Electrolyzer Market - Global Forecast To 2031
商品番号 : SMB-30140
| 出版社 | MarketsandMarkets |
| 出版年月 | 2025年11月 |
| ページ数 | 330 |
| 図表数 | 380 |
| 価格タイプ | シングルユーザライセンス |
| 価格 | USD 4,950 |
| 種別 | 英文調査報告書 |
電解装置市場 – 技術（ALK、AEM、PEM、SOEC）、出力定格（500kW未満、500～2,000kW、2,000kW超）、用途（エネルギー、モビリティ、産業、グリッドインジェクション）、コンポーネント（スタック、プラント周辺）、および地域別 – 2031年までの世界予測
電解装置市場は、2025年の20億8,000万米ドルから2031年には144億8,000万米ドルに達し、年平均成長率（CAGR）38.2%で成長すると予測されています。市場の成長は、再生可能エネルギーシステムの導入拡大、産業の脱炭素化プログラム、クリーンモビリティへの取り組みによって牽引されており、これらはすべて、持続可能な水素製造のために電解装置を必要としています。電解装置は、化学、鉄鋼、製油所、発電などの産業へのグリーン水素供給を可能にする上で重要な役割を果たし、様々な用途における排出量の削減と事業継続の確保に貢献しています。再生可能エネルギーの統合、ネットゼロ目標、エネルギー安全保障を促進する政府の取り組みにより、産業、公益事業、モビリティ、商業の各分野で電解装置の導入が加速しています。
調査範囲:
本レポートでは、電解装置市場を、電力定格（500kW未満、500～2,000kW、2,000kW超）、技術（アルカリ電解装置、プロトン交換膜、固体酸化物電解装置、陰イオン交換膜）、用途（エネルギー、モビリティ、産業、系統供給）、コンポーネント（スタック、プラント周辺）、および地域（北米、ヨーロッパ、アジア太平洋、その他の地域）別に定義、説明、予測しています。レポートの範囲には、電解装置市場の成長に影響を与える推進要因、制約、課題、機会など、主要な要因に関する詳細な情報が含まれています。主要な業界プレーヤーを徹底的に分析することで、事業概要、ソリューション、サービス、契約、パートナーシップ、合意、拡張、合弁事業、コラボレーション、買収などの主要な戦略に関する洞察が得られました。また、電解装置市場に関連する最近の動向も強調しています。本レポートは、電解装置市場のエコシステムにおける新興企業の競合分析を提供します。
本レポートを購入する主なメリット
- 本レポートでは、主要な推進要因（電解装置製造能力の急速な拡大による構造的な市場モメンタムの創出、インダストリー4.0とグリーン水素による産業変革の加速）、制約要因（重要材料の入手性と集中度の低さ、需要低迷による世界的な人員削減、閉鎖、リストラにより電解装置メーカーが深刻な財務的圧迫に直面）、機会（脱炭素化とエネルギーバランスのための再生可能エネルギーと電解の統合拡大、グリーン水素開発を促進する政府主導の取り組み）、課題（電解装置の高コストと導入の遅れにより水素のスケールアップが遅れ、設備コスト削減の可能性が制限されている、サプライチェーンの制約と燃料電池電気自動車（FCEV）の普及の遅れ）に関する分析が含まれています。
- 製品開発／イノベーション：電解装置業界の市場参加者は、水素製造効率、運用信頼性、再生可能エネルギーシステムとの統合性の向上を目指し、バリューチェーン全体にわたるイノベーションを推進しています。開発には、モジュール式でコンパクトな電解装置設計、スタック効率の向上、大規模な産業および公共事業アプリケーションに対応する耐久性の向上などが含まれます。さらに、メーカーは、安全性の向上、システム寿命の延長、予知保全を実現するために、先進材料、次世代膜、デジタル監視技術を導入しています。スマート電解装置ソリューションは、エネルギー管理システム、水素ハブ、再生可能エネルギー発電資産と連携することで、性能の最適化、運用コストの削減、安定した水素生産の確保を目指しています。
- 市場開発：2025年と2024年には、ジョン・コッカリルとティッセンクルップ・ヌセラが、欧州における大規模かつ持続可能性を重視した開発により、電解装置の能力を拡大しました。ジョン・コッカリルは、次世代加圧アルカリ電解装置の導入を加速するため、1億3,450万米ドルの資本注入を通じて水素生産能力を増強しました。これらのシステムは、産業用水素プロジェクト向けに、より高い効率性、優れた耐久性、そして拡張可能なアーキテクチャを提供します。一方、ティッセンクルップ・ヌセラは、地熱暖房、屋上太陽光発電、EV/eバイク充電設備を備えた11,400平方メートルのドルトムント新本社を開設し、持続可能な操業を支援し、世界的な電解装置導入における製造連携を強化しました。
- 市場の多様化：本レポートは、電解装置プロバイダーが市場の多様化を促進するために採用している戦略を包括的に分析しています。革新的な製品と事業モデル、そしてテクノロジー主導の事業ラインを基盤とする様々な地域における新たなパートナーシップの枠組みを概説しています。調査結果は、従来の事業を超えた事業拡大の機会を強調し、現在サービスを提供しているものの十分にサービスが提供されておらず、戦略的参入に適した地域と顧客セグメントを特定しています。
- 競合評価：本レポートは、電解装置市場における主要プレーヤー（ティッセンクルップ・ヌセラ（ドイツ）、シーメンス・エナジー（ドイツ）、ジョン・コッカリル、ネル（ノルウェー）、カミンズ（米国）など）の市場シェア、成長戦略、サービス提供について詳細な評価を提供しています。
Report Description
The electrolyzers market is projected to reach USD 14.48 billion by 2031 from USD 2.08 billion in 2025, registering a CAGR of 38.2%. Market growth is driven by the increasing deployment of renewable energy systems, industrial decarbonization programs, and clean mobility initiatives, all of which rely on electrolyzers for sustainable hydrogen production. Electrolyzers play a crucial role in enabling the supply of green hydrogen to industries such as chemicals, steel, refineries, and power generation, helping reduce emissions and ensure operational continuity across various applications. Government initiatives that promote renewable energy integration, net-zero targets, and energy security are accelerating the adoption of electrolyzers across industrial, utilities, mobility, and commercial sectors.
“<500 KW Segment, by Power Rating, to Record Highest CAGR from 2025 to 2031”
Electrolyzers with a power rating of <500 kW are expected to witness the highest CAGR due to their flexibility and suitability for small-scale and decentralized hydrogen production. These compact systems are widely used in hydrogen refueling stations, small industrial operations, and residential or community energy storage. Their lower upfront cost, ease of installation, and ability to support localized green hydrogen production make them highly attractive, especially in regions without access to large-scale hydrogen infrastructure. Rising demand for on-site hydrogen generation in renewable energy projects and mobility applications is further accelerating growth in this segment.
“Anion Exchange Membrane (AEM) Electrolyzers, by Technology, to Record Highest CAGR from 2025 to 2031”
AEM electrolyzers are expected to record the highest CAGR during the forecast period because they offer cost-effective hydrogen production without relying on expensive precious metal catalysts, such as platinum or iridium. AEM systems combine the key advantages of both alkaline and PEM technologies—good efficiency and compact design—while keeping costs low. Their ability to integrate easily with renewable energy for on-site hydrogen generation makes them increasingly attractive for industries and governments seeking affordable and sustainable green hydrogen solutions.
“Asia Pacific to account for largest share of electrolyzers market in 2031”
The Asia Pacific region is poised to emerge as a significant growth engine for the global electrolyzers market, driven by the expansion of renewable energy capacity, national hydrogen roadmaps, and increasing investment in domestic manufacturing. Countries such as China, India, Japan, South Korea, and Australia are developing large, integrated hydrogen hubs that combine electrolysis, ammonia synthesis, and export-oriented infrastructure. The increasing focus on energy security, industrial competitiveness, and the adoption of clean mobility, including hydrogen buses, trucks, and port equipment, is driving project development. Strong public–private partnerships, incentives for local production, and rapid cost declines in solar and wind technologies continue to accelerate the deployment of electrolyzers across the region.
In-depth interviews were conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among others, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1 – 60%, Tier 2 – 25%, and Tier 3 – 15%
- By Designation: C-level Executives – 33%, Directors – 24%, and Others – 43%
- By Region: North America – 25%, Europe – 25%, Asia Pacific – 30%, and Rest of the World – 20%
Note: The tiers of the companies are defined based on their total revenues as of 2024. Tier 1: >USD 1 billion, Tier 2: USD 500 million to USD 1 billion, and Tier 3: <USD 500 million. Others include sales managers, engineers, and regional managers.
thyssenkrupp nucera (Germany), Siemens Energy (Germany), John Cockerill, Nel (Norway), Cummins Inc. (US), Plug Power Inc. (US), LONGi (China), Asahi Kasei Corporation (Japan), Envision Group (China), ITM Power plc (UK), Sunfire GmbH (Germany), Enapter (Italy), Bloom Energy (US), SUNGROW (China), Next Hydrogen (Canada), Shandong AUYAN New Energy Technology Co., Ltd. (China), Quest One GmbH (Germany), TOPSOE (Denmark), Erre Due s.p.a. (Italy), Hygreen Energy (China), iGas energy GmbH (Germany), Cipher Neutron (Canada), HydrogenPro (Norway), Ohmium (US), and PERIC Hydrogen Technologies Co., Ltd. (China) are some major players in the electrolyzers market. The study includes an in-depth competitive analysis of these key players in the electrolyzers market, with their company profiles, recent developments, and key market strategies.
