How Big Is the Electrolyser Market | Trends & Forecast 2031

Q: What is fueling the growth of electrolyser market?

The push for green hydrogen as a clean fuel alternative, coupled with renewable energy integration, is fueling demand for electrolysers.

Q: Which technology segment holds the largest market share?

Alkaline electrolysers currently lead due to cost-effectiveness, though PEM electrolysers are rapidly gaining ground in industrial applications.

Q: Who are the key players in the electrolyser market?

The electrolyser market is highly competitive with the presence of players such as Cummins Inc., Plug Power Inc., Siemens Energy, Nel ASA, and John Cockerill.

Q: What will the electrolyser market be worth by 2031?

The electrolyser market is expected to exceed USD 9.9 billion by 2031.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com

Code: MTA6196

Publication Date: Jul 2025

How big is the electrolyser market?

According to 6Wresearch internal database and industry insights, the electrolyser market was valued at USD 1.3 billion in 2024 and is projected to reach USD 9.9 billion by 2031, growing at a CAGR of 12.6% during the forecast period.

This remarkable momentum is driven by rising investments in green hydrogen projects, supportive government policies across Europe and Asia-Pacific, and surging demand from sectors such as steel, chemicals, and transportation aiming to decarbonize operations.

Growth Factors of the Electrolyser Market

Growth in green hydrogen demand across industrial and energy sectors
Incentive schemes and net-zero commitments by governments worldwide
Technological breakthroughs enhancing electrolyser efficiency and reducing costs
Incorporation with renewable energy for decentralized hydrogen production
Increasing public-private partnerships in hydrogen infrastructure development
Escalating use of electrolysers in backup power, ammonia, and synthetic fuel synthesis

Electrolyser Market Trends

Electrolyser Market is undergoing a transformative shift with rapid innovation in alkaline, PEM, and solid oxide technologies. Global OEMs and energy majors are entering strategic alliances to build gigawatt-scale hydrogen plants. Hybrid installations combining solar/wind with electrolysers are becoming more prevalent, and localized hydrogen generation units are being deployed to reduce transportation costs and carbon footprint. In addition to this, regions like the Middle East are emerging as hydrogen-exporting hubs, strengthening the global hydrogen economy.

Emerging Developments in Electrolyser Market

In the Electrolyser Market, there is a strong move toward modular and scalable electrolyser systems suited for offshore wind integration. Companies are investing in low-cost, high-durability materials for electrolysis stacks. The commercialization of high-temperature electrolysers and innovations in anion exchange membrane (AEM) electrolysers are reshaping the market landscape. Moreover, digital twin-based performance monitoring is being adopted to optimize hydrogen generation in real time.