Hydrogen Electrolyzer Market Size, Share, and Trends 2025 to 2034

The global hydrogen electrolyzer market size is calculated at USD 2.03 billion in 2025 and is forecasted to reach around USD 956.99 billion by 2034, accelerating at a CAGR of 98.14% from 2025 to 2034. The Europe market size surpassed USD 359.13 million in 2024 and is expanding at a CAGR of 98.42% during the forecast period. The market sizing and forecasts are revenue-based (USD Million/Billion), with 2024 as the base year.

Last Updated : August 2025  |  Report Code : 6612  |  Category : ICT  |  Format : PDF / PPT / Excel
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List of Contents

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Hydrogen Electrolyzer Market 

5.1. COVID-19 Landscape: Hydrogen Electrolyzer Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Hydrogen Electrolyzer Market, By Product Offering

8.1. Hydrogen Electrolyzer Market Revenue and Volume Forecast, by Product Offering

8.1.1. Electrolyzer Stack

8.1.1.1. Market Revenue and Volume Forecast

8.1.2. Packaged Electrolyzer Module (stack + immediate BOP)

8.1.2.1. Market Revenue and Volume Forecast

8.1.3. Skid-mounted Electrolyzer System (packaged with full BOP)

8.1.3.1. Market Revenue and Volume Forecast

8.1.4. Containerised/Mobile Electrolyzer Unit

8.1.4.1. Market Revenue and Volume Forecast

8.1.5. Turnkey EPC + Integration Services

8.1.5.1. Market Revenue and Volume Forecast

8.1.6. Operation & Maintenance (O&M) Contracts

8.1.6.1. Market Revenue and Volume Forecast

Chapter 9. Global Hydrogen Electrolyzer Market, By Installation Type

9.1. Hydrogen Electrolyzer Market Revenue and Volume Forecast, by Installation Type

9.1.1. On-site

9.1.1.1. Market Revenue and Volume Forecast

9.1.2. Off-site

9.1.2.1. Market Revenue and Volume Forecast

9.1.3. Hybrid

9.1.3.1. Market Revenue and Volume Forecast

9.1.4. Portable / Trailer-mounted

9.1.4.1. Market Revenue and Volume Forecast

Chapter 10. Global Hydrogen Electrolyzer Market, By End-user Industry

10.1. Hydrogen Electrolyzer Market Revenue and Volume Forecast, by End-user Industry

10.1.1. Oil & Gas / Refining

10.1.1.1. Market Revenue and Volume Forecast

10.1.2. Chemical & Petrochemical

10.1.2.1. Market Revenue and Volume Forecast

10.1.3. Fertilizer (Ammonia)

10.1.3.1. Market Revenue and Volume Forecast

10.1.4. Metals & Mining (Steel)

10.1.4.1. Market Revenue and Volume Forecast

10.1.5. Mobility & Transport

10.1.5.1. Market Revenue and Volume Forecast

10.1.5. Power & Utilities

10.1.5.1. Market Revenue and Volume Forecast

10.1.5. Commercial & Residential

10.1.5.1. Market Revenue and Volume Forecast

10.1.5. Data Centers & Telecom

10.1.5.1. Market Revenue and Volume Forecast

10.1.5. Manufacturing & Industrial parks

10.1.5.1. Market Revenue and Volume Forecast

Chapter 11. Global Hydrogen Electrolyzer Market, By Electrolyzer Material / Component Type

11.1. Hydrogen Electrolyzer Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

11.1.1. Catalyst material

11.1.1.1. Market Revenue and Volume Forecast

11.1.2. Membrane type

11.1.2.1. Market Revenue and Volume Forecast

11.1.3. Electrode materials

11.1.3.1. Market Revenue and Volume Forecast

11.1.4. Stack components

11.1.4.1. Market Revenue and Volume Forecast

11.1.5. Balance-of-Plant

11.1.5.1. Market Revenue and Volume Forecast

Chapter 12. Global Hydrogen Electrolyzer Market, Regional Estimates and Trend Forecast

12.1. North America

12.1.1. Market Revenue and Volume Forecast, by Product Offering

12.1.2. Market Revenue and Volume Forecast, by Installation Type

12.1.3. Market Revenue and Volume Forecast, by End-user Industry

12.1.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.1.5. U.S.