Study Coverage:
The report defines, describes, and forecasts the electrolyzers market by power rating (<500 kW, 500–2,000 kW, above 2,000 kW), technology (alkaline electrolyzer, proton exchange membrane, solid oxide electrolyzer, anion exchange membrane), application (energy, mobility, industrial, grid injection), component (stack, balance of plant), and region (North America, Europe, Asia Pacific, Rest of the World). The report’s scope encompasses detailed information regarding the major factors, including drivers, restraints, challenges, and opportunities, which influence the growth of the electrolyzers market. A thorough analysis of the key industry players has provided insights into their business overview, solutions, and services, as well as key strategies such as contracts, partnerships, agreements, expansions, joint ventures, collaborations, and acquisitions. It also highlights recent developments associated with the electrolyzers market. This report provides a competitive analysis of emerging startups in the electrolyzers market ecosystem.
Key Benefits of Buying the Report
- The report includes the analysis of key drivers (Rapid Expansion of Electrolyzers Manufacturing Capacity Creating Structural Market Momentum, Accelerating Industrial Transformation Through Industry 4.0 and Green Hydrogen ), restraints (limited availability and concentration of critical materials, Electrolyzer manufacturers face severe financial strain as weak demand forces layoffs, closures, and restructuring globally), opportunities (expanding integration of renewable energy and electrolysis for decarbonization and energy balancing, government-led initiatives to boost green hydrogen development), and challenges (High electrolyzer costs and slow deployment are delaying hydrogen scale-up and limiting equipment reduction cost potential, supply-chain constraints coupled with slow fuel-cell electric vehicle (FCEV) adoption)
- Product Development/Innovation: Market participants in the electrolyzers industry are driving innovation across the value chain to enhance hydrogen production efficiency, operational reliability, and integration with renewable energy systems. Developments include modular and compact electrolyzer designs, higher stack efficiencies, and improved durability to support large-scale industrial and utility applications. In addition, manufacturers are incorporating advanced materials, next-generation membranes, and digital monitoring technologies to enhance safety, extend system lifespan, and enable predictive maintenance. Smart electrolyzer solutions are increasingly being paired with energy management systems, hydrogen hubs, and renewable power assets to optimize performance, reduce operating costs, and ensure stable hydrogen output.
- Market Development: In 2025 and 2024, John Cockerill and thyssenkrupp nucera expanded their electrolyzer capabilities with large-scale, sustainability-focused advancements in Europe. John Cockerill increased its hydrogen production capacity through a USD 134.5 million capital infusion to accelerate deployment of its next-generation pressurized alkaline electrolyzers. These systems deliver higher efficiency, improved durability, and scalable architectures for industrial hydrogen projects. thyssenkrupp nucera, meanwhile, opened its new 11,400 m² Dortmund headquarters equipped with geothermal heating, rooftop photovoltaics, and EV/e-bike charging, supporting sustainable operations and enhanced manufacturing coordination for global electrolyzer deployments.
- Market Diversification: The report offers a comprehensive analysis of the strategies employed by electrolyzer providers to facilitate market diversification. It outlines innovative products and operating models, as well as new partnership frameworks across various regions, underpinned by technology-driven business lines. The findings emphasize opportunities for expansion beyond traditional operations, identifying geographical areas and customer segments that are currently served but remain underserved and are suitable for strategic entry.
- Competitive Assessment: The report provides an in-depth assessment of market shares, growth strategies, and service offerings of leading players such as thyssenkrupp nucera (Germany), Siemens Energy (Germany), John Cockerill, Nel (Norway), Cummins Inc. (US), among others, in the electrolyzers market.
Table of Contents
1 INTRODUCTION 26
1.1 STUDY OBJECTIVES 26
1.2 MARKET DEFINITION 26
1.3 STUDY SCOPE 27
1.3.1 MARKETS COVERED AND REGIONAL SCOPE 27
1.3.2 INCLUSIONS AND EXCLUSIONS 28
1.3.3 YEARS CONSIDERED 29
1.4 CURRENCY CONSIDERED 29
1.5 UNIT CONSIDERED 30
1.6 LIMITATIONS 30
1.7 STAKEHOLDERS 30
1.8 SUMMARY OF CHANGES 30
2 EXECUTIVE SUMMARY 32
2.1 KEY INSIGHTS AND MARKET HIGHLIGHTS 32
2.2 KEY MARKET PARTICIPANTS: MAPPING OF STRATEGIC DEVELOPMENTS 33
2.3 DISRUPTIVE TRENDS IN ELECTROLYZERS MARKET 34
2.4 HIGH-GROWTH SEGMENTS 35
2.5 REGIONAL SNAPSHOT: MARKET SIZE, GROWTH RATE, AND FORECAST 36
3 PREMIUM INSIGHTS 37
3.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ELECTROLYZERS MARKET 37
3.2 ELECTROLYZERS MARKET, BY REGION 38
3.3 ELECTROLYZERS MARKET, BY TECHNOLOGY 38
3.4 ELECTROLYZERS MARKET, BY COMPONENT 39
3.5 ELECTROLYZERS MARKET, BY POWER RATING 39
3.6 ELECTROLYZERS MARKET, BY APPLICATION 40
3.7 ELECTROLYZERS MARKET IN ASIA PACIFIC, BY POWER RATING AND COUNTRY 40
4 MARKET OVERVIEW 41
4.1 INTRODUCTION 41
4.2 MARKET DYNAMICS 41
4.2.1 DRIVERS 42
4.2.1.1 Accelerating industrial-level electrolyzer commercialization 42
4.2.1.2 Deployment of Industry 4.0 technologies 43
4.2.2 RESTRAINTS 43
4.2.2.1 Limited availability and concentration of critical materials 43
4.2.2.2 Project delays and slow FID conversions delaying manufacturing expansions 44
4.2.3 OPPORTUNITIES 45
4.2.3.1 Growing integration of renewable energy 45
4.2.3.2 Government-led initiatives to boost green hydrogen development 45
4.2.4 CHALLENGES 46
4.2.4.1 High capital cost of electrolyzer installation 46
4.2.4.2 Supply-chain constraints 46
4.3 INTERCONNECTED MARKETS AND CROSS-SECTOR OPPORTUNITIES 47
4.4 STRATEGIC MOVES BY TIER 1/2/3 PLAYERS 48
5 INDUSTRY TRENDS 49
5.1 PORTER’S FIVE FORCES ANALYSIS 49
5.1.1 THREAT OF SUBSTITUTES 50
5.1.2 BARGAINING POWER OF SUPPLIERS 50
5.1.3 BARGAINING POWER OF BUYERS 51
5.1.4 THREAT OF NEW ENTRANTS 51
5.1.5 INTENSITY OF COMPETITIVE RIVALRY 51
5.2 MACROECONOMIC OUTLOOK FOR ELECTROLYZERS MARKET 51
5.2.1 ENERGY TRANSITION AND POLICY SHIFTS 52
5.2.2 GLOBAL INDUSTRIAL DECARBONIZATION TRENDS 52
5.3 VALUE CHAIN ANALYSIS 52
5.4 ECOSYSTEM ANALYSIS 55
5.5 TRADE ANALYSIS 56
5.5.1 EXPORT SCENARIO HS CODE 280410 56
5.5.2 IMPORT SCENARIO HS CODE 280410 57
