Press release
2025 Electrolyzers Industry Trends Report: Long-Term Outlook Through 2034
Electrolyzers
How Large Will the Electrolyzers Market Size By 2025?
The dimension of the electrolyzers market has been rapidly extending in past years. The market value is expected to surge from $0.35 billion in 2024 to $0.38 billion in 2025, marking a compound annual growth rate (CAGR) of 9.1%. Factors contributing to the growth in the historic period include the escalating demand for hydrogen as a clean energy carrier, government incentives and subsidies, rising environmental consciousness, the enlargement of renewable energy sources, and the implementation of early adopters and pilot projects across different sectors.
How Big Is the Electrolyzers Market Size Expected to Grow by 2029?
In the coming years, the electrolyzers market is projected to experience a substantial rise, expanding to a value of $0.54 billion by 2029, with a CAGR of 8.9%. The predicted growth in the forecast period is connected to emerging uses in the aviation and maritime sectors, development of the international hydrogen infrastructure, incorporation of electrolyzers with green energy projects, escalating regulations for reducing carbon emissions as well as the growing usage of power-to-gas systems. Key trends anticipated during the forecast period encompass green hydrogen and decentralized hydrogen production, advancements in technology, green ammonia production, and the use of hydrogen in transportation.
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Which Key Market Drivers Powering Electrolyzers Market Expansion and Growth?
The rise in demand for fuel cell-driven vehicles plays a significant role in promoting the growth of the electrolyzers market. A fuel cell-driven automotive is a vehicle reliant on electric power that employs hydrogen as the energy source, generated by a fuel cell. Electrolyzers facilitate the functionality of such vehicles by supplying the needed hydrogen fuel. To illustrate, as reported by the California Fuel Cell Partnership in September 2024, the sales and lease of fuel cell vehicles in the US stood at 18,355 for that year. Consequently, it's evident that the escalating demand for fuel cell vehicles boosts the electrolyzers market growth.
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Which Fast-Growing Trends Are Poised to Disrupt the Electrolyzers Market?
The surge in technological advancements constitutes a primary trend witnessing increased recognition in the electrolyzers market. Technological advancement basically involves the unveiling of new knowledge that propels technology forward. As an illustration, the US-based Bloom Energy Corporation, which is publicly traded and produces and retails solid oxide fuel cells that generate on-site power, in November 2022, initiated a large-scale commercial electrolyzer line at their Newark location. This move elevated the company's capability to produce electrolyzers to two gigatonnes. The technique, which has been highly acclaimed, is the most energy-efficient concept for clean hydrogen production to date. Built on the same commercially reliable solid oxide technology platform used for energy generation, the Bloom Electrolyzer simplifies existing manufacturing processes for large-volume electrolyzer production, enabling Bloom to better meet market needs.
What Are the Emerging Segments in the Electrolyzers Market?
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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Electrolyzers Industry?
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.
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