Comparing 12 vendors in Electrolyzers across 0 criteria.
ContendersMarket Leaders 
Emerging CompaniesInnovators 
Siemens Energy
Enapter
John Cockerill
Asahi Kasei
Bloom Energy
ITM Power
Sunfire
thyssenkrupp nucera
Nel
Topsoe
Plug Power
Cummins
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POWERED BY MARKETSANDMARKETS
Dec 21, 2024
Summary
The Electrolyzer Manufacturers Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for Electrolyzer. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 40 companies of which the Top 12 Electrolyzer Manufacturers were categorized and recognized as the quadrant leaders.
An electrolyzer system utilizes electricity to break water molecules into hydrogen and oxygen. Through this process, the electrolyzer system produces hydrogen, and the leftover oxygen is released into the atmosphere or can be captured or stored to supply other industrial processes or even medical gases in some cases. There are four main ways that electrolyzers can be commercialized: power to mobility, power to fuel, power to industry, and power to gas. Electrolyzers are available in small and large sizes. Small capacity electrolyzers are used for small-scale distributed hydrogen production. In the case of large capacity electrolyzers, hydrogen production facilities can be tied directly to renewable or other non-greenhouse-gas-emitting forms of electricity production.
The 360 Quadrant maps the electrolyzer manufacturers based on criteria such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the Electrolyzers’ quadrant. While the top criteria for product footprint evaluation included Technologies (Alkaline Electrolysis, Proton Exchange Membrane Electrolysis, Solid Oxide Electrolysis, Anion Exchange Membrane), Application (Energy, Mobility, Industrial, Grid Injection), Power Rating (<500 kW, 500 - 2,000 kW, >2,000 kW), R&D Expenditure, New Product Launch, and Patents.
Key trends highlighted in 360 Quadrant’s study include:
- As of 2023, the global electrolyzers market is valued at USD 1234.9 million, and projections indicate a staggering growth trajectory, reaching USD 23555.9 million by 2028. This exceptional growth, marked by an 80.3% CAGR during the forecast period, is fueled by substantial investments in green hydrogen production. Electrolyzer-based green ammonia production for fertilizers further amplifies this growth, positioning electrolyzer manufacturers as key contributors to the evolving landscape.
- The electrolyzers market is experiencing significant growth and is poised for a promising future. Electrolyzer manufacturers, the key players in this dynamic landscape, are pivotal in driving advancements in this sector. 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 and thereby creating multiple opportunities for the electrolyzer manufacturers.
- Investments in green hydrogen projects are fueling the electrolyzers market growth. The versatile use of hydrogen, from power generation to manufacturing and transportation, is driving interest of electrolyzer manufacturers. Companies are integrating green hydrogen into their operations, creating opportunities for electrolyzer utilization. This trend attracts new players, especially in Asia, Europe, and Australia, leading the charge in green hydrogen technology. Additionally, with the growing scale of projects, there is a parallel increase in the investment required for their implementation.
- Geographically, Europe emerges as the dominant market for electrolyzers from 2023 to 2028, attributed to the region's increasing demand for green hydrogen and initiatives to achieve carbon neutrality. North America follows closely as the second-largest region for the electrolyzers market, showcasing the global influence of electrolyzer manufacturers.
- Within the technology spectrum, the alkaline electrolyzer technology segment takes center stage, holding a significant market share. Its maturity and cost-effectiveness make it a preferred choice, contributing to the dominance of electrolyzer manufacturers in this arena.
- A select group of leading players, equipped with extensive portfolios, global distribution networks, and local manufacturing facilities, dominates the electrolyzers market. These electrolyzer manufacturers are actively engaged in developing advanced electrolyzer systems and technologies, emphasizing enhanced properties to meet the evolving market demands.
- In pursuit of growth, electrolyzer manufacturers leverage strategic initiatives such as partnerships, acquisitions, collaborations, and contracts. A noteworthy example is Nel Hydrogen US, a subsidiary of Nel ASA, which, in November 2022, entered into a joint development agreement with General Motors to accelerate the industrialization of Nel’s proton exchange membrane (PEM) electrolyzer platform.
- The relentless commitment of electrolyzer manufacturers to technological advancements is evident in their pivotal role in transitioning towards a hydrogen-based economy. Their innovations and collaborations, such as Siemens Energy's selection by HIF Global in March 2023 to supply electrolyzers for a new eFuel facility in Texas, underscore their instrumental contributions to clean and sustainable hydrogen production. As the electrolyzers market continues to evolve, electrolyzer manufacturers stand poised at the forefront, shaping the future of energy solutions.
