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Global Electrolyser Market: By Product: Alkaline Electrolyser, Solid Oxide Electrolyser, PEM Electrolyser; By Capacity: Less than 500 kW, 500 kW - 2 MW, Above 2 MW; By Application: Transportation, Others; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Electrolyser Market Outlook

The global electrolyser market reached a value of about USD 285 million in 2021. The market is further estimated to grow at a CAGR of 27.30% in the forecast period of 2022-2027 to reach a value of around USD 1212.87 million by 2027.

 

Rising Demand for PEM Electrolysers for Hydrogen Production to Aid the Market Growth

Based on product, the increasing demand for proton exchange membrane (PEM) electrolysers, owing to their exceptional benefits, is supporting the market growth. It offers several advantages over other electrolyser systems, such as fast response, high pressure, and pure hydrogen production. Additionally, proton exchange membrane provides benefits, such as lower gas permeability, high proton conductivity, lower thickness, and high-pressure operations. It offers compact design, high current density, small footprint, and can operate under lower temperatures. Further, the ease with which PEM electrolysis plants can be balanced makes them more attractive for a range of industrial applications. The initiatives taken by manufacturers towards offering PEM electrolysers with high delivery pressure, which is suitable for on-site storage, and the availability of mega-Watt scale PEM are aiding the electrolyser market growth. Over the forecast period, substantial research to improve the PEM water electrolysis components for more cost-effectiveness, coupled with the rapid developments in PEM water electrolysis technology including high performance electrocatalysts, is likely to stimulate the market growth.

 

Market Segmentation

The electrolyser is a system that uses electricity to break water into hydrogen and oxygen molecules. The hydrogen gas obtained through electrolysis is either compressed or liquefied for use as a green energy source, and the oxygen is released into the atmosphere, or is used to carry out industrial processes or for medical applications. The components of an electrolyser include a cathode, an anode, a membrane, pumps, vents, storage tanks, and a separator, among others.

The market for electrolyser, by product, is divided into:

  • Alkaline Electrolyser
  • Solid Oxide Electrolyser
  • PEM Electrolyser

Based on capacity, the market is segmented into:

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

On the basis of application, the market is classified into:

  • Transportation
  • Power Generation
  • Industry Feedstock
  • Industry Energy
  • Building Heating and Power
  • Others

The regional markets for electrolyser can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Increasing Energy Consumption and the Emerging Need for Clean Energy Sources to Drive the Market Growth of Electrolyser

The rising energy consumption worldwide is resulting in the emerging need for clean energy sources like hydrogen, which, in turn, is increasing the use of hydrogen production methods like water electrolysis. There is a rising application of hydrogen produced from electrolysers in hydrogen fuel cells to generate electricity with zero emissions and reduce the dependency on fossil fuels. Additionally, the rapid adoption of electric vehicles to decarbonise the economy is resulting in the utilisation of hydrogen to generate electricity, thereby benefitting the market. The availability of different electrolysers of varied sizes and functions that can meet the needs of small industrial plants to large-scale centralised production facilities is contributing to the market expansion. The increasing government efforts to support the development of a green hydrogen economy are also favouring the electrolyser market growth. For instance, in September 2021, the Government of India decided to develop a production-linked incentive (PLI) scheme to bolster the indigenous manufacturing of electrolysers and meet the target of establishing 10 gigawatts of domestic manufacturing capacity for green hydrogen.  Over the forecast period, the expanding research activities to develop improved electrolyser technology are expected to aid the market growth.

 

Key Players in the Global Market for Electrolyser

The report gives a detailed analysis of the following key players in the global electrolyser market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Cummins, Inc.
  • Nel ASA
  • Siemens AG
  • McPhy Energy S.A.
  • ITM Power PLC
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2021
Historical Period 2017-2021
Forecast Period 2022-2027
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Capacity
  • Application
  • Region
Breakup by Product
  • Alkaline Electrolyser
  • Solid Oxide Electrolyser
  • PEM Electrolyser
Breakup by Capacity
  • Less than 500 kW
  • 500 kW - 2 MW
  • Above 2 MW
Breakup by Application
  • Transportation
  • Power Generation
  • Industry Feedstock
  • Industry Energy
  • Building Heating and Power
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Cummins, Inc.
  • Nel ASA
  • Siemens AG
  • McPhy Energy S.A.
  • ITM Power PLC
  • Others
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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Electrolyser Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Electrolyser Historical Market (2017-2021) 
    8.3    Global Electrolyser Market Forecast (2022-2027)
    8.4    Global Electrolyser Market by Product
        8.4.1    Alkaline Electrolyser
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Solid Oxide Electrolyser
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
        8.4.3    PEM Electrolyser
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2017-2021)
            8.4.3.3    Forecast Trend (2022-2027)
    8.5    Global Electrolyser Market by Capacity
        8.5.1    Less than 500 kW
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    500 kW - 2 MW
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
        8.5.3    Above 2 MW
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2017-2021)
            8.5.3.3    Forecast Trend (2022-2027)
    8.6    Global Electrolyser Market by Application
        8.6.1    Transportation
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2017-2021)
            8.6.1.3    Forecast Trend (2022-2027)
        8.6.2    Power Generation
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2017-2021)
            8.6.2.3    Forecast Trend (2022-2027)
        8.6.3    Industry Feedstock
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2017-2021)
            8.6.3.3    Forecast Trend (2022-2027)
        8.6.4    Industry Energy
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2017-2021)
            8.6.4.3    Forecast Trend (2022-2027)
        8.6.5    Building Heating and Power
            8.6.5.1    Market Share
            8.6.5.2    Historical Trend (2017-2021)
            8.6.5.3    Forecast Trend (2022-2027)
        8.6.6    Others
    8.7    Global Electrolyser Market by Region
        8.7.1    Market Share
            8.7.1.1    North America
            8.7.1.2    Europe
            8.7.1.3    Asia Pacific
            8.7.1.4    Latin America
            8.7.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Competitive Landscape
    11.1    Market Structure
    11.2    Company Profiles
        11.2.1    Cummins, Inc.
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    Nel ASA
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    Siemens AG
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    McPhy Energy S.A.
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    ITM Power PLC
            11.2.5.1    Company Overview
            11.2.5.2    Product Portfolio
            11.2.5.3    Demographic Reach and Achievements
            11.2.5.4    Certifications
        11.2.6    Others
12    Industry Events and Developments

