Market Insights
The electrolyzer market was estimated at USD 0.3 billion in 2022 and is likely to grow at a CAGR of 97.16% during 2023-2028 to reach USD 17.57 billion in 2028.
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Market Dynamics
Introduction
An electrolyzer is a device that uses electricity to split water molecules into hydrogen and oxygen in a process known as electrolysis. It has a wide range of applications, including transportation, power generation, industrial energy, building heating, and power, among others.
Market Drivers
Major factors driving the growth of the electrolyzer market are-
- Rapid urbanization.
- Favorable government policies.
- Increasing electricity demand.
- A shift toward eco-friendly alternatives.
Furthermore, the market is expected to grow because of increasing industrialization in emerging economies, as well as increased commercialization of hydrogen to achieve energy-efficiency targets.
In addition, a surge in demand for hydrogen as a feedstock in the chemical and other industries, as well as a positive outlook for industrial base expansion, will invigorate the business scenario. Increasing R&D activities to produce green hydrogen, combined with rising government spending on H2 energy design and development programs, will positively influence the growth of the market over the forecast period.
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Key Players
The following are some of the key players in the market:
- Air Liquide S.A.
- Asahi Kasei Corporation
- Cockerill Jingli Hydrogen
- Idroenergy S.P.A.
- ITM Power Plc
- Kobelco Eco-solutions Co., Ltd.
- McPhy Energy S.A.
- Nel ASA
- Plug Power, Inc.
- Siemens Energy AG
Note: The above list does not necessarily include all the top players in the market.
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Segment Analysis
Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Product Type Analysis
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Alkaline Electrolyzer, PEM Electrolyzer, and Solid Oxide Electrolyzer
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The alkaline electrolyzers are likely to hold the major share of the market in the foreseeable future.
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Capacity Type Analysis
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≤500 kW, >500 kW-2 MW, and Above 2 MW
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The >500 kW-2 MW segment is expected to register high growth over the forecast period.
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Application Type Analysis
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Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heating & Power, and Others
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Power generation is expected to account for the lion's share of the market in the coming years.
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Regional Analysis
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North America, Europe, Asia-Pacific, and Rest of the World
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Europe is expected to be the dominating region in the market for electrolyzers over the forecast period.
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By Product Type
Based on the product type, the market is bifurcated into alkaline electrolyzers, PEM electrolyzers, and solid oxide electrolyzers. The alkaline electrolyzers are likely to hold the major share of the market in the foreseeable future. The introduction of government initiatives to support clean energy sources, as well as a shift in consumer focus toward carbon footprint reduction, is driving the segment's growth. Furthermore, the product provides key advantages such as long-term stability, mature technology, and inexpensive operating and installation costs, all of which contribute to the product's growth. PEM electrolyzer, on the other hand, is estimated to witness significant growth in the market during the forecast period, on account of its compact system design, high current density, and rapid response toward current fluctuations.
By Capacity Type
Based on the capacity type, the market is segmented as ≤500 kW, >500 kW-2 MW, and Above 2 MW. The >500 kW-2 MW segment is expected to register high growth over the forecast period. Factors such as increasing industrialization and ongoing electrification programs across off-grid/rural areas are expected to fuel the overall industry growth during the forecast period. On the other hand, the ≤500 kW capacity segment is estimated to witness significant growth in the market on account of growing investments for developing fuel cell infrastructure and chemical plants, coupled with the ongoing distribution of these systems across the railway and other transportation sectors.
By Application Type
Based on the application type, the market is segmented as power generation, transportation, industry energy, industry feedstock, building heating & power, and others. Power generation is expected to account for the lion's share of the market in the coming years, owing to the large-scale integration of renewable energy resources, increasing infrastructure investments across the commercial sector, and growing demand for energy imports. Transportation, on the other hand, is expected to grow significantly during the forecast period due to rising demand for FCEVs as an alternative to conventional automobiles.
Regional Insights
In terms of regions, Europe is expected to be the dominating region in the market for electrolyzers over the forecast period. Factors such as increasing demand for electricity and a shift in focus toward sustainable power generation, development of a comprehensive platform for hydrogen-based power generation, and expansion of industrial sectors such as refining, glass purification, petrochemicals, and fertilizers are expected to drive the region’s market growth over the forecast period.
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Research Methodology
- This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s electrolyzer market realities and future market possibilities for the forecast period of 2023 to 2028.
- The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The electrolyzer market is segmented into the following categories:
By Product Type
- Alkaline Electrolyzer
- PEM Electrolyzer
- Solid Oxide Electrolyzer
By Capacity Type
- ≤500 kW
- >500 kW-2 MW
- Above 2 MW
By Application Type
- Power Generation
- Transportation
- Industry Energy
- Industry Feedstock
- Building Heating & Power
- Others
By Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, Italy, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com.