37 2.4.3.1 Calculations for demand-side analysis 37 2.4.3.2 Assumptions for demand-side analysis 38 2.4.4 SUPPLY-SIDE ANALYSIS 39 2.4.4.1 Calculations for supply-side analysis 40 2.4.4.2 Assumptions for supply-side analysis 40 2.5 RESEARCH ASSUMPTIONS 40 2.6 RESEARCH LIMITATIONS 41 2.6.1 RISK ASSESSMENT 41   3 EXECUTIVE SUMMARY 42 4 PREMIUM INSIGHTS 46 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ELECTROLYZERS MARKET 46 4.2 ELECTROLYZERS MARKET, BY COUNTRY 47 4.3 ELECTROLYZERS MARKET, BY TECHNOLOGY 47 4.4 ELECTROLYZERS MARKET, BY APPLICATION 48 4.5 ELECTROLYZERS MARKET, BY POWER RATING 48 4.6 ELECTROLYZERS MARKET IN NORTH AMERICA, BY POWER RATING AND COUNTRY 49 5 MARKET OVERVIEW 50 5.1 INTRODUCTION 50 5.2 MARKET DYNAMICS 50 5.2.1 DRIVERS 51 5.2.1.1 Government-led initiatives to boost green hydrogen development 51 5.2.1.2 Growing emphasis on net-zero emissions 51 5.2.1.3 Rising demand for green ammonia 52 5.2.2 RESTRAINTS 52 5.2.2.1 Scarcity of materials that can endure prolonged operations 52 5.2.2.2 Reduced system efficiency due to intermittency 53 5.2.3 OPPORTUNITIES 53 5.2.3.1 Declining cost of renewable energy 53 5.2.3.2 Rising adoption of hydrogen vehicles 53 5.2.4 CHALLENGES 54 5.2.4.1 Inadequate support structures for seamless incorporation of electrolyzer technology 54 5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 55 5.4 SUPPLY CHAIN ANALYSIS 56 5.5 ECOSYSTEM ANALYSIS 57 5.6 TECHNOLOGY ANALYSIS 59 5.6.1 KEY TECHNOLOGIES 59 5.6.1.1 Alkaline electrolyzers 59 5.6.1.2 Proton exchange membrane electrolyzers 59 5.6.1.3 Anion exchange membrane electrolyzers 60 5.6.1.4 Solid oxide electrolyzers 60 5.6.2 COMPLEMENTARY TECHNOLOGIES 61 5.6.2.1 Renewable energy integration 61 5.6.2.2 Energy storage 61 5.6.3 ADJACENT TECHNOLOGIES 61 5.6.3.1 Hydrogen fuel cells 61 5.6.3.2 Digitalization and automation 62   5.7 PATENT ANALYSIS 63 5.8 REGULATORY LANDSCAPE 65 5.8.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 65 5.8.2 REGULATORY FRAMEWORKS AND POLICIES 68 5.9 KEY CONFERENCES AND EVENTS, 2024–2025 70 5.10 TRADE ANALYSIS 70 5.10.1 EXPORT DATA (HS CODE 280410) 70 5.10.2 IMPORT DATA (HS CODE 280410) 72 5.11 PRICING ANALYSIS 73 5.11.1 AVERAGE SELLING PRICE TREND OF ELECTROLYZERS, BY REGION, 2020–2023 73 5.11.2 AVERAGE SELLING PRICE TREND OF ELECTROLYZERS, BY TECHNOLOGY, 2020–2023 74 5.12 MANUFACTURING COST ANALYSIS OF PEM ELECTROLYZERS, 2023 74 5.13 CASE STUDY ANALYSIS 75 5.13.1 SUNFIRE GMBH PROVIDED RWE WITH HIGH-TEMPERATURE SOEC ELECTROLYZERS THAT HELPED ACHIEVE NET-ZERO EMISSION GOALS 75 5.13.2 AUTHORITIES HOLDING JURISDICTION ASSISTED TÜV SÜD