Product Code: 4787
The electrolyzer market is estimated to grow steadily by 2030 owing to rapid development in sustainable electricity solutions. In addition, growing consumer interest in environmental security along with increasing electricity demand is likely to bolster market growth over the forecast period.
During the COVID-19 outbreak, the industry witnessed a negative impact as a result of stringent lockdowns and disruptions in business operations due to prevalent labor shortages. However, the decline in coronavirus cases, coupled with government investments in several projects in the industrial sector and innovations in the field, has aided the market's recovery. For instance, in March 2022, Hysata, an electrolyzer manufacturer, introduced its cutting-edge capillary-fed electrolyzer cell that is 95% efficient as well as more affordable to install and operate compared to other commercial electrolyzers.
Moreover, major industry players have been focusing on rigorous research and development to expand their product portfolio in order to maintain a strong position in the electrolyzer market. For instance, in March 2022, Air Products Inc., an industrial chemical firm, announced its plan to build a 10 metric tons per day facility to manufacture green liquid hydrogen using green hydrogen expert thyssenkrupp nucera's electrolyzers.
In another instance, in January 2022, Linde plc, a multinational chemical company, inked an agreement with Yara, a Norwegian chemical company, to build and deliver a 24 MW green hydrogen pant, its second after the one it built for Leuna Chemical Complex, a German chemical company in 2021. The plant was slated to be based on the proton exchange membrane (PEM) technology, which can create up to 80,000 tons of green fertilizer.
The electrolyzer market has been categorized on the basis of application, product, capacity, and region.
In terms of product, the electrolyzer industry has been bifurcated into solid oxide electrolyzer, alkaline electrolyzer, PEM electrolyzer, and others. The others segment is estimated to progress at a rate of over 51% through the analysis period.
From the application perspective, the market has been segmented into building heating & power, power generation, industry feedback, transportation, industry energy, and others. The industry energy segment surpassed $35 million in revenue in 2021.
The building heating & power segment is expected to depict remarkable growth between 2022 and 2030 as a result of rising adoption of sustainable power generation sources. Meanwhile, the others application segment is projected to grow at a CAGR of over 97% through the review timespan.
In the regional frame of reference, apart from Europe, Asia Pacific, and North America, the Rest of World electrolyzer market is anticipated to showcase sizable growth to reach a valuation of around $6 billion by the end of 2030.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Methodology
- 1.2 Market definitions
- 1.3 Market estimates and forecast parameters
- 1.3.1 Country assumptions
- 1.3.2 Abbreviations
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Electrolyzer industry 360 degree synopsis, 2018 - 2030
- 2.1.1 Business trends
- 2.1.2 Product trends
- 2.1.3 Capacity trends
- 2.1.4 Application trends
- 2.1.5 Regional trends
Chapter 3 Electrolyzer Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Innovation & sustainability landscape
- 3.2.1 Acta S.p.A (Enapter)
- 3.2.2 Nel ASA
- 3.2.3 Air Liquide
- 3.2.4 ITM Power
- 3.2.5 Plug Power Inc.
- 3.2.6 McPhy Energy S.A.
- 3.3 Regulatory landscape
- 3.3.1 Global
- 3.3.2 North America
- 3.3.2.1 U.S.
- 3.3.2.1.1 American National Standards Institute (ANSI)
- 3.3.2.2 Canada
- 3.3.3 Europe
- 3.3.3.1 European Union: CE Marking
- 3.3.3.1.1 Pressure Equipment Directive (PED) 2014/68/EU
- 3.3.3.1.2 The Low Voltage Directive 2014/35/EU
- 3.3.3.1.3 The ATEX 214 Directive 2014/34/EU
- 3.3.3.1.4 The Electromagnetic Compatibility Directive 2004/108/EC
- 3.3.3.1.5 The Machinery Directive 2006/42/EC
- 3.3.3.1.6 Directive 2012/18/EU or Seveso III Directive
- 3.3.3.2 UK
- 3.3.3.2.1 Hydrogen Production (via steam-methane reforming, electrolysis, and H? liquification)
- 3.3.3.2.2 Hydrogen Storage
- 3.3.3.2.3 Hydrogen Transportation & Distribution (road transport in cylinders & tube trailers of bulk hydrogen gas/metal hydride stored hydrogen and liquified hydrogen)
- 3.3.3.2.4 H? as a fuel & refueling infrastructure for mobility purpose
- 3.3.3.2.5 Vehicles (cars, buses, trucks, bikes, motorcycles, quadricycles, boats, and ships)
- 3.3.3.2.6 Electricity Grid Issues for Electrolyzers
- 3.3.3.2.7 Gas Grid Issues (Injection of H? at transmission/distribution level, SNG via methanation)
- 3.3.3.2.8 Product Standards:
- 3.3.3.2.9 BSI PVE 3/8: Hydrogen
- 3.3.3.2.10 BSI GEL 105: Fuel Cells
- 3.3.3.3 Germany
- 3.3.3.3.1 BetrSichV" ("Betriebssicherheitsverordnung" or industrial safety regulations)
- 3.3.3.3.2 UVVs ("Unfallverhutungsvorschriften" or Accident Prevention & Insurance Association safety prevention regulations) were furthermore considered at an early stage
- 3.3.3.3.3 Piping, fitting, and joints meeting the PED 97/23/EC requirements
- 3.3.3.4 Spain
- 3.3.3.5 India
- 3.4 List of key operating and upcoming/announced electrolyzer projects
- 3.4.1 U.S.
