ResearchAndMarkets.com’s latest report expects the global electrolyzers market to reach $ 4.27 billion by 2030, at a CAGR of 21.2% from 2023 to 2030.
The growth of this market is driven by the proliferation of renewable and nuclear technologies for electricity generation, increasing investments in green energy initiatives, and the increasing government focus on hydrogen technologies.
However, the shortage of raw materials restrains the growth of the global electrolyzers market. The increasing affordability of electrolyzers is expected to create growth opportunities for the players operating in this market. However, the high energy requirements of electrolyzers are a major challenge for market growth.
Based on type, the global electrolyzers market is segmented into polymer electrolyte membrane (PEM) electrolyzers, alkaline electrolyzers, and solid oxide electrolyzers.
The polymer electrolyte membrane electrolyzers segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing demand for large hydrogen plants and continuous product development by key players.
Based on capacity, the global electrolyzers market is segmented into less than 500 kW, 500 kW to 2 MW, and more than 2 MW.
The less than 500 kW segment is expected to register the highest CAGR during the forecast period due to the trend toward smaller capacities in applications such as fuel cells for batteries in mobility.
Based on application, the global electrolyzers market is segmented into mobility, industrial applications, chemical production, and other applications.
The industrial application segment is projected to register the highest CAGR during the forecast period. The large market share of this segment is attributed to the capability of green hydrogen to replace fossil fuels and the growing use of green hydrogen across all industries.
Based on geography, the global electrolyzers market is segmented into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Asia-Pacific is slated to register the highest CAGR during the forecast period. The large market share of this region is mainly attributed to the rising focus on regulatory policies toward the development of hydrogen networks and their increasing applicability in industrial applications.
Moreover, rising government initiatives to tackle climate change, investments in clean energy technologies, and growing energy consumption further boost market growth.
