New entrants will grow electrolyser market 40% in a decade

New entrants will grow electrolyser market 40% in a decade | Windpower Monthly

Large corporations that are becoming more interested in hydrogen include engineering services companies and renewable energy developers, according to a market report by IDTechEx, ‘Green Hydrogen Production &. Electrolyser Market 2024-2034’.

The new entrants are attracted by market drivers such as national low-carbon hydrogen targets, the report says.

Noting that alkaline and PEM electrolyser products are the current dominating technological choices for green hydrogen plants, the report identified 83 companies providing electrolysis technologies for green hydrogen production.

The main players are based in Europe, North America and China – all regions that generate significant amounts of renewable energy including wind power.

They have developed commercial product ranges, large-scale manufacturing and substantial commercial order pipelines.

Chinese companies have low Capex alkaline systems as well as gigawatt-scale electrolyser manufacturing plants (gigafactories). But European and American developers “are not lagging significantly behind as demand for their products is high”, the report says.

IDTechEx expects the dominance of these regions in the electrolyser market to continue due to existing manufacturing capabilities and high interest in green hydrogen.

“It is not just about the continued supply of products to the market but also the scale-up of manufacturing capabilities and improvement in electrolyser technology on a stack and system level,” the report said.

“A key takeaway is that as the demand for low-carbon hydrogen rises, the electrolyser industry is set to attract more participants.”