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Report

Electrolyser Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

Market Report I 2025-07-21 I 165 Pages I EMR Inc.

The global electrolyser market reached a value of about USD 461.85 Million in 2024. The market is further estimated to grow at a CAGR of 27.30% in the forecast period of 2025-2034 to reach a value of around USD 5161.61 Million by 2034.

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.

Market Breakup by Product

- Alkaline Electrolyser
- Solid Oxide Electrolyser
- PEM Electrolyser

Market Breakup by Capacity

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

Market Breakup by Application

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

Market Breakup by Region

- North America
- Europe
- Asia Pacific
- Latin America
- 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.

1 Executive Summary
1.1 Market Size 2024-2025
1.2 Market Growth 2025(F)-2034(F)
1.3 Key Demand Drivers
1.4 Key Players and Competitive Structure
1.5 Industry Best Practices
1.6 Recent Trends and Developments
1.7 Industry Outlook
2 Market Overview and Stakeholder Insights
2.1 Market Trends
2.2 Key Verticals
2.3 Key Regions
2.4 Supplier Power
2.5 Buyer Power
2.6 Key Market Opportunities and Risks
2.7 Key Initiatives by Stakeholders
3 Economic Summary
3.1 GDP Outlook
3.2 GDP Per Capita Growth
3.3 Inflation Trends
3.4 Democracy Index
3.5 Gross Public Debt Ratios
3.6 Balance of Payment (BoP) Position
3.7 Population Outlook
3.8 Urbanisation Trends
4 Country Risk Profiles
4.1 Country Risk
4.2 Business Climate
5 Global Electrolyser Market Analysis
5.1 Key Industry Highlights
5.2 Global Electrolyser Historical Market (2018-2024)
5.3 Global Electrolyser Market Forecast (2025-2034)
5.4 Global Electrolyser Market by Product
5.4.1 Alkaline Electrolyser
5.4.1.1 Historical Trend (2018-2024)
5.4.1.2 Forecast Trend (2025-2034)
5.4.2 Solid Oxide Electrolyser
5.4.2.1 Historical Trend (2018-2024)
5.4.2.2 Forecast Trend (2025-2034)
5.4.3 PEM Electrolyser
5.4.3.1 Historical Trend (2018-2024)
5.4.3.2 Forecast Trend (2025-2034)
5.5 Global Electrolyser Market by Capacity
5.5.1 Less than 500 kW
5.5.1.1 Historical Trend (2018-2024)
5.5.1.2 Forecast Trend (2025-2034)
5.5.2 500 kW - 2 MW
5.5.2.1 Historical Trend (2018-2024)
5.5.2.2 Forecast Trend (2025-2034)
5.5.3 Above 2 MW
5.5.3.1 Historical Trend (2018-2024)
5.5.3.2 Forecast Trend (2025-2034)
5.6 Global Electrolyser Market by Application
5.6.1 Transportation
5.6.1.1 Historical Trend (2018-2024)
5.6.1.2 Forecast Trend (2025-2034)
5.6.2 Power Generation
5.6.2.1 Historical Trend (2018-2024)
5.6.2.2 Forecast Trend (2025-2034)
5.6.3 Industry Feedstock
5.6.3.1 Historical Trend (2018-2024)
5.6.3.2 Forecast Trend (2025-2034)
5.6.4 Industry Energy
5.6.4.1 Historical Trend (2018-2024)
5.6.4.2 Forecast Trend (2025-2034)
5.6.5 Building Heating and Power
5.6.5.1 Historical Trend (2018-2024)
5.6.5.2 Forecast Trend (2025-2034)
5.6.6 Others
5.7 Global Electrolyser Market by Region
5.7.1 North America
5.7.1.1 Historical Trend (2018-2024)
5.7.1.2 Forecast Trend (2025-2034)
5.7.2 Europe
5.7.2.1 Historical Trend (2018-2024)
5.7.2.2 Forecast Trend (2025-2034)
5.7.3 Asia Pacific
5.7.3.1 Historical Trend (2018-2024)