 

List of Key Figures and Tables

1.    Global Electrolyser Market: Key Industry Highlights, 2017 and 2027
2.    Global Electrolyser Historical Market: Breakup by Product (USD Million), 2017-2021
3.    Global Electrolyser Market Forecast: Breakup by Product (USD Million), 2022-2027
4.    Global Electrolyser Historical Market: Breakup by Capacity (USD Million), 2017-2021
5.    Global Electrolyser Market Forecast: Breakup by Capacity (USD Million), 2022-2027
6.    Global Electrolyser Historical Market: Breakup by Application (USD Million), 2017-2021
7.    Global Electrolyser Market Forecast: Breakup by Application (USD Million), 2022-2027
8.    Global Electrolyser Historical Market: Breakup by Region (USD Million), 2017-2021
9.    Global Electrolyser Market Forecast: Breakup by Region (USD Million), 2022-2027
10.    North America Electrolyser Historical Market: Breakup by Country (USD Million), 2017-2021
11.    North America Electrolyser Market Forecast: Breakup by Country (USD Million), 2022-2027
12.    Europe Electrolyser Historical Market: Breakup by Country (USD Million), 2017-2021
13.    Europe Electrolyser Market Forecast: Breakup by Country (USD Million), 2022-2027
14.    Asia Pacific Electrolyser Historical Market: Breakup by Country (USD Million), 2017-2021
15.    Asia Pacific Electrolyser Market Forecast: Breakup by Country (USD Million), 2022-2027
16.    Latin America Electrolyser Historical Market: Breakup by Country (USD Million), 2017-2021
17.    Latin America Electrolyser Market Forecast: Breakup by Country (USD Million), 2022-2027
18.    Middle East and Africa Electrolyser Historical Market: Breakup by Country (USD Million), 2017-2021
19.    Middle East and Africa Electrolyser Market Forecast: Breakup by Country (USD Million), 2022-2027
20.    Global Electrolyser Market Structure

Key Questions Answered in the Report

In 2021, the global electrolyser market attained a value of nearly USD 285 million.

The market is assessed to grow at a CAGR of 27.30% between 2022 and 2027.

The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach almost USD 1212.87 million by 2027.

The major market drivers include the rising energy consumption, increasing application of hydrogen produced from electrolysers in hydrogen fuel cells to generate electricity, rapid adoption of electric vehicles, and growing demand for PEM electrolysers.

The key trends guiding the growth of the market include the emerging need for clean energy sources like hydrogen, favourable government initiatives, and increasing research activities to develop improved electrolyser technology.

The major regions are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The significant products explored in the market report include alkaline electrolyser, solid oxide electrolyser, and PEM electrolyser.

The various capacities of electrolyser include less than 500 kW, 500 kW - 2 MW, and above 2 MW.

The different applications of electrolyser include transportation, power generation, industry feedstock, industry energy, and building heating and power, among others.

The major players in the market are Cummins, Inc., Nel ASA, Siemens AG, McPhy Energy S.A., and ITM Power PLC, among others.

Analyst Review

The global electrolyser market attained a value of nearly USD 285 million in 2021, driven by the rising use of water electrolysis method as a result of the emerging need for clean energy sources like hydrogen. Aided by the advancements in electrolyser technology, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 27.30%. The market is estimated to reach about USD 1212.87 million by 2027.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The market for electrolyser, by product, is divided into alkaline electrolyser, solid oxide electrolyser, and PEM electrolyser. Based on capacity, the market is segmented into less than 500 kW, 500 kW - 2 MW, and above 2 MW. On the basis of application, the market is classified into transportation, power generation, industry feedstock, industry energy, and building heating and power, among others. The major regional markets for electrolyser are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Cummins, Inc., Nel ASA, Siemens AG, McPhy Energy S.A., and ITM Power PLC, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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