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Global Hydrogen Electrolyzer Market to Reach USD 11,537.75 Million by 2028, Aided by the Favourable Government Initiatives

Hydrogen Electrolyzer Market

Global Hydrogen Electrolyzer Market Share, Size, Growth, Trends, Outlook, Forecast, Report: By Type: PEM Electrolyzer, Alkaline Water Electrolyzer, Solid Oxide Electrolyzer; By End Use: Chemicals, Automobile, Energy, Others; Regional Analysis; Historical Market and Forecast (2018-2028); Competitive Landscape; Industry Events and Developments

Global Hydrogen Electrolyzer Market Outlook

The global hydrogen electrolyzer market is expected to grow at a CAGR of 63.9% in the forecast period of 2023-2028 to reach a value of approximately USD 11,537.75 million by 2028.

 

Global Hydrogen Electrolyser Market

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Increasing Demand for Hydrogen Electrolyzers from Various End Use Sectors to Boost the Industry Growth

The wide applications of hydrogen across various industries, the development of clean energy systems and their increasing adoption across various end-use sectors is driving the industry growth. Moreover, in geographies where hydrogen transportation from long distances is not feasible, or the cost of hydrogen production from natural gas is comparatively higher, end-users are increasingly adopting small scale electrolyzers for on-site hydrogen generation. On-site generation of hydrogen provides benefits like overall reduction in transportation costs, reduced carbon dioxide emissions during transportation, and reduction in storage cost, thus, providing various environmental and economic advantages.

Currently, North America and Europe occupy significant shares in the global market for hydrogen electrolyzer. The growing demand for energy and the presence of stringent environmental regulations in these regions are supporting the growth of the market. The United States, along with other countries in western Europe, is witnessing a robust adoption of these electrolyzers. Meanwhile, the Asia Pacific is expected to witness a healthy growth over the forecast period due to the rising environmental concern and the growing utilisation of hydrogen across various end-use industries, such as glass, pharmaceuticals and biotechnology, electronics, and metal fabrication, among others.

 

Hydrogen Electrolyzer: Market Segmentation

Electrolysis is the process in which electricity is utilised to disintegrate water into hydrogen and oxygen. This process is carried out in a unit called an electrolyzer. Electrolyzers are available in various sizes, ranging from small, appliance-size equipment to large-scale, central production facilities for hydrogen production that could be connected directly to renewable or other non-greenhouse-gas-emitting forms of electricity production. Electrolysis is seen as a promising option for hydrogen production from renewable resources.

 

Global Hydrogen Electrolyser Market By Type

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Based on type, the market is divided into:

  • PEM Electrolyzer
  • Alkaline Water Electrolyzer
  • Solid Oxide Electrolyzer

Based on end use, the industry can be segmented into:

  • Chemicals
  • Automobile
  • Energy
  • Glass
  • Metal
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Hydrogen Electrolyser Market By Region

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Rising Environmental Concern and Growing R&D Activities to Bolster the Hydrogen Electrolyzer Industry Growth

The rising environmental concern and the growing need to adopt sustainable approach are driving the demand for hydrogen electrolyzers globally. Hydrogen production through the process of electrolysis can provide opportunities for synergy with variable power generation, which is characteristic of some renewable energy technologies. Therefore, the growing focus to reduce the dependence on non-renewable resources and the increasing installation of renewable energy technologies are aiding the industry. Further, the growing investments by the key players to enhance the efficiency of electrolyzers will further propel the industry growth. The key areas of R&D include increasing the efficiency and operating life of the electrolyzer system as a whole, reducing costs (especially material costs), and deploying pressurised systems to prevent the need for subsequent compression of the H2 produced. Thus, the rapid technological advancements and growing R&D activities are expected to boost the demand for hydrogen electrolyzers over the forecast period.

