Hydrogen Infrastructure Surge: Why Electrolysers Are the Next Energy Investment Wave

Electrolyser systems are core equipment for producing green hydrogen through water electrolysis, converting electricity (increasingly renewable) into hydrogen and oxygen.
The industry underpins decarbonization across refining, fertilizers, steelmaking, mobility, and grid storage, making electrolysers a critical enabling technology for the global energy transition.
Technology categories include alkaline (AEL), proton exchange membrane (PEM), and solid oxide (SOEC), each optimized for different cost, efficiency, and operating profiles.
Global Market Overview
Global market size (2025): USD 381 million
Global market size (2032): USD 870 million
Forecast CAGR (2025 to 2032): 12.5%
Average selling price (ASP): USD 330,000 per unit
Total unit sales (2025): 1,154 units globally
Cost of goods sold (COGS) per unit: USD 247,500
Factory gross profit per unit: USD 82,500
Factory gross margin: 25%
Typical full-line production capacity: 90 unit per line per year
Downstream demand share:
Refining & ammonia/fertilizer: 38%
Mobility & hydrogen fueling: 21%
Power-to-gas / energy storage: 17%
Steel & green metallurgy: 14%
Chemicals & other industrial uses: 10%
COGS Breakdown (% of manufacturing cost)
Stack materials (membrane/electrodes/catalyst): 34%
Power electronics & rectifiers: 18%
Balance of plant (compressors, pumps, cooling): 22%
Mechanical frames & skids: 10%
Labor & assembly: 9%
QA/testing & overhead: 7%
Latest Trends and Technological Developments
Jan 2025 Large-scale green hydrogen tenders in China accelerate >100 MW electrolyser clusters for steel and refining integration.
Mar 2025 Modular 510 MW PEM skids reduce commissioning time by 3040% across industrial parks.
May 2025 SOEC pilots achieve >85% system efficiency in high-temperature industrial waste heat integration projects.
Aug 2025 Containerized electrolyser plants with plug-and-play balance-of-plant lower EPC costs for Southeast Asia island grids.
Nov 2025 Declining iridium loading in PEM stacks cuts catalyst cost by 25 to 35%, improving total system economics.
Technology shifts
Movement from MW-scale to 100+ MW centralized hydrogen hubs
Hybridization with solar + battery + electrolyser microgrids
AI-driven predictive maintenance and remote diagnostics
Standardization of 20-ft and 40-ft containerized modules
Asia Regional Insights
Accounts for 46% of global demand in 2025 due to aggressive hydrogen roadmaps and industrial decarbonization mandates.
Major markets:
China domestic manufacturing scale, low-cost alkaline dominance
Japan mobility hydrogen infrastructure & PEM leadership
South Korea fuel cell vehicles and port hydrogen hubs
India National Green Hydrogen Mission driving subsidies and local production
Regional ASP typically 10 to 18% lower than Europe due to lower fabrication and EPC costs
Localization of stack manufacturing growing to reduce import reliance.
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Electrolyser by Type:
Polymer Electrolyte Membrane Electrolyzers

Alkaline Electrolyzers

Solid Oxide Electrolyzers

Electrolyser by Product Category:
Filter-press

Tank

Tube

Electrolyser by Market Segment:
Water Electrolyser

Chloralkali Electrolyser

Metal Electrolyser

Electrolyser by Features:
Rapid Dynamic Response

Low Water Consumption

Integrated Compression

Low Maintenance Design

Others

Electrolyser by Usage:
Green Hydrogen Production

Renewable Energy Storage

Oil Refining and Desulfurization

Semiconductor and Electronic Gases

Others

Electrolyser by Application:
Power Station (Photovoltaic Power Station, Wind Power Station)

Transportation

Steel Industry

Chemical Industry

Others

Global Top 30 Key Companies in the Electrolyser Market
Cummins (Indiana, US)

Teledyne Energy Systems (Maryland, US)

Suzhou Jingli (Jiangsu, China)

McPhy (Grenoble, France)

TianJin Mainland (Tianjin, China)

Siemens (Munich, Germany)

Nel Hydrogen (Oslo, Norway)

Toshiba (Kanagawa, Japan)

Yangzhou Chungdean Hydrogen Equipment (Jiangsu, China)

Elogen (Velizy Villacoublkay, France)

Areva H2gen (Les Ulis, France)

Idroenergy Spa (Livorno, Italy)

Erredue SpA (Livorno, Italy)

Kobelco Eco-Solutions (Hyogo, Japan)

ShaanXi HuaQin (Shaanxi, China)

EM Solution (Gyeongsangnam do, South Korea)

Beijing Zhongdian (Beijing, China)

H2B2 (Madrid, Spain0

Elchemtech (Seoul, South Korea)

Verde LLC (Massachusetts, US)

Shandong Saksay Hydrogen Energy (Shandong, China)

Asahi Kasei (Tokyo, Japan)

ELB Elektrolyse technik GmbH (Herten, Germany)

ITM Power (Sheffield, Germany)

Plug Power (New Yotk, US)

Thyssenkrupp Nucera (dortmund, Germany

Sunfire G)mbH (Dresden, Germany)

John Cockerill (Seraing, Belgiu)

LONGi Hydrogen (Shanxi, China)

PERIC Hydrogen Technologies (Handan, China)

