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The Electrolyzers Market is projected to reach $4.27 billion by 2030 from an estimated $1.11 billion in 2023, at a CAGR of 21.2% during the forecast period. The growth of this market is driven by the proliferation of renewable or nuclear energy technologies for electricity generation, increasing investments in green energy initiatives, and growing government focus on hydrogen technologies. Additionally, the affordable nature of electrolyzer systems is creating growth opportunities for the players operating in this market. However, the shortage of raw materials restrains the growth of the global electrolyzers market. High energy requirements for electrolysis are a challenge for market growth.
Here are the top 10 companies operating in the Electrolyzers Market
Founded in 2008 and headquartered in Grenoble, France, McPhy Energy is a pioneer in the H2 mobility sector. The company is engaged in developing electrolysis technology and hydrogen refueling stations. The company has developed a comprehensive range of standard large-capacity hydrogen stations, such as the McFilling 350. The company’s McFilling Dual Pressure hydrogen station delivers green hydrogen of over 1,000 kg per day at 350 and 700 bar for all types of vehicles and industrial processes.
McPhy operates through three business segments: Hydrogen Stations, Electrolyzers (Small Capacity), and Electrolyzers (Large Capacity). McPhy offers one of the widest ranges of electrolyzers on the market, from 0.4 to 800 Nm3/h as standard and beyond, with multi-MW (Mega Watt) solutions, within the 1 to 30 bar pressure range.
McPhy has a geographic presence across Europe, the Middle East, Africa, the Americas, and Asia-Pacific through its subsidiaries and strong distribution network. Some of its subsidiaries are McPhy Italia Sprl (Italy), McPhy Deutschland GmbH (Germany), McPhy Asia Pacific Pte. Ltd (Singapore), and McPhy Northern America Corp (U.S.). As of December 2021, the company had a headcount of 154 employees globally.
Plug Power Inc.
Founded in 1997 and headquartered in New York, U.S., Plug Power Inc. is a provider of end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, and the stationary power market. The company focuses on proton exchange membrane (PEM), fuel cell and fuel processing technologies, fuel cell and associated hydrogen & green hydrogen generation, and storage and dispensing infrastructure. The company also provides hydrogen and fuel cell solutions to replace lead-acid batteries in electric material handling vehicles and industrial trucks for large retail distribution and manufacturing businesses.
Plug Power operates through seven business segments: Fuel Cell System, Hydrogen Infrastructure, Electrolyzers, Oil and Gas Equipment, Cryogenic Equipment, Services, and Other. Plug Power manufacture and sell PEM fuel cells, electrolyzers, and hydrogen generation-related equipment and offers services related to fuel cells, hydrogen generation, and electrolyzers.
Plug Power has a strong geographic presence in North America and other countries through its subsidiaries and strong distribution network. As of December 2021, the company had a headcount of 2,449 employees globally.
Founded in 1919 and headquartered in Columbus, U.S., Cummins Inc. is engaged in designing, manufacturing, distributing, and providing services for diesel, natural gas, electric and hybrid powertrains and powertrain-related components, including filtration, after treatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen production, and fuel cell products.
Cummins operates through five business segments: Engine, Distribution, Components, Power Systems, and New Power. The company’s offerings include hydrogen fuel cell technology; battery packs and modules for electric battery solutions; and electrolyzers and hydrogen generators for electrolysis technology. The New Power segment designs, manufactures, sells, and supports hydrogen production solutions as well as electrified power systems ranging from fully electric to hybrid solutions along with innovative components and subsystems for power systems, including battery and fuel cell technologies.
Cummins has a geographic presence across the U.S., China, India, and other countries through its subsidiaries and a strong distribution network. Some of its subsidiaries are Cummins Spain, S.L. (Spain), Hydrogenics GmbH (Germany), Cummins Turbo Technologies Limited (U.K.), Cummins Filtros Ltda. (Brazil), Cummins Generator Technologies India Private Ltd. (India), and Power Group International (Overseas Holdings) B.V. (Netherlands). As of December 2021, the company had a headcount of 59,900 employees globally.
ITM Power PLC
Founded in 2001 and headquartered in Sheffield, U.K., ITM Power PLC manufactures integrated hydrogen energy solutions for grid balancing, energy storage, and producing renewable hydrogen for transport, renewable heat and chemicals. The company also designs and manufactures electrolyzer systems that generate green hydrogen based on proton exchange membrane (PEM) technology. Additionally, the company offers aftersales support services, including preventative maintenance, immediate response packages, and 24/7 control room monitoring services for green hydrogen solutions.
The company operates through four business segments: Power-to-Gas, Refuelling, Industrial, and Other. ITM Power has a geographic presence across the U.K., Germany, the Rest of Europe, the U.S., and Australia through its subsidiaries and a strong distribution network. As of April 2022, the company had a headcount of 388 employees globally.
Founded in 2020 and headquartered in Munich, Germany, Siemens Energy AG offers integrated solutions for industrial applications for manufacturing industries, drives for process industries, intelligent infrastructure and buildings, efficient and clean power generation from fossil fuels, and transmission and distribution of electrical energy for passenger and freight transportation, including rail vehicles, rail automation and rail electrification systems. Siemens Energy AG operates through two business segments: Gas and Power and Siemens Gamesa Renewable Energy. The company develops and integrates technologies to cover the entire hydrogen value chain – from wind parks through power transmission, large-scale industrialization of water electrolysis, compression, transport, storage, and hydrogen-based power and heat generation.
