Summary

＜P＞The electrolyzers market is projected to reach USD 14.48 billion by 2031 from USD 2.08 billion in 2025, registering a CAGR of 38.2%. Market growth is driven by the increasing deployment of renewable energy systems, industrial decarbonization programs, and clean mobility initiatives, all of which rely on electrolyzers for sustainable hydrogen production. Electrolyzers play a crucial role in enabling the supply of green hydrogen to industries such as chemicals, steel, refineries, and power generation, helping reduce emissions and ensure operational continuity across various applications. Government initiatives that promote renewable energy integration, net-zero targets, and energy security are accelerating the adoption of electrolyzers across industrial, utilities, mobility, and commercial sectors. https://mnmimg.marketsandmarkets.com/Images/electrolyzers-market-img-overview.webp “<500 KW Segment, by Power Rating, to Record Highest CAGR from 2025 to 2031” Electrolyzers with a power rating of <500 kW are expected to witness the highest CAGR due to their flexibility and suitability for small-scale and decentralized hydrogen production. These compact systems are widely used in hydrogen refueling stations, small industrial operations, and residential or community energy storage. Their lower upfront cost, ease of installation, and ability to support localized green hydrogen production make them highly attractive, especially in regions without access to large-scale hydrogen infrastructure. Rising demand for on-site hydrogen generation in renewable energy projects and mobility applications is further accelerating growth in this segment. “Anion Exchange Membrane (AEM) Electrolyzers, by Technology, to Record Highest CAGR from 2025 to 2031” AEM electrolyzers are expected to record the highest CAGR during the forecast period because they offer cost-effective hydrogen production without relying on expensive precious metal catalysts, such as platinum or iridium. AEM systems combine the key advantages of both alkaline and PEM technologies?good efficiency and compact design?while keeping costs low. Their ability to integrate easily with renewable energy for on-site hydrogen generation makes them increasingly attractive for industries and governments seeking affordable and sustainable green hydrogen solutions. "Asia Pacific to account for largest share of electrolyzers market in 2031" The Asia Pacific region is poised to emerge as a significant growth engine for the global electrolyzers market, driven by the expansion of renewable energy capacity, national hydrogen roadmaps, and increasing investment in domestic manufacturing. Countries such as China, India, Japan, South Korea, and Australia are developing large, integrated hydrogen hubs that combine electrolysis, ammonia synthesis, and export-oriented infrastructure. The increasing focus on energy security, industrial competitiveness, and the adoption of clean mobility, including hydrogen buses, trucks, and port equipment, is driving project development. Strong public?private partnerships, incentives for local production, and rapid cost declines in solar and wind technologies continue to accelerate the deployment of electrolyzers across the region. In-depth interviews were conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among others, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows: By Company Type: Tier 1 - 60%, Tier 2 - 25%, and Tier 3 - 15% By Designation: C-level Executives - 33%, Directors - 24%, and Others - 43% By Region: North America - 25%, Europe - 25%, Asia Pacific ? 30%, and Rest of the World ? 20% Note: The tiers of the companies are defined based on their total revenues as of 2024. Tier 1: >USD 1 billion, Tier 2: USD 500 million to USD 1 billion, and Tier 3:

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Table of Contents

＜P＞1 INTRODUCTION 26 1.1 STUDY OBJECTIVES 26 1.2 MARKET DEFINITION 26 1.3 STUDY SCOPE 27 1.3.1 MARKETS COVERED AND REGIONAL SCOPE 27 1.3.2 INCLUSIONS AND EXCLUSIONS 28 1.3.3 YEARS CONSIDERED 29 1.4 CURRENCY CONSIDERED 29 1.5 UNIT CONSIDERED 30 1.6 LIMITATIONS 30 1.7 STAKEHOLDERS 30 1.8 SUMMARY OF CHANGES 30 2 EXECUTIVE SUMMARY 32 2.1 KEY INSIGHTS AND MARKET HIGHLIGHTS 32 2.2 KEY MARKET PARTICIPANTS: MAPPING OF STRATEGIC DEVELOPMENTS 33 2.3 DISRUPTIVE TRENDS IN ELECTROLYZERS MARKET 34 2.4 HIGH-GROWTH SEGMENTS 35 2.5 REGIONAL SNAPSHOT: MARKET SIZE, GROWTH RATE, AND FORECAST 36 3 PREMIUM INSIGHTS 37 3.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ELECTROLYZERS MARKET 37 3.2 ELECTROLYZERS MARKET, BY REGION 38 3.3 ELECTROLYZERS MARKET, BY TECHNOLOGY 38 3.4 ELECTROLYZERS MARKET, BY COMPONENT 39 3.5 ELECTROLYZERS MARKET, BY POWER RATING 39 3.6 ELECTROLYZERS MARKET, BY APPLICATION 40 3.7 ELECTROLYZERS MARKET IN ASIA PACIFIC, BY POWER RATING AND COUNTRY 40 4 MARKET OVERVIEW 41 4.1 INTRODUCTION 41 4.2 MARKET DYNAMICS 41 4.2.1 DRIVERS 42 4.2.1.1 Accelerating industrial-level electrolyzer commercialization 42 4.2.1.2 Deployment of Industry 4.0 technologies 43 4.2.2 RESTRAINTS 43 4.2.2.1 Limited availability and concentration of critical materials 43 4.2.2.2 Project delays and slow FID conversions delaying manufacturing expansions 44 4.2.3 OPPORTUNITIES 45 4.2.3.1 Growing integration of renewable energy 45 4.2.3.2 Government-led initiatives to boost green hydrogen development 45 4.2.4 CHALLENGES 46 4.2.4.1 High capital cost of electrolyzer installation 46 4.2.4.2 Supply-chain constraints 46 4.3 INTERCONNECTED MARKETS AND CROSS-SECTOR OPPORTUNITIES 47 4.4 STRATEGIC MOVES BY TIER 1/2/3 PLAYERS 48 5 INDUSTRY TRENDS 49 5.1 PORTER'S FIVE FORCES ANALYSIS 49 5.1.1 THREAT OF SUBSTITUTES 50 5.1.2 BARGAINING POWER OF SUPPLIERS 