2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!

How Are Key Drivers Contributing to the Growth and Expansion of the Water Electrolysis Market?

The water electrolysis market’s expansion is anticipated to be driven by the increasing demand for hydrogen production. The process of generating hydrogen gas through techniques like electrolysis, steam methane reforming, and biomass gasification is what we refer to as hydrogen production. The burgeoning global focus on reducing carbon emissions and shifting towards cleaner energy is stimulating hydrogen production. Through the use of electricity to cleave water into hydrogen and oxygen, water electrolysis contributes to hydrogen production, offering a pure and sustainable method for generating hydrogen fuel, especially when fueled by renewable energy. For example, in July 2023, data from the International Energy Agency, an intergovernmental organization based in France, suggested that low-emission hydrogen production contributed less than 1% of the total hydrogen output in 2022, despite growing by 5% from 2021, indicating steady progress towards cleaner hydrogen production. Thus, the escalating demand for hydrogen production propels the water electrolysis market’s rise.

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#How Does the ProjectedWater Electrolysis Market Growth Compare Over the Forecast Period?

Recently, the water electrolysis market has seen significant growth. Its market size is projected to increase from $7.81 billion in 2024 to $8.59 billion in 2025, signaling a compound annual growth rate (CAGR) of 10.0%. This robust growth during the historic period is ascribed to increasing environmental awareness, application of hydrogen in eco-friendly agricultural methods, the rising demand for hydrogen in various industrial operations, augmentation and extension of water electrolysis plants, and the escalating acknowledgment of the advantages of hydrogen.

In the coming years, the water electrolysis market is projected to witness robust growth, reaching a worth of $12.44 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 9.7%. The predicted expansion during the forecast period is due to factors like rising demand for eco-friendly hydrogen, favorable government incentives and policies, proliferation of renewable energy sources, capital influx in hydrogen infrastructure, and the diminishing prices of electrolyzers. The period will also see trends such as improved electrolyzer materials, advancements in power-to-x technologies and hybrid systems, and strides in automation, control systems, and integration of carbon capture technologies.

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What New Market Trends Are Reshaping theWater Electrolysis Market and Its Opportunities?

Water electrolysis market giants are focusing on the creation of novel products such as proton exchange membrane (PEM) water electrolyzers. This approach boosts hydrogen production efficacy and curbs energy usage. Proton exchange membrane (PEM) water electrolyzers are tools that leverage a solid polymer electrolyte to split water into hydrogen and oxygen, thus providing efficient and adaptable hydrogen production. For instance, Sungrow Power Supply Co. Ltd., a company based in China, introduced a 300Nm³/h PEM Water Electrolyzer in March 2024. The electrolyzer produces 300Nm³ of hydrogen per hour at high efficiency, needing less than 4.15kWh/Nm³ of energy. The product is tailored for adaptable hydrogen production employing renewable energy sources, ensuring the best efficiency in varying situations.

Who Are the Leading Market Players Fueling Growth in the Water Electrolysis Market Trend?

Major companies operating in the water electrolysis market are Robert Bosch GmbH, ThyssenKrupp AG, Siemens Energy AG, Linde AG, Toshiba Energy Systems & Solutions Corporation, Cummins Inc., Sungrow Power Supply Co. Ltd., LONGi Green Energy Technology Co. Ltd., Plug Power Inc., KTH Royal Institute of Technology, Sunfire GmbH., Nel ASA., Ohmium International Inc., Shandong AUYAN New Energy Technology Co. Ltd., HydrogenPro ASA, Ceres Power Holdings plc, McPhy Energy SA., Horizon Fuel Cell Technologies Pte Ltd, ITM Power PLC., Giner ELX Inc., SES Hydrogen, Enapter AG, Elogen SAS, Next Hydrogen Solutions Inc., CAPLINQ Corporation, GreenH Electrolysis

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How is the Global Water Electrolysis Market Segemented?

The water electrolysis market covered in this report is segmented –

1) By Product Type: Alkaline Electrolyzer; Proton Exchange Membrane (PEM) Electrolyzer; Solid Oxide Electrolyzer Cell (SOEC); Anion Exchange Membrane (AEM) Electrolyzer

2) By Input Power: Below 2 kW; 2 kW – 5 kW; Above 5 kW

3) By Hydrogen Production: Below 500 L/hr; 500 – 2000 L/hr; Above 2000 L/hr

4) By End-User Applications: Ammonia Production; Methanol Production; Refining Industry; Power and Energy Storage; Transportation Or Mobility Industry; Other End User Applications

Subsegments:

1) Alkaline Electrolyzer: Liquid Alkaline Electrolyzers; Pressurized Alkaline Electrolyzers; High-Temperature Alkaline Electrolyzers

2) Proton Exchange Membrane (PEM) Electrolyzer: Low-Temperature PEM Electrolyzers; High-Temperature PEM Electrolyzers; Compact PEM Electrolyzers

3) Solid Oxide Electrolyzer Cell (SOEC): Intermediate Temperature SOEC; High-Temperature SOEC; SOEC with Integrated Heat Recovery

4) Anion Exchange Membrane (AEM) Electrolyzer: AEM Electrolyzers for Water Splitting; High-Performance AEM Electrolyzers; AEM Electrolyzers with Improved Durability

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Which Geographics are Influencing the Growth of the Water Electrolysis Market?

Europe was the largest region in the water electrolysis market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the water electrolysis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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