5.6 CASE STUDY ANALYSIS 58
5.6.1 SHELL AND MAMMOET OPTIMIZE HEAVY-LIFT AND MODULAR TRANSPORT EXECUTION TO ACCELERATE 200 MW ELECTROLYZER DEPLOYMENT 58
5.6.2 AIR LIQUIDE AND CUMMINS DELIVER RELIABLE 20 MW PEM DEPLOYMENT TO ENSURE HIGH-PURITY HYDROGEN PRODUCTION IN EXTREME CLIMATES 59
5.6.3 NREL PROVIDES DATA-DRIVEN COST INSIGHTS TO HELP STAKEHOLDERS BENCHMARK PEM ELECTROLYSIS PERFORMANCE AND GUIDE INVESTMENT DECISIONS 59
5.7 KEY CONFERENCES AND EVENTS, 2025–2026 60
5.8 PRICING ANALYSIS 60
5.8.1 PRICING RANGE OF ELECTROLYZERS, BY TECHNOLOGY, 2024 61
5.8.2 AVERAGE SELLING PRICE TREND OF ELECTROLYZERS, BY REGION, 2020–2024 (USD/KW) 61
5.9 MANUFACTURING COST ANALYSIS OF PEM ELECTROLYZERS, 2024 62
5.10 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 63
5.11 INVESTMENT AND FUNDING SCENARIO 63
5.12 IMPACT OF 2025 US TARIFF ON ELECTROLYZERS MARKET 64
5.12.1 INTRODUCTION 64
5.12.2 KEY TARIFF RATES 65
5.12.3 PRICE IMPACT ANALYSIS 65
5.12.4 IMPACT ON COUNTRIES/REGIONS 66
5.12.4.1 US 66
5.12.4.2 Europe 67
5.12.4.3 Asia Pacific 67
5.12.5 IMPACT ON APPLICATIONS 68
5.13 CHINA VS. GLOBAL COMPETITIVE LANDSCAPE, BY ELECTROLYZER MANUFACTURING CAPACITY, 2024 69
6 TECHNOLOGICAL ADVANCEMENTS, AI-DRIVEN IMPACT, PATENTS, AND INNOVATIONS 70
6.1 KEY EMERGING TECHNOLOGIES 70
6.1.1 ALKALINE WATER ELECTROLYZERS 70
6.1.2 PROTON EXCHANGE MEMBRANE ELECTROLYZERS 70
6.1.3 ANION EXCHANGE MEMBRANE ELECTROLYZERS 71
6.1.4 SOLID OXIDE ELECTROLYZERS 71
6.2 COMPLEMENTARY TECHNOLOGIES 72
6.2.1 RENEWABLE ENERGY INTEGRATION 72
6.2.2 ENERGY STORAGE 72
6.2.3 HYDROGEN FUEL CELLS 72
6.3 HYDROGEN ISLANDS: NEW FRONTIER FOR CLEAN ENERGY 73
6.4 TECHNOLOGY ROADMAP 74
6.5 PATENT ANALYSIS 75
6.6 IMPACT OF AI/GENERATIVE AI IN ELECTROLYZERS MARKET 77
6.6.1 AI/GENERATIVE AI APPLICATIONS IN ELECTROLYZERS MARKET 77
6.6.2 IMPACT OF AI/GENERATIVE AI, BY APPLICATION 78
6.6.3 IMPACT OF AI/GENERATIVE AI IN ELECTROLYZERS MARKET, BY REGION 79
7 REGULATORY LANDSCAPE AND SUSTAINABILITY INITIATIVES 80
7.1 REGIONAL REGULATIONS AND COMPLIANCE 80
7.1.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 80
7.1.2 INDUSTRY STANDARDS/CERTIFICATIONS/LABELING AND ECO STANDARDS 83
7.2 SUSTAINABILITY INITIATIVES 85
7.2.1 ADOPTION OF RECYCLABLE, LOW-CARBON MATERIALS AND GREENER STACK MANUFACTURING 85
7.2.2 SHIFT TOWARD HIGH-EFFICIENCY, ENERGY-OPTIMIZED SYSTEMS ENABLING LONG-TERM ENVIRONMENTAL GAINS 85
7.3 SUSTAINABILITY IMPACT AND REGULATORY POLICY INITIATIVES 86
8 CUSTOMER LANDSCAPE AND BUYING BEHAVIOR 89
8.1 DECISION-MAKING PROCESS 89
8.2 KEY STAKEHOLDERS INVOLVED IN BUYING PROCESS AND THEIR EVALUATION CRITERIA 90
8.2.1 KEY STAKEHOLDERS IN BUYING PROCESS 90
8.2.2 BUYING CRITERIA 91
8.3 ADOPTION BARRIERS AND INTERNAL CHALLENGES 91
8.4 BUSINESS MODELS FOR ELECTROLYZER FIRMS IN GREEN HYDROGEN 92
8.4.1 LICENSING OF ELECTROLYZER STACKS AND SYSTEM INTEGRATION PARTNERSHIPS 92
8.4.2 HYDROGEN-AS-A-SERVICE MODEL 92
8.5 UNMET NEEDS OF VARIOUS END-USE INDUSTRIES 93
8.6 MARKET PROFITABILITY 93
9 ELECTROLYZERS MARKET, BY TECHNOLOGY 94
9.1 INTRODUCTION 95
9.2 ALKALINE ELECTROLYZER 97
9.2.1 DEPLOYMENT OF COMPRESSION-FREE HYDROGEN PRODUCTION CAPABILITIES TO DRIVE MARKET 97
9.3 ANION EXCHANGE MEMBRANE ELECTROLYZER 99
9.3.1 ABILITY TO UTILIZE NON-PRECIOUS METAL CATALYSTS TO SUPPORT MARKET GROWTH 99
9.4 PROTON EXCHANGE MEMBRANE ELECTROLYZER 101
9.4.1 LEVERAGING RAPID DYNAMIC RESPONSE FOR RENEWABLE INTEGRATION TO DRIVE MARKET 101
9.5 SOLID OXIDE ELECTROLYZER 103
9.5.1 ONGOING R&D ACROSS MATERIALS SCIENCE, ADVANCED CERAMICS,
AND MANUFACTURING TO OFFER GROWTH OPPORTUNITIES 103
10 ELECTROLYZERS MARKET, BY COMPONENT 105
10.1 INTRODUCTION 106
10.2 STACK 107
10.2.1 ADVANCING STACK MATERIAL INNOVATIONS TO DRIVE MARKET 107
10.2.2 INTERCONNECT 108
10.2.3 CELL FRAME 108
10.2.4 END PLATES 108
10.2.5 OTHERS 109
10.3 BALANCE OF PLANT 109
10.3.1 EMPHASIS ON IMPROVING CONTAMINATION AND THERMAL-STRESS PROTECTION IN BOP TO FOSTER MARKET GROWTH 109
11 ELECTROLYZERS MARKET, BY POWER RATING 111
11.1 INTRODUCTION 112
11.2 <500 KW 113
11.2.1 EXPANDING PILOT-SCALE AND DEMONSTRATION DEPLOYMENTS TO FUEL MARKET GROWTH 113
11.3 500–2,000 KW 114
11.3.1 ADVANCING FUEL-CELL VEHICLE INFRASTRUCTURE DEVELOPMENT TO FOSTER MARKET GROWTH 114
11.4 ABOVE 2,000 KW 115
11.4.1 SCALING INDUSTRIAL-GRADE ELECTROLYZER DEPLOYMENTS TO SUPPORT MARKET GROWTH 115
12 ELECTROLYZERS MARKET, BY APPLICATION 117
12.1 INTRODUCTION 118
12.2 ENERGY 120
12.2.1 POWER GENERATION 122
12.2.1.1 Improved grid flexibility and stability to drive market 122
12.2.2 CHP 123
12.2.2.1 Enhanced on-site energy security with hydrogen-fueled CHP to fuel market growth 123
12.3 MOBILITY 123
12.3.1 EXPANDING HYDROGEN ADOPTION IN HEAVY-DUTY TRANSPORT TO FUEL MARKET GROWTH 123
12.4 INDUSTRIAL 125
12.4.1 CHEMICALS 128
12.4.1.1 Scaling green hydrogen adoption in chemical production to fuel market growth 128
12.4.2 OTHER INDUSTRIES 128
12.5 GRID INJECTION 128
12.5.1 ADVANCING PIPELINE REPURPOSING AND HYDROGEN INFRASTRUCTURE PROJECTS TO SUPPORT MARKET GROWTH 128
13 ELECTROLYZERS MARKET, BY REGION 131
13.1 INTRODUCTION 132
13.2 ASIA PACIFIC 134
13.2.1 CHINA 140
13.2.1.1 Rapid scale-up of green hydrogen production to fuel market growth 140
13.2.2 JAPAN 142
13.2.2.1 Growing industrial and mobility hydrogen applications to drive market 142
13.2.3 AUSTRALIA 143
13.2.3.1 Increasing demand for green hydrogen in transport, ammonia, and energy sectors to support market growth 143
13.2.4 INDIA 144
13.2.4.1 Rising demand for clean‑fuel infrastructure to boost demand 144
13.2.5 REST OF ASIA PACIFIC 145
13.3 EUROPE 147
13.3.1 GERMANY 153
13.3.1.1 Emphasis on industrial decarbonization and strategic clean hydrogen infrastructure investments to strengthen market 153
13.3.2 UK 154
13.3.2.1 Government-backed funding and industrial decarbonization initiatives to foster market growth 154
13.3.3 FRANCE 155
13.3.3.1 Growing emphasis on decarbonization to drive market 155
13.3.4 DENMARK 156
13.3.4.1 Favorable policy framework to drive market 156
13.3.5 AUSTRIA 158
13.3.5.1 Increasing green hydrogen investments to offer growth opportunities 158
13.3.6 NETHERLANDS 159
13.3.6.1 Increasing investments in large-scale electrolyzer projects to support market growth 159
13.3.7 NORWAY 160
13.3.7.1 Growing demand for decarbonized energy in heavy industry, shipping, and export markets to fuel market growth 160
13.3.8 REST OF EUROPE 162
13.4 NORTH AMERICA 163
13.4.1 US 168
13.4.1.1 Corporate demand for low-carbon fuels to drive market 168
13.4.2 CANADA 169
13.4.2.1 Abundance of renewable resources to fuel market growth 169
13.5 ROW 171
13.5.1 EGYPT 177
13.5.1.1 Emphasis on strengthening clean-energy production capacity to boost demand 177