50 5.1.3 BARGAINING POWER OF BUYERS 51 5.1.4 THREAT OF NEW ENTRANTS 51 5.1.5 INTENSITY OF COMPETITIVE RIVALRY 51 5.2 MACROECONOMIC OUTLOOK FOR ELECTROLYZERS MARKET 51 5.2.1 ENERGY TRANSITION AND POLICY SHIFTS 52 5.2.2 GLOBAL INDUSTRIAL DECARBONIZATION TRENDS 52 5.3 VALUE CHAIN ANALYSIS 52 5.4 ECOSYSTEM ANALYSIS 55 5.5 TRADE ANALYSIS 56 5.5.1 EXPORT SCENARIO HS CODE 280410 56 5.5.2 IMPORT SCENARIO HS CODE 280410 57 5.6 CASE STUDY ANALYSIS 58 5.6.1 SHELL AND MAMMOET OPTIMIZE HEAVY-LIFT AND MODULAR TRANSPORT EXECUTION TO ACCELERATE 200 MW ELECTROLYZER DEPLOYMENT 58 5.6.2 AIR LIQUIDE AND CUMMINS DELIVER RELIABLE 20 MW PEM DEPLOYMENT TO ENSURE HIGH-PURITY HYDROGEN PRODUCTION IN EXTREME CLIMATES 59 5.6.3 NREL PROVIDES DATA-DRIVEN COST INSIGHTS TO HELP STAKEHOLDERS BENCHMARK PEM ELECTROLYSIS PERFORMANCE AND GUIDE INVESTMENT DECISIONS 59 5.7 KEY CONFERENCES AND EVENTS, 2025?2026 60 5.8 PRICING ANALYSIS 60 5.8.1 PRICING RANGE OF ELECTROLYZERS, BY TECHNOLOGY, 2024 61 5.8.2 AVERAGE SELLING PRICE TREND OF ELECTROLYZERS, BY REGION, 2020?2024 (USD/KW) 61 5.9 MANUFACTURING COST ANALYSIS OF PEM ELECTROLYZERS, 2024 62 5.10 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 63 5.11 INVESTMENT AND FUNDING SCENARIO 63 5.12 IMPACT OF 2025 US TARIFF ON ELECTROLYZERS MARKET 64 5.12.1 INTRODUCTION 64 5.12.2 KEY TARIFF RATES 65 5.12.3 PRICE IMPACT ANALYSIS 65 5.12.4 IMPACT ON COUNTRIES/REGIONS 66 5.12.4.1 US 66 5.12.4.2 Europe 67 5.12.4.3 Asia Pacific 67 5.12.5 IMPACT ON APPLICATIONS 68 5.13 CHINA VS. GLOBAL COMPETITIVE LANDSCAPE, BY ELECTROLYZER MANUFACTURING CAPACITY, 2024 69 6 TECHNOLOGICAL ADVANCEMENTS, AI-DRIVEN IMPACT, PATENTS, AND INNOVATIONS 70 6.1 KEY EMERGING TECHNOLOGIES 70 6.1.1 ALKALINE WATER ELECTROLYZERS 70 6.1.2 PROTON EXCHANGE MEMBRANE ELECTROLYZERS 70 6.1.3 ANION EXCHANGE MEMBRANE ELECTROLYZERS 71 6.1.4 SOLID OXIDE ELECTROLYZERS 71 6.2 COMPLEMENTARY TECHNOLOGIES 72 6.2.1 RENEWABLE ENERGY INTEGRATION 72 6.2.2 ENERGY STORAGE 72 6.2.3 HYDROGEN FUEL CELLS 72 6.3 HYDROGEN ISLANDS: NEW FRONTIER FOR CLEAN ENERGY 73 6.4 TECHNOLOGY ROADMAP 74 6.5 PATENT ANALYSIS 75 6.6 IMPACT OF AI/GENERATIVE AI IN ELECTROLYZERS MARKET 77 6.6.1 AI/GENERATIVE AI APPLICATIONS IN ELECTROLYZERS MARKET 77 6.6.2 IMPACT OF AI/GENERATIVE AI, BY APPLICATION 78 6.6.3 IMPACT OF AI/GENERATIVE AI IN ELECTROLYZERS MARKET, BY REGION 79 7 REGULATORY LANDSCAPE AND SUSTAINABILITY INITIATIVES 80 7.1 REGIONAL REGULATIONS AND COMPLIANCE 80 7.1.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 80 7.1.2 INDUSTRY STANDARDS/CERTIFICATIONS/LABELING AND ECO STANDARDS 83 7.2 SUSTAINABILITY INITIATIVES 85 7.2.1 ADOPTION OF RECYCLABLE, LOW-CARBON MATERIALS AND GREENER STACK MANUFACTURING 85 7.2.2 SHIFT TOWARD HIGH-EFFICIENCY, ENERGY-OPTIMIZED SYSTEMS ENABLING LONG-TERM ENVIRONMENTAL GAINS 85 7.3 SUSTAINABILITY IMPACT AND REGULATORY POLICY INITIATIVES 86 ? 8 CUSTOMER LANDSCAPE AND BUYING BEHAVIOR 89 8.1 DECISION-MAKING PROCESS 89 8.2 KEY STAKEHOLDERS INVOLVED IN BUYING PROCESS AND THEIR EVALUATION CRITERIA 90 8.2.1 KEY STAKEHOLDERS IN BUYING PROCESS 90 8.2.2 BUYING CRITERIA 91 8.3 ADOPTION BARRIERS AND INTERNAL CHALLENGES 91 8.4 BUSINESS MODELS FOR ELECTROLYZER FIRMS IN GREEN HYDROGEN 92 8.4.1 LICENSING OF ELECTROLYZER STACKS AND SYSTEM INTEGRATION PARTNERSHIPS 92 8.4.2 HYDROGEN-AS-A-SERVICE MODEL 92 8.5 UNMET NEEDS OF VARIOUS END-USE INDUSTRIES 93 8.6 MARKET PROFITABILITY 93 9 ELECTROLYZERS MARKET, BY TECHNOLOGY 94 9.1 INTRODUCTION 95 9.2 ALKALINE ELECTROLYZER 97 9.2.1 DEPLOYMENT OF COMPRESSION-FREE HYDROGEN PRODUCTION CAPABILITIES TO DRIVE MARKET 97 9.3 ANION EXCHANGE MEMBRANE ELECTROLYZER 99 9.3.1 ABILITY TO UTILIZE NON-PRECIOUS METAL CATALYSTS TO SUPPORT MARKET GROWTH 99 9.4 PROTON EXCHANGE MEMBRANE ELECTROLYZER 101 9.4.1 LEVERAGING RAPID DYNAMIC RESPONSE FOR RENEWABLE INTEGRATION TO DRIVE MARKET 101 9.5 SOLID OXIDE ELECTROLYZER 103 9.5.1 ONGOING R&D ACROSS MATERIALS SCIENCE, ADVANCED CERAMICS, AND MANUFACTURING TO OFFER GROWTH OPPORTUNITIES 103 10 ELECTROLYZERS MARKET, BY COMPONENT 105 10.1 INTRODUCTION 106 10.2 STACK 107 10.2.1 ADVANCING STACK MATERIAL INNOVATIONS TO DRIVE MARKET 107 10.2.2 INTERCONNECT 108 10.2.3 CELL FRAME 108 10.2.4 END PLATES 108 10.2.5 OTHERS 109 10.3 BALANCE OF PLANT 109 10.3.1 EMPHASIS ON IMPROVING CONTAMINATION AND THERMAL-STRESS PROTECTION IN BOP TO FOSTER MARKET GROWTH 109 ? 11 ELECTROLYZERS MARKET, BY POWER RATING 111 11.1 INTRODUCTION 112 11.2 <500 KW 113 11.2.1 EXPANDING PILOT-SCALE AND DEMONSTRATION DEPLOYMENTS TO FUEL MARKET GROWTH 113 11.3 500?2,000 KW 114 11.3.1 ADVANCING FUEL-CELL VEHICLE INFRASTRUCTURE DEVELOPMENT TO FOSTER MARKET GROWTH 114 11.4 ABOVE 2,000 KW 115 11.4.1 SCALING INDUSTRIAL-GRADE ELECTROLYZER DEPLOYMENTS TO SUPPORT MARKET GROWTH 115 12 ELECTROLYZERS MARKET, BY APPLICATION 117 12.1 INTRODUCTION 118 12.2 ENERGY 120 12.2.1 POWER GENERATION 122 12.2.1.1 Improved grid flexibility and stability to drive market 122 12.2.2 CHP 123 12.2.2.1 Enhanced on-site energy security with hydrogen-fueled CHP to fuel market growth 123 12.3 MOBILITY 123 12.3.1 EXPANDING HYDROGEN ADOPTION IN HEAVY-DUTY TRANSPORT TO FUEL MARKET GROWTH 123 12.4 INDUSTRIAL 125 12.4.1 CHEMICALS 128 12.4.1.1 Scaling green hydrogen adoption in chemical production to fuel market growth 128 12.4.2 OTHER INDUSTRIES 128 12.5 GRID INJECTION 128 12.5.1 ADVANCING PIPELINE REPURPOSING AND HYDROGEN INFRASTRUCTURE PROJECTS TO SUPPORT MARKET GROWTH 128 13 ELECTROLYZERS MARKET, BY REGION 131 13.1 INTRODUCTION 132 13.2 ASIA PACIFIC 134 13.2.1 CHINA 140 13.2.1.1 Rapid scale-up of green hydrogen production to fuel market growth 140 13.2.2 JAPAN 142 13.2.2.1 Growing industrial and mobility hydrogen applications to drive market 142 13.2.3 AUSTRALIA 143 13.2.3.1 Increasing demand for green hydrogen in transport, ammonia, and energy sectors to support market growth 143 ? 