Electrolyzer Market

Global Electrolyzer Market Analysis and Opportunity Assessment by Type, Application, Region, and Country – Forecast 2022 – 2032

The market is expected to generate an incremental $ opportunity of US$ 389.0 Mn between 2022 and 2032

Category: Chemicals & Materials Published Date : October 2022 ID: CVC-00296 Format: PDF Pages: 270

Global Electrolyzer Market Size Analysis

According to a research survey conducted by ChemView Consulting, in 2022, the Global Electrolyzer Market was worth US$ 461.9 Mn and is expected to grow at a CAGR of 6.3% over the forecast period. While the historical CAGR is 5.9%, the market is expected to hit US$ 850.9 Mn by 2032 end.

The primary application of hydrogen gas, which burns cleanly, is to create compounds like methanol and ammonia. A fundamental component of fertilizers used in the agriculture sector is ammonia (NH3). In contrast, the petroleum sector uses hydrogen in the hydrocracking procedure to create gasoline, diesel, and other petroleum products.

Fuel cells and other recently commercialized hydrogen use create new opportunities in transportation and other energy-related sectors. The gas offers a viable way to stabilize the electrical grid and has already been used as a fuel for cooling power plant units. The processes of coal gasification, steam methane reforming, and electrolyzers, which use water electrolysis, are the main sources of hydrogen gas.

Market Dynamic


India, Singapore, and Malaysia have started investing in hydrogen production and storage technology in the Asia Pacific region. The region’s power generation and transportation sectors both use hydrogen. Additionally, China began work on a hydrogen city in Wuhan, investing about USD 290 million in the endeavor.

For environmentally friendly power storage, grid balancing, power to gas, and hydrogen refueling stations, the government is concentrating on technological improvements in large-scale on-site hydrogen production (HRS). Many key players enable firms to improve their market presence to shape the business environment. For instance, Plug Power completed the acquisition of United Hydrogen and GINER ELX in June 2020.


The most important aspect that raises the price of manufacturing hydrogen using the electrolytic process is the price of electricity. Furthermore, the real and anticipated costs of renewable hydrogen have decreased due to the recent drops in the cost of solar and wind energy.

For instance, utility-scale solar photovoltaic (PV) capital costs are now 75% lower than in 2010, while onshore wind generation is now around 25% less expensive than it was ten years ago. More potential end users are now carefully examining whether renewable hydrogen is developing into a competitive means of satisfying their needs and lessening their environmental effects.

Electrolyzer Market

Market Segments Covered in Report

By Type:

  • Alkaline Electrolyzer
  • PEM Electrolyzer

By Application:

  • Power Generation
  • Steel Plant
  • Electronics and Photovoltaics
  • Industrial Gases
  • Energy Storage or Fueling for FCEVs
  • Power to Gas
  • Others

By Region and Country:

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
  • Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
  • Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Which electrolyzer type accounts for dominant share in the market?

The alkaline sector accounted for the majority of the electrolyzer market share. These systems use a diaphragm to separate the electrodes and nickel-based catalysts in an alkaline electrolyte solution, such as potassium hydroxide. Because of their greater longevity, demand for these systems is rising quickly. It is widely employed in various industrial applications, such as steel manufacturing facilities, power plants, electronics, and plastic photovoltaics.

Why is the demand for Power Generation is expected to increase during the forecast period?

The power generation category held the largest share of 26.71% in the global market. To time-shift the delivery of electricity for use in electric grid applications, power generation machineries such as fuel cells, reciprocating engines, combustion turbines, and steam turbines are integrated with hydrogen production and storage.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.

  • Due to the rising demand for hydrogen in various industries, including the manufacturing sector, the power industry, and others, the North American region held the majority of the market share in value, accounting for 37.2%. Various major brands have manufacturing facilities in North America, and there is rising interest in the energy storage or fueling for FCEV operations.
  • The industry outlook in Asia Pacific will be complemented by growing public awareness of renewable energy, government-sponsored financial support, and the need to address demand & supply imbalances. The installation of new industrial gas facilities and the ongoing construction of new residential and commercial buildings accelerated the adoption of these systems in the area.

Competition Analysis

Significant players dominate the global electrolyzer market, accounting for more than three-quarters of the market’s revenue. Some major firms aim to establish a niche for a certain market. While this is happening, a few other large- and middle-sized firms are concentrating on developing cutting-edge electrolyzer products. They are also attempting to get a competitive edge in the international market through partnerships and collaborations.

The key developments in the Global Electrolyzer Market are:

  • In January 2022, to provide electrolysis equipment for a project in England, Green Hydrogen Systems inked a contract with Logan Energy, a company based in Edinburgh. As part of ambitions to create a local hydrogen economy in Dorset, England, the electrolytic systems will be installed in a 40-foot container as a fully functional green hydrogen factory. Logan Energy runs these systems, which Green Hydrogen Systems make. The purchase includes two GHS HyProvide A90 systems with a combined capacity of 0.9 MW, which will generate green hydrogen using renewable energy.
  • In March 2022, to fast turn the hydrogen specialist into a mass-producer of PEM systems, Man Energy Solutions declared it would invest up to USD 500 million in H-Tec Systems, a subsidiary. The extensive global sales network and substantial project management expertise of Man Energy Solutions will be advantageous to H-Tec. Additionally, it will have direct access to the Volkswagen Group’s knowledge and experience, particularly regarding issues with production scaling and the supplier-based series manufacturing industry.

A list of some of the key suppliers present in the market are:

  • Nel Hydrogen
  • Asahi Kasei
  • Hydrogenics
  • Shandong Saikesaisi Hydrogen Energy Co., Ltd.Go Top
  • Teledyne Energy Systems
  • Siemens
  • Kobelco Eco-Solutions
  • Green Hydrogen Systems
  • Next Hydrogen
  • H-Tec Systems

Global Electrolyzer Market 2022-2032: Report Coverage and Highlights

  • Assessment of the historical and current market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
  • Key drivers, restraints, opportunities, and key emerging trends impacting market growth
  • Predictions on critical supply, demand, and technological trends and changes in consumer behavior
  • Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
  • Segment-wise, country-wise, and region-wise market analysis
  • Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
  • Key product innovations and regulatory framework
  • Covid-19 impact on the market and how to navigate
  • Strategic market analysis and recommendations on crucial winning strategies
Research ScopeDetails
Forecast period2022-2032
Historical data available for2017-2021
Market analysisUSD Million for Value and Tons for Volume, and CAGR from 2022 to 2030
Key regions coveredNorth America, Latin America, Europe, Asia-Pacific, Middle East, and Africa
Key countries coveredUS, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt
Key segments coveredBy Type, Application, and Region
Customization scopeAvailable upon Request
Pricing and purchase optionsAvailable upon Request