[186 Pages Report] The Electrolyzers for Green Hydrogen Market size was estimated at USD 2.12 billion in 2023 and expected to reach USD 2.87 billion in 2024, at a CAGR 36.07% to reach USD 18.38 billion by 2030.
Electrolyzers play a crucial role in green hydrogen development by splitting water into hydrogen and oxygen using electrical energy from renewable sources. Green hydrogen is an eco-friendly energy source derived from renewable resources, including solar or wind power through electrolysis. The green hydrogen electrolyzer produces, distributes, and utilizes electrolyzers specifically designed for generating green hydrogen. The urgency to combat climate change by reducing greenhouse gas emissions has prompted governments worldwide to implement supportive policies and regulations promoting clean energy adoption. These initiatives include setting ambitious targets for renewable energy generation, providing incentives for research and development (R&D), and offering subsidies for green hydrogen production facilities, increasing the demand for electrolyzers for green hydrogen generation. The development of digitized and automated electrolyzers for efficient green hydrogen production has further expanded the scope of the market worldwide.
Moreover, the growing demand for green hydrogen across various end-use sectors, including automotive and metal manufacturing, presents significant opportunities for deploying electrolyzers in green hydrogen generation. High capital costs associated with installing electrolyzers and the initial investment needed for renewable energy infrastructure limit market growth. Additionally, the technical limitations associated with efficiency and energy requirements, scalability, and durability negatively impact the electrolyzers for green hydrogen market. Ongoing technological advancements in electrolyzer design, materials, and technologies to improve efficiency levels, reduce operational costs, and enhance durability are expected to bolster the availability of electrolyzers for green hydrogen in the coming years. Moreover, the potential deployment of electrolyzers for onsite green hydrogen development is expected to create growth opportunities for the electrolyzers for green hydrogen market.
Technology: Increasing adoption of proton-exchange-membrane (PEM) technology offering higher efficiency levels
Alkaline water electrolysis (AWE) employs an alkaline electrolyte, typically potassium hydroxide (KOH), at relatively moderate temperatures and pressures. This technology is suitable for large-scale applications with low electricity costs, making it ideal for integrating renewable energy sources, including wind or solar power. Proton-exchange-membrane (PEM) or polymer-electrolyte-membrane technology offers higher efficiency levels over alkaline water electrolysis. PEM electrolyzers utilize a solid polymer membrane as the electrolyte and work at low temperatures and pressures. Solid-oxide electrolyzers (SOEL) represent a reliable emerging technology for green hydrogen production. SOEL operates at high temperatures using solid oxide materials as the electrolyte. This technology offers high-efficiency levels due to heat integration and has the potential to work directly on renewable energy sources, such as concentrated solar power or geothermal energy.
Capacity: Growing government focus on developing and deploying over 100 GW capacity electrolyzers in economies
101 MW - 500 MW capacity range is suitable for large-scale industrial applications and is capable of supplying substantial volumes of green hydrogen to industries such as chemicals, steel, and refining. It marks the threshold where electrolyzer installations begin impacting regional hydrogen supplies substantially. 10 KW - 1 MW range is typically considered for small, local applications, including research facilities, small industrial units, or refueling stations. These sizes are great for pilot projects and early-stage integration into renewable energy systems. Capacities within the 11 GW - 100 GW range are futuristic and represent national or international-level hydrogen production capabilities. The 11 MW - 100 MW range represents medium to large industrial applications, providing a clear pathway for industries to decarbonize operations. Electrolyzers of this size can support larger local hydrogen economies, aiming toward regional supply to various sectors, including transport and distributed energy generation. 2 GW - 10 GW range, indicating large strategic initiatives are backed by government policies to cut carbon emissions significantly. These capacities fuel various heavy industries and possibly serve as export capabilities, supporting a significant part of the energy transition. 2 MW - 10 MW is suitable for various applications, including industrial processes requiring modest hydrogen volumes and integration with renewable energy sources for grid balancing or storage. It offers flexibility, serving as a major factor toward larger-scale hydrogen economies. 500 MW - 1 GW positions itself at the higher end of large-scale industrial applications, moving toward significant national-level hydrogen production. This capacity is ideal for countries’ journey toward establishing a green hydrogen economy, potentially catering to domestic and international markets. Over 100 GW capacity range represents a long-term global vision for green hydrogen, where it plays a pivotal role in global energy supply, potentially reshaping energy trade dynamics and making substantial contributions to achieving net-zero carbon emissions globally.
