Electrolyzer Market

Report Code: PMI521423 | Publish Date: March 2024 | No. of Pages: 170

Electrolyzer Market Overview

Electrolyzer Market was valued at US$ 8.3 Billion in 2024 and is projected to grow at a CAGR of 5.30% to reach US$ 13.2 Billion by 2034.

An electrolyzer is a device that plays a crucial role in the field of electrochemistry and is used to facilitate a chemical reaction known as electrolysis. Electrolysis is the process of using an electric current to drive a non-spontaneous chemical reaction, which typically involves the breakdown of a compound into its constituent elements or the formation of a new compound from its elements.

 

 

Electrolyzer Market Dynamics

Growing Interest in Hydrogen Economy

The market for electrolyzers is being significantly stimulated by the rising interest in the hydrogen economy. The generation, storage, and use of hydrogen as a clean, flexible energy source are the foundation of the hydrogen economy. Due to its ability to address the problems associated with the environment and energy, this new paradigm has gained popularity. Hydrogen is seen as a solution to reduce greenhouse gas emissions and transition away from fossil fuels. When produced using renewable energy sources, such as wind or solar, hydrogen is considered "green hydrogen" and can be produced with virtually zero emissions. Electrolyzers, especially proton exchange membrane (PEM) electrolyzers, play a vital role in producing green hydrogen by splitting water into hydrogen and oxygen using electricity from renewable sources.

Restrains:

In some regions, natural gas reforming remains a more cost-effective method for hydrogen production. This competition can hinder the adoption of electrolysis, particularly when carbon capture and storage (CCS) technologies are applied to natural gas reforming.

Access Crucial Insights at a Fraction of the Cost | Request Your Discount

Electrolyzer Market Segmentation

Electrolyzer Market is segmented based on Technology, Power Rating, Application and Region.

Technology Insight

On the basis of Technology, Electrolyzer Market is segmented into Alkaline Electrolyzer, Solid Oxide Electrolyzer, and PEM Electrolyzer.

Power Rating Insights

On the basis of Power Rating, Electrolyzer Market is segmented into 500 kW - 2 MW, ≤ 500 kW, and Above 2 MW.

Application Insights

On the basis of Application, Electrolyzer Market is segmented into Energy storage for fuel cells, Power plants, Power to gas, Steel plant, Industrial gases, and others.

Electrolyzer Market Regional Insights:

On region the Electrolyzer Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

North America market is estimated to witness a significantly high revenue share over the forecast period due to rising investment and funding. In the United States, the Biden administration has outlined plans to support hydrogen and electrolyzer technologies. There is a growing interest in green hydrogen projects, with initiatives at both the federal and state levels.     

Asia Pacific market is estimated to witness a fastest revenue share over the forecast period. The Asia-Pacific region, particularly China, has emerged as a major manufacturing hub for electrolyzer technology. Chinese companies have been producing a significant portion of the world's electrolyzers, contributing to global supply.

Reduce costs by up to 30% with a custom report tailored to your specific needs | Request Customized Report

Report Scope:

Attribute

Details

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Technology - Alkaline Electrolyzer, Solid Oxide Electrolyzer, and PEM Electrolyzer

By Power Rating - 500 kW - 2 MW, ≤ 500 kW, and Above 2 MW

By Application - Energy storage for fuel cells, Power plants, Power to gas, Steel plant, Industrial gases, and Others

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034.

Electrolyzer Market Key Players

Electrolyzer Market Key Players:

The key players operating the Electrolyzer Market includes, Siemens, Nel Hydrogen, Kobelco Eco-Solutions, Green Hydrogen Systems, H-Tec Systems, Hydrogenics, Next Hydrogen, Teledyne Energy Systems, Shandong Saikesaisi Hydrogen Energy Co., Ltd., and Asahi Kasei.

Recent Development:

The New Launched Product News,

  • In March 2021, Verdagy launches commercial electrolyzer module, demonstrating low-cost green hydrogen at scale. Verdagy is developing the biggest membrane-based electrochemical cells in the world to reduce the cost and energy needed to produce industrial hydrogen. Verdagy operated a demonstration-scale Anion Exchange Membrane (AEM) with a 3200 cm2 20 kW cell continuously for 1,000 hours at a current density that led the industry.

Electrolyzer Market Table of Contents

  1. Research Objective and Assumption
    • Preface
    • Research Objectives
    • Study Scope
    • Years Considered for the study
    • Assumptions
    • Abbreviations
  2. Research Methodology
    • Research data
    • Primary Data
      • Primary Interviews
      • Primary Breakdown
      • Key data from Primary Sources
      • Key Thickness Insights
    • Secondary Data
      • Major Secondary Sources
      • Secondary Sources
    • Market Estimation
    • Top-Down Approach
      • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
    • Bottom-Up Approach
      • Approach for estimating market share by Bottom-up Analysis (Demand Side)
    • Market Breakdown and Data Triangulation
    • Research Assumptions
  3. Market Purview
    • Executive Summary
    • Key Findings—Global Outlook for medical carts Strategies
      • Key Questions this Study will Answer
      • Market Snippet, By Type
      • Market Snippet, By Drug Class
      • Market Snippet, By Treatment
      • Market Snippet, By End-users
      • Market Snippet, By Region
    • Opportunity Map Analysis
    • Executive Summary—3 Big Predictions
  4. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restrains
      • Market Opportunities
      • Market Trends
    • DR Impact Analysis
    • PEST Analysis
    • Porter’s Five Forces Analysis
    • Opportunity Orbit
    • Market Investment Feasibility Index
    • Macroeconomic Factor Analysis
  5. Electrolyzer Market, By Type, Forecast Period up to 10 Years, (US$ Bn)
  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Primary progressive MS (PPMS)
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Secondary progressive MS (SPMS)
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Clinically isolated syndrome (CIS)
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Relapse-remitting MS (RRMS)
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  1. Electrolyzer Market, By Drug Class, Forecast Period up to 10 Years, (US$ Bn)
  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Interferons  
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Immunomodulators
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Immunosuppressants
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Others
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  1. Electrolyzer Market, By Treatment, Forecast Period up to 10 Years, (US$ Bn)
  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Physical Therapy
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Medications
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Plasma Exchange
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Stem Cell Therapy
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  1. Electrolyzer Market, By End-Users, Forecast Period up to 10 Years, (US$ Bn)
  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Specialty Clinics
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Homecare
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Hospitals
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Others
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  1. Electrolyzer Market, By Region, Forecast Period up to 10 Years, (US$ Bn)
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
      • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
      • Regional Trends
    • North America
      • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Drug Class, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Treatment, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By End-Users, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
        • U.S.
        • Canada
    • Europe
      • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Drug Class, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Treatment, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By End-Users, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
        • UK
        • France
        • Germany
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Drug Class, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Treatment, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By End-Users, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
        • India
        • Japan
        • South Korea
        • China
        • Rest of Asia Pacific
  • Latin America
    • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Drug Class, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Treatment, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By End-Users, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
    • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Drug Class, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Treatment, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By End-Users, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East
  1. Competitive Landscape
    • Heat Map Analysis
    • Market Presence and Specificity Analysis
  2. Company Profiles
  • Pfizer Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Bayer AG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • AbbVie Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Merck KGaA
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Novartis AG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • F. Hoffmann-La Roche Ltd.  
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • GlaxoSmithKline plc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Eli Lilly and Company   
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • AstraZeneca   
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Cipla Inc.  
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  1. The Last Word
    • Future Impact
    • About Us
    • Contact