Report Scope
The report provides a comprehensive overview and analysis of the global proton exchange membrane (PEM) electrolyzer market and a detailed analysis of the market players’ products and key initiatives. Using 2023 as the base year, the report provides estimated market data for 2024, and the market values are forecast from 2024 through 2029. It also includes details about the electrolyzers’ different components and end-use applications. Estimated market values are based on the determined market penetration of PEM electrolyzers in the overall water electrolysis market. Projected revenue values are in constant U.S. dollars that have not been adjusted for inflation.

The global PEM electrolyzer market has been segmented into the following market segments:

  • Component: electrolyzer stack, balance of plant.
  • Capacity: below 500 kW, 500 kW to 2 MW, and above 2MW.
  • Application: industrial, refining, automotive and transportation, and others (energy storage, power generation, and high-temperature heating).
  • Region: North America, Europe, Asia-Pacific, and Rest of World.


Report Includes

  • 43 data tables and 45 additional tables
  • An overview of the global market for proton exchange membrane (PEM) electrolyzers
  • Analysis of global market trends, with revenue data for 2023, estimated figures for 2024, forecasts for 2025, 2027, and 2029, and projected CAGRs through 2029
  • Identification of new opportunities, challenges and technological changes in the industry and a market share analysis by component, capacity, application and region
  • Examination of PEM electrolyzer companies’ current and future strategies
  • Analysis of R&D activity, product launches and regulatory elements
  • Analysis of the key companies’ market shares, mergers & acquisitions, joint ventures, collaborations and other market strategies
  • Profiles of the major market players, including Cummins Inc., ITM Power PLC, Ohmium, Plug Power Inc., and Siemens Energy