Water Electrolysis Equipment Market Share Driven by PEM Electrolyzer Adoption and Expanding Role in Hydrogen Refueling | Valuates Reports

Water Electrolysis Equipment Market Size
The global market for Water Electrolysis Equipment was valued at US$ 1570 million in the year 2024 and is projected to reach a revised size of US$ 27540 million by 2031, growing at a CAGR of 51.3% during the forecast period.

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The Water Electrolysis Equipment market is expanding rapidly as industries and governments prioritize clean hydrogen production to meet decarbonization goals. With water electrolysis emerging as a critical technology for producing green hydrogen using renewable electricity, the market size continues to grow, supported by evolving market trends in sustainable energy, hydrogen mobility, and industrial transformation.

By type, PEM (Proton Exchange Membrane) electrolyzers are capturing an increasing market share due to their compact design, high current density, and rapid response to fluctuating power inputs-making them well-suited for integration with renewable energy sources and hydrogen refueling infrastructure. Alkaline electrolyzers continue to maintain a strong position in the market, particularly in large-scale, stationary applications. Their lower capital costs and long operational history make them ideal for established industrial use in the chemical and power sectors. The "Others" segment includes next-generation technologies such as solid oxide electrolyzers, which are emerging in high-temperature applications and pilot-scale deployments.

In terms of application, the hydrogen refueling station segment is gaining significant momentum, driven by the growing adoption of fuel cell electric vehicles (FCEVs) and investments in hydrogen mobility infrastructure. Power to gas solutions-where excess renewable electricity is converted into hydrogen for storage or grid injection-also hold a growing share, supporting grid flexibility and seasonal energy storage. The chemical industry and refining segment remains a major market driver, where green hydrogen is increasingly replacing fossil-based hydrogen in ammonia production, hydrocracking, and desulfurization processes. The metallurgy and steel industry is emerging as a high-potential growth area, particularly with pilot projects focused on hydrogen-based steelmaking. The power industry is leveraging electrolysis for peak-shaving and renewable energy balancing, while electronics and semiconductor applications demand ultra-pure hydrogen for precise fabrication and surface treatment processes. The "Others" category includes municipal, aerospace, and academic uses that are contributing to diversified demand.

Looking ahead, the market forecast indicates strong and sustained growth, bolstered by policy incentives, falling electrolyzer costs, and the scaling of green hydrogen projects worldwide. The Water Electrolysis Equipment market is poised to play a foundational role in the clean energy transition, powering hydrogen production across industrial, mobility, and energy sectors.

by Type

• PEM Electrolyzer
• Alkaline Electrolyzer
• Others

by Application

• Power to Gas
• Chemical Industry and Refining
• Metallurgy and Steel Industry
• Hydrogen Refueling Station
• Power Industry
• Electronics and Semiconductor
• Others

By Company

PERIC Hydrogen Technologies, Nel Hydrogen, Longi Green Energy Technology, Sungrow Power Supply, Hydrogen Pro, Plug Power, Siemens, Cockerill Jingli Hydrogen, ThyssenKrupp, Sunfire, McPhy, SANY Hydrogen, TianJin Mainland, Beijing Zhongdian, Cummins, CIMC GH2 Technology, ShaanXi HuaQin, Verde Hydrogen, SPIC Hydrogen Technology, Teledyne Energy Systems, EM Solution, H2B2, Shandong Saikesaisi Hydrogen Energy

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