13.2.4 INDIA 144 13.2.4.1 Rising demand for clean?fuel infrastructure to boost demand 144 13.2.5 REST OF ASIA PACIFIC 145 13.3 EUROPE 147 13.3.1 GERMANY 153 13.3.1.1 Emphasis on industrial decarbonization and strategic clean hydrogen infrastructure investments to strengthen market 153 13.3.2 UK 154 13.3.2.1 Government-backed funding and industrial decarbonization initiatives to foster market growth 154 13.3.3 FRANCE 155 13.3.3.1 Growing emphasis on decarbonization to drive market 155 13.3.4 DENMARK 156 13.3.4.1 Favorable policy framework to drive market 156 13.3.5 AUSTRIA 158 13.3.5.1 Increasing green hydrogen investments to offer growth opportunities 158 13.3.6 NETHERLANDS 159 13.3.6.1 Increasing investments in large-scale electrolyzer projects to support market growth 159 13.3.7 NORWAY 160 13.3.7.1 Growing demand for decarbonized energy in heavy industry, shipping, and export markets to fuel market growth 160 13.3.8 REST OF EUROPE 162 13.4 NORTH AMERICA 163 13.4.1 US 168 13.4.1.1 Corporate demand for low-carbon fuels to drive market 168 13.4.2 CANADA 169 13.4.2.1 Abundance of renewable resources to fuel market growth 169 13.5 ROW 171 13.5.1 EGYPT 177 13.5.1.1 Emphasis on strengthening clean-energy production capacity to boost demand 177 13.5.2 GCC 178 13.5.2.1 Saudi Arabia 178 13.5.2.1.1 Focus on advancing carbon-capture hubs for cleaner energy pathways to drive market 178 13.5.2.1.2 Rest of GCC 179 13.5.3 OTHER COUNTRIES 180 14 COMPETITIVE LANDSCAPE 182 14.1 OVERVIEW 182 14.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021?2025 182 14.3 MARKET SHARE ANALYSIS, 2024 184 14.4 REVENUE ANALYSIS, 2020?2024 186 14.5 COMPANY VALUATION AND FINANCIAL METRICS 187 14.6 PRODUCT COMPARISON 188 14.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024 188 14.7.1 STARS 188 14.7.2 EMERGING LEADERS 188 14.7.3 PERVASIVE PLAYERS 189 14.7.4 PARTICIPANTS 189 14.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2024 190 14.7.5.1 Company footprint 190 14.7.5.2 Region footprint 191 14.7.5.3 Technology footprint 192 14.7.5.4 Application footprint 193 14.7.5.5 Power rating footprint 194 14.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024 195 14.8.1 PROGRESSIVE COMPANIES 195 14.8.2 RESPONSIVE COMPANIES 195 14.8.3 DYNAMIC COMPANIES 195 14.8.4 STARTING BLOCKS 195 14.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024 197 14.8.5.1 Detailed list of key startups/SMEs 197 14.8.5.2 Competitive benchmarking of key startups/SMEs 198 14.9 COMPETITIVE SCENARIO 199 14.9.1 PRODUCT LAUNCHES 199 14.9.2 DEALS 200 14.9.3 EXPANSIONS 201 14.9.4 OTHER DEVELOPMENTS 203 15 COMPANY PROFILES 205 15.1 KEY PLAYERS 205 15.1.1 THYSSENKRUPP NUCERA 205 15.1.1.1 Business overview 205 15.1.1.2 Products/Solutions/Services offered 206 15.1.1.3 Products specifications 207 15.1.1.4 Recent developments 207 15.1.1.4.1 Deals 207 15.1.1.4.2 Expansions 209 15.1.1.4.3 Other developments 210 15.1.1.5 MnM view 212 15.1.1.5.1 Key strengths/Right to win 212 15.1.1.5.2 Strategic choices 212 15.1.1.5.3 Weaknesses/Competitive threats 212 ? 15.1.2 JOHN COCKERILL 213 15.1.2.1 Business overview 213 15.1.2.2 Products/Solutions/Services offered 213 15.1.2.3 Product specifications 214 15.1.2.4 Recent developments 214 15.1.2.4.1 Deals 214 15.1.2.4.2 Expansions 216 15.1.2.4.3 Other developments 217 15.1.2.5 MnM view 218 15.1.2.5.1 Key strengths/Right to win 218 15.1.2.5.2 Strategic choices 218 15.1.2.5.3 Weaknesses/Competitive threats 218 15.1.3 NEL 219 15.1.3.1 Business overview 219 15.1.3.2 Products/Solutions/Services offered 220 15.1.3.3 Product specifications 222 15.1.3.4 Recent developments 222 15.1.3.4.1 Product launches 222 15.1.3.4.2 Deals 222 15.1.3.4.3 Expansions 225 15.1.3.4.4 Other developments 225 15.1.3.5 MnM view 229 15.1.3.5.1 Key strengths/Right to win 229 15.1.3.5.2 Strategic choices 230 15.1.3.5.3 Weaknesses/Competitive threats 230 15.1.4 SIEMENS ENERGY 231 15.1.4.1 Business overview 231 15.1.4.2 Products/Solutions/Services offered 232 15.1.4.3 Product specifications 233 15.1.4.4 Recent developments 233 15.1.4.4.1 Deals 233 15.1.4.4.2 Expansions 234 15.1.4.4.3 Other developments 235 15.1.4.5 MnM view 236 15.1.4.5.1 Key strengths/Right to win 236 15.1.4.5.2 Strategic choices 236 15.1.4.5.3 Weaknesses/Competitive threats 237 15.1.5 CUMMINS INC. 238 15.1.5.1 Business overview 238 15.1.5.2 Products/Solutions/Services offered 239 15.1.5.3 Product specifications 240 ? 15.1.5.4 Recent developments 241 15.1.5.4.1 Deals 241 15.1.5.4.2 Expansions 242 15.1.5.4.3 Other developments 244 15.1.5.5 MnM view 245 15.1.5.5.1 Key strengths/Right to win 245 15.1.5.5.2 Strategic choices 245 15.1.5.5.3 Weaknesses/Competitive threats 245 15.1.6 PLUG POWER INC. 246 15.1.6.1 Business overview 246 15.1.6.2 Products/Solutions/Services offered 247 15.1.6.3 Recent developments 248 15.1.6.3.1 Deals 248 15.1.6.3.2 Expansions 250 15.1.6.3.3 Other developments 251 15.1.7 ENAPTER 254 15.1.7.1 Business overview 254 15.1.7.2 Products/Solutions/Services offered 255 15.1.7.3 Recent developments 256 15.1.7.3.1 Product launches 256 15.1.7.3.2 Deals 257 15.1.7.3.3 Other developments 258 15.1.8 ITM POWER PLC 262 15.1.8.1 Business overview 262 15.1.8.2 Products/Solutions/Services offered 263 15.1.8.3 Recent developments 264 15.1.8.3.1 Deals 264 15.1.8.3.2 Expansions 266 15.1.8.3.3 Other developments 267 15.1.9 SUNGROW 271 15.1.9.1 Business overview 271 15.1.9.2 Products/Solutions/Services offered 272 15.1.9.3 Recent developments 273 15.1.9.3.1 Product launches 273 15.1.9.3.2 Deals 273 15.1.10 LONGI 275 15.1.10.1 Business overview 275 15.1.10.2 Products/Solutions/Services offered 276 15.1.10.3 Recent developments 277 15.1.10.3.1 Product launches 277 15.1.10.3.2 Deals 278 ? 