Electrolyzers Market Projected to Reach $14.48 Billion, at a 38.2% CAGR by 2031 | MarketsandMarkets Trademark

The global electrolyzers market is projected to grow from USD 2.08 billion in 2025 to USD 14.48 billion by 2031 at a CAGR of 38.2% during the forecast period.
The global Electrolyzers Market [https://www.marketsandmarkets.com/Market-Reports/electrolyzers-market-23889518.html#utm_source=abnewswire.com&utm_medium=Referal&utm_campaign=PaidPR] size is expected to grow from USD 2.08 billion in 2025 to USD 14.48 billion by 2031, at a CAGR of 38.2% according to a new report by MarketsandMarkets Trademark . An electrolyzer is a system that uses electricity to split water into hydrogen and oxygen, enabling the production of clean hydrogen for industrial, mobility, and energy applications. It consists of a stack, where the electrochemical reaction occurs, and a balance of plant that includes power electronics, gas handling, cooling, and control systems. Electrolyzers come in different technologies, including alkaline, PEM, solid oxide, and AEM, each tailored for specific scales and operating conditions. Modern electrolyzers offer high efficiency, modular design, and digital monitoring capabilities, enabling real-time performance tracking, flexible load operation, and seamless integration with renewable energy sources for reliable green hydrogen generation.

Electrolyzers Market Size & Forecast:

* Market Size Available for Years: 2020-2031
* 2025 Market Size: USD 2.08 billion
* 2031 Projected Market Size: USD 14.48 billion
* CAGR (2025-2031): 38.2%

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By technology, alkaline electrolyzers accounted for largest market share in 2024.

Based on technology, the Electrolyzers Market is segmented into alkaline, proton exchange membrane (PEM), solid oxide, and anion exchange membrane (AEM). The alkaline segment, by technology, held the largest market share in 2024 due to its technological maturity, lower cost, and suitability for large industrial hydrogen production. Demand for PEM electrolyzers is growing rapidly due to their ability to respond quickly to variable renewable energy sources and produce high-purity hydrogen. Solid oxide electrolyzers offer high efficiency and are gaining traction in high-temperature industrial applications, while AEM electrolyzers are emerging as a low-cost alternative for distributed and small-scale hydrogen generation.

AEM electrolyzers to record highest CAGR during forecast period.

AEM electrolyzers are expected to register the highest CAGR in the global Electrolyzers Market during the forecast period. AEM technology is gaining rapid traction due to its potential to combine the low-cost advantages of alkaline systems with improved efficiency and compact designs similar to PEM electrolyzers. This makes AEM particularly attractive for distributed hydrogen production, small- to medium-sized industrial users, and emerging fuel applications where cost competitiveness and system flexibility are critical. The strong growth of AEM electrolyzers is further supported by increasing R&D investments, declining material costs, and the development of non-precious metal catalysts, which reduce overall system CAPEX. Their compatibility with intermittent renewable energy and lower balance-of-plant complexity makes them suitable for decentralized green hydrogen projects across residential, commercial, and industrial segments. As countries accelerate the adoption of hydrogen and support innovation-driven technologies, AEM systems are becoming one of the most promising next-generation solutions within the electrolyzer technology landscape.

Europe to be fastest-growing market for electrolyzers during forecast period.

Europe is projected to remain a key growth hub in the global Electrolyzers Market, driven by accelerated clean energy investments, stringent emissions regulations, and strong regional focus on energy security. The increasing deployment of hydrogen-ready industrial clusters, cross-border hydrogen corridors, and large-scale storage projects is boosting the adoption of electrolyzers across multiple sectors. The region is also advancing flagship green hydrogen initiatives linked to aviation fuels, maritime transport, and district heating. Policy mechanisms such as IPCEI funding, national tenders, and Contracts for Difference are enabling project bankability. Leading European manufacturers are scaling gigafactories, thereby reinforcing Europe's position as a leader in technology and innovation.

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Some major players in the Electrolyzers Market are thyssenkrupp nucera (Germany), Siemens Energy (Germany), John Cockerill, Nel (Norway), and Cummins Inc. (US). The major strategies adopted by these players include contracts, agreements, partnerships, and expansions.

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thyssenkrupp nucera (Germany)

thyssenkrupp nucera (Germany) offers clean energy with green hydrogen at an industrial scale and is a cleantech company providing hydrogen and chlorine technologies. thyssenkrupp nucera, formerly known as Uhde Chlorine Engineers, was established as a joint venture between Industrie De Nora and thyssenkrupp AG. The company primarily deals with the supply of clean energy, including green hydrogen, on an industrial scale. thyssenkrupp nucera offers chlor-alkali technology and alkaline water electrolysis technology to produce sustainable aviation fuel, hydrogen, chlorine, and other products. The company operates through two business segments: Alkaline-Water Electrolysis (AWE) and Chlor-Alkali Electrolysis CA. It offers electrolyzers across both segments, including hydrogen electrolyzers, particularly in the Alkaline-Water Electrolysis (AWE) segment.

Renewable hydrogen from electrolyzers serves various applications, including energy, mobility, and industry. The company also offers solutions for integrating grid-scale renewables and industrial-scale hydrogen use, as well as its subsequent products. The company is involved in the engineering, procurement, and construction of electrochemical plants. thyssenkrupp nucera has a significant presence in Germany. The company has recently completed the acquisition of key technology assets (including IP and a test facility) from Green Hydrogen Systems, strengthening its capabilities in pressurized alkaline water electrolysis (up to ~35 bar). The announcement was made in June 2025.

John Cockerill (Belgium)

John Cockerill (Belgium), formerly CMI Group, designs, integrates, upgrades, and maintains equipment across energy, defense, steelmaking, environmental, and general industrial sectors. It also serves the energy, environment, transport, hydrogen, solar, cooling, wind, nuclear, innovation, mobility, maintenance, water treatment, air & gas treatment, and waste sectors. The company maintains a strong foothold in metals, heat treatment, surface treatment, and industrial project services, offering a comprehensive range of solutions tailored to diverse industrial requirements. The company provides alkaline electrolyzers for various applications, such as energy, industrial, and mobility.

Cockerill Jingli Hydrogen (CJH)

Cockerill Jingli Hydrogen (CJH) is the Chinese subsidiary of John Cockerill, specializing in the design, manufacture, and sale of alkaline water-electrolysis hydrogen production equipment. With over 30 years of experience and more than 70 patented technologies, CJH's manufacturing capacity reached 1 GW in 2022, and it claims a 50% share of the global alkaline electrolysis equipment deliveries in 2021. Their systems are widely used in large-scale renewable and industrial hydrogen projects, underlining their role as a worldwide leader in green hydrogen technology. The company continues to invest in agreements to enhance its market position. In April 2025, John Cockerill signed a Memorandum of Understanding (MoU) with The Green Solutions Group (TGS) in Vietnam to supply pressurized alkaline electrolyzers and jointly develop green hydrogen and ammonia projects, thereby strengthening its regional presence in Asia.

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