Global Electrolyser Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Global Electrolyser Market Outlook

The global electrolyser market reached a value of about USD 461.85 million in 2023. The market is further estimated to grow at a CAGR of 27.30% in the forecast period of 2024-2032 to reach a value of around USD 4,054.68 million by 2032.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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

Electrolyser Market Report Snapshots

Electrolyser Market Size

Electrolyser Market Growth

Electrolyser Companies