12.1.5.1. Market Revenue and Volume Forecast, by Product Offering

12.1.5.2. Market Revenue and Volume Forecast, by Installation Type

12.1.5.3. Market Revenue and Volume Forecast, by End-user Industry

12.1.5.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.1.6. Rest of North America

12.1.6.1. Market Revenue and Volume Forecast, by Product Offering

12.1.6.2. Market Revenue and Volume Forecast, by Installation Type

12.1.6.3. Market Revenue and Volume Forecast, by End-user Industry

12.1.6.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.2. Europe

12.2.1. Market Revenue and Volume Forecast, by Product Offering

12.2.2. Market Revenue and Volume Forecast, by Installation Type

12.2.3. Market Revenue and Volume Forecast, by End-user Industry

12.2.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.2.5. UK

12.2.5.1. Market Revenue and Volume Forecast, by Product Offering

12.2.5.2. Market Revenue and Volume Forecast, by Installation Type

12.2.5.3. Market Revenue and Volume Forecast, by End-user Industry

12.2.5.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.2.6. Germany

12.2.6.1. Market Revenue and Volume Forecast, by Product Offering

12.2.6.2. Market Revenue and Volume Forecast, by Installation Type

12.2.6.3. Market Revenue and Volume Forecast, by End-user Industry

12.2.6.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.2.7. France

12.2.7.1. Market Revenue and Volume Forecast, by Product Offering

12.2.7.2. Market Revenue and Volume Forecast, by Installation Type

12.2.7.3. Market Revenue and Volume Forecast, by End-user Industry

12.2.7.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.2.8. Rest of Europe

12.2.8.1. Market Revenue and Volume Forecast, by Product Offering

12.2.8.2. Market Revenue and Volume Forecast, by Installation Type

12.2.8.3. Market Revenue and Volume Forecast, by End-user Industry

12.2.8.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.3. APAC

12.3.1. Market Revenue and Volume Forecast, by Product Offering

12.3.2. Market Revenue and Volume Forecast, by Installation Type

12.3.3. Market Revenue and Volume Forecast, by End-user Industry

12.3.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.3.5. India

12.3.5.1. Market Revenue and Volume Forecast, by Product Offering

12.3.5.2. Market Revenue and Volume Forecast, by Installation Type

12.3.5.3. Market Revenue and Volume Forecast, by End-user Industry

12.3.5.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.3.6. China

12.3.6.1. Market Revenue and Volume Forecast, by Product Offering

12.3.6.2. Market Revenue and Volume Forecast, by Installation Type

12.3.6.3. Market Revenue and Volume Forecast, by End-user Industry

12.3.6.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.3.7. Japan

12.3.7.1. Market Revenue and Volume Forecast, by Product Offering

12.3.7.2. Market Revenue and Volume Forecast, by Installation Type

12.3.7.3. Market Revenue and Volume Forecast, by End-user Industry

12.3.7.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.3.8. Rest of APAC

12.3.8.1. Market Revenue and Volume Forecast, by Product Offering

12.3.8.2. Market Revenue and Volume Forecast, by Installation Type

12.3.8.3. Market Revenue and Volume Forecast, by End-user Industry

12.3.8.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.4. MEA

12.4.1. Market Revenue and Volume Forecast, by Product Offering

12.4.2. Market Revenue and Volume Forecast, by Installation Type

12.4.3. Market Revenue and Volume Forecast, by End-user Industry

12.4.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.4.5. GCC

12.4.5.1. Market Revenue and Volume Forecast, by Product Offering

12.4.5.2. Market Revenue and Volume Forecast, by Installation Type

12.4.5.3. Market Revenue and Volume Forecast, by End-user Industry

12.4.5.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.4.6. North Africa

12.4.6.1. Market Revenue and Volume Forecast, by Product Offering

12.4.6.2. Market Revenue and Volume Forecast, by Installation Type

12.4.6.3. Market Revenue and Volume Forecast, by End-user Industry

12.4.6.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.4.7. South Africa

12.4.7.1. Market Revenue and Volume Forecast, by Product Offering

