Electrolyzers Market Analysis

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:

By Product

Alkaline Electrolyzer
PEM Electrolyzer
Solid Oxide Electrolyzer

By Capacity

Less Than 500 Kw
500 Kw to 2 MW
Above 2 MW

By Application

Transportation
Industry Energy
Industry Feedstock
Power Generation
Building Heat & Power
Others

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of electrolyzers is evaluated at USD 583.28 million.

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. The market growth is driven by increasing demand for hydrogen as a green fuel and rise in demand for fuel-cell based automotive.

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.

The major players in the market are Siemens AG, Erredue SpA, Giner Inc., Shandong Saikesaisi Hydrogen Energy Co., Ltd., Cummins, Inc., and others.

Electrolyzers Market Analysis