SUCCESSFULLY ROLL OUT CERTIFICATIONS OF ELECTROLYZERS 75 5.13.3 NATIONAL RENEWABLE ENERGY LABORATORY AND ELECTRIC HYDROGEN COLLABORATED TO DEVELOP RENEWABLE HYDROGEN TECHNOLOGY 76 5.14 PORTER'S FIVE FORCES ANALYSIS 77 5.14.1 THREAT OF SUBSTITUTES 78 5.14.2 BARGAINING POWER OF SUPPLIERS 78 5.14.3 BARGAINING POWER OF BUYERS 78 5.14.4 THREAT OF NEW ENTRANTS 78 5.14.5 INTENSITY OF COMPETITIVE RIVALRY 79 5.15 KEY STAKEHOLDERS AND BUYING CRITERIA 79 5.15.1 KEY STAKEHOLDERS IN BUYING PROCESS 79 5.15.2 BUYING CRITERIA 80 5.16 TECHNO-ECONOMIC ROADMAP FOR ELECTROLYZERS 81 5.17 CHINA VS. GLOBAL COMPETITIVE LANDSCAPE, BY ELECTROLYZER MANUFACTURING CAPACITY, 2022 81 5.18 IMPACT OF AI/GENERATIVE AI ON ELECTROLYZERS MARKET 82 5.18.1 AI/GENERATIVE AI APPLICATIONS IN ELECTROLYZERS MARKET 82 5.18.2 IMPACT OF AI/GENERATIVE AI, BY APPLICATION 82 5.18.3 IMPACT OF AI/GENERATIVE AI, BY REGION 83 5.19 MACROECONOMIC OUTLOOK FOR ELECTROLYZERS MARKET 83 5.19.1 ENERGY TRANSITION AND POLICY SHIFTS 84 5.19.2 R&D INVESTMENTS 84 5.19.3 INFRASTRUCTURE GROWTH 84 5.19.4 CLIMATE CHANGE 84   5.20 INVESTMENT AND FUNDING SCENARIO 85 5.21 BUSINESS MODELS FOR ELECTROLYZER FIRMS IN GREEN HYDROGEN 86 5.22 HYDROGEN ISLANDS: NEW FRONTIER FOR CLEAN ENERGY 87 6 ELECTROLYZERS MARKET, BY POWER RATING 88 6.1 INTRODUCTION 89 6.2 <500 KW 90 6.2.1 SUITABILITY FOR SMALL-SCALE HYDROGEN PRODUCTION APPLICATIONS TO FUEL MARKET GROWTH 90 6.3 500–2,000 KW 91 6.3.1 RISING INVESTMENTS IN HYDROGEN ECOSYSTEMS TO OFFER LUCRATIVE GROWTH OPPORTUNITIES 91 6.4 >2,000 KW 92 6.4.1 INCREASING INVESTMENTS IN HIGH-CAPACITY HYDROGEN GENERATION PLANTS TO FOSTER MARKET GROWTH 92 7 ELECTROLYZERS MARKET, BY APPLICATION 94 7.1 INTRODUCTION 95 7.2 ENERGY 97 7.2.1 POWER GENERATION 99 7.2.1.1 Emphasis on decarbonizing electricity grids to offer lucrative growth opportunities 99 7.2.2 CHP 100 7.2.2.1 Reduced energy wastage and low operational costs to boost demand 100 7.3 MOBILITY 101 7.3.1 SUITABILITY FOR HEAVY-DUTY AND LONG-HAUL VEHICLES TO FUEL MARKET GROWTH 101 7.4 INDUSTRIAL 103 7.4.1 CHEMICALS 105 7.4.1.1 Rising focus on boosting green chemical manufacturing to fuel market growth 105 7.4.2 OTHER INDUSTRIES 106 7.5 GRID INJECTION 106 7.5.1 GROWING INVESTMENT IN GREEN HYDROGEN INFRASTRUCTURE TO ACCELERATE DEMAND 106 8 ELECTROLYZERS MARKET, BY TECHNOLOGY 109 8.1 INTRODUCTION 110 8.2 ALKALINE ELECTROLYZER 112 8.2.1 ABILITY TO OPERATE AT WIDE TEMPERATURE RANGE TO DRIVE MARKET 112 8.3 PROTON EXCHANGE MEMBRANE 114 8.3.1 GROWING FOCUS ON REDUCING RELIANCE ON PRECIOUS METALS TO DRIVE DEMAND 114   8.4 SOLID OXIDE ELECTROLYZER 116 8.4.1 REDUCED