13.5.2 GCC 178
13.5.2.1 Saudi Arabia 178
13.5.2.1.1 Focus on advancing carbon-capture hubs for cleaner energy pathways to drive market 178
13.5.2.1.2 Rest of GCC 179
13.5.3 OTHER COUNTRIES 180
14 COMPETITIVE LANDSCAPE 182
14.1 OVERVIEW 182
14.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021–2025 182
14.3 MARKET SHARE ANALYSIS, 2024 184
14.4 REVENUE ANALYSIS, 2020–2024 186
14.5 COMPANY VALUATION AND FINANCIAL METRICS 187
14.6 PRODUCT COMPARISON 188
14.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024 188
14.7.1 STARS 188
14.7.2 EMERGING LEADERS 188
14.7.3 PERVASIVE PLAYERS 189
14.7.4 PARTICIPANTS 189
14.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2024 190
14.7.5.1 Company footprint 190
14.7.5.2 Region footprint 191
14.7.5.3 Technology footprint 192
14.7.5.4 Application footprint 193
14.7.5.5 Power rating footprint 194
14.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024 195
14.8.1 PROGRESSIVE COMPANIES 195
14.8.2 RESPONSIVE COMPANIES 195
14.8.3 DYNAMIC COMPANIES 195
14.8.4 STARTING BLOCKS 195
14.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024 197
14.8.5.1 Detailed list of key startups/SMEs 197
14.8.5.2 Competitive benchmarking of key startups/SMEs 198
14.9 COMPETITIVE SCENARIO 199
14.9.1 PRODUCT LAUNCHES 199
14.9.2 DEALS 200
14.9.3 EXPANSIONS 201
14.9.4 OTHER DEVELOPMENTS 203
15 COMPANY PROFILES 205
15.1 KEY PLAYERS 205
15.1.1 THYSSENKRUPP NUCERA 205
15.1.1.1 Business overview 205
15.1.1.2 Products/Solutions/Services offered 206
15.1.1.3 Products specifications 207
15.1.1.4 Recent developments 207
15.1.1.4.1 Deals 207
15.1.1.4.2 Expansions 209
15.1.1.4.3 Other developments 210
15.1.1.5 MnM view 212
15.1.1.5.1 Key strengths/Right to win 212
15.1.1.5.2 Strategic choices 212
15.1.1.5.3 Weaknesses/Competitive threats 212
15.1.2 JOHN COCKERILL 213
15.1.2.1 Business overview 213
15.1.2.2 Products/Solutions/Services offered 213
15.1.2.3 Product specifications 214
15.1.2.4 Recent developments 214
15.1.2.4.1 Deals 214
15.1.2.4.2 Expansions 216
15.1.2.4.3 Other developments 217
15.1.2.5 MnM view 218
15.1.2.5.1 Key strengths/Right to win 218
15.1.2.5.2 Strategic choices 218
15.1.2.5.3 Weaknesses/Competitive threats 218
15.1.3 NEL 219
15.1.3.1 Business overview 219
15.1.3.2 Products/Solutions/Services offered 220
15.1.3.3 Product specifications 222
15.1.3.4 Recent developments 222
15.1.3.4.1 Product launches 222
15.1.3.4.2 Deals 222
15.1.3.4.3 Expansions 225
15.1.3.4.4 Other developments 225
15.1.3.5 MnM view 229
15.1.3.5.1 Key strengths/Right to win 229
15.1.3.5.2 Strategic choices 230
15.1.3.5.3 Weaknesses/Competitive threats 230
15.1.4 SIEMENS ENERGY 231
15.1.4.1 Business overview 231
15.1.4.2 Products/Solutions/Services offered 232
15.1.4.3 Product specifications 233
15.1.4.4 Recent developments 233
15.1.4.4.1 Deals 233
15.1.4.4.2 Expansions 234
15.1.4.4.3 Other developments 235
15.1.4.5 MnM view 236
15.1.4.5.1 Key strengths/Right to win 236
15.1.4.5.2 Strategic choices 236
15.1.4.5.3 Weaknesses/Competitive threats 237
15.1.5 CUMMINS INC. 238
15.1.5.1 Business overview 238
15.1.5.2 Products/Solutions/Services offered 239
15.1.5.3 Product specifications 240
15.1.5.4 Recent developments 241
15.1.5.4.1 Deals 241
15.1.5.4.2 Expansions 242
15.1.5.4.3 Other developments 244
15.1.5.5 MnM view 245
15.1.5.5.1 Key strengths/Right to win 245
15.1.5.5.2 Strategic choices 245
15.1.5.5.3 Weaknesses/Competitive threats 245
15.1.6 PLUG POWER INC. 246
15.1.6.1 Business overview 246
15.1.6.2 Products/Solutions/Services offered 247
15.1.6.3 Recent developments 248
15.1.6.3.1 Deals 248
15.1.6.3.2 Expansions 250
15.1.6.3.3 Other developments 251
15.1.7 ENAPTER 254
15.1.7.1 Business overview 254
15.1.7.2 Products/Solutions/Services offered 255
15.1.7.3 Recent developments 256
15.1.7.3.1 Product launches 256
15.1.7.3.2 Deals 257
15.1.7.3.3 Other developments 258
15.1.8 ITM POWER PLC 262
15.1.8.1 Business overview 262
15.1.8.2 Products/Solutions/Services offered 263
15.1.8.3 Recent developments 264
15.1.8.3.1 Deals 264
15.1.8.3.2 Expansions 266
15.1.8.3.3 Other developments 267
15.1.9 SUNGROW 271
15.1.9.1 Business overview 271
15.1.9.2 Products/Solutions/Services offered 272
15.1.9.3 Recent developments 273
15.1.9.3.1 Product launches 273
15.1.9.3.2 Deals 273
15.1.10 LONGI 275
15.1.10.1 Business overview 275
15.1.10.2 Products/Solutions/Services offered 276
15.1.10.3 Recent developments 277
15.1.10.3.1 Product launches 277
15.1.10.3.2 Deals 278
15.1.10.3.3 Expansions 279
15.1.10.3.4 Other developments 279
15.1.11 SUNFIRE SE 280
15.1.11.1 Business overview 280
15.1.11.2 Products/Solutions/Services offered 280
15.1.11.3 Recent developments 281
15.1.11.3.1 Deals 281
15.1.11.3.2 Expansions 282
15.1.11.3.3 Other developments 282
15.1.12 BLOOM ENERGY 285
15.1.12.1 Business overview 285
15.1.12.2 Products/Solutions/Services offered 286
15.1.12.3 Recent developments 286
15.1.12.3.1 Deals 286
15.1.12.3.2 Expansions 287
15.1.12.3.3 Other developments 287
15.1.13 ENVISION GROUP 288
15.1.13.1 Business overview 288
15.1.13.2 Products/Solutions/Services offered 288
15.1.13.3 Recent developments 289
15.1.13.3.1 Deals 289
15.1.13.3.2 Expansions 289
15.1.13.3.3 Other developments 290
15.1.14 ASAHI KASEI CORPORATION 291
15.1.14.1 Business overview 291
15.1.14.2 Products/Solutions/Services offered 292
15.1.14.3 Recent developments 293
15.1.14.3.1 Deals 293
15.1.14.3.2 Expansions 294
15.1.14.3.3 Other developments 295
15.1.15 NEXT HYDROGEN 296
15.1.15.1 Business overview 296
15.1.15.2 Products/Solutions/Services offered 297
15.1.15.3 Recent developments 297
15.1.15.3.1 Deals 297
15.1.15.3.2 Other developments 298
15.2 OTHER PLAYERS 300
15.2.1 PERIC HYDROGEN TECHNOLOGIES CO., LTD 300
15.2.2 CIPHER NEUTRON 301
15.2.3 SHANDONG AUYAN NEW ENERGY TECHNOLOGY CO., LTD. 302
15.2.4 ERRE DUE S.P.A. 303
15.2.5 HYDROGENPRO 304
15.2.6 IGAS ENERGY GMBH 305
15.2.7 TOPSOE 306
15.2.8 HYGREEN ENERGY 307
15.2.9 OHMIUM 308
15.2.10 QUEST ONE GMBH 309
16 RESEARCH METHODOLOGY 310
16.1 RESEARCH DATA 310
16.2 SECONDARY AND PRIMARY RESEARCH 311
16.2.1 SECONDARY DATA 311
16.2.1.1 List of key secondary sources 311
16.2.1.2 Key data from secondary sources 311
16.2.2 PRIMARY DATA 312
16.2.2.1 List of primary interview participants 312
16.2.2.2 Key industry insights 312
16.2.2.3 Breakdown of primaries 313
16.2.2.4 Key data from primary sources 313
16.3 MARKET SIZE ESTIMATION METHODOLOGY 314
16.3.1 BOTTOM-UP APPROACH 314
16.3.2 TOP-DOWN APPROACH 315
16.3.3 DEMAND-SIDE ANALYSIS 315
16.3.3.1 Demand-side assumptions 316
16.3.3.2 Demand-side calculations 316
16.3.4 SUPPLY-SIDE ANALYSIS 317
16.3.4.1 Supply-side assumptions 318
16.3.4.2 Supply-side calculations 318
16.4 FORECAST 319
