The electrolyzers market is expected to grow from an estimated in USD 1.2 billion in 2023 to USD 23.6 billion by 2028, at a CAGR of 80.3% during the forecast period. Rising investment in renewable energy projects coupled with increasing hydrogen generation infrastructure is expected to drive the market.
A few major players that have a wide regional presence dominate the electrolyzers market. The leading players in the electrolyzers market include Siemens Energy (Germany), Nel ASA (Norway), Plug Power Inc. (US), Enapter S.r.l. (Italy), Cummins Inc. (US), and others.
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The major strategies adopted by these players include product launches, contracts & agreements, investments & expansions, merger & acquisitions, joint ventures, and partnerships & collaborations. Partnerships & collaborations and contracts & agreements were the some of the most adopted strategies from 2019 to 2023.
Nel ASA designs solutions to produce, store, and distribute hydrogen generated from renewable energy sources. Nel ASA operates through two business segments: Nel Hydrogen Fueling and Nel Hydrogen Electrolyzer. Through the Nel Hydrogen Electrolyzer business segment, the company offers hydrogen production equipment, plants based on electrolyzer technology, and power-to-gas systems. Nel ASA specializes in alkaline and proton exchange membrane (PEM) electrolyzers. It produces green hydrogen by harnessing energy from renewable sources such as solar and wind. The electrolyzers offered by the company are primarily used as an input for a broad spectrum of industrial applications and products such as ammonia, refineries, methanol, edible oil, chemicals, metallurgy, glass, electronics, generator cooling, and polysilicon, which is used in photovoltaic solar panels, and other industrial applications. The company has operations worldwide and a presence in approximately 20 countries. The company has manufacturing facilities in Notodden, Norway; Wallingford, UK; and Connecticut, US. Its production facilities in Norway and Connecticut are utilized for the manufacturing of electrolyzers.
Enapter S.r.l. designs and manufactures electrolyzers based on Anion Exchange Membrane (AEM) technology to produce efficient and modular green hydrogen. The company operates only under one segment: Electrolyzer. It offers two types of electrolyzers based on AEM technology: AEM electrolyzer and AEM multicore. AEM electrolyzers are standardized and designed with advanced technology to produce green hydrogen onsite. The AEM electrolyzers cater to a wide range of applications such as electricity storage, power-to-heat, power-to-gas, mobility, and in industrial sectors. The company is operational in more than 49 countries. The company majorly focuses on research and development to expand its competitive advantage in the market.
Electrolyzers Market by Technology (Alkaline Electrolyzer (AE), Proton Exchange Membrane (PEM), SOE, AEM), Application (Energy, Mobility, Industrial, Grid Injection), Power Rating (<500 kW, 500-2,000 kW, >2,000 kW) and Region - Global Forecast to 2028
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