12.4.7.2. Market Revenue and Volume Forecast, by Installation Type

12.4.7.3. Market Revenue and Volume Forecast, by End-user Industry

12.4.7.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.4.8. Rest of MEA

12.4.8.1. Market Revenue and Volume Forecast, by Product Offering

12.4.8.2. Market Revenue and Volume Forecast, by Installation Type

12.4.8.3. Market Revenue and Volume Forecast, by End-user Industry

12.4.8.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.5. Latin America

12.5.1. Market Revenue and Volume Forecast, by Product Offering

12.5.2. Market Revenue and Volume Forecast, by Installation Type

12.5.3. Market Revenue and Volume Forecast, by End-user Industry

12.5.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.5.5. Brazil

12.5.5.1. Market Revenue and Volume Forecast, by Product Offering

12.5.5.2. Market Revenue and Volume Forecast, by Installation Type

12.5.5.3. Market Revenue and Volume Forecast, by End-user Industry

12.5.5.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

12.5.6. Rest of LATAM

12.5.6.1. Market Revenue and Volume Forecast, by Product Offering

12.5.6.2. Market Revenue and Volume Forecast, by Installation Type

12.5.6.3. Market Revenue and Volume Forecast, by End-user Industry

12.5.6.4. Market Revenue and Volume Forecast, by Electrolyzer Material / Component Type

Chapter 13. Company Profiles

13.1. Nel Hydrogen

13.1.1. Company Overview

13.1.2. Product Offerings

13.1.3. Financial PerProduct Offeringance

13.1.4. Recent Initiatives

13.2. ITM Power

13.2.1. Company Overview

13.2.2. Product Offerings

13.2.3. Financial PerProduct Offeringance

13.2.4. Recent Initiatives

13.3. thyssenkrupp nucera

13.3.1. Company Overview

13.3.2. Product Offerings

13.3.3. Financial PerProduct Offeringance

13.3.4. Recent Initiatives

13.4. Siemens Energy

13.4.1. Company Overview

13.4.2. Product Offerings

13.4.3. Financial PerProduct Offeringance

13.4.4. Recent Initiatives

13.5. McPhy Energy

13.5.1. Company Overview

13.5.2. Product Offerings

13.5.3. Financial PerProduct Offeringance

13.5.4. Recent Initiatives

13.6. Cummins (Hydrogenics)

13.6.1. Company Overview

13.6.2. Product Offerings

13.6.3. Financial PerProduct Offeringance

13.6.4. Recent Initiatives

13.7. Plug Power

13.7.1. Company Overview

13.7.2. Product Offerings

13.7.3. Financial PerProduct Offeringance

13.7.4. Recent Initiatives

13.8. Enapter

13.8.1. Company Overview

13.8.2. Product Offerings

13.8.3. Financial PerProduct Offeringance

13.8.4. Recent Initiatives

13.9. AFC Energy

13.9.1. Company Overview

13.9.2. Product Offerings

13.9.3. Financial PerProduct Offeringance

13.9.4. Recent Initiatives

13.10. Giner ELX (Giner Inc.)

13.10.1. Company Overview

13.10.2. Product Offerings

13.10.3. Financial PerProduct Offeringance

13.10.4. Recent Initiatives

Chapter 14. Research Methodology

14.1. Primary Research

14.2. Secondary Research

14.3. Assumptions

Chapter 15. Appendix

15.1. About Us

15.2. Glossary of Terms

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Frequently Asked Questions

The hydrogen electrolyzer market size is expected to increase from USD 1.03 billion in 2024 to USD 956.99 billion by 2034.

The hydrogen electrolyzer market is expected to grow at a compound annual growth rate (CAGR) of around 98.14% from 2025 to 2034.

The major players in the hydrogen electrolyzer market include Nel Hydrogen, ITM Power, thyssenkrupp nucera, Siemens Energy, McPhy Energy, Cummins (Hydrogenics), Plug Power, Enapter, AFC Energy, Giner ELX (Giner Inc.), H2B2 Electrolysis Technologies, Ohmium International, Toshiba Energy Systems & Solutions (Toshiba ESS), Kawasaki Heavy Industries, Mitsubishi Heavy Industries (MHI), Bloom Energy, and Sunfire.

The driving factors of the hydrogen electrolyzer market are the rising innovations in electrolyzer technology, and increasing investments in hydrogen infrastructure, particularly in emerging economies, are expected to drive the growth of the global market for hydrogen electrolyzers over the forecast period.

Europe region will lead the global hydrogen electrolyzer market during the forecast period 2025 to 2034.

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