16.5 MARKET BREAKDOWN AND DATA TRIANGULATION 320
16.6 RESEARCH LIMITATIONS 321
16.7 RISK ANALYSIS 321
17 APPENDIX 322
17.1 INSIGHTS FROM INDUSTRY EXPERTS 322
17.2 DISCUSSION GUIDE 323
17.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 326
17.4 CUSTOMIZATION OPTIONS 328
17.5 RELATED REPORTS 328
17.6 AUTHOR DETAILS 329
LIST OF TABLES
TABLE 1 ELECTROLYZERS MARKET: INCLUSIONS AND EXCLUSIONS 28
TABLE 2 EFFECTS OF SLOW MARKET DEVELOPMENT FOR ELECTROLYZER MANUFACTURERS 44
TABLE 3 KEY MOVES AND STRATEGIC FOCUS OF TIER 1/2/3 PLAYERS 48
TABLE 4 IMPACT OF PORTER’S FIVE FORCES ANALYSIS 50
TABLE 5 ELECTROLYZERS MARKET: ROLE OF PLAYERS IN ECOSYSTEM 55
TABLE 6 EXPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2024 (USD THOUSAND) 56
TABLE 7 IMPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2024 (USD THOUSAND) 57
TABLE 8 ELECTROLYZERS MARKET: LIST OF CONFERENCES AND EVENTS, 2025–2026 60
TABLE 9 PRICING RANGE OF ELECTROLYZERS, BY TECHNOLOGY, 2024, (USD/KW) 61
TABLE 10 AVERAGE SELLING PRICE TREND OF ELECTROLYZERS, BY REGION,
2020–2024, (USD/KW) 61
TABLE 11 PROTON EXCHANGE MEMBRANE COMPONENTS COST ANALYSIS,
BY REGION/COUNTRY, 2024 (USD/KW) 62
TABLE 12 US-ADJUSTED RECIPROCAL TARIFF RATES 65
TABLE 13 EXPECTED CHANGE IN PRICES AND POTENTIAL IMPACT ON MARKET PLAYERS
DUE TO TARIFF 65
TABLE 14 CHARACTERISTICS OF ALKALINE ELECTROLYZERS 70
TABLE 15 CHARACTERISTICS OF PROTON EXCHANGE MEMBRANES 71
TABLE 16 CHARACTERISTICS OF ANION EXCHANGE MEMBRANE ELECTROLYZERS 71
TABLE 17 CHARACTERISTICS OF SOLID OXIDE ELECTROLYZERS 72
TABLE 18 MAJOR HYDROGEN ISLAND PROJECTS 73
TABLE 19 LIST OF KEY PATENTS, 2023–2024 75
TABLE 20 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 80
TABLE 21 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 81
TABLE 22 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 82
TABLE 23 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 83
TABLE 24 STANDARDS RELATED TO ELECTROLYZER INDUSTRY 83
TABLE 25 NORTH AMERICA: LIST OF REGULATORY POLICY INITIATIVES 86
TABLE 26 EUROPE: LIST OF REGULATORY POLICY INITIATIVES 86
TABLE 27 ASIA PACIFIC: LIST OF REGULATORY POLICY INITIATIVES 87
TABLE 28 ROW: LIST OF REGULATORY POLICY INITIATIVES 88
TABLE 29 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION 90
TABLE 30 KEY BUYING CRITERIA, BY APPLICATION 91
TABLE 31 ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020–2024 (USD MILLION) 95
TABLE 32 ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025–2031 (USD MILLION) 96
TABLE 33 ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020–2024 (KW) 96
TABLE 34 ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025–2031 (KW) 96
TABLE 35 ALKALINE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION,
2020–2024 (USD MILLION) 97
TABLE 36 ALKALINE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION,
2025–2031 (USD MILLION) 98
TABLE 37 ALKALINE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION,
2020–2024 (KW) 98
TABLE 38 ALKALINE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION,
2025–2031 (KW) 98
TABLE 39 ANION EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET,
BY REGION, 2020–2024 (USD MILLION) 99
TABLE 40 ANION EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET,
BY REGION, 2025–2031 (USD MILLION) 100
TABLE 41 ANION EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET,
BY REGION, 2020–2024 (KW) 100
TABLE 42 ANION EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET,
BY REGION, 2025–2031 (KW) 100
TABLE 43 PROTON EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET,
BY REGION, 2020–2024 (USD MILLION) 101
TABLE 44 PROTON EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET,
BY REGION, 2025–2031 (USD MILLION) 102
TABLE 45 PROTON EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET,
BY REGION, 2020–2024 (KW) 102
TABLE 46 PROTON EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET,
BY REGION, 2025–2031 (KW) 102
TABLE 47 SOLID OXIDE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION,
2020–2024 (USD MILLION) 103
TABLE 48 SOLID OXIDE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION,
2025–2031 (USD MILLION) 104
TABLE 49 SOLID OXIDE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION,
2020–2024 (KW) 104
TABLE 50 SOLID OXIDE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION,
2025–2031 (KW) 104
TABLE 51 ELECTROLYZERS MARKET, BY COMPONENT, 2020–2024 (USD MILLION) 106
TABLE 52 ELECTROLYZERS MARKET, BY COMPONENT, 2025–2031 (USD MILLION) 106
TABLE 53 STACK: ELECTROLYZERS MARKET, BY REGION, 2020–2024 (USD MILLION) 107
TABLE 54 STACK: ELECTROLYZERS MARKET, BY REGION, 2025–2031 (USD MILLION) 107
TABLE 55 BALANCE OF PLANT: ELECTROLYZERS MARKET, BY REGION,
2020–2024 (USD MILLION) 110
TABLE 56 BALANCE OF PLANT: ELECTROLYZERS MARKET, BY REGION,
2025–2031 (USD MILLION) 110
TABLE 57 ELECTROLYZERS MARKET, BY POWER RATING, 2020–2024 (USD MILLION) 112
TABLE 58 ELECTROLYZERS MARKET, BY POWER RATING, 2025–2031 (USD MILLION) 113
TABLE 59 <500 KW: ELECTROLYZERS MARKET, BY REGION, 2020–2024 (USD MILLION) 113
TABLE 60 <500 KW: ELECTROLYZERS MARKET, BY REGION, 2025–2031 (USD MILLION) 114
TABLE 61 500–2,000 KW: ELECTROLYZERS MARKET, BY REGION,
2020–2024 (USD MILLION) 114
TABLE 62 500–2,000 KW: ELECTROLYZERS MARKET, BY REGION,
2025–2031 (USD MILLION) 115
TABLE 63 ABOVE 2,000 KW: ELECTROLYZERS MARKET, BY REGION,
2020–2024 (USD MILLION) 116
TABLE 64 ABOVE 2,000 KW: ELECTROLYZERS MARKET, BY REGION,
2025–2031 (USD MILLION) 116
TABLE 65 ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 118
TABLE 66 ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (USD MILLION) 119
TABLE 67 ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (KW) 119
TABLE 68 ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (KW) 119
TABLE 69 ENERGY: ELECTROLYZERS MARKET, BY REGION, 2020–2024 (USD MILLION) 120
TABLE 70 ENERGY: ELECTROLYZERS MARKET, BY REGION, 2025–2031 (USD MILLION) 120
TABLE 71 ENERGY: ELECTROLYZERS MARKET, BY REGION, 2020–2024 (KW) 121
TABLE 72 ENERGY: ELECTROLYZERS MARKET, BY REGION, 2025–2031 (KW) 121
TABLE 73 ENERGY: ELECTROLYZERS MARKET, BY TYPE, 2020–2024 (USD MILLION) 121
TABLE 74 ENERGY: ELECTROLYZERS MARKET, BY TYPE, 2025–2031 (USD MILLION) 121
TABLE 75 ENERGY: ELECTROLYZERS MARKET, BY TYPE, 2020–2024 (KW) 122
TABLE 76 ENERGY: ELECTROLYZERS MARKET, BY TYPE, 2025–2031 (KW) 122
TABLE 77 MOBILITY: ELECTROLYZERS MARKET, BY REGION, 2020–2024 (USD MILLION) 124
TABLE 78 MOBILITY: ELECTROLYZERS MARKET, BY REGION, 2025–2031 (USD MILLION) 124
TABLE 79 MOBILITY: ELECTROLYZERS MARKET, BY REGION, 2020–2024 (KW) 124
TABLE 80 MOBILITY: ELECTROLYZERS MARKET, BY REGION, 2025–2031 (KW) 125
TABLE 81 INDUSTRIAL: ELECTROLYZERS MARKET, BY REGION, 2020–2024 (USD MILLION) 126
