Study: Global Market for Electrolyzers, 2024-2039
Executive Summary
Electrolyzers are a critical technology for producing low-emission hydrogen from renewable or nuclear electricity. Virtually all major world markets are experiencing phenomenal growth in the deployment and use of electrolyzers to meet the mounting needs of fossil-fuel-free hydrogen.
As a result of this growth, the global electrolyzer capacity will reach 14 terawatts by 2039. Over the next 15 years, the electrolyzer manufacturing industry will generate a revenue of $9 trillion.
The bulk of the new hydrogen produced will be green and generated using renewable energy sources. There are four popular electrolyzer technologies, of which AWE electrolyzers are currently in the lead.
However, by 2039, PEM electrolyzers will have overtaken AWE electrolyzers in terms of capacity. SOEC and AEM electrolyzers will witness faster growth, with SOEC electrolyzers having the edge. However, both SOEC and AEM electrolyzers will remain behind the market leaders.
The forecast period will also see significant growth in SOEC and AEM electrolyzers. SOEC electrolysis offers high potential for low-cost hydrogen production, and AEM electrolysis is a promising technology that is coming out of the development phase.
Asia-Pacific, spearheaded by China, has been witnessing the highest deployments of electrolyzers. The second biggest market for electrolyzers is Europe, followed by North America. However, the growth pattern is reversing as developments in Americas. and Europe pick up steam. As a result, Americas are poised to take the lead in electrolyzer manufacturing by capacity, followed by Europe.
China’s LONGi Hydrogen, a manufacturer of AWE electrolyzers, leads the world in market share. Among the top 15 manufacturers, six are based in Europe, five are based in the U.S., and four are based in China.
According to the study, electrolyzers are needed for green hydrogen production to meet the upcoming phenomenal rise in demand. The study dismisses speculation that there is an overbuilding of electrolyzer capacity.
As a result of this growth, the global electrolyzer capacity will reach 14 terawatts by 2039. Over the next 15 years, the electrolyzer manufacturing industry will generate a revenue of $9 trillion.
The bulk of the new hydrogen produced will be green and generated using renewable energy sources. There are four popular electrolyzer technologies, of which AWE electrolyzers are currently in the lead.
However, by 2039, PEM electrolyzers will have overtaken AWE electrolyzers in terms of capacity. SOEC and AEM electrolyzers will witness faster growth, with SOEC electrolyzers having the edge. However, both SOEC and AEM electrolyzers will remain behind the market leaders.
The forecast period will also see significant growth in SOEC and AEM electrolyzers. SOEC electrolysis offers high potential for low-cost hydrogen production, and AEM electrolysis is a promising technology that is coming out of the development phase.
Asia-Pacific, spearheaded by China, has been witnessing the highest deployments of electrolyzers. The second biggest market for electrolyzers is Europe, followed by North America. However, the growth pattern is reversing as developments in Americas. and Europe pick up steam. As a result, Americas are poised to take the lead in electrolyzer manufacturing by capacity, followed by Europe.
China’s LONGi Hydrogen, a manufacturer of AWE electrolyzers, leads the world in market share. Among the top 15 manufacturers, six are based in Europe, five are based in the U.S., and four are based in China.
According to the study, electrolyzers are needed for green hydrogen production to meet the upcoming phenomenal rise in demand. The study dismisses speculation that there is an overbuilding of electrolyzer capacity.
Executive Summary
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