The global hydrogen electrolyzer market size is anticipated to reach USD 63.72 billion by 2030 and is projected to grow at a CAGR of 98.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. This market is leading a big move towards sustainable energy. The value highlights how important hydrogen is becoming in the shift to green energy, driven by the urgent need to fight climate change and cut global carbon emissions. Governments worldwide are creating strict rules and offering incentives to encourage the use of clean energy, like hydrogen. This push, along with large investments in hydrogen infrastructure, is leading to fast market growth. Hydrogen electrolyzers, which are essential for making green hydrogen from renewable sources, are becoming crucial in this shift to clean energy.

Technological progress is greatly boosting the market, making hydrogen production more efficient and affordable. Ongoing improvements in materials, design, and engineering are enhancing the performance and scalability of electrolyzers, helping them to be used in various sectors like transportation, industry, and energy storage. Combining hydrogen production with renewable energy sources, such as wind and solar power, is especially transformative.

Gather more insights about the market drivers, restrains and growth of the Hydrogen Electrolyzer Market

Using extra renewable energy to produce hydrogen helps solve problems with energy storage and grid stability, leading to a stronger and more sustainable energy system. This combination of hydrogen and renewable energy not only promotes the use of clean energy technologies but also highlights the important role of hydrogen electrolyzers in reaching a carbon-neutral future. As the market grows, hydrogen electrolyzers are set to become key players in the global energy scene, driving innovation and supporting an environmentally friendly energy ecosystem.

The urgent need to cut carbon emissions and fight climate change is driving the market. Governments globally are enforcing strict rules and providing incentives to support clean energy options, making hydrogen a crucial part of the shift to sustainable energy. Significant investments from both public and private sectors in hydrogen infrastructure are building a strong base for market growth as countries aim to meet climate goals and lessen their dependence on fossil fuels.

Hydrogen Electrolyzer Market Report Highlights:

• Based on technology, the proton exchange membrane (PEM) segment led the market with the largest revenue share of over 49.00% in 2023. PEM electrolyzers are highly efficient and safe, operating at lower temperatures with a solid polymer electrolyte. They produce high-purity hydrogen, essential for transportation and renewable energy. Their ability to handle variable power from sources like wind and solar makes them ideal for sustainable energy systems
• Based on application, the energy segment led the market with the largest revenue share of 35.48% in 2023. Hydrogen technologies are becoming more common in the energy sector, especially for storing renewable energy. Electrolyzers convert extra renewable energy into hydrogen, helping to stabilize the grid and make better use of wind and solar power. This boosts energy security and supports the move to cleaner energy, reducing fossil fuel use and cutting carbon emissions
• Based on power rating, the <500 kW segment led the market with the largest revenue share of 40.22% in 2023. This segment is popular because it’s great for small to medium hydrogen production, which is needed in many areas. These smaller electrolyzers are flexible and cost-effective, perfect for decentralized energy systems, pilot projects, and research. They’re used in hydrogen fueling stations, small industrial processes, and renewable energy projects
• North America dominated the market with the largest revenue share of 18.23% in 2023. The region is growing due to more investments in clean energy and government support for hydrogen use. Its strong industrial base and focus on reducing carbon emissions are helping to use electrolyzers in areas like transportation and energy storage

Browse more reports published by Grand View Research.

• Energy Retrofit Systems Market Size, Share & Trends Analysis Report By Product (Envelope, LED Retrofit Lighting), By Application (Residential, Commercial, Institutional), By Region, And Segment Forecasts, 2024 - 2030

• Phosphoric Acid Fuel Cell Market Size, Share & Trends Analysis Report By Application (Vehicles, Cogeneration, Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa), And Segment Forecasts, 2024 - 2030

List of Key Players in the Hydrogen Electrolyzer Market

• Thyssenkrupp Nucera
• John Cockerill
• Nel ASA
• Plug Power Inc.
• Siemens Energy
• Enapter S.r.l.
• Cummins Inc.
• ITM Power
• McPhy Energy S.A.
• Topsoe

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Explore Horizon, the world's most expansive market research database