Press release
Electrolyzers Market: Increasing Demand, Promising Growth Rate, and Emerging Trends
Electrolyzers Market
What Is The Projected Market Size Of The Global Electrolyzers Market And Its Growth Rate?
The global Electrolyzers market has shown substantial growth in recent years and is set for further expansion:
• The market grew from $0.35 billion in 2024 to $0.38 billion in 2025, with a CAGR of 9.1%.
• By 2029, it is predicted to grow to a whopping $0.54 billion, at a CAGR of 8.9%.
Main factors that can be attributed to this growth include increasing demand for hydrogen as a clean energy carrier, government incentives and subsidies, expansion of renewable energy sources, and emerging applications in various industries.
What Is Driving The Growth In The Electrolyzers Market?
The rising demand for fuel cell-based automotive is significantly contributing to the expansion of the electrolyzers market. These vehicles use hydrogen as an energy source, generated through electrolysis. With the rising popularity of fuel cell vehicles - as evidenced by the 18,355 units sold and leased in the US in 2024 - the demand for hydrogen and, consequently, electrolyzers, is set to increase further.
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Who Are the Key Players Driving Electrolyzers Market Growth?
The major players that are driving the growth of the electrolyzers market include:
• Nel ASA
• Asahi Kasei Corporation
• Hydrogenics
• Siemens AG
• McPhy Energy S.A.
• ITM Power PLC
• Erredue SpA
• Enapter
• Next Hydrogen Solutions Inc.
• Tianjin Continental Hydrogen Equipment Co. Ltd.
• Toshiba Corporation
• Air Liquide S.A
• Plug Power Inc.
• H-TEC SYSTEMS GmbH
• Hysata Pty. Ltd.
• Supercritical Solutions
• SunGreenH2
• Hydrogen Pro
• Iberlyzer
• Bloom Energy
• Cummins Inc.
• Green Hydrogen Systems A/S
• Topsoe A/S
• John Cockerill
• LONGi Green Energy Technology Co. Ltd.
• MAN Energy Solutions SE
• Ohmium International Inc.
• Sunfire GmbH
• Sungrow Power Supply Co. Ltd.
• thyssenkrupp nucera AG & Co KgaA
• Air Products and Chemicals Inc.
What Are The Key Trends In The Electrolyzers Market?
Key trends that form a part of the forecast period include:
• Green Hydrogen Production
• Decentralized Hydrogen Production
• Advancements in Technology
• Green Ammonia Production
• Use of Hydrogen in Transportation
What Are The Segments Of The Global Electrolyzers Market?
The Electrolyzers market has been segmented into:
1) Product: Alkaline Electrolyzer, PEM Electrolyzer, Solid Oxide Electrolyzers
2) Capacity: Less than 500 kW, 500 kW to 2 MW, Above 2 MW
3) Application: Power Plants, Steel Plants, Electronics And Photovoltaics, Industrial Gases, Energy Storage or Fueling for FCEV's, Power to Gas, Other Applications
Which Region Leads The Electrolyzers Market?
Western Europe was the largest region in the Electrolyzers market in 2024. However, now, Asia-Pacific is predicted to be the fastest-growing region during the forecast period. The regions assessed in the Electrolyzers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Electrolyzers Market Global Market Report?
- Market Size Analysis: Analyze the Electrolyzers Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electrolyzers Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electrolyzers Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electrolyzers Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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