Kings Research today announced the release of its latest market intelligence study, “Global Hydrogen Electrolyzer Market: Size, Share, Trends & Forecast 2024–2031.” The report provides a comprehensive analysis of market sizing, growth drivers, opportunities, and competitive dynamics shaping the hydrogen electrolyzer sector.
According to Kings Research, the global Hydrogen Electrolyzer Market was valued at USD 615.3 million in 2023, is projected to reach USD 764.2 million in 2024, and is expected to climb to USD 3,791.6 million by 2031, at a CAGR of 25.71% during the forecast period (2024–2031).
This rapid expansion is fueled by government-backed hydrogen strategies, declining renewable electricity costs, and global decarbonization targets.
Hydrogen electrolyzers split water into hydrogen and oxygen using electricity, ideally sourced from renewables. Unlike conventional hydrogen production (fossil-based “grey” hydrogen), electrolyzers enable green hydrogen, a key enabler of net-zero energy systems.
With applications across power-to-gas, refining, ammonia, methanol, steel, transport, and energy storage, electrolyzers have become the backbone of national hydrogen roadmaps and global climate goals.
Kings Research underscores major factors influencing the hydrogen electrolyzer market. Some of these include:
- EU Hydrogen Strategy Commitments
The European Commission has set a target of installing 40 GW of renewable hydrogen electrolyzers by 2030 within the EU, alongside another 40 GW in neighboring regions, underscoring Europe’s role as a global leader in scaling hydrogen infrastructure. (Source: https://observatory.clean-hydrogen.europa.eu/)
- Global Capacity Pipeline Expansion
The International Energy Agency (IEA) projects that global electrolyzer capacity could exceed 230-520 GW by 2030, a massive scale-up from the estimated 0.5 GW in 2022. This indicates a nearly 460-fold growth over the decade (Source: https://www.iea.org/).
- U.S. Cost-Reduction Initiatives
The U.S. Department of Energy (DOE) launched its “Hydrogen Shot” initiative, aiming to cut the cost of clean hydrogen by 80% to $1 per kilogram by 2031. Electrolyzers play a central role in this strategy, with federal investments backing domestic manufacturing and large-scale deployment. (Source: https://www.energy.gov/)
- Net-Zero Pathways and Industrial Demand
According to the International Renewable Energy Agency (IRENA), achieving global net-zero emissions by 2050 will require producing 614 million tonnes of green hydrogen annually, enabled by a massive scale-up in electrolyzer deployment worldwide (Source: https://www.unido.org/).
- Regional Leadership in Deployment
Europe continues to lead in adoption, while Asia-Pacific nations—particularly China, Japan, South Korea, and Australia—are rapidly advancing large-scale hydrogen projects supported by industrial policies and renewable expansion.
For executives—CIOs, CTOs, COOs, and sustainability heads—the hydrogen electrolyzer market represents:
- Operational Efficiency: Green hydrogen integration reduces carbon costs and reliance on fossil fuels.
- Cost Savings: DOE-backed innovations are driving down hydrogen production costs, making adoption increasingly economical.
- Scalability: Modular electrolyzer solutions enable flexible capacity additions aligned with industrial growth.
- Compliance & ESG: Electrolyzers support compliance with net-zero pledges, EU ETS requirements, and corporate ESG targets.
- Innovation Advantage: Companies adopting electrolyzer solutions early are positioned to lead in green fuels, energy storage, and heavy industry decarbonization.
Regional Outlook
- Europe: Backed by the EU’s 40 GW electrolyzer goal for 2030, Europe represents the largest committed market. The European Hydrogen Bank and “Fit for 55” package provide significant policy support for deployment.
- Asia-Pacific (APAC): Expected to be the fastest-growing region, with China investing heavily in electrolyzer manufacturing, and Japan, Korea, and Australia driving demand through hydrogen mobility, exports, and industrial decarbonization programs.
Competitive Landscape
Key companies driving innovation and deployment include: Cummins Inc., Enapter S.r.l., John Cockerill, McPhy Energy S.A., Nel ASA, Plug Power Inc., Siemens AG, thyssenkrupp Uhde GmbH, ITM Power PLC, and TOPSOE. These firms are advancing through technology innovation, large-scale partnerships, and international project pipelines.
The full Kings Research report provides detailed breakdowns by technology, capacity, application, and geography, along with competitive benchmarking. To request a sample, access the complete report, or explore consulting services, please visit https://www.kingsresearch.com/hydrogen-electrolyzer-market-1047.
About Kings Research
Kings Research is a global provider of syndicated research and advisory services, helping organizations identify emerging opportunities, assess risks, and make informed strategic decisions in dynamic markets.
All market data are sourced from Kings Research proprietary analysis, validated against credible government publications and peer-reviewed research. Examples cited include European Commission – EU Hydrogen Strategy & 40 GW electrolyzer target, International Energy Agency (IEA) – Global Hydrogen Review 2023, U.S. Department of Energy (DOE) – Hydrogen Shot Initiative, and International Renewable Energy Agency (IRENA) – Global Hydrogen Supply Chains 2022.