Regional Insights
Represents 12 to 14% of Asia demand, fastest growth globally (>15% CAGR)
Government support for green ammonia export and power-to-X fuels
Key countries:
Indonesia geothermal + hydro potential, green ammonia for fertilizer plants
Singapore hydrogen bunkering & maritime fuel pilot hubs
Vietnam offshore wind-to-hydrogen projects
Malaysia petrochemical retrofits
Typical project sizes: 120 MW distributed systems
EPC-led turnkey imports dominate; local assembly beginning
Industry Challenges and Solutions
Setup
High CAPEX, permitting delays, skilled workforce gaps
Solutions: Standardized containerized systems shorten installation timelines. Governments can implement fast-track hydrogen permitting corridors and co-fund training centers. Modular factories reduce initial investment risk.
Operations
Stack degradation, power intermittency, catalyst scarcity
Solutions: Predictive maintenance analytics and hybrid storage smooth load fluctuations. Catalyst recycling and lower precious-metal loading technologies improve lifespan and cost stability.
Market Penetration
Hydrogen price uncompetitive vs grey hydrogen
Solutions: Long-term offtake agreements and carbon credits reduce revenue volatility. Out-of-the-box approaches include green hydrogen certificates and blending mandates with natural gas to create immediate demand.
Strategic Insights
Focus on stack efficiency and lifetime to lower LCOH (Levelized Cost of Hydrogen)
Co-locate electrolysers with renewables to minimize transmission costs
Build partnerships with ammonia and steel producers for guaranteed offtake
Vertical integration (stack + power electronics + EPC) improves margins
ASEAN offers early-mover advantage with lower land and labor costs
Product Models
An electrolyser is a device that splits water (H2O) into hydrogen (H2) and oxygen (O2) using electricity. When powered by renewable energy (solar, wind), electrolysers produce green hydrogen a clean energy carrier used for industrial processes, transport fuels, power storage, and decarbonization.
Polymer Electrolyte Membrane (PEM) Electrolysers use a solid polymer membrane that conducts protons. They operate at low temperatures, have fast response times, and are well-suited for fluctuating renewable power sources and high-purity hydrogen needs. Notable products include:
HyLYZER Series Cummins Inc. (High segment, USD 1.2M+) PEM electrolyser platform designed for large industrial green hydrogen production; typically used by energy producers and heavy industries.
Silyzer 300 Siemens Energy AG (High segment, USD 1M+) Industrial PEM system targeted at utilities and chemical plants for high-volume hydrogen production.
ELYTE Series Elogen SAS (Middle segment, USD 250k to 900k) PEM electrolyser solutions for commercial and distributed hydrogen production.
PEM Electrolyser Kobelco Eco-Solutions (Middle segment, USD 300k to 900k) Reliable PEM systems used in industrial gas and energy applications.
HGAS1SP ITM Power plc (Middle/High segment, USD 500k to 1M) Containerised PEM unit for utilities and large refueling infrastructure
Alkaline Electrolysers use an alkaline liquid (like KOH) as the electrolyte. They tend to be robust, cost-efficient, and are widely used in large-scale industrial hydrogen production where dynamic response to power changes is less critical. Notable products include:
A-Series Alkaline Nel Hydrogen (High segment, USD 1M+) Large alkaline platforms for industrial hydrogen generation and ammonia synthesis.
McLyzer Augmented McPhy Energy (High segment, USD 900k+) High-pressure alkaline system for industrial clients and heavy fuel producers.
HySTAT Alkaline Cummins Inc. (Middle segment, USD 400k1M) Alkaline stacks tailored for steady-state industrial hydrogen output.
ALK Units TianJin Mainland (Middle segment, USD 500k1M) Chinese alkaline electrolysers used in petrochemical and large GHG mitigation projects.
Alkaline Electrolyser Suzhou Jingli (Low/Mid segment, USD 200k600k) Cost-effective alkaline platforms for mid-scale energy and industrial uses.
Solid oxide electrolysers operate at high temperatures and can achieve high electrical efficiency by utilizing heat directly alongside electricity. They suit high-temperature industrial processes and large-scale hydrogen production. Notable products include:
SOEC Industrial System Toshiba Energy Systems (High segment, USD 1M+) High-temperature solid oxide electrolyser used by industrial gas and power integrators.
Industrial SOEC Siemens Energy (High segment, USD 1M+) Solid oxide systems for utilities and chemical plant integration.
SOEC Unit Cummins Inc. (Middle/High segment, USD 800k2M) Advanced solid oxide electrolyser for industrial customers seeking high efficiency.
SOEC Electrolyser McPhy Energy (Middle segment, USD 600k1.5M) Heat-integrated electrolyser ideal for factories and process industries.
Investor Takeaways
Double-digit CAGR supported by decarbonization mandates
ASP stability with gradual cost decline improves volume growth
Asia/ASEAN fastest adoption markets
Stack technology IP creates strong pricing power
Modular systems reduce project risk and speed ROI
Government subsidies and carbon markets enhance margins

Investor Analysis
The electrolyser market combines policy support, industrial decarbonization pressure, and falling system costs to create sustained growth. Investors benefit by targeting manufacturers with scalable stack production, integrated EPC capabilities, and exposure to Asia and ASEAN projects. Emerging opportunities include high-temperature SOEC, modular containerized plants, and hydrogen-as-a-service business models that generate recurring revenue rather than one-time equipment sales.

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5 Reasons to Buy This Report
Comprehensive cost and unit economics analysis
Detailed Asia and ASEAN regional breakdown
Technology and policy trend tracking
Competitive benchmarking of leading suppliers
Actionable investor and strategic insights
5 Key Questions Answered
What is the global electrolyser demand outlook to 2032?
How do pricing and margins evolve with scale?
Which technologies will dominate future installations?
Where are the highest-growth regional markets?
Which players offer the strongest investment potential?
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: key insights, key emerging trends, etc.
Chapter 3: Manufacturers competitive analysis, detailed analysis of the product manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 5 & 6: Sales, revenue of the product in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 7: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 8: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 9: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 10: The main points and conclusions of the report.

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