- 3.4.2 Canada
- 3.4.3 Germany
- 3.4.4 UK
- 3.4.5 France
- 3.4.6 Italy
- 3.4.7 Netherlands
- 3.4.8 Denmark
- 3.4.9 Spain
- 3.4.10 Norway
- 3.4.11 China
- 3.4.12 Japan
- 3.4.13 Australia
- 3.5 COVID- 19 impact on the industry outlook
- 3.6 Industry impact forces
- 3.6.1 Growth drivers
- 3.6.1.1 Favorable government policies
- 3.6.1.2 Environment-friendly and a better alternative than existing options
- 3.6.1.3 Growing electricity demand
- 3.6.2 Industry pitfalls & challenges
- 3.6.2.1 Lack of infrastructure
- 3.7 Growth potential analysis
- 3.8 Porter's Analysis
- 3.8.1 Bargaining power of supplier
- 3.8.2 Bargaining power of buyer
- 3.8.3 Threat of new entrant
- 3.8.4 Threat of substitutes
- 3.9 Competitive landscape, 2021
- 3.9.1 Strategy dashboard
- 3.9.1.1 Sunfire GmbH
- 3.9.1.1.1 Partnership
- 3.9.1.1.2 Acquisitions
- 3.9.1.1.3 Product Launch
- 3.9.1.1.4 Installation/Supply
- 3.9.1.2 Siemens Energy
- 3.9.1.2.1 Joint Venture
- 3.9.1.2.2 Contract and agreement
- 3.9.1.2.3 Business Expansion
- 3.9.1.2.4 Memorandum of Understanding
- 3.9.1.2.5 Installation/Supply
- 3.9.1.3 Nel ASA
- 3.9.1.3.1 Agreement
- 3.9.1.3.2 Product Launch
- 3.9.1.3.3 Fund Allocation
- 3.9.1.3.4 Installation/Supply
- 3.9.1.3.5 Product Launch
- 3.9.1.4 Plug Power, Inc.
- 3.9.1.4.1 Business Expansion
- 3.9.1.4.2 Partnership
- 3.9.1.4.3 Acquisition
- 3.9.1.4.4 Business Expansion
- 3.9.1.4.5 Joint Venture
- 3.9.1.4.6 Investment
- 3.9.1.4.7 Acquisition
- 3.9.1.5 Green Hydrogen
- 3.9.1.5.1 Agreement
- 3.9.1.5.2 Plant Expansion
- 3.9.1.6 Cummins, Inc.
- 3.9.1.6.1 Partnership
- 3.9.1.6.2 Installation/Supply
- 3.9.1.6.3 Acquisition
- 3.9.1.7 Air Liquide
- 3.9.1.7.1 Financial Support
- 3.9.1.7.2 Business Expansion
- 3.9.1.7.3 Product Development
- 3.9.1.7.4 Investment
- 3.9.1.7.5 Business Expansion
- 3.9.1.7.6 Partnership
- 3.9.1.8 Linde PLC
- 3.9.1.8.1 Agreement
- 3.9.1.8.2 Installation/Supply
- 3.9.1.9 Air Products Inc.
- 3.9.1.10 Mcphy Energy S.A.
