The global electrolyzer market was valued at $0.2 billion in 2019, and is anticipated to generate $0.9 billion by 2027.The market is projected to experience growth at a CAGR of 24.6% from 2020 to 2027.
The electrolyzer systems are used to for breaking water into hydrogen and oxygen through electrolysis. The electrolyzers consist of a cathode, an anode, and a membrane. Hydrogen is collected on the cathode side, which is further stored for use in various industries. Oxygen is either released into atmosphere or collected and used in further industrial processes.
It is estimated that around 95% hydrogen produced is from fossil fuels. 1-4% of hydrogen is produced through electrolysis. With increase in emphasis for reducing carbon footprint, the use hydrogen as fuel in industries such as automotive, locomotive, manufacturing, and chemical encourages the use of hydrogen produced from renewable sources, electrolyzers being one of them. This acts as driving factor for electrolyzer market growth. The increasing fuel cell vehicle market also drives the electrolyzers market as it drives the demand for hydrogen fuel cells. Moreover, favorable government policies that offer subsidies and other benefits also act as market drivers for electrolyzers. However, supply constraints for equipment restraints the market growth. Moreover, delay in permission grants from local or central government authorities also limits the market growth for electrolyzers. Meanwhile, favorable policies from governments are encouraging use of electric vehicle and technological advancement can offer lucrative opportunity for industry growth in the near future.
Exempting electrolyzers from grid fees, taxes and levies, providing access to curtailed electricity and grid service revenues, and recognizing the value and price of green hydrogen are few measures that can be taken by government to promote healthy means of energy generation, which will aid the growth of electrolyzers market.
The electrolyzer market is segmented on the basis of product, capacity, application, and region. Depending on product, the market is segmented into alkaline electrolyzer, PEM electrolyzer, and solid oxide electrolyzer. By capacity, the market is classified into less than 500 kW, 500 kW to 2 MW, and above 2 MW. Based on application, the market is divided into power generation, transportation, industry energy, industry feedstock, building heat & power, and others.
Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). The key players operating in the market are Hydrogenics, Nel ASA, Siemens Energy Global GmbH, Co. KG. AG, Toshiba, Air Liquide, Plug Power, McPhy Energy, ITM Power, Idroenergy, and Next Hydrogen. The players in the market have adopted several strategies, such as product launch and business expansion to sustain the market competition.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides extensive qualitative and quantitative analysis of the current trends and future estimations of the electrolyzers market from 2020 to 2027 to determine the prevailing opportunities.
- Comprehensive analysis of factors that drive and restrict the market growth is provided.
- The electrolyzers market forecast and estimations are based on factors impacting the market growth, in terms of value.
- Profiles of leading players operating in the market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable electrolyzers market share.
- The electrolyzers market size is provided in terms of revenue.
- The report provides an in-depth analysis of the forecast along with the current and future electrolyzers market trends.

KEY MARKET SEGMENTS
By Product
? Alkaline Electrolyzer
? PEM Electrolyzer
? Solid Oxide Electrolyzer
By Capacity
? Less than 500 kW
? 500 kW to 2 MW
? Above 2 MW
By Application
? Power Generation
? Transportation
? Industry Energy
? Industry Feedstock
? Building Heat & Power
? Others
By Region
? North America
o U.S.
o Canada
o Mexico
? Europe
o Germany
o France
o UK
o Italy
o Spain
o Rest of Europe
? Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o Rest of Asia-Pacific
? LAMEA
o Brazil
o South Africa
o Saudi Arabia
o Rest of LAMEA
- Key Players
o Hydrogenics
o Nel ASA
o Siemens Energy Global GmbH
o Toshiba
o Air Liquide
o Plug Power
o McPhy Energy
o ITM Power
o Idroenergy
o Next Hydrogen