REQUIREMENT OF ELECTRICITY FOR SPLITTING WATER INTO HYDROGEN AND OXYGEN TO BOOST DEMAND 116 8.5 ANION EXCHANGE MEMBRANE 118 8.5.1 SUITABILITY FOR DECENTRALIZED AND RENEWABLE ENERGY-POWERED HYDROGEN PRODUCTION TO FOSTER MARKET GROWTH 118 9 ELECTROLYZERS MARKET, BY REGION 120 9.1 INTRODUCTION 121 9.2 ASIA PACIFIC 123 9.2.1 CHINA 128 9.2.1.1 Surging investments in green hydrogen projects to foster market growth 128 9.2.2 JAPAN 130 9.2.2.1 Rising number of partnerships and collaborations to boost demand 130 9.2.3 AUSTRALIA 131 9.2.3.1 Favorable policies and schemes to accelerate demand 131 9.2.4 INDIA 132 9.2.4.1 Growing need to reduce reliance on fossil fuel imports to drive market 132 9.2.5 REST OF ASIA PACIFIC 133 9.3 EUROPE 134 9.3.1 GERMANY 141 9.3.1.1 Growing number of projects to scale up green hydrogen production to foster market growth 141 9.3.2 UK 142 9.3.2.1 Increasing strategic investments in green hydrogen infrastructure to fuel market growth 142 9.3.3 FRANCE 143 9.3.3.1 Rising funding for startups and research centers to drive market 143 9.3.4 DENMARK 145 9.3.4.1 Presence of strong renewable energy base to accelerate demand 145 9.3.5 AUSTRIA 147 9.3.5.1 Increasing number of high-impact green hydrogen projects to offer lucrative growth opportunities 147 9.3.6 NETHERLANDS 148 9.3.6.1 Growing emphasis on achieving net-zero emissions to accelerate demand 148 9.3.7 NORWAY 150 9.3.7.1 Abundance of renewable energy resources to boost demand 150 9.3.8 REST OF EUROPE 151 9.4 NORTH AMERICA 153 9.4.1 US 158 9.4.1.1 Rising emphasis on establishing large-scale manufacturing facilities to boost demand 158 9.4.2 CANADA 159 9.4.2.1 Abundance of clean energy resources to foster market growth 159 9.5 ROW 161 9.5.1 EGYPT 167 9.5.1.1 Government-led initiatives to partner with global players to offer lucrative growth opportunities 167 9.5.2 GCC 168 9.5.2.1 Increasing investments in green hydrogen production to boost demand 168 9.5.2.2 Saudi Arabia 168 9.5.2.3 Other GCC countries 169 9.5.3 OTHER COUNTRIES 170 10 COMPETITIVE LANDSCAPE 172 10.1 OVERVIEW 172 10.1.1 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2024 172 10.2 MARKET SHARE ANALYSIS, 2023 175 10.3 MARKET EVALUATION FRAMEWORK 177 10.4 REVENUE ANALYSIS, 2019–2023 178 10.5 BRAND/PRODUCT COMPARISON 179 10.6 COMPANY VALUATION AND FINANCIAL METRICS, 2024 180 10.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 181 10.7.1 STARS 181 10.7.2 EMERGING LEADERS 181 10.7.3 PERVASIVE PLAYERS 181 10.7.4 PARTICIPANTS 181 10.