Press release
Electrolyzers Market Expansion Continues, with Forecast Valuation of $1.83 Billion by 2029
Electrolyzers Market
Electrolyzers Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market for electrolyzers has seen a significant expansion lately. It is projected to increase from a valuation of $0.71 billion in 2024 to $0.85 billion in 2025, reflecting a compound annual growth rate (CAGR) of 21.0%. The historically observed growth can be credited to the escalating demand for hydrogen due to its eco-friendly nature, various government initiatives and subsidies, growing consciousness about environment, advancement in renewable energy sources and the inception of early adopters and pilot projects spanning multiple industries.
Electrolyzers Market Size Forecast: What's the Projected Valuation by 2029?
The market size of electrolyzers is anticipated to witness a surge in the upcoming years, reaching to a size of $1.83 billion by 2029, at a Compound Annual Growth Rate (CAGR) of 21.1%. The growth during the forecast period can be credited to the advent of applications in the aviation and maritime domains, the broadening of the global hydrogen infrastructure, the coupling of electrolyzers with projects on renewable energy, escalating regulations aimed at reducing carbon emissions, and the amplified use of power-to-gas systems. The prevailing trends for the forecast period encompass the production of green hydrogen, decentralized production of hydrogen, advancements in tech, the manufacture of green ammonia, and the use of hydrogen in transportation.
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What Are the Drivers Transforming the Electrolyzers Market?
The expansion of the electrolyzers market is significantly influenced by the rising demand for fuel cell-dependent automobiles. These electrically powered vehicles use fuel cells to convert hydrogen into electricity. The role of electrolyzers in this process is to supply hydrogen that acts as fuel for these vehicles. Take for instance, in September 2024, data from the California Fuel Cell Partnership revealed that sales and leases of fuel cell vehicles in the United States hit 18,355 in the same year. Consequently, the burgeoning need for fuel cell-dependent vehicles is propelling the surge of the electrolyzers market.
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Which Fast-Growing Trends Are Poised to Disrupt the Electrolyzers Market?
Technological innovations are playing a significant role in the electrolyzers market, a trend that is gaining traction. Technological innovation is all about discovering more knowledge to further advance technology. For instance, Bloom Energy Corporation, a US-based publicly listed company that produces and sells solid oxide fuel cells which generate on-site power, introduced a high-volume commercial electrolyzer line at its Newark facility in November 2022. This boosted the company's electrolyzer production capacity up to two gigatonnes. This award-winning approach is the most energy-efficient method for clean hydrogen production up until now. The Bloom Electrolyzer is built on the same established solid oxide technology platform that is utilized for energy generation, thus simplifying production for larger volume electrolyzer production, allowing Bloom to meet market needs more effectively.
Which Segments in the Electrolyzers Market Offer the Most Profit Potential?
The electrolyzersmarket 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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Which Firms Dominate the Electrolyzers Market by Market Share and Revenue in 2025?
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 Regions Offer the Highest Growth Potential 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.
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