TABLE 82 INDUSTRIAL: ELECTROLYZERS MARKET, BY REGION, 2025–2031 (USD MILLION) 126
TABLE 83 INDUSTRIAL: ELECTROLYZERS MARKET, BY REGION, 2020–2024 (KW 126
TABLE 84 INDUSTRIAL: ELECTROLYZERS MARKET, BY REGION, 2025–2031 (KW) 127
TABLE 85 INDUSTRIAL: ELECTROLYZERS MARKET, BY TYPE, 2020–2024 (USD MILLION) 127
TABLE 86 INDUSTRIAL: ELECTROLYZERS MARKET, BY TYPE, 2025–2031 (USD MILLION) 127
TABLE 87 INDUSTRIAL: ELECTROLYZERS MARKET, BY TYPE, 2020–2024 (KW) 127
TABLE 88 INDUSTRIAL: ELECTROLYZERS MARKET, BY TYPE, 2025–2031 (KW) 128
TABLE 89 GRID INJECTION: ELECTROLYZERS MARKET, BY REGION,
2020–2024 (USD MILLION) 129
TABLE 90 GRID INJECTION: ELECTROLYZERS MARKET, BY REGION,
2025–2031 (USD MILLION) 129
TABLE 91 GRID INJECTION: ELECTROLYZERS MARKET, BY REGION, 2020–2024 (KW) 130
TABLE 92 GRID INJECTION: ELECTROLYZERS MARKET, BY REGION, 2025–2031 (KW) 130
TABLE 93 ELECTROLYZERS MARKET, BY REGION, 2020–2024 (USD MILLION) 133
TABLE 94 ELECTROLYZERS MARKET, BY REGION, 2025–2031 (USD MILLION) 133
TABLE 95 ELECTROLYZERS MARKET, BY REGION, 2020–2024 (KW) 133
TABLE 96 ELECTROLYZERS MARKET, BY REGION, 2025–2030 (KW) 134
TABLE 97 ASIA PACIFIC: ELECTROLYZERS MARKET, BY COMPONENT,
2020–2024 (USD MILLION) 135
TABLE 98 ASIA PACIFIC: ELECTROLYZERS MARKET, BY COMPONENT,
2025–2031 (USD MILLION) 135
TABLE 99 ASIA PACIFIC: ELECTROLYZERS MARKET, BY POWER RATING,
2020–2024 (USD MILLION) 136
TABLE 100 ASIA PACIFIC: ELECTROLYZERS MARKET, BY POWER RATING,
2025–2031 (USD MILLION) 136
TABLE 101 ASIA PACIFIC: ELECTROLYZERS MARKET, BY TECHNOLOGY,
2020–2024 (USD MILLION) 136
TABLE 102 ASIA PACIFIC: ELECTROLYZERS MARKET, BY TECHNOLOGY,
2025–2031 (USD MILLION) 136
TABLE 103 ASIA PACIFIC: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020–2024 (KW) 137
TABLE 104 ASIA PACIFIC: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025–2031 (KW) 137
TABLE 105 ASIA PACIFIC: ELECTROLYZERS MARKET, BY APPLICATION,
2020–2024 (USD MILLION) 138
TABLE 106 ASIA PACIFIC: ELECTROLYZERS MARKET, BY APPLICATION,
2025–2031 (USD MILLION) 138
TABLE 107 ASIA PACIFIC: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (KW) 138
TABLE 108 ASIA PACIFIC: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (KW) 139
TABLE 109 ASIA PACIFIC: ELECTROLYZERS MARKET, BY COUNTRY,
2020–2024 (USD MILLION) 139
TABLE 110 ASIA PACIFIC: ELECTROLYZERS MARKET, BY COUNTRY,
2025–2031 (USD MILLION) 139
TABLE 111 ASIA PACIFIC: ELECTROLYZERS MARKET, BY COUNTRY, 2020–2024 (KW) 140
TABLE 112 ASIA PACIFIC: ELECTROLYZERS MARKET, BY COUNTRY, 2025–2031 (KW) 140
TABLE 113 CHINA: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 141
TABLE 114 CHINA: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (USD MILLION) 141
TABLE 115 JAPAN: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 142
TABLE 116 JAPAN: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (USD MILLION) 143
TABLE 117 AUSTRALIA: ELECTROLYZERS MARKET, BY APPLICATION,
2020–2024 (USD MILLION) 144
TABLE 118 AUSTRALIA: ELECTROLYZERS MARKET, BY APPLICATION,
2025–2031 (USD MILLION) 144
TABLE 119 INDIA: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 145
TABLE 120 INDIA: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (USD MILLION) 145
TABLE 121 REST OF ASIA PACIFIC: ELECTROLYZERS MARKET, BY APPLICATION,
2020–2024 (USD MILLION) 146
TABLE 122 REST OF ASIA PACIFIC: ELECTROLYZERS MARKET, BY APPLICATION,
2025–2031 (USD MILLION) 146
TABLE 123 EUROPE: ELECTROLYZERS MARKET, BY COMPONENT, 2020–2024 (USD MILLION) 148
TABLE 124 EUROPE: ELECTROLYZERS MARKET, BY COMPONENT, 2025–2031 (USD MILLION) 148
TABLE 125 EUROPE: ELECTROLYZERS MARKET, BY POWER RATING,
2020–2024 (USD MILLION) 148
TABLE 126 EUROPE: ELECTROLYZERS MARKET, BY POWER RATING,
2025–2031 (USD MILLION) 148
TABLE 127 EUROPE: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020–2024 (USD MILLION) 149
TABLE 128 EUROPE: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025–2031 (USD MILLION) 149
TABLE 129 EUROPE: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020–2024 (KW) 149
TABLE 130 EUROPE: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025–2031 (KW) 150
TABLE 131 EUROPE: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 150
TABLE 132 EUROPE: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (USD MILLION) 150
TABLE 133 EUROPE: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (KW) 150
TABLE 134 EUROPE: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (KW) 151
TABLE 135 EUROPE: ELECTROLYZERS MARKET, BY COUNTRY, 2020–2024 (USD MILLION) 151
TABLE 136 EUROPE: ELECTROLYZERS MARKET, BY COUNTRY, 2025–2031 (USD MILLION) 151
TABLE 137 EUROPE: ELECTROLYZERS MARKET, BY COUNTRY, 2020–2024 (KW) 152
TABLE 138 EUROPE: ELECTROLYZERS MARKET, BY COUNTRY, 2025–2031 (KW) 152
TABLE 139 GERMANY: ELECTROLYZERS MARKET, BY APPLICATION,
2020–2024 (USD MILLION) 153
TABLE 140 GERMANY: ELECTROLYZERS MARKET, BY APPLICATION,
2025–2031 (USD MILLION) 153
TABLE 141 UK: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 155
TABLE 142 UK: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (USD MILLION) 155
TABLE 143 FRANCE: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 156
TABLE 144 FRANCE: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (USD MILLION) 156
TABLE 145 DENMARK: ELECTROLYZERS MARKET, BY APPLICATION,
2020–2024 (USD MILLION) 157
TABLE 146 DENMARK: ELECTROLYZERS MARKET, BY APPLICATION,
2025–2031 (USD MILLION) 157
TABLE 147 AUSTRIA: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 158
TABLE 148 AUSTRIA: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (USD MILLION) 159
TABLE 149 NETHERLANDS: ELECTROLYZERS MARKET, BY APPLICATION,
2020–2024 (USD MILLION) 160
TABLE 150 NETHERLANDS: ELECTROLYZERS MARKET, BY APPLICATION,
2025–2031 (USD MILLION) 160
TABLE 151 NORWAY: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 161
TABLE 152 NORWAY: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (USD MILLION) 161
TABLE 153 REST OF EUROPE: ELECTROLYZERS MARKET, BY APPLICATION,
2020–2024 (USD MILLION) 162
TABLE 154 REST OF EUROPE: ELECTROLYZERS MARKET, BY APPLICATION,
2025–2031 (USD MILLION) 162
TABLE 155 NORTH AMERICA: ELECTROLYZERS MARKET, BY COMPONENT,
2020–2024 (USD MILLION) 163
TABLE 156 NORTH AMERICA: ELECTROLYZERS MARKET, BY COMPONENT,
2025–2031 (USD MILLION) 163
TABLE 157 NORTH AMERICA: ELECTROLYZERS MARKET, BY POWER RATING,
2020–2024 (USD MILLION) 164
TABLE 158 NORTH AMERICA: ELECTROLYZERS MARKET, BY POWER RATING,
2025–2031 (USD MILLION) 164
TABLE 159 NORTH AMERICA: ELECTROLYZERS MARKET, BY TECHNOLOGY,
2020–2024 (USD MILLION) 164
TABLE 160 NORTH AMERICA: ELECTROLYZERS MARKET, BY TECHNOLOGY,
2025–2031 (USD MILLION) 165
TABLE 161 NORTH AMERICA: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020–2024 (KW) 165