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 183 10.7.5.1 Overall product footprint 183 10.7.5.2 Region footprint 185 10.7.5.3 Technology footprint 186 10.7.5.4 Application footprint 187 10.7.5.5 Power rating footprint 188 10.8 COMPANY EVALUATION MATRIX: STARTUPS/ SMES, 2023 189 10.8.1 PROGRESSIVE COMPANIES 189 10.8.2 RESPONSIVE COMPANIES 189 10.8.3 DYNAMIC COMPANIES 189 10.8.4 STARTING BLOCKS 189 10.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 191 10.8.5.1 Detailed list of key startups/SMEs 191 10.8.5.2 Competitive benchmarking of key startups/SMEs 192   10.9 COMPETITIVE SCENARIO 192 10.9.1 PRODUCT LAUNCHES 192 10.9.2 DEALS 194 10.9.3 EXPANSIONS 195 10.9.4 OTHER DEVELOPMENTS 196 11 COMPANY PROFILES 199 11.1 KEY PLAYERS 199 11.1.1 THYSSENKRUPP NUCERA 199 11.1.1.1 Business overview 199 11.1.1.2 Products/Solutions/Services offered 200 11.1.1.3 Recent developments 201 11.1.1.3.1 Deals 201 11.1.1.3.2 Expansions 203 11.1.1.3.3 Other developments 203 11.1.1.4 MnM view 205 11.1.1.4.1 Key strengths 205 11.1.1.4.2 Strategic choices 205 11.1.1.4.3 Weaknesses and competitive threats 206 11.1.2 JOHN COCKERILL 207 11.1.2.1 Business overview 207 11.1.2.2 Products/Solutions/Services offered 207 11.1.2.3 Recent developments 208 11.1.2.3.1 Deals 208 11.1.2.3.2 Expansions 209 11.1.2.3.3 Other developments 210 11.1.2.4 MnM view 211 11.1.2.4.1 Key strengths 211 11.1.2.4.2 Strategic choices 211 11.1.2.4.3 Weaknesses and competitive threats 211 11.1.3 NEL ASA 212 11.1.3.1 Business overview 212 11.1.3.2 Products/Solutions/Services offered 214 11.1.3.3 Recent developments 215 11.1.3.3.1 Product launches 215 11.1.3.3.2 Deals 216 11.1.3.3.3 Expansions 218 11.1.3.3.4 Other developments 219 11.1.3.4 MnM view 223 11.1.3.4.1 Key strengths 223 11.1.3.4.2 Strategic choices 223 11.1.3.4.3 Weaknesses and competitive threats 223 11.1.4 SIEMENS ENERGY 224 11.1.4.1 Business overview 224 11.1.4.2 Products/Solutions/Services offered 226 11.1.4.3 Recent developments 226 11.1.4.3.1 Deals 226 11.1.4.3.2 Expansions 227 11.1.4.3.3 Other developments 228 11.1.4.4 MnM view 229 11.1.4.4.1 Key strengths 229 11.1.4.4.2 Strategic choices 229 11.1.4.4.3 Weaknesses and competitive threats 229 11.1.5 PLUG POWER INC. 230 11.1.5.1 Business overview 230 11.1.5.2 Products/Solutions/Services offered 231 11.1.5.3 Recent developments 232 11.1.5.3.1 Deals 232 11.1.5.3.2 Expansions 234 11.1.5.3.3 Other developments 235 11.1.5.4 MnM view 238 11.1.5.4.1 Key strengths 238 11.1.5.4.2 Strategic choices 238 11.1.5.4.3 Weaknesses and competitive threats 238 11.1.6 ENAPTER S.R.L. 239 11.1.6.1 Business overview 239 11.1.6.2 Products/Solutions/Services offered 240 11.1.6.3 Recent developments 242 11.1.6.3.1 