Global market valuation was derived through revenue mapping and hydrogen production capacity analysis. The methodology included:
Identification of 50+ key manufacturers across North America, Europe, Asia-Pacific, Middle East, and Latin America specializing in electrolyzer systems, fuel cell technologies, and hydrogen production infrastructure
Product mapping across alkaline electrolysis, proton exchange membrane (PEM) electrolysis, solid oxide electrolyzer cells (SOEC), thermochemical water splitting, and biological hydrogen production technologies
Analysis of reported and modeled annual revenues specific to water-to-hydrogen conversion portfolios and fuel cell system sales
Coverage of manufacturers representing 75-80% of global electrolyzer manufacturing capacity and fuel cell deployment in 2024
Extrapolation using bottom-up (electrolyzer capacity additions × system ASP by country/region) and top-down (manufacturer revenue validation and hydrogen demand projections) approaches to derive segment-specific valuations for electrolysis equipment, hydrogen fuel cells, storage and distribution infrastructure, and integrated water-fuel systems