15.1.10.3.3 Expansions 279 15.1.10.3.4 Other developments 279 15.1.11 SUNFIRE SE 280 15.1.11.1 Business overview 280 15.1.11.2 Products/Solutions/Services offered 280 15.1.11.3 Recent developments 281 15.1.11.3.1 Deals 281 15.1.11.3.2 Expansions 282 15.1.11.3.3 Other developments 282 15.1.12 BLOOM ENERGY 285 15.1.12.1 Business overview 285 15.1.12.2 Products/Solutions/Services offered 286 15.1.12.3 Recent developments 286 15.1.12.3.1 Deals 286 15.1.12.3.2 Expansions 287 15.1.12.3.3 Other developments 287 15.1.13 ENVISION GROUP 288 15.1.13.1 Business overview 288 15.1.13.2 Products/Solutions/Services offered 288 15.1.13.3 Recent developments 289 15.1.13.3.1 Deals 289 15.1.13.3.2 Expansions 289 15.1.13.3.3 Other developments 290 15.1.14 ASAHI KASEI CORPORATION 291 15.1.14.1 Business overview 291 15.1.14.2 Products/Solutions/Services offered 292 15.1.14.3 Recent developments 293 15.1.14.3.1 Deals 293 15.1.14.3.2 Expansions 294 15.1.14.3.3 Other developments 295 15.1.15 NEXT HYDROGEN 296 15.1.15.1 Business overview 296 15.1.15.2 Products/Solutions/Services offered 297 15.1.15.3 Recent developments 297 15.1.15.3.1 Deals 297 15.1.15.3.2 Other developments 298 15.2 OTHER PLAYERS 300 15.2.1 PERIC HYDROGEN TECHNOLOGIES CO., LTD 300 15.2.2 CIPHER NEUTRON 301 15.2.3 SHANDONG AUYAN NEW ENERGY TECHNOLOGY CO., LTD. 302 15.2.4 ERRE DUE S.P.A. 303 15.2.5 HYDROGENPRO 304 15.2.6 IGAS ENERGY GMBH 305 15.2.7 TOPSOE 306 15.2.8 HYGREEN ENERGY 307 15.2.9 OHMIUM 308 15.2.10 QUEST ONE GMBH 309 16 RESEARCH METHODOLOGY 310 16.1 RESEARCH DATA 310 16.2 SECONDARY AND PRIMARY RESEARCH 311 16.2.1 SECONDARY DATA 311 16.2.1.1 List of key secondary sources 311 16.2.1.2 Key data from secondary sources 311 16.2.2 PRIMARY DATA 312 16.2.2.1 List of primary interview participants 312 16.2.2.2 Key industry insights 312 16.2.2.3 Breakdown of primaries 313 16.2.2.4 Key data from primary sources 313 16.3 MARKET SIZE ESTIMATION METHODOLOGY 314 16.3.1 BOTTOM-UP APPROACH 314 16.3.2 TOP-DOWN APPROACH 315 16.3.3 DEMAND-SIDE ANALYSIS 315 16.3.3.1 Demand-side assumptions 316 16.3.3.2 Demand-side calculations 316 16.3.4 SUPPLY-SIDE ANALYSIS 317 16.3.4.1 Supply-side assumptions 318 16.3.4.2 Supply-side calculations 318 16.4 FORECAST 319 16.5 MARKET BREAKDOWN AND DATA TRIANGULATION 320 16.6 RESEARCH LIMITATIONS 321 16.7 RISK ANALYSIS 321 17 APPENDIX 322 17.1 INSIGHTS FROM INDUSTRY EXPERTS 322 17.2 DISCUSSION GUIDE 323 17.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 326 17.4 CUSTOMIZATION OPTIONS 328 17.5 RELATED REPORTS 328 17.6 AUTHOR DETAILS 329

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List of Tables/Graphs

＜P＞TABLE 1 ELECTROLYZERS MARKET: INCLUSIONS AND EXCLUSIONS 28 TABLE 2 EFFECTS OF SLOW MARKET DEVELOPMENT FOR ELECTROLYZER MANUFACTURERS 44 TABLE 3 KEY MOVES AND STRATEGIC FOCUS OF TIER 1/2/3 PLAYERS 48 TABLE 4 IMPACT OF PORTER'S FIVE FORCES ANALYSIS 50 TABLE 5 ELECTROLYZERS MARKET: ROLE OF PLAYERS IN ECOSYSTEM 55 TABLE 6 EXPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY, 2020?2024 (USD THOUSAND) 56 TABLE 7 IMPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY, 2020?2024 (USD THOUSAND) 57 TABLE 8 ELECTROLYZERS MARKET: LIST OF CONFERENCES AND EVENTS, 2025?2026 60 TABLE 9 PRICING RANGE OF ELECTROLYZERS, BY TECHNOLOGY, 2024, (USD/KW) 61 TABLE 10 AVERAGE SELLING PRICE TREND OF ELECTROLYZERS, BY REGION, 2020?2024, (USD/KW) 61 TABLE 11 PROTON EXCHANGE MEMBRANE COMPONENTS COST ANALYSIS, BY REGION/COUNTRY, 2024 (USD/KW) 62 TABLE 12 US-ADJUSTED RECIPROCAL TARIFF RATES 65 TABLE 13 EXPECTED CHANGE IN PRICES AND POTENTIAL IMPACT ON MARKET PLAYERS DUE TO TARIFF 65 TABLE 14 CHARACTERISTICS OF ALKALINE ELECTROLYZERS 70 TABLE 15 CHARACTERISTICS OF PROTON EXCHANGE MEMBRANES 71 TABLE 16 CHARACTERISTICS OF ANION EXCHANGE MEMBRANE ELECTROLYZERS 71 TABLE 17 CHARACTERISTICS OF SOLID OXIDE ELECTROLYZERS 72 TABLE 18 MAJOR HYDROGEN ISLAND PROJECTS 73 TABLE 19 LIST OF KEY PATENTS, 2023?2024 75 TABLE 20 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 80 TABLE 21 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 81 TABLE 22 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 82 TABLE 23 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 83 TABLE 24 STANDARDS RELATED TO ELECTROLYZER INDUSTRY 83 TABLE 25 NORTH AMERICA: LIST OF REGULATORY POLICY INITIATIVES 86 TABLE 26 EUROPE: LIST OF REGULATORY POLICY INITIATIVES 86 TABLE 27 ASIA PACIFIC: LIST OF REGULATORY POLICY INITIATIVES 87 TABLE 28 ROW: LIST OF REGULATORY POLICY INITIATIVES 88 TABLE 29 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION 90 TABLE 30 KEY BUYING CRITERIA, BY APPLICATION 91 TABLE 31 ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020?2024 (USD MILLION) 95 TABLE 32 ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025?2031 (USD MILLION) 96 TABLE 33 ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020?2024 (KW) 96 TABLE 34 ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025?2031 (KW) 96 TABLE 35 ALKALINE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (USD MILLION) 97 TABLE 36 ALKALINE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (USD MILLION) 98 TABLE 37 ALKALINE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (KW) 98 TABLE 38 ALKALINE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (KW) 98 TABLE 39 ANION EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (USD MILLION) 99 TABLE 40 ANION EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (USD MILLION) 100 TABLE 41 ANION EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (KW) 100 TABLE 42 ANION EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (KW) 100 TABLE 43 PROTON EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (USD MILLION) 101 TABLE 44 PROTON EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (USD MILLION) 102 TABLE 45 PROTON EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (KW) 102 TABLE 46 PROTON EXCHANGE MEMBRANE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (KW) 102 TABLE 47 SOLID OXIDE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (USD MILLION) 103 TABLE 48 SOLID OXIDE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (USD MILLION) 104 TABLE 49 SOLID OXIDE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (KW) 104 TABLE 50 SOLID OXIDE ELECTROLYZER: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (KW) 104 TABLE 51 ELECTROLYZERS MARKET, BY COMPONENT, 2020?2024 (USD MILLION) 106 TABLE 52 ELECTROLYZERS MARKET, BY COMPONENT, 2025?2031 (USD MILLION) 106 TABLE 53 STACK: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (USD MILLION) 107 TABLE 54 STACK: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (USD MILLION) 107 TABLE 55 BALANCE OF PLANT: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (USD MILLION) 110 TABLE 56 BALANCE OF PLANT: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (USD MILLION) 110 TABLE 57 ELECTROLYZERS MARKET, BY POWER RATING, 2020?2024 (USD MILLION) 112 TABLE 58 ELECTROLYZERS MARKET, BY POWER RATING, 2025?2031 (USD MILLION) 113 TABLE 59 <500 KW: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (USD MILLION) 113 TABLE 60 <500 KW: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (USD MILLION) 114 TABLE 61 500?2,000 KW: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (USD MILLION) 114 TABLE 62 500?2,000 KW: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (USD MILLION) 115 TABLE 63 ABOVE 2,000 KW: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (USD MILLION) 116 TABLE 64 ABOVE 2,000 KW: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (USD MILLION) 116 TABLE 65 ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 118 TABLE 66 ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 119 TABLE 67 ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (KW) 119 TABLE 68 ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (KW) 119 TABLE 69 ENERGY: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (USD MILLION) 120 TABLE 70 ENERGY: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (USD MILLION) 120 TABLE 71 ENERGY: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (KW) 121 TABLE 72 ENERGY: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (KW) 121 TABLE 73 ENERGY: ELECTROLYZERS MARKET, BY TYPE, 2020?2024 (USD MILLION) 121 TABLE 74 ENERGY: ELECTROLYZERS MARKET, BY TYPE, 2025?2031 (USD MILLION) 121 TABLE 75 ENERGY: ELECTROLYZERS MARKET, BY TYPE, 2020?2024 (KW) 122 TABLE 76 ENERGY: ELECTROLYZERS MARKET, BY TYPE, 2025?2031 (KW) 122 TABLE 77 MOBILITY: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (USD MILLION) 124 TABLE 78 MOBILITY: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (USD MILLION) 124 TABLE 79 MOBILITY: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (KW) 124 TABLE 80 MOBILITY: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (KW) 125 TABLE 81 INDUSTRIAL: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (USD MILLION) 126 TABLE 82 INDUSTRIAL: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (USD MILLION) 126 TABLE 83 INDUSTRIAL: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (KW 126 TABLE 84 INDUSTRIAL: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (KW) 127 TABLE 85 INDUSTRIAL: ELECTROLYZERS MARKET, BY TYPE, 2020?2024 (USD MILLION) 127 TABLE 86 INDUSTRIAL: ELECTROLYZERS MARKET, BY TYPE, 2025?2031 (USD MILLION) 127 TABLE 87 INDUSTRIAL: ELECTROLYZERS MARKET, BY TYPE, 2020?2024 (KW) 127 TABLE 88 INDUSTRIAL: ELECTROLYZERS MARKET, BY TYPE, 2025?2031 (KW) 128 TABLE 89 GRID INJECTION: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (USD MILLION) 129 TABLE 90 GRID INJECTION: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (USD MILLION) 129 TABLE 91 GRID INJECTION: ELECTROLYZERS MARKET, BY REGION, 2020?2024 (KW) 130 TABLE 92 GRID INJECTION: ELECTROLYZERS MARKET, BY REGION, 2025?2031 (KW) 130 TABLE 93 ELECTROLYZERS MARKET, BY REGION, 2020?2024 (USD MILLION) 133 TABLE 94 ELECTROLYZERS MARKET, BY REGION, 2025?2031 (USD MILLION) 133 TABLE 95 ELECTROLYZERS MARKET, BY REGION, 2020?2024 (KW) 133 TABLE 96 ELECTROLYZERS MARKET, BY REGION, 2025?2030 (KW) 134 TABLE 97 ASIA PACIFIC: ELECTROLYZERS MARKET, BY COMPONENT, 2020?2024 (USD MILLION) 135 TABLE 98 ASIA PACIFIC: ELECTROLYZERS MARKET, BY COMPONENT, 2025?2031 (USD MILLION) 135 TABLE 99 ASIA PACIFIC: ELECTROLYZERS MARKET, BY POWER RATING, 2020?2024 (USD MILLION) 136 TABLE 100 ASIA PACIFIC: ELECTROLYZERS MARKET, BY POWER RATING, 2025?2031 (USD MILLION) 136 TABLE 101 ASIA PACIFIC: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020?2024 (USD MILLION) 136 TABLE 102 ASIA PACIFIC: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025?2031 (USD MILLION) 136 TABLE 103 ASIA PACIFIC: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020?2024 (KW) 137 TABLE 104 ASIA PACIFIC: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025?2031 (KW) 137 TABLE 105 ASIA PACIFIC: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 138 TABLE 106 ASIA PACIFIC: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 138 TABLE 107 ASIA PACIFIC: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (KW) 138 TABLE 108 ASIA PACIFIC: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (KW) 139 TABLE 109 ASIA PACIFIC: ELECTROLYZERS MARKET, BY COUNTRY, 2020?2024 (USD MILLION) 139 TABLE 110 ASIA PACIFIC: ELECTROLYZERS MARKET, BY COUNTRY, 2025?2031 (USD MILLION) 139 TABLE 111 ASIA PACIFIC: ELECTROLYZERS MARKET, BY COUNTRY, 2020?2024 (KW) 140 TABLE 112 