Hydrogen Electrolyzer Market Projected to Hit USD 40.12 Billion by 2032: Amid Surging Demand for Clean Energy
Burlingame, CA, May 22, 2025 (GLOBE NEWSWIRE) —
The global hydrogen electrolyzer market is projected to grow from an estimated value of USD 1.75 billion in 2025 to USD 40.12 billion by 2032, representing a remarkable compound annual growth rate (CAGR) of 56.4% from 2025 to 2032. This rapid growth highlights the increasing significance of hydrogen in the global shift toward sustainable energy. The market's expansion is driven by the urgent need to address climate change and reduce carbon emissions, positioning hydrogen as a vital component in the transition to a greener, more sustainable energy future.
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Global Hydrogen Electrolyzer Market Key Takeaways
According to Coherent Market Insights (CMI), the global hydrogen electrolyzer market size is forecast to expand nearly 23X, growing from USD 1.75 Bn in 2025 to USD 40.12 Bn by 2032.
Global demand for hydrogen electrolyzers is expected to increase at an impressive CAGR of 56.4% during the assessment period.
Based on technology, Proton Exchange Membrane (PEM) segment is expected to generate a revenue of around USD 0.65 Bn in 2025.
By power generation, 500 kW segment is anticipated to account for more than two-fifths of the global hydrogen electrolyzer market share in 2025.
Chemical industry is projected to remain the leading consumer of hydrogen electrolyzers. The target segment will likely hold a market share of nearly 3/5 in 2025.
North American hydrogen electrolyzer market is estimated to be valued at USD 0.51 Bn in 2025, owing to expanding hydrogen infrastructure and strong presence of leading players.
As per Coherent Market Insights' latest hydrogen electrolyzer market analysis, Asia Pacific is set to witness fastest growth during the assessment period. This is attributable to increasing decarbonisation efforts and supportive government initiatives.
Also Read: Clean Hydrogen Market Size, Share, & Trends Analysis Report (2025-2032)
Rising Demand for Clean Energy Fueling Hydrogen Electrolyzer Market Growth
Coherent Market Insights' latest hydrogen electrolyzer market research report outlines key factors driving industry growth. Increasing demand for clean energy across the globe is one such prominent growth driver.
Solar, wind, and green hydrogen, and other clean energy sources are witnessing higher demand. This is due to growing environmental concerns and depleting fossil fuels. According to the International Energy Agency (IEA), clean energy demand is expected to triple by 2050. This surge is anticipated to boost growth of the hydrogen electrolyzer market.
Hydrogen electrolyzers are essential for producing green hydrogen, which serves as a clean alternative to fossil fuels across industries like chemical, power generation, and transportation. As more industries switch toward clean energy, deployment of hydrogen electrolyzers is expected to rise rapidly.
High Initial Costs and Dependence on Renewable Energy Limiting Market Growth
The future hydrogen electrolyzer market outlook looks optimistic. However, factors like high capital costs and reliance on renewable energy are expected to limit market growth to some extent in the coming years.
Advanced hydrogen electrolyzers like PEM and solid oxide electrolyzers are generally expensive, making them less accessible to small and medium industries. This cost barrier can lower the overall hydrogen electrolyzer market demand.
Hydrogen production through electrolysis is more sustainable when powered by renewables. Limited availability and the intermittent nature of renewable sources like solar and wind may hinder the continuous operation of electrolyzers, thereby impacting market growth.
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Government Incentives and Subsidies Unlocking Growth Avenues for Players
The global push toward net-zero emissions is prompting governments worldwide to invest heavily in green hydrogen technologies. Many nations are introducing incentives and subsidies to encourage adoption of hydrogen electrolyzers.
For instance, the US Inflation Reduction Act (2022) offers tax credits up to 30% for electrolyzer installation. These government-backed initiatives are expected to create lucrative growth opportunities in the hydrogen electrolyzer industry.
Rising adoption of green hydrogen in the industrial sector is also creating a conducive environment for the expansion of hydrogen electrolyzer market. Steel, cement, ammonia, and chemical industries are seeking low-carbon alternatives to reduce their dependence on fossil fuels.
Green hydrogen, produced via electrolysis using renewable energy, offers a viable path toward decarbonisation in these sectors. This shift is set to unlock new growth prospects for hydrogen electrolyzer manufacturers.
Emerging Hydrogen Electrolyzer Market Trends
Renewable energy integration is emerging as a key growth-shaping trend in the market. Electrolyzers help stabilize power grids by storing excess energy from renewable sources like wind and solar for later use.
