An electrolyzer system utilizes electricity to break water molecules into hydrogen and oxygen. Through this process, the electrolyzer system produces hydrogen, and the leftover oxygen is released into the atmosphere or can be captured or stored to supply other industrial processes or even medical gases, in some cases. There are four main ways that electrolyzers can be commercialized: power to mobility, power to fuel, power to industry, and power to gas.

The global electrolyzers market is estimated to be worth USD 1,234.9 million in 2023 and is projected to reach USD 23,555.9 million by 2028, growing at a CAGR of 80.3% during the forecast period. The Electrolyzers Market has promising growth potential due to the rising deployment of electrolyzers for green hydrogen production.

Other factors such as government support for meeting the net-zero carbon target as per the Paris agreement are also driving the market. Over 70 countries, including the biggest polluters—China, the US, and the European Union—have set net-zero targets, covering about 76% of global emissions. More than 3,000 businesses and financial institutions are working on the Science-Based Targets Initiative to reduce their emissions in line with climate science. Furthermore, more than 1,000 educational institutions, over 1,000 cities, and over 400 financial institutions have joined the Race to Zero, pledging to take rigorous, immediate action to halve global emissions by 2030.

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Additionally, countries have also set electrolyzer targets in their hydrogen strategies. Since the attention on green hydrogen is being catapulted into the center of a road map for a net-zero future, electrolyzer technologies have been gaining more attention than ever. The EU has committed to installing a 40 GW capacity of electrolyzer plants by 2030, with France’s planned capacity of 6.5 GW being the biggest in the territory.  The wider use of green hydrogen could vastly alter the carbon footprint for hard-to-decarbonize sectors such as steel, transport, and chemicals. Canada has become a leader as it operates the world’s largest electrolysis plant—Bécancour (Canada) of 200 MW—that produces up to 8.2 tons of green H2 per day.

TABLE 1 ZERO EMISSION TARGETS OF MAJOR ECONOMIES

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Europe is estimated to be the fastest-growing market during the forecast period. The market growth in this region is mainly driven by the increasing demand for green hydrogen for various applications and rising initiatives to reduce the carbon footprint and explore renewable energy sources to become a carbon-neutral region. Additionally, green hydrogen projects are increasing as many countries focus on investing in developing a hydrogen-based economy. Investments in hydrogen infrastructure will subsequently bring opportunities for electrolyzers, thus accelerating the growth of the market. Some of the key players in the Electrolyzers Market are Cummins Inc. (US), Siemens Energy (Germany), Nel ASA (Norway), Plug Power Inc. (US), and Enapter S.r.l. (Italy).