ASIA PACIFIC: ELECTROLYZERS MARKET, BY COUNTRY, 2025?2031 (KW) 140 TABLE 113 CHINA: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 141 TABLE 114 CHINA: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 141 TABLE 115 JAPAN: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 142 TABLE 116 JAPAN: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 143 TABLE 117 AUSTRALIA: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 144 TABLE 118 AUSTRALIA: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 144 TABLE 119 INDIA: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 145 TABLE 120 INDIA: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 145 TABLE 121 REST OF ASIA PACIFIC: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 146 TABLE 122 REST OF ASIA PACIFIC: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 146 TABLE 123 EUROPE: ELECTROLYZERS MARKET, BY COMPONENT, 2020?2024 (USD MILLION) 148 TABLE 124 EUROPE: ELECTROLYZERS MARKET, BY COMPONENT, 2025?2031 (USD MILLION) 148 TABLE 125 EUROPE: ELECTROLYZERS MARKET, BY POWER RATING, 2020?2024 (USD MILLION) 148 TABLE 126 EUROPE: ELECTROLYZERS MARKET, BY POWER RATING, 2025?2031 (USD MILLION) 148 TABLE 127 EUROPE: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020?2024 (USD MILLION) 149 TABLE 128 EUROPE: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025?2031 (USD MILLION) 149 TABLE 129 EUROPE: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020?2024 (KW) 149 TABLE 130 EUROPE: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025?2031 (KW) 150 TABLE 131 EUROPE: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 150 TABLE 132 EUROPE: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 150 TABLE 133 EUROPE: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (KW) 150 TABLE 134 EUROPE: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (KW) 151 TABLE 135 EUROPE: ELECTROLYZERS MARKET, BY COUNTRY, 2020?2024 (USD MILLION) 151 TABLE 136 EUROPE: ELECTROLYZERS MARKET, BY COUNTRY, 2025?2031 (USD MILLION) 151 TABLE 137 EUROPE: ELECTROLYZERS MARKET, BY COUNTRY, 2020?2024 (KW) 152 TABLE 138 EUROPE: ELECTROLYZERS MARKET, BY COUNTRY, 2025?2031 (KW) 152 TABLE 139 GERMANY: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 153 TABLE 140 GERMANY: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 153 TABLE 141 UK: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 155 TABLE 142 UK: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 155 TABLE 143 FRANCE: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 156 TABLE 144 FRANCE: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 156 TABLE 145 DENMARK: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 157 TABLE 146 DENMARK: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 157 TABLE 147 AUSTRIA: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 158 TABLE 148 AUSTRIA: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 159 TABLE 149 NETHERLANDS: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 160 TABLE 150 NETHERLANDS: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 160 TABLE 151 NORWAY: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 161 TABLE 152 NORWAY: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 161 TABLE 153 REST OF EUROPE: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 162 TABLE 154 REST OF EUROPE: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 162 TABLE 155 NORTH AMERICA: ELECTROLYZERS MARKET, BY COMPONENT, 2020?2024 (USD MILLION) 163 TABLE 156 NORTH AMERICA: ELECTROLYZERS MARKET, BY COMPONENT, 2025?2031 (USD MILLION) 163 TABLE 157 NORTH AMERICA: ELECTROLYZERS MARKET, BY POWER RATING, 2020?2024 (USD MILLION) 164 TABLE 158 NORTH AMERICA: ELECTROLYZERS MARKET, BY POWER RATING, 2025?2031 (USD MILLION) 164 TABLE 159 NORTH AMERICA: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020?2024 (USD MILLION) 164 TABLE 160 NORTH AMERICA: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025?2031 (USD MILLION) 165 TABLE 161 NORTH AMERICA: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020?2024 (KW) 165 TABLE 162 NORTH AMERICA: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025?2031 (KW) 165 TABLE 163 NORTH AMERICA: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 166 TABLE 164 NORTH AMERICA: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 166 TABLE 165 NORTH AMERICA: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (KW) 166 TABLE 166 NORTH AMERICA: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (KW) 167 TABLE 167 NORTH AMERICA: ELECTROLYZERS MARKET, BY COUNTRY, 2020?2024 (USD MILLION) 167 TABLE 168 NORTH AMERICA: ELECTROLYZERS MARKET, BY COUNTRY, 2025?2031 (USD MILLION) 167 TABLE 169 NORTH AMERICA: ELECTROLYZERS MARKET, BY COUNTRY, 2020?2024 (KW) 167 TABLE 170 NORTH AMERICA: ELECTROLYZERS MARKET, BY COUNTRY, 2025?2031 (KW) 168 TABLE 171 US: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 169 TABLE 172 US: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 169 TABLE 173 CANADA: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 170 TABLE 174 CANADA: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 170 TABLE 175 ROW: ELECTROLYZERS MARKET, BY COMPONENT, 2020?2024 (USD MILLION) 171 TABLE 176 ROW: ELECTROLYZERS MARKET, BY COMPONENT, 2025?2031 (USD MILLION) 171 TABLE 177 ROW: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020?2024 (USD MILLION) 171 TABLE 178 ROW: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025?2031 (USD MILLION) 172 TABLE 179 ROW: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2020?2024 (KW) 172 TABLE 180 ROW: ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025?2031 (KW) 172 TABLE 181 ROW: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 173 TABLE 182 