Application: Evolving utilization of electrolyzers for green hydrogen in the renewable energy sector
In the chemicals sector, electrolyzers for green hydrogen are primarily used to produce ammonia and methanol, which are vital for fertilizer and chemical synthesis. This facilitates a sustainable transition in industries such as agriculture and plastics manufacturing. Green hydrogen can replace coking coal as a reducing agent in iron and steelmaking processes, significantly lowering CO2 emissions in one of the most carbon-intensive industries and increasing the demand for large-scale electrolyzers from iron and steel manufacturing companies. On the other hand, the renewable energy sector employs green hydrogen as an energy storage and backup solution, addressing the intermittent nature of solar and wind power generation. Green hydrogen is considered as a viable alternative fuel for vehicles, including buses, trucks, and trains, which has improved the deployment of electrolyzers in the transportation sector. This transition aids in reducing greenhouse gas emissions from transportation.
Regional Insights
The market for electrolyzers for green hydrogen is witnessing significant growth in the Americas, driven by increasing demand for clean energy and decarbonization efforts across various countries. In North America, stringent regulations to reduce carbon emissions drive investments in green hydrogen production. The U.S. Department of Energy actively provides funding to advance clean hydrogen technologies. Canadian initiatives and projects to facilitate collaboration between industry stakeholders have further encouraged the deployment and development associated with electrolyzers for green hydrogen. Europe, the Middle East, and Africa represent highly developing electrolyzers for the green hydrogen market due to ambitious targets by regional governments for renewable hydrogen capacity expansion and the establishment of national strategies with significant investments for green hydrogen generation. The Middle East has abundant solar resources and adopts green hydrogen production to diversify its energy sector. Countries including China, Japan, and India drive the growing demand for electrolyzers for green hydrogen with industrialization and urbanization in the Asia-Pacific region. China’s 14th Five-Year Plan includes targets for hydrogen production, and Japan aims to achieve a carbon-neutral society by 2050 with its basic hydrogen strategy, further encouraging the demand for electrolyzers for green hydrogen in the Asia-Pacific region. Advancing research and development, fostering public-private partnerships, and streamlining permitting processes are expected to support the growth of electrolyzers for the green hydrogen market in the coming years.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Electrolyzers for Green Hydrogen Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Electrolyzers for Green Hydrogen Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Electrolyzers for Green Hydrogen Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Advent Technologies Holdings Inc., Agfa-Gevaert N.V., Air Liquide S.A., Asahi Kasei Corporation, Avium, LLC, Bloom Energy Corporation, Cummins Inc., Enapter S.r.l., Erre Due s.p.a., General Electric Company, Green Hydrogen Systems A/S, H-TEC SYSTEMS GmbH, H2 Core Systems GmbH, h2e Power Systems Inc., H2U Technologies, Inc., Hoeller Electrolyzer GmbH, Hydrogen Optimized Inc., Hysata Pty Ltd, Hystar AS, Iberdrola, S.A., iGas energy GmbH, INEOS AG, ITM Power plc, John Cockerill S.A., Linde PLC, LONGi Green Energy Technology Co., Ltd., McPhy Energy S.A., Nel ASA, Next Hydrogen Solutions Inc., Ohmium International, Inc., OxEon Energy, LLC, O? Stargate Hydrogen, Plug Power Inc., Pure Energy Centre, Siemens AG, SolydEra SpA, Sumitomo Corporation, SunFire GmbH, Sungrow Power Supply Co., Ltd., thyssenkrupp AG, Topsoe A/S, and Toshiba Corporation.
Market Segmentation & Coverage
This research report categorizes the Electrolyzers for Green Hydrogen Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Technology
- Alkaline Water Electrolysis
- Proton-Exchange-Membrane/ Polymer-Electrolyte-Membrane
- Solid-Oxide Electrolyzers
- Capacity
- 101MW - 500MW
- 10KW - 1MW
- 11GW - 100GW
- 11MW - 100MW
- 2GW - 10GW
- 2MW - 10MW
- 500MW - 1GW
- Over 100GW
- Application
- Chemicals
- Iron & Steel
- Renewable Energy
- Transportation
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Connecticut
- Massachusetts
- New Jersey
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Electrolyzers for Green Hydrogen Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Electrolyzers for Green Hydrogen Market?
- What are the technology trends and regulatory frameworks in the Electrolyzers for Green Hydrogen Market?
- What is the market share of the leading vendors in the Electrolyzers for Green Hydrogen Market?
- Which modes and strategic moves are suitable for entering the Electrolyzers for Green Hydrogen Market?
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