Electrolyzers Market Size

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.