Top Companies in Electrolyzers Industry

The global electrolyzers market is projected to reach USD 14.48 billion by 2031 from USD 2.08 billion in 2025, registering a CAGR of 38.2%. The expansion of renewable energy deployment, national hydrogen mission programs, and the rising integration of green power into industrial and mobility applications are driving the growth of the electrolyzers market. Electrolyzers play a crucial role in enabling the production of green hydrogen, decarbonizing energy systems, and supporting clean power generation across various sectors, including energy (CHP/Power), mobility, industrial chemicals, and grid injection. The demand for electrolyzers is further supported by rapid electrification trends, increasing green hydrogen blending targets, the growth of fuel-cell mobility solutions, and a stronger policy focus on net-zero emissions and energy security. Advancements in stack materials, efficiency improvements, modular system design, and large-scale manufacturing have enhanced their durability, performance, and cost competitiveness, thereby improving project viability and accelerating commercial adoption.

Major players in the electrolyzers market include thyssenkrupp nucera (Germany), Siemens Energy (Germany), John Cockerill, Nel (Norway), and Cummins Inc. (US), among others. These leading companies are adopting multiple growth strategies to strengthen their market presence, such as expanding their electrolyzer portfolios across alkaline, PEM, and large-scale modular systems, and forming strategic partnerships with renewable developers, industrial offtakers, and energy companies to accelerate green hydrogen deployment. In addition, these companies are expanding manufacturing capacities—moving toward gigawatt-scale facilities—and leveraging digital tools for real-time monitoring, predictive maintenance, and improved plant performance. They continue to collaborate with utilities, chemical producers, green hydrogen hubs, and mobility infrastructure developers to enhance system integration and support the rapid adoption of their solutions across energy (CHP/Power), industrial chemicals, mobility fuel cells, and grid-injection applications. For example, in June 2025, John Cockerill expanded its hydrogen business with a USD 134.5 million capital increase, aimed at scaling up production capacity and accelerating the global deployment of its next-generation pressurized alkaline electrolyzers.

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thyssenkrupp nucera (Germany) offers clean energy with green hydrogen at an industrial scale and is a cleantech company providing hydrogen and chlorine technologies. thyssenkrupp nucera, formerly known as Uhde Chlorine Engineers, was established as a joint venture between Industrie De Nora and thyssenkrupp AG. The company primarily deals with the supply of clean energy, including green hydrogen, on an industrial scale. thyssenkrupp nucera offers chlor-alkali technology and alkaline water electrolysis technology to produce sustainable aviation fuel, hydrogen, chlorine, and other products. The company operates through two business segments: Alkaline-Water Electrolysis (AWE) and Chlor-Alkali Electrolysis CA. It offers electrolyzers across both segments, including hydrogen electrolyzers, particularly in the Alkaline-Water Electrolysis (AWE) segment.

Renewable hydrogen from electrolyzers serves various applications, including energy, mobility, and industry. The company also offers solutions for integrating grid-scale renewables and industrial-scale hydrogen use, as well as its subsequent products. The company is involved in the engineering, procurement, and construction of electrochemical plants. thyssenkrupp nucera has a significant presence in Germany. The company has recently completed the acquisition of key technology assets (including IP and a test facility) from Green Hydrogen Systems, strengthening its capabilities in pressurized alkaline water electrolysis (up to ~35 bar). The announcement was made in June 2025.

John Cockerill (Belgium), formerly CMI Group, designs, integrates, upgrades, and maintains equipment across energy, defense, steelmaking, environmental, and general industrial sectors. It also serves the energy, environment, transport, hydrogen, solar, cooling, wind, nuclear, innovation, mobility, maintenance, water treatment, air & gas treatment, and waste sectors. The company maintains a strong foothold in metals, heat treatment, surface treatment, and industrial project services, offering a comprehensive range of solutions tailored to diverse industrial requirements. The company provides alkaline electrolyzers for various applications, such as energy, industrial, and mobility.

Cockerill Jingli Hydrogen (CJH) is the Chinese subsidiary of John Cockerill, specializing in the design, manufacture, and sale of alkaline water-electrolysis hydrogen production equipment. With over 30 years of experience and more than 70 patented technologies, CJH’s manufacturing capacity reached 1 GW in 2022, and it claims a 50% share of the global alkaline electrolysis equipment deliveries in 2021. Their systems are widely used in large-scale renewable and industrial hydrogen projects, underlining their role as a worldwide leader in green hydrogen technology. The company continues to invest in agreements to enhance its market position. In April 2025, John Cockerill signed a Memorandum of Understanding (MoU) with The Green Solutions Group (TGS) in Vietnam to supply pressurized alkaline electrolyzers and jointly develop green hydrogen and ammonia projects, thereby strengthening its regional presence in Asia.

Market Ranking:

The electrolyzers market is highly consolidated, with a small number of major players accounting for the majority of global market activity. The combined market share of thyssenkrupp nucera (Germany), Siemens Energy (Germany), John Cockerill, Nel (Norway), and Cummins Inc. (US) is estimated to be between 60 and 65%. These companies maintain a strong presence across various power rating classes and applications, leveraging advanced technologies, global manufacturing networks, and long-term customer relationships.

thyssenkrupp nucera leads the electrolyzers market with its large-scale alkaline electrolyzer solutions designed for industrial hydrogen production, green ammonia, and refinery decarbonization projects. The company emphasizes modular gigawatt-scale manufacturing, technology innovation, and strong partnerships to support global mega–hydrogen deployments. John Cockerill maintains a strong position with its high-capacity pressurized alkaline electrolyzers used across energy, chemical, steel, and mobility applications. The company continues to expand its manufacturing footprint and collaborates with project developers to deliver turnkey hydrogen solutions, particularly in Europe, North America, and Asia Pacifc.

Nel is recognized for its broad portfolio of alkaline and PEM electrolyzers, serving renewable-based hydrogen production, mobility infrastructure, and industrial users. Nel focuses on scaling up automated manufacturing, reducing system costs, and enhancing efficiency to accelerate the global adoption of green hydrogen. Overall, these players are prioritizing global partnerships, manufacturing expansions, and continuous technology innovations to meet the growing demand for electrolyzers across renewable energy, industrial decarbonization, and clean mobility sectors.

Related Reports:

Electrolyzers Market, by Technology (ALK, AEM, PEM, SOEC), Power Rating (<500 kW, 500–2,000 kW, above 2,000 kW), Application (Energy, Mobility, Industrial, Grid Injection), Component (Stack, Balance of Plant), and Region - Global Forecast to 2031

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