TABLE 162 NORTH AMERICA: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025–2031 (KW) 165
TABLE 163 NORTH AMERICA: ELECTROLYZERS MARKET, BY APPLICATION,
2020–2024 (USD MILLION) 166
TABLE 164 NORTH AMERICA: ELECTROLYZERS MARKET, BY APPLICATION,
2025–2031 (USD MILLION) 166
TABLE 165 NORTH AMERICA: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (KW) 166
TABLE 166 NORTH AMERICA: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (KW) 167
TABLE 167 NORTH AMERICA: ELECTROLYZERS MARKET, BY COUNTRY,
2020–2024 (USD MILLION) 167
TABLE 168 NORTH AMERICA: ELECTROLYZERS MARKET, BY COUNTRY,
2025–2031 (USD MILLION) 167
TABLE 169 NORTH AMERICA: ELECTROLYZERS MARKET, BY COUNTRY, 2020–2024 (KW) 167
TABLE 170 NORTH AMERICA: ELECTROLYZERS MARKET, BY COUNTRY, 2025–2031 (KW) 168
TABLE 171 US: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 169
TABLE 172 US: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (USD MILLION) 169
TABLE 173 CANADA: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 170
TABLE 174 CANADA: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (USD MILLION) 170
TABLE 175 ROW: ELECTROLYZERS MARKET, BY COMPONENT, 2020–2024 (USD MILLION) 171
TABLE 176 ROW: ELECTROLYZERS MARKET, BY COMPONENT, 2025–2031 (USD MILLION) 171
TABLE 177 ROW: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020–2024 (USD MILLION) 171
TABLE 178 ROW: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025–2031 (USD MILLION) 172
TABLE 179 ROW: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020–2024 (KW) 172
TABLE 180 ROW: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025–2031 (KW) 172
TABLE 181 ROW: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 173
TABLE 182 ROW: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (USD MILLION) 173
TABLE 183 ROW: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (KW) 173
TABLE 184 ROW: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (KW) 174
TABLE 185 ROW: ELECTROLYZERS MARKET, BY POWER RATING, 2020–2024 (USD MILLION) 174
TABLE 186 ROW: ELECTROLYZERS MARKET, BY POWER RATING, 2025–2031 (USD MILLION) 174
TABLE 187 ROW: ELECTROLYZERS MARKET, BY COUNTRY, 2020–2024 (USD MILLION) 175
TABLE 188 ROW: ELECTROLYZERS MARKET, BY COUNTRY, 2025–2031 (USD MILLION) 175
TABLE 189 ROW: ELECTROLYZERS MARKET, BY COUNTRY, 2020–2024 (KW) 175
TABLE 190 ROW: ELECTROLYZERS MARKET, BY COUNTRY, 2025–2031 (KW) 176
TABLE 191 GCC: ELECTROLYZERS MARKET, BY COUNTRY, 2020–2024 (USD MILLION) 176
TABLE 192 GCC: ELECTROLYZERS MARKET, BY COUNTRY, 2025–2031 (USD MILLION) 176
TABLE 193 GCC: ELECTROLYZERS MARKET, BY COUNTRY, 2020–2024 (KW) 176
TABLE 194 GCC: ELECTROLYZERS MARKET, BY COUNTRY, 2025–2031 (KW) 177
TABLE 195 EGYPT: ELECTROLYZERS MARKET, BY APPLICATION, 2020–2024 (USD MILLION) 177
TABLE 196 EGYPT: ELECTROLYZERS MARKET, BY APPLICATION, 2025–2031 (USD MILLION) 178
TABLE 197 SAUDI ARABIA: ELECTROLYZERS MARKET, BY APPLICATION,
2020–2024 (USD MILLION) 179
TABLE 198 SAUDI ARABIA: ELECTROLYZERS MARKET, BY APPLICATION,
2025–2031 (USD MILLION) 179
TABLE 199 REST OF GCC: ELECTROLYZERS MARKET, BY APPLICATION,
2020–2024 (USD MILLION) 180
TABLE 200 REST OF GCC: ELECTROLYZERS MARKET, BY APPLICATION,
2025–2031 (USD MILLION) 180
TABLE 201 OTHER COUNTRIES: ELECTROLYZERS MARKET, BY APPLICATION,
2020–2024 (USD MILLION) 181
TABLE 202 OTHER COUNTRIES: ELECTROLYZERS MARKET, BY APPLICATION,
2025–2031 (USD MILLION) 181
TABLE 203 ELECTROLYZERS MARKET: OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, JANUARY 2021–NOVEMBER 2025 182
TABLE 204 ELECTROLYZERS MARKET: DEGREE OF COMPETITION, 2024 184
TABLE 205 ELECTROLYZERS MARKET: REGION FOOTPRINT 191
TABLE 206 ELECTROLYZERS MARKET: TECHNOLOGY FOOTPRINT 192
TABLE 207 ELECTROLYZERS MARKET: APPLICATION FOOTPRINT 193
TABLE 208 ELECTROLYZERS MARKET: POWER RATING FOOTPRINT 194
TABLE 209 ELECTROLYZERS MARKET: DETAILED LIST OF KEY STARTUPS/SMES 197
TABLE 210 ELECTROLYZERS MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 198
TABLE 211 ELECTROLYZERS MARKET: PRODUCT LAUNCHES, JANUARY 2021–
NOVEMBER 2025 199
TABLE 212 ELECTROLYZERS MARKET: DEALS, JANUARY 2021–NOVEMBER 2025 200
TABLE 213 ELECTROLYZERS MARKET: EXPANSION, JANUARY 2021–NOVEMBER 2025 202
TABLE 214 ELECTROLYZERS MARKET: OTHER DEVELOPMENTS, JANUARY 2021–
NOVEMBER 2025 203
TABLE 215 THYSSENKRUPP NUCERA: COMPANY OVERVIEW 205
TABLE 216 THYSSENKRUPP NUCERA: PRODUCTS/SOLUTIONS/SERVICES OFFERED 206
TABLE 217 THYSSENKRUPP NUCERA: PRODUCT SPECIFICATIONS 207
TABLE 218 THYSSENKRUPP NUCERA: DEALS 207
TABLE 219 THYSSENKRUPP NUCERA: EXPANSIONS 209
TABLE 220 THYSSENKRUPP NUCERA: OTHER DEVELOPMENTS 210
TABLE 221 JOHN COCKERILL: COMPANY OVERVIEW 213
TABLE 222 JOHN COCKERILL: PRODUCTS/SOLUTIONS/SERVICES OFFERED 213
TABLE 223 JOHN COCKERILL: PRODUCT SPECIFICATIONS 214
TABLE 224 JOHN COCKERILL: DEALS 214
TABLE 225 JOHN COCKERILL: EXPANSIONS 216
TABLE 226 JOHN COCKERILL: OTHER DEVELOPMENTS 217
TABLE 227 NEL: COMPANY OVERVIEW 219
TABLE 228 NEL: PRODUCTS/SOLUTIONS/SERVICES OFFERED 220
TABLE 229 NEL: PRODUCT SPECIFICATIONS 222
TABLE 230 NEL: PRODUCT LAUNCHES 222
TABLE 231 NEL: DEALS 222
TABLE 232 NEL: EXPANSIONS 225
TABLE 233 NEL: OTHER DEVELOPMENTS 225
TABLE 234 SIEMENS ENERGY: COMPANY OVERVIEW 231
TABLE 235 SIEMENS ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED 232
TABLE 236 SIEMENS ENERGY: PRODUCT SPECIFICATIONS 233
TABLE 237 SIEMENS ENERGY: DEALS 233
TABLE 238 SIEMENS ENERGY: EXPANSIONS 234
TABLE 239 SIEMENS ENERGY: OTHER DEVELOPMENTS 235
TABLE 240 CUMMINS INC.: COMPANY OVERVIEW 238
TABLE 241 CUMMINS INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 239
TABLE 242 CUMMINS INC.: PRODUCT SPECIFICATIONS 240
TABLE 243 CUMMINS INC.: DEALS 241
TABLE 244 CUMMINS INC.: EXPANSIONS 242
TABLE 245 CUMMINS INC.: OTHER DEVELOPMENTS 244
TABLE 246 PLUG POWER INC.: COMPANY OVERVIEW 246
TABLE 247 PLUG POWER INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 247
TABLE 248 PLUG POWER INC.: DEALS 248
TABLE 249 PLUG POWER INC.: EXPANSIONS 250
TABLE 250 PLUG POWER INC.: OTHER DEVELOPMENTS 251
TABLE 251 ENAPTER: COMPANY OVERVIEW 254
TABLE 252 ENAPTER: PRODUCTS/SOLUTIONS/SERVICES OFFERED 255
TABLE 253 ENAPTER: PRODUCT LAUNCHES 256
TABLE 254 ENAPTER: DEALS 257
TABLE 255 ENAPTER: OTHER DEVELOPMENTS 258
TABLE 256 ITM POWER PLC: COMPANY OVERVIEW 262
TABLE 257 ITM POWER PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 263
TABLE 258 ITM POWER PLC: DEALS 264
TABLE 259 ITM POWER PLC: EXPANSIONS 266
TABLE 260 ITM POWER PLC: OTHER DEVELOPMENTS 267
TABLE 261 SUNGROW: COMPANY OVERVIEW 271
TABLE 262 SUNGROW: PRODUCTS/SOLUTIONS/SERVICES OFFERED 272
TABLE 263 SUNGROW: PRODUCT LAUNCHES 273
TABLE 264 SUNGROW: DEALS 273
TABLE 265 LONGI: COMPANY OVERVIEW 275
