Electrolyzers Market to Reach $14.48 Billion, at a 38.2% CAGR by 2031 | MarketsandMarkets™

Delray Beach, FL , Aug. 24, 2026 (GLOBE NEWSWIRE) -- According to MarketsandMarkets, the global Electrolyzers Market size is projected to reach USD 14.48 billion by 2031 from USD 2.08 billion in 2025, at a CAGR of 38.2% during the forecast period. 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.

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Electrolyzers Market Size, Share & Forecast:

• 2025 Market Size: USD 2.08 billion
• 2031 Projected Market Size: USD 14.48 billion

• CAGR (2025-2031): 38.2%

• Asia Pacific: Largest region in 2024
• Leading segment by power rating: 500 kW
• Fastest-growing segment by technology: Anion exchange membrane electrolyzer (AEM)
• Largest segment by application: Mobility
• Report scope: 220 market data tables, 55 figures, 200 pages

• Major companies: thyssenkrupp nucera (Germany), Siemens Energy (Germany), John Cockerill, Nel (Norway), and Cummins Inc. (US).

Why This Market Matters

Electrolyzers are becoming a critical technology for scaling the green hydrogen economy and decarbonizing hard-to-abate sectors such as steel, chemicals, refining, fertilizers, mobility, and power. By using electricity to split water into hydrogen and oxygen, electrolyzers can produce low-carbon hydrogen when powered by renewable energy. Their ability to convert surplus renewable electricity into hydrogen also makes them valuable for energy storage, grid balancing, and renewable-energy integration.

Market Overview

The global electrolyzers market is projected to grow from USD 2.08 billion in 2025 to USD 14.48 billion by 2031, registering a CAGR of 38.2% during 2025-2031. Growth is being supported by increasing green hydrogen adoption, renewable energy integration, government-led hydrogen initiatives, expanding electrolyzer manufacturing capacity, and industrial decarbonization efforts.

Analyst Perspective

The electrolyzers industry is moving from demonstration-scale projects toward industrial-scale commercialization. Rapid expansion of manufacturing capacity, improvements in electrolyzer stacks, modular system designs, and digital monitoring are helping improve efficiency, reliability, flexibility, and operating economics. The integration of electrolyzers with solar and wind power is particularly important because hydrogen can absorb surplus renewable electricity and support energy balancing.

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Segment Analysis

Based on technology, the electrolyzers market is segmented into alkaline, proton exchange membrane (PEM), solid oxide, and anion exchange membrane (AEM). The alkaline segment, by technology, held the largest market share in 2024 due to its technological maturity, lower cost, and suitability for large industrial hydrogen production. Demand for PEM electrolyzers is growing rapidly due to their ability to respond quickly to variable renewable energy sources and produce high-purity hydrogen. Solid oxide electrolyzers offer high efficiency and are gaining traction in high-temperature industrial applications, while AEM electrolyzers are emerging as a low-cost alternative for distributed and small-scale hydrogen generation.

Regional Analysis

Europe is projected to remain a key growth hub in the global electrolyzers market, driven by accelerated clean energy investments, stringent emissions regulations, and strong regional focus on energy security. The increasing deployment of hydrogen-ready industrial clusters, cross-border hydrogen corridors, and large-scale storage projects is boosting the adoption of electrolyzers across multiple sectors. The region is also advancing flagship green hydrogen initiatives linked to aviation fuels, maritime transport, and district heating. Policy mechanisms such as IPCEI funding, national tenders, and Contracts for Difference are enabling project bankability. Leading European manufacturers are scaling gigafactories, thereby reinforcing Europe’s position as a leader in technology and innovation.

Key Market Trends & Insights

• The Asia Pacific region accounted for a share of 40.5% in the electrolyzers market in 2024.
• By power rating, the 500 kW segment is projected to witness the fastest growth rate from 2025 to 2031.
• By technology, the anion exchange membrane electrolyzer (AEM) segment is expected to register the highest CAGR of 50.6% during the forecast period.
• By application, the mobility segment is expected to record the highest CAGR during the forecast period.

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Competitive Landscape

Top companies in the global Electrolyzers Market include thyssenkrupp nucera (Germany), Siemens Energy (Germany), John Cockerill, Nel (Norway), Cummins Inc. (US), Plug Power Inc. (US), LONGi (China), Asahi Kasei Corporation (Japan), Envision Group (China), ITM Power plc (UK), Sunfire GmbH (Germany), Enapter (Italy), Bloom Energy (US), SUNGROW (China), Next Hydrogen (Canada), Shandong AUYAN New Energy Technology Co., Ltd. (China), Quest One GmbH (Germany), TOPSOE (Denmark), Erre Due s.p.a.  (Italy), Hygreen Energy (China), iGas energy GmbH (Germany), Cipher Neutron (Canada), HydrogenPro (Norway), Ohmium (US), PERIC Hydrogen Technologies Co., Ltd (China).

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Report Code: EP 8577 | Published: 25 Nov 2025 | Report Pages: 200 | Market Data Tables: 220 | Figures: 55