Global Electrolyzer Market to Reach USD 1,067.5 Million by 2033, Bolstered by Rising Environmental Consciousness

November 21, 2024 | Chemical & Materials

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According to the latest report by IMARC Group, titled “Electrolyzer Market Report by Product (Alkaline Electrolyzer, PEM Electrolyzer, Solid Oxide Electrolyzer), Capacity (Less than 500 kW, 500 kW to 2 MW, Above 2 MW), Application (Power Generation, Transportation, Industry Energy, Industry Feedstock, Building Heat and Power, and Others), and Region 2025-2033,” the global electrolyzer market size reached USD 544.8 Million in 2024. An electrolyzer is a system that uses electricity for carbon-free hydrogen production using renewable and nuclear resources. It splits water into hydrogen and oxygen, which is collected separately and further used in the automotive, power, and chemical industries. In recent years, electrolyzer has gained traction across the globe as it generates electricity with zero emissions as compared to fossil fuels that release harmful gases in the environment.

Global Electrolyzer Market Trends:

The market is primarily driven by the increasing awareness about the harmful impact of burning fossil fuels. In addition, the implementation of stringent policies by governing authorities of numerous countries to control greenhouse gas (GHG) emissions from the automotive industry represents another major growth-inducing factor. Besides this, electrolyzers are extensively utilized to power hydrogen fuel cell electric trains, buses, trucks, and other vehicles. This, coupled with the rising sales of electric vehicles (EVs), is driving the demand for hydrogen refueling stations and electrolyzers. Apart from this, the market is further propelled by the increasing product adoption in natural gas grids to lower carbon heating and refineries to remove sulfur from fossil fuels. Furthermore, the increasing adoption of wind and solar panels for electricity generation and widespread utilization of electrolyzers in the production of green chemicals, such as methanol, fertilizers, ammonia, and liquid jet fuel, are anticipated to propel the market growth. Looking forward, IMARC Group expects the market value to reach USD 1,067.5 Million by 2033, exhibiting a CAGR of 7.14% during the forecast period (2025-2033).

Market Summary:

Based on the product, the market has been classified into alkaline, PEM, and solid oxide electrolyzers.
On the basis of the capacity, the market has been segmented into less than 500 kW, 500 kW to 2 MW, and above 2 MW.
Based on the application, the market has been categorized into power generation, transportation, industry energy, industry feedstock, building heat and power, others.

Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the industry has also been examined, with some of the key players being Air Liquide S.A., Air Products and Chemicals Inc., Asahi Kasei Corporation, Cummins Inc., ITM Power plc, Linde plc, McPhy Energy S.A., Nel ASA, Plug Power Inc., Siemens AG, Titanium Tantalum Products Limited and Toshiba Corporation.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Million USD
Segment Coverage	Product, Capacity, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Air Liquide S.A., Air Products and Chemicals Inc., Asahi Kasei Corporation, Cummins Inc., ITM Power plc, Linde plc, McPhy Energy S.A., Nel ASA, Plug Power Inc., Siemens AG, Titanium Tantalum Products Limited and Toshiba Corporation
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Electrolyzer Market to Reach USD 1,067.5 Million by 2033, Bolstered by Rising Environmental Consciousness

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