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Electrolyzers Market worth $23.6 billion by 2028 – Exclusive Report by MarketsandMarkets™


CHICAGO, March 6, 2023  /PRNewswire/ — Electrolyzers Market is projected to reach USD 23.6 billion in 2028 from USD 1.2 billion in 2023 at a CAGR of 80.3% according to a new report by MarketsandMarkets™. The Electrolyzers Market has promising growth potential due to the rising deployment of electrolyzers for the green hydrogen production.


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Browse in-depth TOC on “Electrolyzers Market

139 – Tables

48 – Figures

206 – Pages

Electrolyzers Market Scope:

Report Coverage


Market Size

USD 23.6 billion in 2028

Growth Rate

80.3% of CAGR

Largest Market


Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period


Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Power Rating, Technology, Application, and Region

Geographies Covered

Europe, Asia Pacific, North America, and Rest of the World

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Growing demand for the electrolyzer based on-site hydrogen fueling stations

Key Market Drivers

Increased investments in large-capacity green hydrogen projects


Proton exchange menbrane has the second larget Electrolyzers Market, by technology, during the forecast period

The proton exchange membrane segment holds the second largest share of the Electrolyzers Market. The large market share can be attributed due to highly flexible technology and good coupling with dynamic and intermittent renewable energy systems. It is also known as a polymer electrolyte membrane (PEM). It is a device based on an electrochemical process that splits water molecules into hydrogen and oxygen. According to industry experts, the key advantages of PEM technology are high flexibility and good coupling with dynamic and intermittent renewable energy systems such as solar and wind. It is highly efficient and yields a higher production rate than alkaline electrolyzers. PEM electrolyzers comprise components such as membrane electrode assembly, gas diffusion layers, bipolar plates, current collectors, and compression plates.

Mobility segment is expected to dominate Electrolyzers Market, by application, during forecast period

The Electrolyzers Market, by application, is divided into energy, mobility, industrial, and grid injection wherein industrial segment accounts for the largest share. Mobility segment will dominate the electrolyzer market during forecast period. No other viable fossil fuel substitutes were available to the mobility industry prior to the commercialization of fuel-cell-based engines. Fuel cell electric vehicles (FCEVs) provide a greener option. The hydrogen gas that is stored in a tank on the vehicle is used as fuel to power FCEVs. A feasible and sustainable fuel alternative for the automotive sector is green hydrogen. The growth is attributed to the increasing number government investments and initiatives to shift towards the clean fuel in Europe and North America.

Europe expected to dominate Electrolyzers Market during forecast period

In this report, the Electrolyzers Market has been analyzed for four regions: Europe, Asia Pacific, North America and the Rest of the World. Europe is a significant contributor to the Electrolyzers Market in the current scenario of electrolysis technology, owing to the rapidly increasing cost-competitiveness which enables consumers to have access to clean electricity. The European Green Deal aims to reduce greenhouse gas emissions and prepare Europe’s industry for a climate-neutral economy. In July 2020, the European Commission published the EU hydrogen strategy. It was designed with a phased approach, and its goal is to increase hydrogen shares from less than 2% to 13–14% by 2050.

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Electrolyzers Market Dynamics:


  1. Declining renewable energy costs
  2. Increasing government support
  3. Increasing investments in electrolyzer deployment
  4. Rising demand for electrolyzer-based green ammonia for fertilizer production


  1. Use of critical materials
  2. Underdeveloped electrolyzer supply chain


  1. Plans to achieve net zero and electrolyzer targets
  2. Increasing demand for electrolyzer-based onsite hydrogen refueling stations (HRS)
  3. High potential of electrolyzer-based hydrogen trade in Europe


  1. High initial investments in hydrogen fueling infrastructure
  2. Insufficient infrastructure to support hydrogen markets

Key Market Players:

The Electrolyzers Market is dominated by a few major players that have a wide regional presence. The leading players in the Electrolyzers Market are Siemens Energy (Germany), Nel ASA (Norway), Plug Power Inc. (US), Enapter S.r.l. (Italy), Cummins Inc. (US), and others.

Recent Developments

  • In January 2023, Enapter S.r.l received a contract from Adsensys, one of the leading suppliers of fuels, for supplying an AEM Multicore electrolyzer. This electrolyzer can produce about 450 kilograms of green hydrogen per day.
  • In December 2022, Cummins Inc. received a contract from Linde plc for supplying a 35-megawatt (MW) proton exchange membrane (PEM) electrolyzer system for Linde’s new hydrogen production plant in Niagara Falls, New York.
  • In June 2022, Siemens Energy and Air Liquide formed a joint venture for the production of industrial-scale renewable hydrogen electrolyzers in Europe.
  • In May 2022, Nel ASA has officially opened a 20 MW PEM electrolyzer plant in Spain, Europe. It will be utilized to generate green hydrogen, which can reduce CO2 emissions from fertilizer production.

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Hydrogen Generation Market – Global Forecast to 2027

Green Hydrogen Market – Global Forecast to 2027

Green Ammonia Market – Global Forecast to 2027

Fuel Cell Market – Global Forecast to 2027

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