The company offers electrolyzers that use PEM (Proton Exchange Membrane) technology. The company has a strong geographic presence in Europe, C.I.S., the Middle East, Africa, the Netherlands, the Americas, Asia, and Australia. Some of its subsidiaries are Siemens Energy S.A.S. (France), Siemens Gamesa Renewable Energy 9REN, S.L. (Spain), Siemens Energy AG (Switzerland), and Siemens Energy Brasil Ltda. (Brazil). As of September 2022, the company had a headcount of 91,000 employees globally.
Meticulous Research in its latest publication on Electrolyzers Market has predicted the growth of 21.2% during the forecast year 2023-2030.
Nel ASA
Founded in 1927 and headquartered in Oslo, Norway, Nel ASA is a global, dedicated hydrogen company that provides optimal solutions to produce, store, and distribute hydrogen from renewable energy. The company serves energy and gas companies with leading hydrogen technology. The company operates through two business segments: Fueling and Electrolyser. The company manufactures electrolyzers, offering both alkaline and PEM (proton exchange membrane) technology globally. Furthermore, the company also manufactures hydrogen fueling stations that provide FCEVs (Fuel Cell Electric Vehicles) with the same fast fueling and long range as conventional fossil fuel vehicles.
The company has a geographic presence across North America, Asia, Europe, the Middle East, Africa, South America, and Oceania through its subsidiaries and a strong distribution network. Some of its subsidiaries are Nel Hydrogen Inc (U.S.), Nel Korea Co. Ltd (South Korea), Nel Fuel AS (Norway), Nel Hydrogen Electrolyser Belgium BV (Belgium), and Nel Hydrogen A/S (Denmark). As of December 2021, the company had a headcount of 507 employees globally.
Founded in 2007 and headquartered in Kolding, Denmark, Green Hydrogen Systems A/S is a leading provider of standardized and modular electrolysis equipment for producing green hydrogen based on renewable energy. The company designs and manufactures efficient, standardized, and modular electrolyzers that produce green hydrogen with renewable energy. The company operates through two business segments: Product; and Service and Other.
The company is an original equipment manufacturer (OEM) of electrolyzers focusing on production, assembly, and service maintenance. Green Hydrogen System has a strong geographic presence across Europe through its strong distribution network. As of December 2021, the company had a headcount of 187 employees globally.
Asahi Kasei Corporation
Founded in 1922 and headquartered in Tokyo, Japan, Asahi Kasei Corporation develops fiber products, chemicals, and electronic-related materials. The company provides solution-based products and services such as autoclaved aerated concrete, foundation systems, insulation materials, and structural components. The company also provides a one-stop solution for electrolyzers, membranes, electrodes, monitoring systems, etc. Asahi Kasei Corporation operates through three business segments: Material, Homes, and Health Care.
Through its strong distribution network, Asahi Kasei Corporation has a geographic presence across Japan, the Americas, Asia, Europe, China, and other countries. Some of its subsidiaries are Asahi Kasei Engineering Corp. (Japan), Asahi Kasei Metals Ltd. (Japan), Asahi Kasei Advance Corp. (Japan), Sundic Inc. (Japan), and Asahi Research Center Co., Ltd. (Japan). As of March 2022, the company had a headcount of 46,751 employees globally.
Founded in 2010 and headquartered in Dresden, Germany, Sunfire GmbH is a global leader in industrial electrolyzers. The company develops and manufactures electrolyzers based on SOEC and Alkaline technologies to enable the cost-effective production of renewable hydrogen, syngas and e-Fuel. Sunfire GmbH manufactures energy conversion technology.
The company is also engaged in developing and producing electrolyzers that manufacture renewable hydrogen and syngas. Through its strong distribution network, Sunfire has a strong geographic presence across Germany.
thyssenkrupp nucera AG & Co. KGaA. (thyssenkrupp AG)
Founded in 1999 and headquartered in Essen, Germany, thyssenkrupp nucera is a global leader in technology for green hydrogen plants. The company offers solutions for brine treatment, chlorine treatment, refrigerant-free chlorine liquefaction or hypochlorite production. thyssenkrupp AG operates through six business segments, namely, Materials Services; Steel Europe; Automotive Technology; Multi Tracks; Industrial Components; and Marine Systems. Thyssenkrupp nucera oprates through multitracks segment of thyssenkrupp. The company offers proven, fully automated, efficient, and reliable large-scale alkaline water electrolysis (AWE) technology, such as electrolyzers and bipolar membranes. Through its strong distribution network, thyssenkrupp nucera has a strong geographic presence across the USA, Germany, Italy, China, Australia, and Japan.
Popular Mention: Bloom Energy Corporation, H-TEC SYSTEMS GmbH, ELOGEN SAS, Pure Energy Centre, and Shannxi Hele Titanium Technology Co., Ltd.
Authoritative Research on the Electrolyzers Market – Global Opportunity Analysis and Industry Forecast (2023-2030)
Need more information? Meticulous Research®’s new report covers each of these companies in much more detail, providing analysis on the following:
- Recent financial performance of Electrolyzers Market
- Key products
- Significant company strategies
- Partnerships and acquisitions
The Comprehensive report provides global market size estimates, market share analysis, revenue numbers, and coverage of key issues and trends.
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