 

Key Industry Players in the Global Hydrogen Electrolyzer Market

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

  • Enapter S.r.l.
  • MVS Engineering Pvt. Ltd
  • Pure Energy Centre
  • Cummins Inc.
  • ITM Power plc
  • McPhy Energy S.A
  • 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 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, End Use, Region
Breakup by Type PEM Electrolyzer, Alkaline Water Electrolyzer, Solid Oxide Electrolyzer
Breakup by End Use Chemicals, Automobile, Energy, Glass, Metal, Others
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Enapter S.r.l., MVS Engineering Pvt. Ltd, Pure Energy Centre, Cummins Inc., ITM Power plc, McPhy Energy S.A, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Hydrogen Electrolyzer Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Hydrogen Electrolyzer Historical Market (2018-2022) 
    8.3    Global Hydrogen Electrolyzer Market Forecast (2023-2028)
    8.4    Global Hydrogen Electrolyzer Market by Type
        8.4.1    PEM Electrolyzer
            8.4.1.1    Historical Trend (2018-2022)
            8.4.1.2    Forecast Trend (2023-2028)
        8.4.2    Alkaline Water Electrolyzer
            8.4.2.1    Historical Trend (2018-2022)
            8.4.2.2    Forecast Trend (2023-2028)
        8.4.3    Solid Oxide Electrolyzer
            8.4.3.1    Historical Trend (2018-2022)
            8.4.3.2    Forecast Trend (2023-2028)
    8.5    Global Hydrogen Electrolyzer Market by End Use
        8.5.1    Chemicals
            8.5.1.1    Historical Trend (2018-2022)
            8.5.1.2    Forecast Trend (2023-2028)
        8.5.2    Automobile
            8.5.2.1    Historical Trend (2018-2022)
            8.5.2.2    Forecast Trend (2023-2028)
        8.5.3    Energy
            8.5.3.1    Historical Trend (2018-2022)
            8.5.3.2    Forecast Trend (2023-2028)
        8.5.4    Glass
            8.5.7.1    Historical Trend (2018-2022)
            8.5.7.2    Forecast Trend (2023-2028)
        8.5.5    Metal
            8.5.8.1    Historical Trend (2018-2022)
            8.5.8.2    Forecast Trend (2023-2028)
        8.5.6    Others
    8.6    Global Hydrogen Electrolyzer Market by Region
        8.6.1    North America
            8.6.1.1    Historical Trend (2018-2022) 
            8.6.1.2    Forecast Trend (2023-2028)
        8.6.2    Europe
            8.6.2.1    Historical Trend (2018-2022) 
            8.6.2.2    Forecast Trend (2023-2028)
        8.6.3    Asia Pacific
            8.6.3.1    Historical Trend (2018-2022) 
            8.6.3.2    Forecast Trend (2023-2028)
        8.6.4    Latin America
            8.6.4.1    Historical Trend (2018-2022) 
            8.6.4.2    Forecast Trend (2023-2028)
        8.6.5    Middle East and Africa
            8.6.5.1    Historical Trend (2018-2022) 
            8.6.5.2    Forecast Trend (2023-2028) 
9    North America Hydrogen Electrolyzer Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2022) 
        9.1.2    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Historical Trend (2018-2022) 
        9.2.2    Forecast Trend (2023-2028)
10    Europe Hydrogen Electrolyzer Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2022) 
        10.1.2    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Historical Trend (2018-2022) 
        10.2.2    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Historical Trend (2018-2022) 
        10.3.2    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Historical Trend (2018-2022) 
        10.4.2    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Hydrogen  Electrolyzer Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2022) 
        11.1.2    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Historical Trend (2018-2022) 
        11.2.2    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Historical Trend (2018-2022) 
        11.3.2    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2022) 
        11.4.2    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Historical Trend (2018-2022) 
        11.5.2    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Hydrogen Electrolyzer Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2022) 
        12.1.2    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2022) 
        12.2.2    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2022) 
        12.3.2    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Hydrogen Electrolyzer Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2022) 
        13.1.2    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2022) 
        13.2.2    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2022) 
        13.3.2    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2022) 
        13.4.2    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape
    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Enapter S.r.l.
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    MVS Engineering Pvt. Ltd
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Pure Energy Centre
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Cummins, Inc
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    ITM Power plc
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    McPhy Energy S.A
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    Others
17    Key Trends and Developments in the Market

 

