Global Electrolyzer Market to Reach US$ 1,017.7 Million by 2032, Bolstered by Rising Environmental Consciousness

March 15, 2022 | Chemical & Materials

According to the latest report by IMARC Group, titled “Electrolyzer Market Report by Product (Alkaline Electrolyzer, PEM Electrolyzer, Solid Oxide Electrolyzer), Capacity (Less than 500 kW, 500 kW to 2 MW, Above 2 MW), Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heat and Power, and Others), and Region 2024-2032,” the global electrolyzer market size reached US$ 505.6 Million in 2023. An electrolyzer is a system that uses electricity for carbon-free hydrogen production using renewable and nuclear resources. It splits water into hydrogen and oxygen, which is collected separately and further used in the automotive, power, and chemical industries. In recent years, electrolyzer has gained traction across the globe as it generates electricity with zero emissions as compared to fossil fuels that release harmful gases in the environment.

Global Electrolyzer Market Trends:

The market is primarily driven by the increasing awareness about the harmful impact of burning fossil fuels. In addition, the implementation of stringent policies by governing authorities of numerous countries to control greenhouse gas (GHG) emissions from the automotive industry represents another major growth-inducing factor. Besides this, electrolyzers are extensively utilized to power hydrogen fuel cell electric trains, buses, trucks, and other vehicles. This, coupled with the rising sales of electric vehicles (EVs), is driving the demand for hydrogen refueling stations and electrolyzers. Apart from this, the market is further propelled by the increasing product adoption in natural gas grids to lower carbon heating and refineries to remove sulfur from fossil fuels. Furthermore, the increasing adoption of wind and solar panels for electricity generation and widespread utilization of electrolyzers in the production of green chemicals, such as methanol, fertilizers, ammonia, and liquid jet fuel, are anticipated to propel the market growth. Looking forward, IMARC Group expects the market value to reach US$ 1,017.7 Million by 2032, exhibiting a CAGR of 7.8% during the forecast period (2024-2032).

Market Summary:

  • Based on the product, the market has been classified into alkaline, PEM, and solid oxide electrolyzers.
  • On the basis of the capacity, the market has been segmented into less than 500 kW, 500 kW to 2 MW, and above 2 MW.
  • Based on the application, the market has been categorized into power generation, transportation, industry energy, industry feedstock, building heat and power, others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some of the key players being Air Liquide S.A., Air Products and Chemicals Inc., Asahi Kasei Corporation, Cummins Inc., ITM Power plc, Linde plc, McPhy Energy S.A., Nel ASA, Plug Power Inc., Siemens AG, Titanium Tantalum Products Limited and Toshiba Corporation.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Product, Capacity, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Air Liquide S.A., Air Products and Chemicals Inc., Asahi Kasei Corporation, Cummins Inc., ITM Power plc, Linde plc, McPhy Energy S.A., Nel ASA, Plug Power Inc., Siemens AG, Titanium Tantalum Products Limited and Toshiba Corporation
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Global Electrolyzer Market to Reach US$ 1,017.7 Million by 2032, Bolstered by Rising Environmental Consciousness
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