Growing popularity of hydrogen fuel cells in the electric and hybrid auto sector is expected to foster hydrogen electrolyzer market growth. Hydrogen fuel cells are gaining immense traction in fuel cell electric vehicles, buses, and even aviation and shipping. This increasing adoption will drive demand for electrolyzers to produce the required hydrogen fuel.
Leading players are constantly innovating to create advanced hydrogen production technologies, including anion exchange membrane (AEM) electrolyzers. They are also focusing on reducing the hydrogen electrolyzer market price to make hydrogen more economically viable.
Some hydrogen electrolyzer companies are going one step further by integrating advanced technologies like AI and IoT in their systems. These smart technologies enable real-time monitoring, predictive maintenance, improved energy efficiency, and enhanced grid interaction.
The target industry is also witnessing an increase in partnerships between energy companies, technology providers, and governments. These partnerships aim to accelerate development and deployment of hydrogen and electrolyzer technologies, thereby boosting sales growth.
Also Read: Hydrogen Market Size, Share and Industry Outlook for 2025-2032
Analyst's View
'The global hydrogen electrolyzer industry is poised to experience robust growth, owing to increasing demand for clean energy, expanding hydrogen infrastructure, and advancements in hydrogen production technologies,' said senior analyst Yash Doshi.
Current Events and Their Impact on the Hydrogen Electrolyzer Market Event Description and Impact Favorable Government Policies and Initiatives Description: Governments across the world are heavily investing in hydrogen infrastructure. Impact: Expanding hydrogen infrastructure will directly drive hydrogen electrolyzer market value. Renewable Energy Integration Description: Hydrogen electrolyzers are being integrated with renewable energy systems. Impact: Growing adoption of electrolyzers in off-grid and storage applications is expected to boost sales growth. Industrial Decarbonization Efforts Description: Industries like cement, steel, and chemicals are exploring hydrogen as a low-carbon fuel. Impact: Increasing usage of hydrogen as an alternative to fossil fuels in the industrial sector will fuel demand for hydrogen electrolyzers.
Competitor Insights
Key companies in hydrogen electrolyzer market report: ITM Power plc
Siemens Energy AG
Cummins Inc.
McPhy Energy S.A.
Nel ASA
Air Products and Chemicals, Inc.
Thyssenkrupp AG
Plug Power Inc.
Enel Green Power S.p.A.
Ballard Power Systems Inc.
Proton OnSite (a Nel ASA company)
H2B2 Electrolysis Technologies
Hydrogenics (a Cummins Inc. company)
Anovion Battery Materials
Green Hydrogen Systems A/S
Key Developments
In September 2024, Hygreen Energy launched its first-ever Anion Exchange Membrane (AEM) electrolyzer system to meet diverse needs in hydrogen production globally.
In July 2024, Siemens Energy received a new contract from German utility EWE to supply a 280-megawatt electrolysis system. The plant is anticipated to start operations in 2027 and will provide around 26,000 tons of green hydrogen annually for diverse industrial applications.
In February 2024, INEOS Electrochemical Solutions (IES) signed a new technology contract with Tamilnadu Petroproducts (TPL) to support the expansion of TPL's caustic soda production at their Chennai facility. Under this contract, IES will provide BICHLOR electrolyzers and cell room process design services for the TPL Heavy Chemical Division facility.
In October 2024, Saipem introduced IVHY 100, a large-scale and modular 100 MW green hydrogen solution at the 2024 World Hydrogen Week in Copenhagen. This innovative electrolyzer concept uses Nel ASA's atmospheric alkaline electrolyzer technology. It is designed to facilitate the installation and commissioning of large-scale systems.
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Market Segmentation
By Technology Insights (Revenue, USD Bn, 2020 – 2032) Proton Exchange Membrane (PEM)
Alkaline Electrolyzer (AE)
Solid Oxide Electrolyzer (SOE)
Anion Exchange Membrane (AEM)
By Power Generation Insights (Revenue, USD Bn, 2020 – 2032) 500 kW
500-2,000 kW
2,000 kW
By End-use Industry Insights (Revenue, USD Bn, 2020 – 2032) Chemical Industry
Refining
Power Generation
Others
Regional Insights (Revenue, USD Bn, 2020 – 2032) North America
Latin America Brazil Argentina Mexico Rest of Latin America
Europe Germany U.K. Spain France Italy Russia Rest of Europe
Asia Pacific China India Japan Australia South Korea ASEAN Rest of Asia Pacific
Middle East GCC Countries Israel Rest of Middle East
Africa South Africa North Africa Central Africa
Also Read: Blue Hydrogen Market Size, Share & Trend Analysis Report (2025-2032)
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