- 3.9.1.10.1 Product Development
- 3.9.1.10.2 Partnership
- 3.9.1.10.3 Installation/Supply
- 3.9.1.10.4 Plant Expansion
- 3.9.1.10.5 Partnership/Collaboration
- 3.9.1.10.6 Agreement
- 3.9.1.11 ITM Power
- 3.9.1.11.1 Fund Allocation
- 3.9.1.11.2 Business Expansion
- 3.9.1.11.3 Partnership
- 3.9.1.12 Asahi Kasei Corporation
- 3.9.1.12.1 Partnership
- 3.9.1.12.2 Installation/Supply
- 3.9.1.13 NEXT Hydrogen
- 3.9.1.13.1 Partnership
- 3.9.1.13.2 Installation/Supply
- 3.9.1.14 Cockerill Jingli Hydrogen
- 3.9.1.14.1 Project Development
- 3.9.1.14.2 Installation/Supply
- 3.9.1.15 Tianjin Mainland Hydrogen Equipment Co. Ltd.
- 3.9.1.16 Kobelco Eco-solutions Co. Ltd.
- 3.9.1.17 Areva H2Gen (Elogen)
- 3.9.1.17.1 Installation/Supply
- 3.10 PESTEL Analysis
Chapter 4 Electrolyzer Market, By Product
- 4.1 Electrolyzer market share by product, 2021 & 2030
- 4.2 Alkaline electrolyzer
- 4.2.1 Global market from alkaline electrolyzer, 2018 - 2030
- 4.2.2 Global market from alkaline electrolyzer, by region, 2018 - 2030
- 4.3 PEM electrolyzer
- 4.3.1 Global market from PEM electrolyzer, 2018 - 2030
- 4.3.2 Global market from PEM electrolyzer, by region, 2018 - 2030
- 4.4 Solid oxide electrolyzer
- 4.4.1 Global market from solid oxide electrolyzer, 2018 - 2030
- 4.4.2 Global market from solid oxide electrolyzer, by region, 2018 - 2030
- 4.5 Others
- 4.5.1 Global market from others, 2018 - 2030
- 4.5.2 Global market from others, by region, 2018 - 2030
Chapter 5 Electrolyzer Market, By Capacity
- 5.1 Electrolyzer market share by capacity, 2021 & 2030
- 5.2 ≤ 500 kW
- 5.2.1 Global market from ≤ 500 kW, 2018 - 2030
- 5.2.2 Global market from ≤ 500 kW, by region, 2018 - 2030
- 5.3 > 500 kW - 2 MW
- 5.3.1 Global market from > 500 kW - 2 MW, 2018 - 2030
- 5.3.2 Global market from > 500 kW - 2 MW, by region, 2018 - 2030
- 5.4 Above 2 MW
- 5.4.1 Global market from above 2 MW, 2018 - 2030
- 5.4.2 Global market from above 2 MW, by region, 2018 - 2030
Chapter 6 Electrolyzer Market, By Application
- 6.1 Electrolyzer market share by application, 2021 & 2030
- 6.2 Power generation
- 6.2.1 Global market from power generation, 2018 - 2030
- 6.2.2 Global market from power generation, by region, 2018 - 2030
- 6.3 Transportation
- 6.3.1 Global market from transportation, 2018 - 2030
- 6.3.2 Global market from transportation, by region, 2018 - 2030
- 6.4 Industry energy
- 6.4.1 Global market from industry energy, 2018 - 2030
- 6.4.2 Global market from industry energy, by region, 2018 - 2030
- 6.5 Industry feedstock
- 6.5.1 Global market from industry feedstock, 2018 - 2030
- 6.5.2 Global market from industry feedstock, by region, 2018 - 2030
- 6.6 Building heating & power
- 6.6.1 Global market from building heating & power, 2018 - 2030
- 6.6.2 Global market from building heating & power, by region, 2018 - 2030
- 6.7 Others
- 6.7.1 Global market from others, 2018 - 2030
- 6.7.2 Global market from others, by region, 2018 - 2030
Chapter 7 Electrolyzer Market, By Region
- 7.1 Electrolyzer market share by region, 2021 & 2030
- 7.2 North America
- 7.2.1 North America market, 2018 - 2030
- 7.2.2 North America market by product, 2018 - 2030
- 7.2.3 North America market by capacity, 2018 - 2030
- 7.2.4 North America market by application, 2018 - 2030
- 7.2.5 U.S.