Product launches 242 11.1.6.3.2 Deals 243 11.1.6.3.3 Expansions 244 11.1.6.3.4 Other developments 244 11.1.7 CUMMINS INC. 247 11.1.7.1 Business overview 247 11.1.7.2 Products/Solutions/Services offered 248 11.1.7.3 Recent developments 249 11.1.7.3.1 Deals 249 11.1.7.3.2 Expansions 251 11.1.7.3.3 Other developments 252   11.1.8 ITM POWER PLC 254 11.1.8.1 Business overview 254 11.1.8.2 Products/Solutions/Services offered 255 11.1.8.3 Recent developments 256 11.1.8.3.1 Deals 256 11.1.8.3.2 Expansions 258 11.1.8.3.3 Other developments 259 11.1.9 MCPHY ENERGY S.A. 262 11.1.9.1 Business overview 262 11.1.9.2 Products/Solutions/Services offered 263 11.1.9.3 Recent developments 264 11.1.9.3.1 Deals 264 11.1.9.3.2 Other developments 266 11.1.10 LONGI 267 11.1.10.1 Business overview 267 11.1.10.2 Products/Solutions/Services offered 269 11.1.10.3 Recent developments 270 11.1.10.3.1 Product launches 270 11.1.10.3.2 Deals 270 11.1.10.3.3 Expansions 271 11.1.10.3.4 Other developments 271 11.1.11 SUNFIRE GMBH 272 11.1.11.1 Business overview 272 11.1.11.2 Products/Solutions/Services offered 272 11.1.11.3 Recent developments 273 11.1.11.3.1 Deals 273 11.1.11.3.2 Expansions 274 11.1.11.3.3 Other developments 274 11.1.12 BLOOM ENERGY 278 11.1.12.1 Business overview 278 11.1.12.2 Products/Solutions/Services offered 279 11.1.12.3 Recent developments 280 11.1.12.3.1 Deals 280 11.1.12.3.2 Expansions 280 11.1.12.3.3 Other developments 281 11.1.13 BEIJING SINOHY ENERGY CO., LTD 282 11.1.13.1 Business overview 282 11.1.13.2 Products/Solutions/Services offered 282 11.1.13.3 Recent developments 284 11.1.13.3.1 Deals 284 11.1.13.3.2 Other developments 285   11.1.14 ASAHI KASEI CORPORATION 286 11.1.14.1 Business overview 286 11.1.14.2 Products/Solutions/Services offered 288 11.1.14.3 Recent developments 288 11.1.14.3.1 Deals 288 11.1.14.3.2 Expansions 290 11.1.14.3.3 Other developments 290 11.1.15 NEXT HYDROGEN 292 11.1.15.1 Business overview 292 11.1.15.2 Products/Solutions/Services offered 293 11.1.15.3 Recent developments 293 11.1.15.3.1 Deals 293 11.1.15.3.2 Other developments 295 11.2 OTHER PLAYERS 296 11.2.1 PERIC HYDROGEN TECHNOLOGIES CO., LTD 296 11.2.2 CIPHER NEUTRON 297 11.2.3 GREEN HYDROGEN SYSTEMS 297 11.2.4 ERRE DUE S.P.A. 298 11.2.5 HYDROGENPRO 298 11.2.6 IGAS ENERGY GMBH 299 11.2.7 TOPSOE 300 11.2.8 HYGREEN ENERGY 301 11.2.9 OHMIUM 301 11.2.10 QUEST ONE GMBH 302 12 APPENDIX 303 12.1 INSIGHTS OF INDUSTRY EXPERTS 303 12.2 DISCUSSION GUIDE 303 12.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 308 12.4 CUSTOMIZATION OPTIONS 310 12.5 RELATED REPORTS 310 12.6 AUTHOR DETAILS 311