ROW: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 173 TABLE 183 ROW: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (KW) 173 TABLE 184 ROW: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (KW) 174 TABLE 185 ROW: ELECTROLYZERS MARKET, BY POWER RATING, 2020?2024 (USD MILLION) 174 TABLE 186 ROW: ELECTROLYZERS MARKET, BY POWER RATING, 2025?2031 (USD MILLION) 174 TABLE 187 ROW: ELECTROLYZERS MARKET, BY COUNTRY, 2020?2024 (USD MILLION) 175 TABLE 188 ROW: ELECTROLYZERS MARKET, BY COUNTRY, 2025?2031 (USD MILLION) 175 TABLE 189 ROW: ELECTROLYZERS MARKET, BY COUNTRY, 2020?2024 (KW) 175 TABLE 190 ROW: ELECTROLYZERS MARKET, BY COUNTRY, 2025?2031 (KW) 176 TABLE 191 GCC: ELECTROLYZERS MARKET, BY COUNTRY, 2020?2024 (USD MILLION) 176 TABLE 192 GCC: ELECTROLYZERS MARKET, BY COUNTRY, 2025?2031 (USD MILLION) 176 TABLE 193 GCC: ELECTROLYZERS MARKET, BY COUNTRY, 2020?2024 (KW) 176 TABLE 194 GCC: ELECTROLYZERS MARKET, BY COUNTRY, 2025?2031 (KW) 177 TABLE 195 EGYPT: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 177 TABLE 196 EGYPT: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 178 TABLE 197 SAUDI ARABIA: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 179 TABLE 198 SAUDI ARABIA: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 179 TABLE 199 REST OF GCC: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 180 TABLE 200 REST OF GCC: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 180 TABLE 201 OTHER COUNTRIES: ELECTROLYZERS MARKET, BY APPLICATION, 2020?2024 (USD MILLION) 181 TABLE 202 OTHER COUNTRIES: ELECTROLYZERS MARKET, BY APPLICATION, 2025?2031 (USD MILLION) 181 TABLE 203 ELECTROLYZERS MARKET: OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, JANUARY 2021?NOVEMBER 2025 182 TABLE 204 ELECTROLYZERS MARKET: DEGREE OF COMPETITION, 2024 184 TABLE 205 ELECTROLYZERS MARKET: REGION FOOTPRINT 191 TABLE 206 ELECTROLYZERS MARKET: TECHNOLOGY FOOTPRINT 192 TABLE 207 ELECTROLYZERS MARKET: APPLICATION FOOTPRINT 193 TABLE 208 ELECTROLYZERS MARKET: POWER RATING FOOTPRINT 194 TABLE 209 ELECTROLYZERS MARKET: DETAILED LIST OF KEY STARTUPS/SMES 197 TABLE 210 ELECTROLYZERS MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 198 TABLE 211 ELECTROLYZERS MARKET: PRODUCT LAUNCHES, JANUARY 2021? NOVEMBER 2025 199 TABLE 212 ELECTROLYZERS MARKET: DEALS, JANUARY 2021?NOVEMBER 2025 200 TABLE 213 ELECTROLYZERS MARKET: EXPANSION, JANUARY 2021?NOVEMBER 2025 202 TABLE 214 ELECTROLYZERS MARKET: OTHER DEVELOPMENTS, JANUARY 2021? NOVEMBER 2025 203 TABLE 215 THYSSENKRUPP NUCERA: COMPANY OVERVIEW 205 TABLE 216 THYSSENKRUPP NUCERA: PRODUCTS/SOLUTIONS/SERVICES OFFERED 206 TABLE 217 THYSSENKRUPP NUCERA: PRODUCT SPECIFICATIONS 207 TABLE 218 THYSSENKRUPP NUCERA: DEALS 207 TABLE 219 THYSSENKRUPP NUCERA: EXPANSIONS 209 TABLE 220 THYSSENKRUPP NUCERA: OTHER DEVELOPMENTS 210 TABLE 221 JOHN COCKERILL: COMPANY OVERVIEW 213 TABLE 222 JOHN COCKERILL: PRODUCTS/SOLUTIONS/SERVICES OFFERED 213 TABLE 223 JOHN COCKERILL: PRODUCT SPECIFICATIONS 214 TABLE 224 JOHN COCKERILL: DEALS 214 TABLE 225 JOHN COCKERILL: EXPANSIONS 216 TABLE 226 JOHN COCKERILL: OTHER DEVELOPMENTS 217 TABLE 227 NEL: COMPANY OVERVIEW 219 TABLE 228 NEL: PRODUCTS/SOLUTIONS/SERVICES OFFERED 220 TABLE 229 NEL: PRODUCT SPECIFICATIONS 222 TABLE 230 NEL: PRODUCT LAUNCHES 222 TABLE 231 NEL: DEALS 222 TABLE 232 NEL: EXPANSIONS 225 TABLE 233 NEL: OTHER DEVELOPMENTS 225 TABLE 234 SIEMENS ENERGY: COMPANY OVERVIEW 231 TABLE 235 SIEMENS ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED 232 TABLE 236 SIEMENS ENERGY: PRODUCT SPECIFICATIONS 233 TABLE 237 SIEMENS ENERGY: DEALS 233 TABLE 238 SIEMENS ENERGY: EXPANSIONS 234 TABLE 239 SIEMENS ENERGY: OTHER DEVELOPMENTS 235 TABLE 240 CUMMINS INC.: COMPANY OVERVIEW 238 TABLE 241 CUMMINS INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 239 TABLE 242 CUMMINS INC.: PRODUCT SPECIFICATIONS 240 TABLE 243 CUMMINS INC.: DEALS 241 TABLE 244 CUMMINS INC.: EXPANSIONS 242 TABLE 245 CUMMINS INC.: OTHER DEVELOPMENTS 244 TABLE 246 PLUG POWER INC.: COMPANY OVERVIEW 246 TABLE 247 PLUG POWER INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 247 TABLE 248 PLUG POWER INC.: DEALS 248 TABLE 249 PLUG POWER INC.: EXPANSIONS 250 TABLE 250 PLUG POWER INC.: OTHER DEVELOPMENTS 251 TABLE 251 ENAPTER: COMPANY OVERVIEW 254 TABLE 252 ENAPTER: PRODUCTS/SOLUTIONS/SERVICES OFFERED 255 TABLE 253 ENAPTER: PRODUCT LAUNCHES 256 TABLE 254 ENAPTER: DEALS 257 TABLE 255 ENAPTER: OTHER DEVELOPMENTS 258 TABLE 256 ITM POWER PLC: COMPANY OVERVIEW 262 TABLE 257 ITM POWER PLC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 263 TABLE 258 ITM POWER PLC: DEALS 264 TABLE 259 ITM POWER PLC: EXPANSIONS 266 TABLE 260 ITM POWER PLC: OTHER DEVELOPMENTS 267 TABLE 261 SUNGROW: COMPANY OVERVIEW 271 TABLE 262 SUNGROW: PRODUCTS/SOLUTIONS/SERVICES OFFERED 272 TABLE 263 SUNGROW: PRODUCT LAUNCHES 273 TABLE 264 SUNGROW: DEALS 273 TABLE 265 LONGI: COMPANY OVERVIEW 275 TABLE 266 LONGI: PRODUCTS/SOLUTIONS/SERVICES OFFERED 276 TABLE 267 LONGI: DEALS 278 TABLE 268 LONGI: EXPANSIONS 279 TABLE 269 LONGI: OTHER DEVELOPMENTS 279 TABLE 270 SUNFIRE SE: COMPANY OVERVIEW 280 TABLE 271 SUNFIRE SE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 280 TABLE 272 SUNFIRE SE: DEALS 281 TABLE 273 SUNFIRE SE: EXPANSIONS 282 TABLE 274 SUNFIRE SE: OTHER DEVELOPMENTS 282 TABLE 275 BLOOM ENERGY: COMPANY OVERVIEW 285 TABLE 276 BLOOM ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED 286 TABLE 277 BLOOM ENERGY: DEALS 286 TABLE 278 BLOOM ENERGY: EXPANSIONS 287 TABLE 279 BLOOM ENERGY: OTHER DEVELOPMENTS 287 TABLE 280 ENVISION GROUP: COMPANY OVERVIEW 288 TABLE 281 ENVISION GROUP: PRODUCTS/SOLUTIONS/SERVICES OFFERED 288 TABLE 282 ENVISION GROUP: DEALS 289 TABLE 283 ENVISION GROUP: EXPANSIONS 289 TABLE 284 ENVISION GROUP: OTHER DEVELOPMENTS 290 TABLE 285 ASAHI KASEI CORPORATION: COMPANY OVERVIEW 291 TABLE 286 ASAHI KASEI CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED 292 TABLE 287 ASAHI KASEI CORPORATION: DEALS 293 TABLE 288 ASAHI KASEI CORPORATION: EXPANSIONS 294 TABLE 289 ASAHI KASEI CORPORATION: OTHER DEVELOPMENTS 295 TABLE 290 NEXT HYDROGEN: COMPANY OVERVIEW 296 TABLE 291 NEXT HYDROGEN: PRODUCTS/SOLUTIONS/SERVICES OFFERED 297 TABLE 292 NEXT HYDROGEN: DEALS 297 TABLE 293 NEXT HYDROGEN: OTHER DEVELOPMENTS 298 TABLE 294 PERIC HYDROGEN TECHNOLOGIES CO., LTD: COMPANY OVERVIEW 300 TABLE 295 CIPHER NEUTRON: COMPANY OVERVIEW 301 TABLE 296 SHANDONG AUYAN NEW ENERGY TECHNOLOGY CO., LTD.: COMPANY OVERVIEW 302 TABLE 297 ERRE DUE S.P.A.: COMPANY OVERVIEW 303 TABLE 298 HYDROGENPRO: COMPANY OVERVIEW 304 TABLE 299 IGAS ENERGY GMBH: COMPANY OVERVIEW 305 TABLE 300 TOPSOE: COMPANY OVERVIEW 306 TABLE 301 HYGREEN ENERGY: COMPANY OVERVIEW 307 TABLE 302 OHMIUM: COMPANY OVERVIEW 308 TABLE 303 QUEST ONE GMBH: COMPANY OVERVIEW 309 TABLE 304 LIST OF PRIMARY INTERVIEW PARTICIPANTS 312 TABLE 305 DATA OBTAINED FROM PRIMARY SOURCES 313FIGURE 1 ELECTROLYZERS MARKET SEGMENTATION AND REGIONAL SCOPE 27 FIGURE 2 DURATION CONSIDERED 29 FIGURE 3 KEY INSIGHTS AND MARKET HIGHLIGHTS 32 FIGURE 4 GLOBAL ELECTROLYZERS MARKET, 2021?2031 33 FIGURE 5 MAJOR STRATEGIES ADOPTED BY KEY PLAYERS IN ELECTROLYZERS MARKET (2020?2025) 33 FIGURE 6 DISRUPTIVE TRENDS IMPACTING GROWTH OF ELECTROLYZERS MARKET 34 FIGURE 7 HIGH-GROWTH SEGMENTS IN ELECTROLYZERS MARKET, 2025?2030 35 FIGURE 8 EUROPE TO REGISTER HIGHEST GROWTH RATE DURING FORECAST PERIOD 36 FIGURE 9 INCREASING FOCUS ON LOW-CARBON HYDROGEN TO BOOST DEMAND DURING FORECAST PERIOD 37 FIGURE 10 EUROPE TO RECORD HIGHEST CAGR DURING FORECAST PERIOD 38 FIGURE 11 ALKALINE ELECTROLYZER SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2031 38 FIGURE 12 BALANCE OF PLANT SEGMENT TO SECURE LARGER MARKET SHARE IN 2031 39 FIGURE 13 <500 KW SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2031 39 FIGURE 14 INDUSTRIAL SEGMENT TO HOLD LARGEST MARKET SHARE IN 2031 40 FIGURE 15 ABOVE 2,000 KW AND CHINA ACCOUNTED FOR LARGEST SHARES OF ASIA PACIFIC ELECTROLYZERS MARKET IN 2025 40 FIGURE 16 ELECTROLYZERS MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 41 FIGURE 17 ANNOUNCED ELECTROLYZERS MANUFACTURING CAPACITY, BY REGION 42 FIGURE 18 GLOBAL INSTALLED RENEWABLE ENERGY CAPACITY, BY TECHNOLOGY, 2024 (GW) 45 FIGURE 19 GLOBAL DEPLOYMENT OF NUMBER OF FCEVS, 2020?2025 47 FIGURE 20 ELECTROLYZERS MARKET: INTERCONNECTED MARKET AND MNM COVERAGE 47 FIGURE 21 PORTER'S FIVE FORCES ANALYSIS 49 FIGURE 22 ELECTROLYZERS MARKET: VALUE CHAIN ANALYSIS 52 FIGURE 23 ELECTROLYZERS MARKET: ECOSYSTEM ANALYSIS 55 FIGURE 24 EXPORT SCENARIO FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY, 2020?2024 57 FIGURE 25 IMPORT SCENARIO FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY, 2020?2024 58 FIGURE 26 AVERAGE SELLING PRICE TREND OF ELECTROLYZERS, BY REGION, 2020?2024 62 FIGURE 27 MANUFACTURING COST ANALYSIS OF PEM ELECTROLYZERS, 2024 62 FIGURE 28 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 63 FIGURE 29 INVESTMENT AND FUNDING SCENARIO, 2024 64 FIGURE 30 TECHNO-ECONOMIC ROADMAP FOR ELECTROLYZERS 74 FIGURE 31 PATENTS APPLIED AND GRANTED, 2015?2024 75 FIGURE 32 IMPACT OF GENERATIVE AI/AI, BY APPLICATION 78 FIGURE 33 ELECTROLYZERS MARKET: FACTORS INFLUENCING DECISION-MAKING 89 FIGURE 34 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION 90 FIGURE 35 KEY BUYING CRITERIA, BY APPLICATION 91 FIGURE 36 ELECTROLYZERS MARKET, BY TECHNOLOGY, 2025 95 FIGURE 37 BALANCE OF PLANT SEGMENT TO DOMINATE MARKET IN 2025 106 FIGURE 38 ABOVE 2,000 KW SEGMENT TO DOMINATE MARKET IN 2025 112 FIGURE 39 ELECTROLYZERS MARKET, BY APPLICATION, 2025 118 FIGURE 40 NORTH AMERICA TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD 132 FIGURE 41 ELECTROLYZERS MARKET, BY REGION, 2025 132 FIGURE 42 ASIA PACIFIC: ELECTROLYZERS MARKET SNAPSHOT 135 FIGURE 43 EUROPE: ELECTROLYZERS MARKET SNAPSHOT 147 FIGURE 44 MARKET SHARE ANALYSIS OF COMPANIES OFFERING ELECTROLYZERS, 2024 184 FIGURE 45 ELECTROLYZERS MARKET: REVENUE ANALYSIS OF TOP FOUR PLAYERS, 2020?2024 186 FIGURE 46 COMPANY VALUATION 187 FIGURE 47 FINANCIAL METRICS (EV/EBITDA) 187 FIGURE 48 PRODUCT COMPARISON 188 FIGURE 49 ELECTROLYZERS MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2024 189 FIGURE 50 ELECTROLYZERS MARKET: COMPANY FOOTPRINT 190 FIGURE 51 ELECTROLYZERS MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2024 196 FIGURE 52 THYSSENKRUPP NUCERA: COMPANY SNAPSHOT 206 FIGURE 53 NEL: COMPANY SNAPSHOT 220 FIGURE 54 SIEMENS ENERGY: COMPANY SNAPSHOT 232 FIGURE 55 CUMMINS INC.: COMPANY SNAPSHOT 239 FIGURE 56 PLUG POWER INC.: COMPANY SNAPSHOT 247 FIGURE 57 ENAPTER: COMPANY SNAPSHOT 254 FIGURE 58 ITM POWER PLC: COMPANY SNAPSHOT 263 FIGURE 59 SUNGROW: COMPANY SNAPSHOT 272 FIGURE 60 LONGI: COMPANY SNAPSHOT 276 FIGURE 61 BLOOM ENERGY: COMPANY SNAPSHOT 285 FIGURE 62 ASAHI KASEI CORPORATION: COMPANY SNAPSHOT 292 FIGURE 63 NEXT HYDROGEN: COMPANY SNAPSHOT 296 FIGURE 64 ELECTROLYZERS MARKET: RESEARCH DESIGN 310 FIGURE 65 KEY DATA FROM SECONDARY SOURCES 311 FIGURE 66 INSIGHTS FROM INDUSTRY EXPERTS 312 FIGURE 67 ELECTROLYZERS MARKET: BOTTOM-UP APPROACH 314 FIGURE 68 ELECTROLYZERS MARKET: TOP-DOWN APPROACH 315 FIGURE 69 KEY METRICS CONSIDERED TO ANALYZE DEMAND FOR ELECTROLYZERS 315 FIGURE 70 KEY METRICS CONSIDERED TO ASSESS SUPPLY OF ELECTROLYZERS 317 FIGURE 71 ELECTROLYZERS MARKET: SUPPLY-SIDE ANALYSIS 318 FIGURE 72 INDUSTRY CONCENTRATION, 2024 319 FIGURE 73 ELECTROLYZERS MARKET: DATA TRIANGULATION 320 FIGURE 74 ELECTROLYZERS MARKET: RESEARCH LIMITATIONS 321 FIGURE 75 INSIGHTS FROM INDUSTRY EXPERTS 322