Frequently Asked Questions (FAQs)
An electrolyzer consists of two electrodes submerged in water, typically with an electrolyte solution added. When an electric current is passed through the electrodes, water molecules are split into hydrogen ions (H+) and hydroxide ions (OH-). The hydrogen ions migrate towards the negative electrode (cathode), where they gain electrons and form hydrogen gas (H2). The hydroxide ions migrate towards the positive electrode (anode), where they lose electrons and form oxygen gas (O2).
Electrolyzers have several applications, including hydrogen production for fuel cells, energy storage, industrial processes, and as a means of storing excess renewable energy. They can also be used for water treatment and to produce high-purity gases.
There are mainly three types of electrolyzers: alkaline electrolyzers, proton exchange membrane (PEM) electrolyzers, and solid oxide electrolyzers. Alkaline electrolyzers use an alkaline electrolyte solution, PEM electrolyzers use a solid polymer membrane, and solid oxide electrolyzers use a solid ceramic electrolyte.
The efficiency of an electrolyzer is typically measured by its electrical efficiency and its overall energy efficiency. Electrical efficiency refers to the ratio of electrical energy used to produce hydrogen to the total electrical energy input. Overall energy efficiency takes into account the energy required to produce and deliver the electricity to the electrolyzer. Electrolyzers can have efficiencies ranging from 50% to over 80%.
Electrolyzers offer a sustainable and environmentally friendly method of hydrogen production since they only require water and electricity. They can be powered by renewable energy sources, making them an important component of the transition to a clean energy economy. Electrolyzers also provide a means of energy storage, allowing excess electricity generated from renewable sources to be converted into hydrogen for later use.
One of the main challenges is improving the efficiency of electrolyzers to reduce energy consumption and costs. Additionally, the cost of materials used in electrolyzers, such as catalysts and membranes, needs to be reduced. Scaling up electrolyzer production and developing efficient hydrogen storage and distribution infrastructure are also important challenges to address.
Yes, electrolyzers can be used for water treatment. The process of electrolysis can help remove contaminants from water by generating reactive species such as hydroxyl radicals, which can oxidize and break down pollutants. Electrolyzers can be used for wastewater treatment, desalination, and disinfection of water.
Safety considerations for electrolyzers include managing the risks associated with hydrogen gas, which is highly flammable and can form explosive mixtures in the presence of air. Proper ventilation, gas detection systems, and appropriate handling procedures are necessary to ensure safe operation.
The hydrogen produced by electrolyzers can be used as a clean fuel for various applications. It can be used in fuel cells to generate electricity and power vehicles, used as a feedstock for chemical processes, or injected into natural gas pipelines to decarbonize the gas grid. Hydrogen can also be used in industries such as metallurgy, glass manufacturing, and electronics.
Electrolyzers typically employ various materials for their components to facilitate efficient electrolysis. Here are the primary materials used in electrolyzers:
Electrodes: The electrodes are typically made of materials with good electrical conductivity and chemical stability. Common choices include metals such as platinum (Pt), titanium (Ti), or nickel (Ni), or metal oxides like iridium oxide (IrO2) and ruthenium oxide (RuO2). These materials can withstand the harsh conditions during electrolysis.
Electrolyte: The electrolyte solution allows the flow of ions between the electrodes. Different electrolyzers use different electrolytes. For water electrolysis, an acidic electrolyte like sulfuric acid (H2SO4) or a basic electrolyte like potassium hydroxide (KOH) is commonly employed.
Membrane: Some electrolyzers employ a membrane to separate the anode and cathode compartments while allowing the passage of specific ions. Proton Exchange Membrane (PEM) electrolyzers use a solid polymer electrolyte membrane made of materials like Nafion or other perfluorosulfonic acid membranes.
Bipolar Plates: Bipolar plates serve as current collectors and distributors, enabling the passage of electricity through the electrodes. They are typically made of conductive materials like graphite, coated metals, or carbon composites.
Enclosure and Connectors: The outer enclosure of an electrolyzer can be made of various materials, such as stainless steel or plastic, to provide structural support and protection. Connectors and seals are used to ensure electrical connections and prevent leaks.
The specific materials used can vary depending on the electrolyzer type, desired efficiency, cost considerations, and the electrolysis process employed. Advances in materials science continue to explore alternatives that offer improved performance and reduced costs for electrolyzers.
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