Comparing 12 vendors in Electrolyzers across 0 criteria.
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360 Quadrants releases a list of "Top 12 Electrolyzer Manufacturers, Worldwide 2023" in partnership with MarketsandMarkets. The report recognizes standouts in the Electrolyzer market, ranging from mid-sized enterprises to Fortune 500 companies. The vendor evaluation was conducted on over two hundred companies of which the top 12 were categorized and recognized as the new economic quadrant leaders.
Key trends highlighted in 360 Quadrants:
- The electrolyzers market is experiencing significant growth and is poised for a promising future. Electrolyzers are devices that use electricity to split water into hydrogen and oxygen through the process of electrolysis. The rising demand for clean and sustainable energy solutions, coupled with the increasing adoption of hydrogen as an alternative fuel, is driving the expansion of the electrolyzers market.
- The global electrolyzers market is estimated to be worth USD 1234.9 million in 2023 and is projected to reach USD 23555.9 million by 2028, growing at a CAGR of 80.3% during the forecast period. This is mainly driven by the increasing investments in green hydrogen production and the surge in demand for electrolyzer-based green ammonia for fertilizers production are some of the key factors accelerating the growth of the electrolyzer market.
- By region, the market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. Europe is estimated to be the largest market for electrolyzers from 2023 to 2028. This market growth is mainly attributed to the rising demand of green hydrogen for various applications and rising initiatives to reduce the carbon footprint and exploring renewable energy sources to become a carbon-neutral region. North America is expected to be the second-largest region for the electrolyzers market.
- In terms of technology, the alkaline electrolyzer technology segment held the larger share of the electrolyzer market. This can be attributed to its relatively mature nature and cost-effective technology.
- The electrolyzers market is dominated by a few leading players with vast portfolios, global distribution & sales networks, and a large number of local manufacturing facilities. Major players are focusing on the development of electrolyzer systems and technology with enhanced properties.
- Partnerships, acquisitions, collaborations, and contracts are a few of the growth strategies adopted by the market players. For instance, in November 2022, Nel Hydrogen US, a subsidiary of Nel ASA entered into a joint development agreement with General Motors to help accelerate the industrialization of Nel’s proton exchange membrane (PEM) electrolyzer platform.
- The companies are actively contributing to the advancement of electrolyzer technologies, expanding their market presence, and driving the transition to a hydrogen-based economy. Their innovations and collaborations are instrumental in unlocking the full potential of electrolyzers for clean and sustainable hydrogen production. For instance, in March 2023, Siemens Energy, a prominent player in the industry was selected by a Houston-based electrofuel (eFuel) company HIF Global to supply electrolyzers to a new eFuel facility in Matagorda County, Texas.
The Full List
|Company||Headquarters||Year Founded||Holding Type|
|Asahi Kasei||Tokyo, Japan||1931||Public|
|Bloom Energy||San Jose, USA||2001||Public|
|ITM Power||Sheffield, UK||2000||Public|
|John Cockerill||Seraing, Belgium||1817||Private|
|Plug Power||Latham, USA||1997||Public|
|Siemens Energy||Munich, Germany||2020||Public|
|thyssenkrupp nucera||Dortmund, Germany||2015||Private|