Additional Customisations Available

1    Manufacturing Process
    1.1    Overview
    1.2    Detailed Process Flow
    1.3    Operations Involved
2    Project Requirements and Cost Analysis
    2.1    Land, Location, and Site Development
    2.2    Construction
    2.3    Plant Machinery
    2.4    Cost of Raw Material
    2.5    Packaging
    2.6    Transportation
    2.7    Utilities
    2.8    Manpower
    2.9    Other Capital Investments
    
List of Key Figures and Tables

1.    Global Hydrogen Electrolyzer Market: Key Industry Highlights, 2018 and 2028
2.    Global Hydrogen Electrolyzer Historical Market: Breakup by Type (USD Billion), 2018-2022
3.    Global Hydrogen Electrolyzer Market Forecast: Breakup by Type (USD Billion), 2023-2028
4.    Global Hydrogen Electrolyzer Historical Market: Breakup by End Use (USD Billion), 2018-2022
5.    Global Hydrogen Electrolyzer Market Forecast: Breakup by End Use (USD Billion), 2023-2028
6.    Global Hydrogen Electrolyzer Historical Market: Breakup by Region (USD Billion), 2018-2022
7.    Global Hydrogen Electrolyzer Market Forecast: Breakup by Region (USD Billion), 2023-2028
8.    North America Hydrogen Electrolyzer Historical Market: Breakup by Country (USD Billion), 2018-2022
9.    North America Hydrogen Electrolyzer Market Forecast: Breakup by Country (USD Billion), 2023-2028
10.    Europe Hydrogen Electrolyzer Historical Market: Breakup by Country (USD Billion), 2018-2022
11.    Europe Hydrogen Electrolyzer Market Forecast: Breakup by Country (USD Billion), 2023-2028
12.    Asia Pacific Hydrogen Electrolyzer Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    Asia Pacific Hydrogen Electrolyzer Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Latin America Hydrogen Electrolyzer Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Latin America Hydrogen Electrolyzer Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Middle East and Africa Hydrogen Electrolyzer Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Middle East and Africa Hydrogen Electrolyzer Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Global Hydrogen Electrolyzer Market Structure

Key Questions Answered in the Report

What is the growth rate of the global hydrogen electrolyzer market?

The global hydrogen electrolyzer market is projected to grow at a CAGR of 63.9% between 2023 and 2028.

What is the forecast outlook of the market for 2023-2028?

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about USD 11,537.75 million by 2028.

What are the major industry drivers?

The major drivers of the industry, such as rising disposable incomes, increasing population, growing adoption of clean energy systems, stringent environmental regulations, rising demand for energy, growing environmental concern, increasing utilisation of hydrogen, and the rising installation of renewable energy technologies, are expected to aid the market growth.

What are the key industry trends of the global hydrogen electrolyzer market?

The key market trends guiding the growth of the market include the rising focus on reducing the dependence on non-renewable resources, rising R&D activities, and rapid technological advancements.

What are the major regional markets of hydrogen electrolyzer, according to the EMR report?

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

What are the leading types of hydrogen electrolyzer in the market?

The leading types of hydrogen electrolyzer in the market are PEM electrolyser, alkaline water electrolyser, and solid oxide electrolyser.

What are the major end use sectors in the industry?

The major end use sectors in the industry are chemicals, automobile, energy, glass, and metal, among others.

Who are the key industry players, according to the report?

The major players in the industry are Enapter S.r.l., MVS Engineering Pvt. Ltd, Pure Energy Centre, Cummins Inc., ITM Power plc, and McPhy Energy S.A, among others.

Analyst Review

The global hydrogen electrolyzer market is being driven by the rising utilisation of hydrogen. Aided by the rapid technological advancements, the market is expected to witness a healthy growth in the forecast period of 2023-2028, growing at a CAGR of 63.9%. The market is projected to reach USD 11,537.75 million by 2028.

EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. By type, the market is segmented into PEM electrolyzer, alkaline water electrolyzer, and solid oxide electrolyzer. On the basis of end-use, the market is divided into chemicals, automobile, energy, glass, and metal, among others. The major regional markets for hydrogen electrolyzer are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Enapter S.r.l., MVS Engineering Pvt. Ltd, Pure Energy Centre, Cummins Inc., ITM Power plc, and McPhy Energy S.A, 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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