5.7.3.2 Forecast Trend (2025-2034)
5.7.4 Latin America
5.7.4.1 Historical Trend (2018-2024)
5.7.4.2 Forecast Trend (2025-2034)
5.7.5 Middle East and Africa
5.7.5.1 Historical Trend (2018-2024)
5.7.5.2 Forecast Trend (2025-2034)
6 North America Electrolyser Market Analysis
6.1 United States of America
6.1.1 Historical Trend (2018-2024)
6.1.2 Forecast Trend (2025-2034)
6.2 Canada
6.2.1 Historical Trend (2018-2024)
6.2.2 Forecast Trend (2025-2034)
7 Europe Electrolyser Market Analysis
7.1 United Kingdom
7.1.1 Historical Trend (2018-2024)
7.1.2 Forecast Trend (2025-2034)
7.2 Germany
7.2.1 Historical Trend (2018-2024)
7.2.2 Forecast Trend (2025-2034)
7.3 France
7.3.1 Historical Trend (2018-2024)
7.3.2 Forecast Trend (2025-2034)
7.4 Italy
7.4.1 Historical Trend (2018-2024)
7.4.2 Forecast Trend (2025-2034)
7.5 Others
8 Asia Pacific Electrolyser Market Analysis
8.1 China
8.1.1 Historical Trend (2018-2024)
8.1.2 Forecast Trend (2025-2034)
8.2 Japan
8.2.1 Historical Trend (2018-2024)
8.2.2 Forecast Trend (2025-2034)
8.3 India
8.3.1 Historical Trend (2018-2024)
8.3.2 Forecast Trend (2025-2034)
8.4 ASEAN
8.4.1 Historical Trend (2018-2024)
8.4.2 Forecast Trend (2025-2034)
8.5 Australia
8.5.1 Historical Trend (2018-2024)
8.5.2 Forecast Trend (2025-2034)
8.6 Others
9 Latin America Electrolyser Market Analysis
9.1 Brazil
9.1.1 Historical Trend (2018-2024)
9.1.2 Forecast Trend (2025-2034)
9.2 Argentina
9.2.1 Historical Trend (2018-2024)
9.2.2 Forecast Trend (2025-2034)
9.3 Mexico
9.3.1 Historical Trend (2018-2024)
9.3.2 Forecast Trend (2025-2034)
9.4 Others
10 Middle East and Africa Electrolyser Market Analysis
10.1 Saudi Arabia
10.1.1 Historical Trend (2018-2024)
10.1.2 Forecast Trend (2025-2034)
10.2 United Arab Emirates
10.2.1 Historical Trend (2018-2024)
10.2.2 Forecast Trend (2025-2034)
10.3 Nigeria
10.3.1 Historical Trend (2018-2024)
10.3.2 Forecast Trend (2025-2034)
10.4 South Africa
10.4.1 Historical Trend (2018-2024)
10.4.2 Forecast Trend (2025-2034)
10.5 Others
11 Market Dynamics
11.1 SWOT Analysis
11.1.1 Strengths
11.1.2 Weaknesses
11.1.3 Opportunities
11.1.4 Threats
11.2 Porter's Five Forces Analysis
11.2.1 Supplier's Power
11.2.2 Buyer's Power
11.2.3 Threat of New Entrants
11.2.4 Degree of Rivalry
11.2.5 Threat of Substitutes
11.3 Key Indicators for Demand
11.4 Key Indicators for Price
12 Competitive Landscape
12.1 Supplier Selection
12.2 Key Global Players
12.3 Key Regional Players
12.4 Key Player Strategies
12.5 Company Profiles
12.5.1 Cummins, Inc.
12.5.1.1 Company Overview
12.5.1.2 Product Portfolio
12.5.1.3 Demographic Reach and Achievements
12.5.1.4 Certifications
12.5.2 Nel ASA
12.5.2.1 Company Overview
12.5.2.2 Product Portfolio
12.5.2.3 Demographic Reach and Achievements
12.5.2.4 Certifications
12.5.3 Siemens AG
12.5.3.1 Company Overview
12.5.3.2 Product Portfolio
12.5.3.3 Demographic Reach and Achievements
12.5.3.4 Certifications
12.5.4 McPhy Energy S.A.
12.5.4.1 Company Overview
12.5.4.2 Product Portfolio
12.5.4.3 Demographic Reach and Achievements
12.5.4.4 Certifications
12.5.5 ITM Power PLC
12.5.5.1 Company Overview
12.5.5.2 Product Portfolio
12.5.5.3 Demographic Reach and Achievements
12.5.5.4 Certifications
12.5.6 Others

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