- 7.2.5.1 U.S. market, 2018 - 2030
- 7.2.5.2 U.S. market by product, 2018 - 2030
- 7.2.5.3 U.S. market by capacity, 2018 - 2030
- 7.2.5.4 U.S. market by application, 2018 - 2030
- 7.2.6 Canada
- 7.2.6.1 Canada market, 2018 - 2030
- 7.2.6.2 Canada market by product, 2018 - 2030
- 7.2.6.3 Canada market by capacity, 2018 - 2030
- 7.2.6.4 Canada market by application, 2018 - 2030
- 7.3 Europe
- 7.3.1 Europe market, 2018 - 2030
- 7.3.2 Europe market by product, 2018 - 2030
- 7.3.3 Europe market by capacity, 2018 - 2030
- 7.3.4 Europe market by application, 2018 - 2030
- 7.3.5 Germany
- 7.3.5.1 Germany market, 2018 - 2030
- 7.3.5.2 Germany market by product, 2018 - 2030
- 7.3.5.3 Germany market by capacity, 2018 - 2030
- 7.3.5.4 Germany market by application, 2018 - 2030
- 7.3.6 UK
- 7.3.6.1 UK market, 2018 - 2030
- 7.3.6.2 UK market by product, 2018 - 2030
- 7.3.6.3 UK market by capacity, 2018 - 2030
- 7.3.6.4 UK market by application, 2018 - 2030
- 7.3.7 France
- 7.3.7.1 France market, 2018 - 2030
- 7.3.7.2 France market by product, 2018 - 2030
- 7.3.7.3 France market by capacity, 2018 - 2030
- 7.3.7.4 France market by application, 2018 - 2030
- 7.3.8 Italy
- 7.3.8.1 Italy market, 2018 - 2030
- 7.3.8.2 Italy market by product, 2018 - 2030
- 7.3.8.3 Italy market by capacity, 2018 - 2030
- 7.3.8.4 Italy market by application, 2018 - 2030
- 7.3.9 Netherlands
- 7.3.9.1 Netherlands market, 2018 - 2030
- 7.3.9.2 Netherlands market by product, 2018 - 2030
- 7.3.9.3 Netherlands market by capacity, 2018 - 2030
- 7.3.9.4 Netherlands market by application, 2018 - 2030
- 7.3.10 Denmark
- 7.3.10.1 Denmark market, 2018 - 2030
- 7.3.10.2 Denmark market by product, 2018 - 2030
- 7.3.10.3 Denmark market by capacity, 2018 - 2030
- 7.3.10.4 Denmark market by application, 2018 - 2030
- 7.3.11 Spain
- 7.3.11.1 Spain market, 2018 - 2030
- 7.3.11.2 Spain market by product, 2018 - 2030
- 7.3.11.3 Spain market by capacity, 2018 - 2030
- 7.3.11.4 Spain market by application, 2018 - 2030
- 7.3.12 Norway
- 7.3.12.1 Norway market, 2018 - 2030
- 7.3.12.2 Norway market by product, 2018 - 2030
- 7.3.12.3 Norway market by capacity, 2018 - 2030
- 7.3.12.4 Norway market by application, 2018 - 2030
- 7.4 Asia Pacific
- 7.4.1 Asia Pacific market, 2018 - 2030
- 7.4.2 Asia Pacific market by product, 2018 - 2030
- 7.4.3 Asia Pacific market by capacity, 2018 - 2030
- 7.4.4 Asia Pacific market by application, 2018 - 2030
- 7.4.5 China
- 7.4.5.1 China market, 2018 - 2030
- 7.4.5.2 China market by product, 2018 - 2030
- 7.4.5.3 China market by capacity, 2018 - 2030
- 7.4.5.4 China market by application, 2018 - 2030
- 7.4.6 Japan
- 7.4.6.1 Japan market, 2018 - 2030
- 7.4.6.2 Japan market by product, 2018 - 2030
- 7.4.6.3 Japan market by capacity, 2018 - 2030
- 7.4.6.4 Japan market by application, 2018 - 2030
- 7.4.7 Australia
- 7.4.7.1 Australia market, 2018 - 2030
- 7.4.7.2 Australia market by product, 2018 - 2030
- 7.4.7.3 Australia market by capacity, 2018 - 2030
- 7.4.7.4 Australia market by application, 2018 - 2030
Chapter 8 Company Profiles
- 8.1 Siemens Energy
- 8.1.1 Business Overview
- 8.1.2 Financial Data
- 8.1.3 Product Landscape
- 8.1.4 Strategic Outlook
- 8.1.5 SWOT Analysis
- 8.2 Air Liquide
- 8.2.1 Business Overview
- 8.2.2 Financial Data
- 8.2.3 Product Landscape
- 8.2.4 Strategy Dashboard
- 8.2.5 SWOT Analysis
- 8.3 Plug Power Inc.
