Electrolyzer market size estimated to be worth over $45B by 2032
The global electrolyzer market size is estimated to be worth around USD 45.48 billion by 2032, increasing from USD 3.69 billion in 2023, according to Precedence Research.
December 19, 2023 | By MRO Magazine
Ottawa — The global electrolyzer market size was valued at USD 2.8 billion in 2022 and the sector is expanding at a remarkable CAGR of 32.2 per cent from 2023 to 2032.
North America led the market with the largest market share in 2022. The electrolyzer market is driven by the growing interest in green hydrogen, technological advancements and renewable energy integration.
An electrolyzer is a device that uses an electrochemical process called electrolysis to break down water or other compounds into their constituent elements, typically hydrogen and oxygen.
The process involves passing an electric current through a conducting solution or molten substance to facilitate a chemical reaction. In the case of water electrolysis, the electrolyzer typically has two electrodes, an anode, and a cathode, immersed in water. When an electric current is applied, water molecules at the cathode undergo reduction, producing hydrogen gas, while water molecules at the anode undergo oxidation, producing oxygen gas. This process is of interest for producing hydrogen gas as a clean and renewable energy carrier, as hydrogen can be used as a fuel for various applications, including fuel cell and combustion engines, with water as the only byproduct when the hydrogen is used.