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Electrolysis Hydrogen Generation Market Size

Report ID: GMI7906
Published Date: Jan 2024
Report Format: PDF

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Electrolysis Hydrogen Generation Market Size

Electrolysis Hydrogen Generation Market was valued at USD 13.1 billion in 2023 and is estimated to grow at a CAGR of over 7.2% between 2024 and 2032. Electrolysis hydrogen generation is a process that utilizes electrolysis to produce hydrogen from water. This involves the application of an electric current to water, leading to the separation of hydrogen and oxygen molecules.

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Increasing awareness of the environmental impact of the conventional hydrogen production methods along with growing requirement for sustainable energy solutions will stimulate the product demand. Supportive regulatory frameworks, introduction of subsidies, and financial incentives coupled with rising efforts towards standardization of the electrolysis technologies to ensure reliability, safety, and interoperability will drive the business scenario.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of electrolysis hydrogen generation was reached USD 13.1 billion in 2023 and is anticipated to surprass USD 24.2 billion by 2032, driven by increasing awareness of the environmental impact of the conventional hydrogen production methods.

The transportation application grew at a decent pace in 2023 and will reach USD 6.9 billion by 2032, d riven by the utilization of hydrogen as a fuel across the transportation sector along with rising interest in hydrogen-powered vehicles.

Europe Electrolysis hydrogen generation industry will grow at a CAGR of more than 7.5% through 2032, driven by large scale investments by private authorities and funding programs by major government authorities to bring in the energy transition.

Cummins Inc., Siemens Energy, Air Liquide, Plug Power Inc., Nel ASA, TAIYO NIPPON SANSO CORPORATION, Teledyne Technologies Incorporated, McPhy Energy S.A, HyGear, Claind srl, RESONAC HOLDINGS CORPORATION are some of the major industry contenders.