- 8.3.1 Business Overview
- 8.3.2 Financial Data
- 8.3.3 Product Landscape
- 8.3.4 Strategic Outlook
- 8.3.5 SWOT Analysis
- 8.4 McPhy Energy S.A.
- 8.4.1 Business Overview
- 8.4.2 Financial Data
- 8.4.3 Product Landscape
- 8.4.4 Strategic Outlook
- 8.4.5 SWOT Analysis
- 8.5 ITM Power PLC
- 8.5.1 Business Overview
- 8.5.2 Financial Data
- 8.5.3 Product Landscape
- 8.5.4 Strategic Outlook
- 8.5.5 SWOT Analysis
- 8.6 Idroenergy
- 8.6.1 Business Overview
- 8.6.2 Financial Data
- 8.6.3 Product Landscape
- 8.6.4 SWOT Analysis
- 8.7 Asahi Kasei Corporation
- 8.7.1 Business Overview
- 8.7.2 Financial Data
- 8.7.3 Product Landscape
- 8.7.4 Strategic Outlook
- 8.7.5 SWOT Analysis
- 8.8 TianJin Mainland Hydrogen Equipment Co., Ltd.
- 8.8.1 Business Overview
- 8.8.2 Financial Data
- 8.8.3 Product Landscape
- 8.8.4 Strategic Outlook
- 8.8.5 SWOT Analysis
- 8.9 Cockerill Jingli Hydrogen
- 8.9.1 Business Overview
- 8.9.2 Financial Data
- 8.9.3 Product Landscape
- 8.9.4 Strategic Outlook
- 8.9.5 SWOT Analysis
- 8.10 NeL ASA
- 8.10.1 Business Overview
- 8.10.2 Financial Data
- 8.10.3 Product Landscape
- 8.10.4 Strategic Outlook
- 8.10.5 SWOT Analysis
- 8.11 KOBELCO ECO-SOLUTIONS Co., Ltd.
- 8.11.1 Business Overview
- 8.11.2 Financial Data
- 8.11.3 Product Landscape
- 8.11.4 SWOT Analysis
- 8.12 ErreDue spa
- 8.12.1 Business Overview
- 8.12.2 Financial Data
- 8.12.3 Product Landscape
- 8.12.4 SWOT Analysis
- 8.13 Green Hydrogen
- 8.13.1 Business Overview
- 8.13.2 Financial Data
- 8.13.3 Product Landscape
- 8.13.4 Strategic Outlook
- 8.13.5 SWOT Analysis
- 8.14 AREVA H2Gen (ELOGEN)
- 8.14.1 Business Overview
- 8.14.2 Financial Data
- 8.14.3 Product Landscape
- 8.14.4 SWOT Analysis
- 8.15 Next Hydrogen
- 8.15.1 Business Overview
- 8.15.2 Financial Data
- 8.15.3 Product Landscape
- 8.15.4 Strategic Outlook
- 8.15.5 SWOT Analysis
- 8.16 Acta S.p.A. (Enapter S.r.l.)
- 8.16.1 Business Overview
- 8.16.2 Financial Data
- 8.16.3 Product Landscape
- 8.16.4 Strategic Outlook
- 8.16.5 SWOT Analysis
- 8.17 Sunfire GmbH
- 8.17.1 Business Overview
- 8.17.2 Financial Data
- 8.17.3 Product Landscape
- 8.17.4 Strategic Outlook
- 8.17.5 SWOT Analysis
- 8.18 Cummins Inc.
- 8.18.1 Business Overview
- 8.18.2 Financial Data
- 8.18.3 Product Landscape
- 8.18.4 Strategic Outlook
- 8.18.5 SWOT Analysis
- 8.19 Air Products Inc.
- 8.19.1 Business Overview
- 8.19.2 Financial Data
- 8.19.3 Product Landscape
- 8.19.4 Strategic Outlook
- 8.19.5 SWOT Analysis
- 8.20 Suzhou Green Hydrogen Energy Co., Ltd.
- 8.20.1 Business Overview
- 8.20.2 Financial Data
- 8.20.3 Product Landscape
- 8.20.4 SWOT Analysis
- 8.21 Linde plc
- 8.21.1 Business Overview
- 8.21.2 Financial Data
- 8.21.3 Product Landscape
- 8.21.4 Strategic Outlook
- 8.21.5 SWOT Analysis