TABLE 266 LONGI: PRODUCTS/SOLUTIONS/SERVICES OFFERED 276
TABLE 267 LONGI: DEALS 278
TABLE 268 LONGI: EXPANSIONS 279
TABLE 269 LONGI: OTHER DEVELOPMENTS 279
TABLE 270 SUNFIRE SE: COMPANY OVERVIEW 280
TABLE 271 SUNFIRE SE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 280
TABLE 272 SUNFIRE SE: DEALS 281
TABLE 273 SUNFIRE SE: EXPANSIONS 282
TABLE 274 SUNFIRE SE: OTHER DEVELOPMENTS 282
TABLE 275 BLOOM ENERGY: COMPANY OVERVIEW 285
TABLE 276 BLOOM ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED 286
TABLE 277 BLOOM ENERGY: DEALS 286
TABLE 278 BLOOM ENERGY: EXPANSIONS 287
TABLE 279 BLOOM ENERGY: OTHER DEVELOPMENTS 287
TABLE 280 ENVISION GROUP: COMPANY OVERVIEW 288
TABLE 281 ENVISION GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED 288
TABLE 282 ENVISION GROUP: DEALS 289
TABLE 283 ENVISION GROUP: EXPANSIONS 289
TABLE 284 ENVISION GROUP: OTHER DEVELOPMENTS 290
TABLE 285 ASAHI KASEI CORPORATION: COMPANY OVERVIEW 291
TABLE 286 ASAHI KASEI CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 292
TABLE 287 ASAHI KASEI CORPORATION: DEALS 293
TABLE 288 ASAHI KASEI CORPORATION: EXPANSIONS 294
TABLE 289 ASAHI KASEI CORPORATION: OTHER DEVELOPMENTS 295
TABLE 290 NEXT HYDROGEN: COMPANY OVERVIEW 296
TABLE 291 NEXT HYDROGEN: PRODUCTS/SOLUTIONS/SERVICES OFFERED 297
TABLE 292 NEXT HYDROGEN: DEALS 297
TABLE 293 NEXT HYDROGEN: OTHER DEVELOPMENTS 298
TABLE 294 PERIC HYDROGEN TECHNOLOGIES CO., LTD: COMPANY OVERVIEW 300
TABLE 295 CIPHER NEUTRON: COMPANY OVERVIEW 301
TABLE 296 SHANDONG AUYAN NEW ENERGY TECHNOLOGY CO., LTD.: COMPANY OVERVIEW 302
TABLE 297 ERRE DUE S.P.A.: COMPANY OVERVIEW 303
TABLE 298 HYDROGENPRO: COMPANY OVERVIEW 304
TABLE 299 IGAS ENERGY GMBH: COMPANY OVERVIEW 305
TABLE 300 TOPSOE: COMPANY OVERVIEW 306
TABLE 301 HYGREEN ENERGY: COMPANY OVERVIEW 307
TABLE 302 OHMIUM: COMPANY OVERVIEW 308
TABLE 303 QUEST ONE GMBH: COMPANY OVERVIEW 309
TABLE 304 LIST OF PRIMARY INTERVIEW PARTICIPANTS 312
TABLE 305 DATA OBTAINED FROM PRIMARY SOURCES 313
LIST OF FIGURES
FIGURE 1 ELECTROLYZERS MARKET SEGMENTATION AND REGIONAL SCOPE 27
FIGURE 2 DURATION CONSIDERED 29
FIGURE 3 KEY INSIGHTS AND MARKET HIGHLIGHTS 32
FIGURE 4 GLOBAL ELECTROLYZERS MARKET, 2021–2031 33
FIGURE 5 MAJOR STRATEGIES ADOPTED BY KEY PLAYERS IN ELECTROLYZERS
MARKET (2020–2025) 33
FIGURE 6 DISRUPTIVE TRENDS IMPACTING GROWTH OF ELECTROLYZERS MARKET 34
FIGURE 7 HIGH-GROWTH SEGMENTS IN ELECTROLYZERS MARKET, 2025–2030 35
FIGURE 8 EUROPE TO REGISTER HIGHEST GROWTH RATE DURING FORECAST PERIOD 36
FIGURE 9 INCREASING FOCUS ON LOW-CARBON HYDROGEN TO BOOST DEMAND DURING FORECAST PERIOD 37
FIGURE 10 EUROPE TO RECORD HIGHEST CAGR DURING FORECAST PERIOD 38
FIGURE 11 ALKALINE ELECTROLYZER SEGMENT TO ACCOUNT FOR LARGEST MARKET
SHARE IN 2031 38
FIGURE 12 BALANCE OF PLANT SEGMENT TO SECURE LARGER MARKET SHARE IN 2031 39
FIGURE 13 <500 KW SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2031 39
FIGURE 14 INDUSTRIAL SEGMENT TO HOLD LARGEST MARKET SHARE IN 2031 40
FIGURE 15 ABOVE 2,000 KW AND CHINA ACCOUNTED FOR LARGEST SHARES OF
ASIA PACIFIC ELECTROLYZERS MARKET IN 2025 40
FIGURE 16 ELECTROLYZERS MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,
AND CHALLENGES 41
FIGURE 17 ANNOUNCED ELECTROLYZERS MANUFACTURING CAPACITY, BY REGION 42
FIGURE 18 GLOBAL INSTALLED RENEWABLE ENERGY CAPACITY, BY TECHNOLOGY,
2024 (GW) 45
FIGURE 19 GLOBAL DEPLOYMENT OF NUMBER OF FCEVS, 2020–2025 47
FIGURE 20 ELECTROLYZERS MARKET: INTERCONNECTED MARKET AND MNM COVERAGE 47
FIGURE 21 PORTER’S FIVE FORCES ANALYSIS 49
FIGURE 22 ELECTROLYZERS MARKET: VALUE CHAIN ANALYSIS 52
FIGURE 23 ELECTROLYZERS MARKET: ECOSYSTEM ANALYSIS 55
FIGURE 24 EXPORT SCENARIO FOR HS CODE 280410-COMPLIANT PRODUCTS,
BY COUNTRY, 2020–2024 57
FIGURE 25 IMPORT SCENARIO FOR HS CODE 280410-COMPLIANT PRODUCTS,
BY COUNTRY, 2020–2024 58
FIGURE 26 AVERAGE SELLING PRICE TREND OF ELECTROLYZERS, BY REGION, 2020–2024 62
FIGURE 27 MANUFACTURING COST ANALYSIS OF PEM ELECTROLYZERS, 2024 62
FIGURE 28 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 63
FIGURE 29 INVESTMENT AND FUNDING SCENARIO, 2024 64
FIGURE 30 TECHNO-ECONOMIC ROADMAP FOR ELECTROLYZERS 74
FIGURE 31 PATENTS APPLIED AND GRANTED, 2015–2024 75
FIGURE 32 IMPACT OF GENERATIVE AI/AI, BY APPLICATION 78
FIGURE 33 ELECTROLYZERS MARKET: FACTORS INFLUENCING DECISION-MAKING 89
FIGURE 34 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION 90
FIGURE 35 KEY BUYING CRITERIA, BY APPLICATION 91
FIGURE 36 ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025 95
FIGURE 37 BALANCE OF PLANT SEGMENT TO DOMINATE MARKET IN 2025 106
FIGURE 38 ABOVE 2,000 KW SEGMENT TO DOMINATE MARKET IN 2025 112
FIGURE 39 ELECTROLYZERS MARKET, BY APPLICATION, 2025 118
FIGURE 40 NORTH AMERICA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 132
FIGURE 41 ELECTROLYZERS MARKET, BY REGION, 2025 132
FIGURE 42 ASIA PACIFIC: ELECTROLYZERS MARKET SNAPSHOT 135
FIGURE 43 EUROPE: ELECTROLYZERS MARKET SNAPSHOT 147
FIGURE 44 MARKET SHARE ANALYSIS OF COMPANIES OFFERING ELECTROLYZERS, 2024 184
FIGURE 45 ELECTROLYZERS MARKET: REVENUE ANALYSIS OF TOP FOUR PLAYERS,
2020–2024 186
FIGURE 46 COMPANY VALUATION 187
FIGURE 47 FINANCIAL METRICS (EV/EBITDA) 187
FIGURE 48 PRODUCT COMPARISON 188
FIGURE 49 ELECTROLYZERS MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2024 189
FIGURE 50 ELECTROLYZERS MARKET: COMPANY FOOTPRINT 190
FIGURE 51 ELECTROLYZERS MARKET: COMPANY EVALUATION MATRIX
(STARTUPS/SMES), 2024 196
FIGURE 52 THYSSENKRUPP NUCERA: COMPANY SNAPSHOT 206
FIGURE 53 NEL: COMPANY SNAPSHOT 220
FIGURE 54 SIEMENS ENERGY: COMPANY SNAPSHOT 232
FIGURE 55 CUMMINS INC.: COMPANY SNAPSHOT 239
FIGURE 56 PLUG POWER INC.: COMPANY SNAPSHOT 247
FIGURE 57 ENAPTER: COMPANY SNAPSHOT 254
FIGURE 58 ITM POWER PLC: COMPANY SNAPSHOT 263
FIGURE 59 SUNGROW: COMPANY SNAPSHOT 272
FIGURE 60 LONGI: COMPANY SNAPSHOT 276
FIGURE 61 BLOOM ENERGY: COMPANY SNAPSHOT 285
FIGURE 62 ASAHI KASEI CORPORATION: COMPANY SNAPSHOT 292
FIGURE 63 NEXT HYDROGEN: COMPANY SNAPSHOT 296
FIGURE 64 ELECTROLYZERS MARKET: RESEARCH DESIGN 310
FIGURE 65 KEY DATA FROM SECONDARY SOURCES 311
FIGURE 66 INSIGHTS FROM INDUSTRY EXPERTS 312
FIGURE 67 ELECTROLYZERS MARKET: BOTTOM-UP APPROACH 314
FIGURE 68 ELECTROLYZERS MARKET: TOP-DOWN APPROACH 315
FIGURE 69 KEY METRICS CONSIDERED TO ANALYZE DEMAND FOR ELECTROLYZERS 315
FIGURE 70 KEY METRICS CONSIDERED TO ASSESS SUPPLY OF ELECTROLYZERS 317
FIGURE 71 ELECTROLYZERS MARKET: SUPPLY-SIDE ANALYSIS 318
FIGURE 72 INDUSTRY CONCENTRATION, 2024 319
FIGURE 73 ELECTROLYZERS MARKET: DATA TRIANGULATION 320
FIGURE 74 ELECTROLYZERS MARKET: RESEARCH LIMITATIONS 321
FIGURE 75 INSIGHTS FROM INDUSTRY EXPERTS 322
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