Hydrogen Electrolyzer Market Size Worth USD 3901.7 Million in 2032 | Emergen Research

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Rising government initiatives to promote hydrogen production major factor driving Hydrogen Electrolyzer market revenue growth

Vancouver, Nov. 21, 2023 (GLOBE NEWSWIRE) — The global hydrogen electrolyzer market size is expected to reach USD 3901.7 Million in 2032 and register a steady revenue CAGR of 24.2% over the forecast period, according to the latest analysis by Emergen Research. Rising government initiative to promote hydrogen production is another major factor driving the market revenue growth. Electrolysis stands as a prominent method for hydrogen production, aligning with the goal of the Hydrogen Energy Earthshot initiative. The aim is to reduce the cost of clean hydrogen by 80%, bringing it down to USD 1 per kilogram within a decade. Hydrogen generated through electrolysis has the potential to yield no greenhouse gas emissions, contingent upon origin of the electricity utilized. It is crucial to account for various aspects related to the electricity source, such as its cost, efficiency, and emissions stemming from electricity generation when assessing the advantages and economic feasibility of electrolysis-based hydrogen production.

In many regions, the existing power grid cannot be well-suited for electrolysis due to the environmental impact of greenhouse gas emissions and inefficiency of electricity generation. The pursuit of hydrogen production through electrolysis is particularly focused on renewable energy sources such as wind, solar, hydro, geothermal, and nuclear power. These pathways result in nearly negligible emissions of both greenhouse gases and criteria pollutants. Various federal organizations are increasingly taking initiatives to reduce their carbon footprint with hydrogen which is expected to drive the hydrogen electrolyzer market revenue growth.

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This report forecasts revenue growth at a global, regional, and country level and provides an analysis of the hydrogen electrolyzer market trends in each of the sub-segments. The scope of the report can be defined as:

Scope of Research

Report Details Outcome
Market Size in 2022 USD 441.0 Million
CAGR (2023–2032) 24.2%
Revenue Forecast To 2032 USD 3901.7 Million
Base Year for Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Million and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Product type, capacity, outlet pressure, end-use, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, UK, France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa
Key Companies Profiled Nel ASA., Siemens, McPhy Energy S.A., ITM Power PLC, Gaztransport & Technigaz, Giner Inc, Tianjin Mainland Hydrogen Equipment Co., Ltd., Green Hydrogen Systems, iGas energy GmbH, Beijing CEI Technology Co., Ltd., Next Hydrogen, Air Liquide, Ballard Power Systems, Enapter S.r.l., Plug Power Inc., Bloom Energy, Pure energy centre, Idro Energy, Erre Due s.p.a, and Swiss Hydrogen SA
Customization Scope 10 hours of free customization and expert consultation

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MAJOR COMPANIES and Market Share Analysis

The global hydrogen electrolyzer market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solutions. Some major players included in the global hydrogen electrolyzer market report are:

  • Nel ASA.
  • Siemens
  • McPhy Energy S.A.
  • ITM Power PLC
  • Gaztransport & Technigaz
  • Giner Inc
  • Tianjin Mainland Hydrogen Equipment Co., Ltd. 
  • Green Hydrogen Systems
  • iGas energy GmbH
  • Beijing CEI Technology Co., Ltd.
  • Next Hydrogen
  • Air Liquide
  • Ballard Power Systems
  • Enapter S.r.l.
  • Plug Power Inc.
  • Bloom Energy
  • Pure energy centre
  • Idro Energy
  • Erre Due s.p.a
  • Swiss Hydrogen SA

Strategic Development

On 31 May 2023, GreenZo Energy, a renewable energy advisory firm headquartered in New Delhi, declared its intentions to construct a fresh green hydrogen electrolyzer facility with a 250-megawatt (MW) capacity, slated for completion by the conclusion of 2025. The company is committed to investing an estimated amount ranging from Rs. 300 crores to Rs. 400 crores for the establishment of this plant. The primary objective is to reduce India’s dependence on foreign imports for critical equipment in this sector.

Some Key Highlights from the Report

  • The Proton Exchange Membrane (PEM) electrolyzer segment is expected to account for largest revenue share in the global hydrogen electrolyzer market during the forecast period. Proton exchange membrane (PEM) electrolysis holds considerable industrial significance as a green source of exceptionally pure hydrogen, serving both chemical processes and energy storage needs. PEM electrolyzers come with several advantages in hydrogen production. They can function at elevated current densities, offering potential for substantial reductions in operational expenses.
  • The transport segment is expected to account for a significantly large revenue share in the global hydrogen electrolyzer market over the forecast period. Conventional internal combustion engines can contribute to the weight and reduced efficiency of a vehicle. In contrast, hydrogen-powered vehicles utilize hydrogen fuel cells, which exhibit a higher efficiency in converting energy into electricity. The integration of fuel cells results in improved vehicle efficiency and reduced noise levels, mainly due to the reduction in vibrations caused by fewer moving parts.
  • The North America market is expected to account for largest revenue share in the global hydrogen electrolyzer market during the forecast period. This is attributed to increasing activities by key market players in countries in this region. For instance, on 24 January 2023, NewHydrogen, Inc., the creator of innovative technology for cost-effective green hydrogen production, offered a progress report on its hydrogen generator prototype introduction.

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For the purpose of this report, Emergen Research has segmented the global hydrogen electrolyzer market based on product type, capacity, outlet pressure, end-use, and region:

  • Product Type Outlook (Revenue, USD Million; 2019–2032)
    • Proton Exchange Membrane (PEM) electrolyzer
    • Alkaline electrolyzer
    • Solid oxide electrolyzer
  • Capacity Outlook (Revenue, USD Million; 2019–2032)
    • Low (<=150 kW0)
    •  Medium (150kw-1mw)
      • 150-400 kw
      • 400-750 kW
      • 750-1mW
    • Hight (> 1mW)
      • 1-10 mW10-20 mW
      • 10-20 mW
      • Above 20 mW
  • Outlet Pressure Outlook (Revenue, USD Million; 2019–2032)
    • Low (<=10 Bar)
    • Medium (150 Bar-40 Bar)
    • High (>40 Bar)
  • End-Use Outlook (Revenue, USD Million; 2019–2032)
    • Ammonia
    • Methanol
    • Refining/ Hydrocarbon
    • Electronics
    • Energy
    • Power to Gas
    • Transport
    • Metal Production & Fabrication
    • Pharma & Biotech
    • Food & Beverages
    • Glass Industry
    • Other Industrial 
  • Regional Outlook (Revenue, USD Million; 2019–2032)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • U.K.
      • France
      • Spain
      • BENELUX
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Rest of APAC
    • Latin America
      • Brazil
      • Rest of LATAM
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Rest of MEA

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