Increasing use in metallurgical processes is driving the global electrolyzer market, are expected to drive market expansion in the near future at a CAGR of 14.4% during the forecast period 2025 to 2035

Market Research Future (MRFR) has published a cooked research report on the “Global Electrolyzer Market” that contains information from 2019 to 2035.

The Global Electrolyzer Market is estimated to register a CAGR of 14.4% during the forecast period of 2025 to 2035.

MRFR recognizes the following companies as the key players in the Global Electrolyzer Market— include Nel Asa, Plug Power Inc, John Cockerill, ENAPTER S.R.L, Cummins Inc, ITM Power Plc, MCPHY Energy S.A, Longi Hydrogen Technology Co., Ltd, HYGREEN Energy, HYDROGENPRO and among others.

Market Highlights

The Global Electrolyzer Market is estimated to register a CAGR of 14.4% during the forecast period and is estimated to reach USD 4.82 Billion by 2035.

The growing global effort to combat the problem of climate change has driven various nations to reduce carbon emissions significantly. Electrolyzers, which are the devices that split water into hydrogen and oxygen using electricity, are becoming critical to this transition. This hydrogen, especially when produced using renewable energy, is generally referred to as green hydrogen and is considered vital in achieving a low-carbon economy. 

The transition from fossil fuels to renewable energy sources is one of the significant components of global decarbonization efforts. Renewable energy sources such as wind and solar power are intermittent, and this creates a need for efficient energy storage solutions. Green hydrogen, obtaining using electrolyzers, is emerging as a viable solution for storing excess renewable energy. By converting renewable electricity into hydrogen, electrolyzers allows the long-term storage and transportation of clean energy. This capability supports the global net-zero targets, thereby increasing demand for electrolyzers in sectors aiming to decarbonize energy systems.

Segment Analysis

The Global Electrolyzer Market has been segmented based on By Technology, By Power Rating, By Application.

Based on Technology, the Global Electrolyzer Market is Segmented into:Proton Exchange Membrane (PEM) Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer, Anion Exchange Membrane (AEM) Electrolyzer. The Alkaline Electrolyzer segment dominated the global market in 2024, while the Solid Oxide Electrolyzer Cell segment is projected to be the fastest–growing segment during the forecast period.

Alkaline Electrolyzers are the most mature and widely used electrolyzer technology. They operate using a liquid alkaline electrolyte, typically potassium hydroxide (KOH) or sodium hydroxide (NaOH), to facilitate the electrolysis of water. This technology is characterized by its simplicity, reliability, and long operational life. Alkaline electrolyzers are cost-effective, especially for large-scale hydrogen production, though they tend to be less efficient than PEM electrolyzers in terms of response time and hydrogen purity. These electrolyzers are commonly used in industrial settings where hydrogen demand is high, such as for ammonia production, petroleum refining, and chemical manufacturing.

Based on power rating, the electrolyser market is segmented into: <500KW, 500-2000 KW, >2,000 KV. The 500-2000 KW segment dominated the global market in 2024, while >2,000 KV segment is projected to be the fastest–growing segment during the forecast period.

This mid-range power category is the most popular for industrial-scale hydrogen production. Electrolyzer in this range are capable of producing significant amounts of hydrogen, typically for medium-sized projects such as those in chemical industries, large-scale renewable energy storage, or regional transportation hubs. They serve as the ideal solution for scaling up hydrogen production without requiring massive infrastructure investments. In addition, they are often integrated into renewable energy plants (wind and solar) to produce hydrogen via electrolysis when excess power is available. With higher capacity than <500 kW systems, these Electrolyzer can offer more competitive economics while maintaining relatively smaller footprints compared to the largest systems, making them attractive for both developers and operators in a variety of sectors.

Based on applications, the electrolysers market is segmented into: Hydrogen Production, Energy Storage, Ammonia Production, Methanol Production, Metallurgical Processes, Others. The Hydrogen Production segment dominated the global market in 2024, while the Energy Storage segment is projected to be the fastest–growing segment during the forecast period.

Electrolysers are extensively used in the production of hydrogen, which is a key component in the transition to clean energy. In the process of electrolysis, water is split into hydrogen and oxygen using electricity. This method is highly attractive because it allows the production of "green hydrogen" when powered by renewable energy sources, helping to reduce carbon emissions. Hydrogen is vital for various applications, including fuel cells, industrial processes, and as a clean energy source for transportation and power generation. The growing focus on decarbonization is driving the demand for Electrolyzer in hydrogen production.

Regional Analysis

Based on the Region, the global Electrolyzer is segmented into North America, Europe, Asia-Pacific, South America and Middle East & Africa. The Europe dominated the global market in 2024, while the Asia Pacific is projected to be the fastest–growing segment during the forecast period.

Major demand factors driving the Europe market are Europe is a leader in the electrolyzer market, with several countries investing heavily in hydrogen technologies as part of their transition to a low-carbon economy. Countries like Germany, France, and the Netherlands are leading the way, with robust government policies, ambitious hydrogen roadmaps, and strategic investments. The European Union's Green Deal and the Hydrogen Strategy for a climate-neutral Europe are key drivers, creating demand for electrolyzers, particularly for green hydrogen production. Additionally, Europe’s mature renewable energy sector and its emphasis on energy security contribute to the strong growth of the electrolyzer market.

Key Findings of the Study

• The Global Electrolyzer Market is expected to reach USD 4.82 Billion by 2035, at a CAGR of 14.4% during the forecast period.


• The Asia Pacific region accounted for the fastest growing in the global market.


• Based on Application, the Hydrogen Production segment was attributed to holding the largest market in 2024.


• Nel Asa, Plug Power Inc, John Cockerill, ENAPTER S.R.L, Cummins Inc, ITM Power Plc, MCPHY Energy S.A, Longi Hydrogen Technology Co., Ltd, HYGREEN Energy, HYDROGENPRO and among others are the key market players.