The electrolyzers market is on track to achieve significant expansion, with forecasts estimating it will reach $4.27 billion by 2030. This growth, occurring at a CAGR of 21.2% from 2023 to 2030, is primarily fueled by the proliferation of renewable and nuclear technologies aimed at electricity generation. Additionally, increasing government investments in green energy and hydrogen technologies are critical drivers of this trend. Nevertheless, the sector faces certain obstacles, such as the shortage of raw materials. However, the rising affordability of electrolyzers offers substantial growth potential, despite the high energy requirements that present a challenge.
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Market segmentation is critical to understanding the development of this industry. The type segment includes polymer electrolyte membrane (PEM) electrolyzers, alkaline electrolyzers, and solid oxide electrolyzers. In 2023, the alkaline electrolyzers segment is expected to capture the largest market share, driven by increased collaborations among key players and the growing demand for green hydrogen in industrial sectors. These electrolyzers are essential in meeting the rising global demand for low-carbon hydrogen, which plays a pivotal role in decarbonization efforts across industries.
The market is also categorized by capacity, divided into less than 500 kW, 500 kW to 2 MW, and more than 2 MW. The more than 2 MW segment is anticipated to dominate the market in 2023, with its large share primarily attributed to significant electrolyzer installations in recent years. As businesses transition toward clean energy solutions, electrolyzers with greater capacity are becoming increasingly popular, reflecting the industry’s push toward a low-carbon economy.
On the application front, the market includes segments such as mobility, industrial applications, chemical production, and others. Industrial applications are projected to hold the largest share in 2023, with green hydrogen playing a critical role in replacing fossil fuels. As industries intensify efforts to meet global climate targets, the integration of green hydrogen into their energy mix has gained momentum, making this segment a key driver for the overall market.
Regionally, Asia-Pacific is expected to lead the electrolyzers market in 2023, followed by Europe and North America. The Asia-Pacific region’s prominence stems from increasing government initiatives focused on regulatory frameworks for hydrogen development, alongside expanding industrial uses of electrolyzers. Additionally, rising clean energy investments and governmental actions to mitigate climate change are enhancing the region's role in the global electrolyzers market.
Key industry participants shaping the global electrolyzers market include companies such as Plug Power Inc. (U.S.), CUMMINS INC. (U.S.), Siemens Energy AG (Germany), ITM Power PLC (U.K.), thyssenkrupp nucera AG & CO. KGAA (Germany), Nel ASA (Norway), McPhy Energy (France), and others. These companies continue to innovate and lead in an increasingly competitive and evolving market landscape.
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Proliferation of Renewable and Nuclear Technologies for Electricity Generation
The world’s electricity markets are experiencing the profound impacts of climate change. Heatwaves, cold snaps, droughts, and floods have become more frequent and intense, resulting in unstable and unreliable electricity supply. Grid operators are increasingly using renewable or nuclear technologies for electricity generation due to their viability for hydrogen production via electrolysis. Despite remarkable growth in the generation of renewable energy, electricity production from coal and gas has hit record levels, with coal accounting for 70% of all production in the energy & power sector. As a result, in 2021, carbon dioxide (CO2) emissions from power generation rose by 7%, reaching a record high after declining during 2019 and 2020.
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