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Electrolyzers Market size was over USD 480.3 million in 2023 and is projected to reach USD 10.52 billion by 2036, growing at around 26.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of electrolyzers is evaluated at USD 583.28 million. The growth of the market can be attributed to the increasing demand for hydrogen as a green fuel, rise in demand for fuel-cell based automotive, and ongoing developments toward more efficient renewable energy technologies. Along with these, favorable regulatory policies regarding development of hydrogen infrastructure and reduction in the prices of electrolyzers are also expected to drive market growth in the upcoming years. Furthermore, largescale integration of renewable energy sources, coupled with surge in investments associated with the usage of environment-friendly technologies for power generation are projected to offer lucrative opportunities for market growth in the near future. According to the statistics by the International Energy Agency (IEA), global hydrogen electrolysis capacity additions is expected to touch 895.1 MW/y by the end of 2023, up from 11.9 MW/y in 2018.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
26.8% |
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Base Year Market Size (2023) |
USD 480.3 million |
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Forecast Year Market Size (2036) |
USD 10.52 billion |
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Regional Scope |
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The market is segmented by application into transportation, industry energy, industry feedstock, power generation, building heat & power, and others, out of which, the power generation segment is anticipated to hold the largest share in the global electrolyzers market on account of the rising demand for on-site electrolyzer setup in the power industry. Apart from these, the transportation segment in predicted to observe the highest CAGR over the forecast period owing to the growing investments in electrolyzer technology for fuel cells which are used in electric vehicles. Additionally, on the basis of product, the segment for alkaline electrolyzer is assessed to grab the largest share during the forecast period ascribing to its low capital cost, long lifespan, superior corrosion resistance and high ionic conductivity.
Our in-depth analysis of the global market includes the following segments:
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By Product |
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By Capacity |
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By Application |
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On the basis of geographical analysis, the global electrolyzers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Europe is estimated to hold largest revenue share by 2036, on the back of increasing demand for hydrogen as a fuel from the automotive industry, and several initiatives from the government to encourage decarbonizing. In addition, growing electricity demand is also expected to drive the region’s market growth in the coming years. As per the data provided by Eurostat, the total electricity generation in the European Union was 2,780 TWh in 2019. More than half (56.4 %) of the net electricity generated in the EU in 2019 came from non-combustible primary sources. Moreover, the market in North America is assessed to acquire the largest share, which can be credited to the high usage of hydrogen in industries namely, refining, petrochemicals, fertilizers and glass purification, and strong presence of market players in the region.
· February 2021- Siemens AG and Air Liquide signed a Memorandum of Understanding to develop a largescale partnership for creation of industrial hydrogen projects by laying the ground for mass manufacturing of electrolyzers in Europe.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
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