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Key Influencer in the Electrolyzers Market 2025: Fuel Cell-Powered Automotive Surge A Driving Force In The Electrolyzers Market Driver
Electrolyzers Market
The electrolyzers market is experiencing a significant boost due to the increasing demand for fuel cell-based vehicles. These vehicles are electrically driven and use hydrogen as fuel, generated by a fuel cell. Electrolyzers play a crucial role in supporting these vehicles by producing the required hydrogen fuel. For example, the California Fuel Cell Partnership reported in September 2024 that the number of fuel cell vehicles bought and leased in the United States amounted to 18,355 in that year alone. Consequently, this surge in demand for fuel cell-based vehicles is propelling the expansion of the electrolyzers market.
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What growth opportunities are expected to drive the electrolyzers market's CAGR through 2034?
There has been a solid expansion in the electrolyzers market size in previous years. The market, which was valued at $0.35 billion in 2024, is set to increase to $0.38 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 9.1%. The impressive growth during the historic period can be traced back to the escalating demand for hydrogen as an alternative energy source, supportive government policies and incentives, rising environmental consciousness, proliferation of renewable energy sources, and the emergence of early adopters as well as pilot projects across diverse industries.
The electrolyzers market is anticipated to witness a significant expansion in the coming years, with predictions suggesting a growth up to $0.54 billion by 2029, at a compound annual growth rate (CAGR) of 8.9%. The acceleration in the projected period can be credited to new adaptations in the aviation and maritime sectors. Other factors such as the global growth of hydrogen infrastructure, the amalgamation of electrolyzers into renewable energy projects, stringent regulations for reducing carbon emissions, and increased implementation of power-to-gas systems further contribute to this growth. The future trends that will shape this period include production of green hydrogen, decentralized hydrogen production, advancements in technology, production of green ammonia, and usage of hydrogen in transportation.
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What are the emerging trends shaping the future of the electrolyzers market?
The trend of technological improvements has been gaining traction in the electrolyzers sector. These advancements, which represent an extension of knowledge that drives technology forward, are having a notable impact. For instance, Bloom Energy Corporation, an American publicly-listed company producing and marketing solid oxide fuel cells that create on-site power, unveiled its high-volume commercial electrolyzer production line at their Newark location in November 2022. In doing so, they increased their electrolyzer manufacturing capacity to two gigatonnes. The Bloom Electrolyzer, which is based on the same commercially proven solid oxide technology platform used for power generation, signifies the most energy-efficient method for clean hydrogen production so far. By adapting existing manufacturing processes for larger scale electrolyzer production, Bloom Energy is able to respond more effectively to market needs.
Which growth-oriented segments of the electrolyzers market are leading the industry's development?
The electrolyzers market covered in this report is segmented -
1) By Product: Alkaline Electrolyzer, PEM Electrolyzer, Solid Oxide Electrolyzers
2) By Capacity: Less than 500 kW, 500 kW to 2 MW, Above 2 MW
3) By Application: Power Plants, Steel Plants, Electronics And Photovoltaics, Industrial Gases, Energy Storage or Fueling for FCEV's, Power to Gas, Other Applications
Subsegments:
1) By Alkaline Electrolyzer: Pressurized Alkaline Electrolyzers, Atmospheric Alkaline Electrolyzers
2) By PEM (Proton Exchange Membrane) Electrolyzer: Standard PEM Electrolyzers, High-Temperature PEM Electrolyzers
3) By Solid Oxide Electrolyzers: Planar Solid Oxide Electrolyzers, Tubular Solid Oxide Electrolyzers
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What regions are leading the charge in the electrolyzers market?
Western Europe was the largest region in the electrolyzers market in 2024. Asia-Pacific is expected to be the fastest-growing region in the electrolyzers market during the forecast period. The regions covered in the electrolyzers market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What companies are at the forefront of innovation in the electrolyzers market?
Major companies operating in 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.
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What Is Covered In The Electrolyzers Global Market Report?
•Market Size Forecast: Examine the electrolyzers market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the electrolyzers market for a structured understanding.
•Key Players Overview: Analyze major players in the electrolyzers market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electrolyzers market.
•Segment Contributions: Evaluate how different segments drive overall growth in the electrolyzers market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electrolyzers market.
•Industry Challenges: Identify potential risks and obstacles affecting the electrolyzers market.
•Competitive Landscape: Review strategic developments in the electrolyzers market, including expansions, agreements, and new product launches.
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