Electrolyzers Market worth $14.48 billion by 2031 | MarketsandMarkets™

Core Insights - The global Electrolyzers Market is projected to grow from USD 2.08 billion in 2025 to USD 14.48 billion by 2031, with a compound annual growth rate (CAGR) of 38.2% during the forecast period [6]. Market Overview - An electrolyzer is a system that uses electricity to split water into hydrogen and oxygen, producing clean hydrogen for various applications [2]. - Different technologies in electrolyzers include alkaline, proton exchange membrane (PEM), solid oxide, and anion exchange membrane (AEM), each suited for specific scales and conditions [3]. Technology Segmentation - Alkaline electrolyzers held the largest market share in 2024 due to their maturity, lower cost, and suitability for large-scale hydrogen production [3]. - PEM electrolyzers are rapidly gaining demand for their ability to quickly respond to variable renewable energy sources and produce high-purity hydrogen [3]. - AEM electrolyzers are expected to record the highest CAGR during the forecast period, combining low-cost advantages with improved efficiency [4]. Regional Insights - Europe is projected to be the fastest-growing market for electrolyzers, driven by clean energy investments, emissions regulations, and a focus on energy security [5]. - The region is advancing initiatives linked to hydrogen applications in aviation, maritime transport, and district heating, supported by policy mechanisms [5]. Key Players - Major companies in the Electrolyzers Market include thyssenkrupp nucera (Germany), Siemens Energy (Germany), John Cockerill (Belgium), Nel (Norway), and Cummins Inc. (US) [7]. - Strategies adopted by these players include contracts, agreements, partnerships, and expansions [7]. Company Profiles - thyssenkrupp nucera specializes in clean energy and hydrogen technologies, focusing on industrial-scale hydrogen production [8]. - John Cockerill designs and maintains equipment across various sectors, providing alkaline electrolyzers for energy and industrial applications [10]. - Cockerill Jingli Hydrogen, a subsidiary of John Cockerill, specializes in alkaline water-electrolysis hydrogen production equipment and has a significant market share [11].