Electrolyzer Market Size Exceed $181.09 Billion By 2032 | CAGR: 41.5%

Electrolyzer Market Size Worth $181.09 Billion By 2032 | CAGR: 41.5%

The global electrolyzer market size is expected to reach USD 181.09 billion by 2032, according to a new study by Polaris Market Research. The report “Electrolyzer Market Share, Size, Trends, Industry Analysis Report, By Capacity (Above 2 MW, 500 kW to 2 MW and Less than 500 kW); By Type; By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The electrolyzer market is increasingly adopting alkaline electrolyzers for large-scale hydrogen production. Alkaline electrolyzers have been around for several decades and are known for their efficiency and reliability. However, they were previously not considered suitable for large-scale hydrogen production due to their lower efficiency than proton exchange membrane (PEM) electrolyzers.

With recent technological advancements, the efficiency of alkaline electrolyzers has improved significantly, and they are now becoming more competitive in terms of cost and performance. As a result, there has been a growing interest in using alkaline electrolyzers for large-scale hydrogen production, particularly for industrial applications such as steel and chemical production. Additionally, some countries like China are investing heavily in developing alkaline electrolyzers, which is expected to further drive their adoption and growth in the market.

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The COVID-19 pandemic has caused disruptions to global supply chains, leading to delays in the construction of electrolyzer projects and the delivery of components. However, the pandemic has also highlighted the importance of clean energy and the need to transition to a low-carbon economy, leading to increased investment in green hydrogen production and the electrolyzer market.

Additionally, the drop in demand for fossil fuels has made renewable energy sources more competitive, creating a favorable environment for the growth of the electrolyzer market. Overall, the pandemic has presented challenges for the electrolyzer market but has also provided new opportunities for growth.

Electrolyzer Market Report Highlights

  • The above 2 MW segment is expected to have the highest growth rate. This is primarily due to the rising demand for large-scale hydrogen production for industrial and transportation applications.
  • The PEM (Proton Exchange Membrane) electrolyzers are anticipated to expand at the highest rate. This is mainly because of PEM technology's benefits, which include high efficiency, minimal upkeep requirements, and rapid startup times.
  • The electrolyzer market is anticipated to be dominated by the power generation sector during the forecasted timeframe. The demand for renewable energy is rising, and there are government programs to support green hydrogen production for electricity generation.
  • North America accounted for a sizeable portion of the electrolyzers market in 2022. This expansion can be ascribed to the rising demand for hydrogen gas in a variety of manufacturing and energy-related uses.
  • The global key market players include Nel Hydrogen, Hydrogenics, Asahi Kasei, Shandong Saikesaisi Hydrogen Energy Co., Ltd., Siemens, Teledyne Energy Systems, Kobelco Eco-Solutions, Next Hydrogen, Green Hydrogen Systems, and H-Tec Systems.

Polaris Market Research has segmented the electrolyzer market report based on capacity, type, application, and region:

Electrolyzer, Capacity Outlook (Revenue - USD Billion, 2019 - 2032)

  • Above 2 MW
  • 500 kW to 2 MW
  • Less than 500 kW

Electrolyzer, Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • PEM Electrolyzer
  • Alkaline Electrolyzer
  • Solid Oxide Electrolyzer

     Electrolyzer, Application (Revenue - USD Billion, 2019 - 2032)

  • Transportation
  • Building Heat & Power
  • Industry Feedstock
  • Industry Energy
  • Power Generation
  • Others

    Electrolyzer, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa