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Hydrogen Electrolyzer Market Size, Share Analysis and Industry Report 2023-2030

The global hydrogen electrolyzer market is being driven by the increasing demand for renewable energy. Growing investments by industry leaders in establishing new renewable energy sources for electricity generation contribute to the market's growth. However, the availability of alternative energy sources, such as natural gas and electric battery charging stations, may pose challenges to the hydrogen electrolyzer market in the forecast period.
Published 08 December 2023

Report Overview 

Global Hydrogen Electrolyzer Market by DataM Intelligence estimates the market to grow at a CAGR of 25.0% during the forecast period 2023-2030. 

Electrolysis is a technique that employs electricity to divide water into its constituent elements, hydrogen and oxygen. Various methods are employed for hydrogen production, with traditional alkaline electrolysis and PEM (Proton Exchange Membrane) electrolysis being prominent among them. These systems have the capability to generate hydrogen on-site as needed, providing pressurized hydrogen without the need for compressors, and delivering hydrogen with a remarkable purity of 99.999%, characterized by being pure, dry, and free from carbon. 

The technical and economic benefits of hydrogen electrolyzers are noteworthy. These systems not only allow for the on-site production of pure hydrogen but also offer a cost-effective approach to achieving highly efficient hydrogen production. This makes hydrogen electrolysis a compelling solution, combining technical superiority with economic efficiency in the generation of high-quality hydrogen. 

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Market Dynamics 

The escalating demand for renewable energy stands out as a key catalyst for the global hydrogen electrolyzer market: 

The surging demand for renewable energy has significantly bolstered the hydrogen electrolyzer market, and this positive trend is anticipated to continue its upward trajectory in the forecast period. Leading industry players are making substantial investments in establishing new renewable energy sources for electricity generation, aiming to meet the increasing global demand for electricity. This strategic approach is a pivotal factor driving the demand for hydrogen electrolyzers. Furthermore, the growth in innovation and the adoption of hydrogen fuel cell vehicles contribute to the rising need for sustainably produced hydrogen. 

However, the ready availability of alternatives poses a potential challenge to the global hydrogen electrolyzer market: 

Over the forecast period, the ease of access to alternative renewable energy sources such as natural gas and electric battery charging stations, coupled with the growing utilization of these resources, may impede the growth of the global hydrogen electrolyzer market. Additionally, the escalating consumption of other resources, including the continued rise in oil consumption and the increasing utilization of natural gas in various developing countries, has the potential to hinder the demand for hydrogen electrolyzers. This competition from alternative sources could present a hurdle for the widespread adoption of hydrogen electrolysis technology. 

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Market Segmentation 

By Type 

  • Alkaline electrolyzer 
  • Proton Exchange Membrane Electrolyzer 
  • Solid Oxide Electrolyzer 

By End-User 

  • Automotive industry 
  • Electricity 
  • Pharmaceutical and Biotechnology Industry 
  • Metal Industry 
  • Glass Industry 

Market Key Players 

Major players are Cummins Inc., Toshiba Corporation, Cummins Inc., McPhy Energy S.A, Enapter S.r.l., Nel ASA, H-tec Systems, Inc., ITM Power, Amtronics, Green Hydrogen Systems, H2B2 Electrolysis Technologies SL and Plug Power Inc. 

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