The North America Electrolyzers Market would witness market growth of 54.4% CAGR during the forecast period (2023-2030).
The energy landscape has recently shifted towards sustainable and low-carbon alternatives. Among the emerging technologies poised to play a pivotal role in this transition, these devices have taken center stage. These devices that use electrical energy to drive a non-spontaneous chemical reaction, are gaining increasing attention as key enablers of the hydrogen economy. The clean and versatile energy carrier hydrogen, which is generated via electrolysis, exhibits significant potential for utilization in a wide array of sectors including transportation, energy storage, and industrial processes.
Moreover, the market has attracted significant investments from both the public and private sectors. Venture capital, strategic investments, and government funding are pouring into research and development initiatives to improve electrolyzer efficiency, reduce costs, and scale production. This influx of capital is crucial for driving innovation and accelerating the commercialization of electrolyzer technologies.
Canada has shown a commitment to developing a national hydrogen strategy. The government has recognized the potential of hydrogen, particularly green hydrogen, as a clean energy carrier. As per the data from the Government of the British Columbia, since the release of B.C.’s hydrogen strategy in July 2021, 49 proposed hydrogen projects in the province are worth $5 billion. Likewise, 98% of the electricity generated in British Columbia is renewable or clean, allowing it to be used to produce green hydrogen. Thus, rising clean energy and green hydrogen initiatives in North America will boost the demand for these devices in the region.
The US market dominated the North America Electrolyzers Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7,378.4 million by 2030. The Canada market is experiencing a CAGR of 57.9% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 56.5% during (2023 - 2030).
Free Valuable Insights: The Electrolyzers Market is Predict to reach USD 39.5 Billion by 2030, at a CAGR of 55%
Based on Capacity, the market is segmented into 500 kW to 2 MW, Less than 500 kW, and Above 2 MW. Based on Technology, the market is segmented into Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer, Solid Oxide (SOE) Electrolyzer, and Anion Exchange Membrane (AEM) Electrolyzer. Based on Application, the market is segmented into Power Generation, Industry Feedstock, Transportation, Building Heat & Power, Industry Energy, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
List of Key Companies Profiled
- Asahi Kasei Corporation
- John Cockerill S.A.
- Nel ASA
- Plug Power, Inc.
- Siemens AG
- Enapter AG (BluGreen Company Limited)
- Cummins, Inc.
- ITM Power PLC
- McPhy Energy S.A.
- Topsoe A/S
North America Electrolyzers Market Report Segmentation
By Capacity
- 500 kW to 2 MW
- Less than 500 kW
- Above 2 MW
By Technology
- Alkaline Electrolyzer
- Proton Exchange Membrane Electrolyzer
- Solid Oxide (SOE) Electrolyzer
- Anion Exchange Membrane (AEM) Electrolyzer
By Application
- Power Generation
- Industry Feedstock
- Transportation
- Building Heat & Power
- Industry Energy
- Others
By Country
- US
- Canada
- Mexico
- Rest of North America
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Electrolyzers Market, by Capacity
1.4.2 North America Electrolyzers Market, by Technology
1.4.3 North America Electrolyzers Market, by Application
1.4.4 North America Electrolyzers Market, by Country
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
3.2.3 Market Opportunities
3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
4.1 Market Share Analysis, 2022
4.2 Porter Five Forces Analysis
Chapter 5. North America Electrolyzers Market by Capacity
5.1 North America 500 kW to 2 MW Market by Country
5.2 North America Less than 500 kW Market by Country
5.3 North America Above 2 MW Market by Country
Chapter 6. North America Electrolyzers Market by Technology
6.1 North America Alkaline Electrolyzer Market by Country
6.2 North America Proton Exchange Membrane Electrolyzer Market by Country
6.3 North America Solid Oxide (SOE) Electrolyzer Market by Country
6.4 North America Anion Exchange Membrane (AEM) Electrolyzer Market by Country
Chapter 7. North America Electrolyzers Market by Application
7.1 North America Power Generation Market by Country
7.2 North America Industry Feedstock Market by Country
7.3 North America Transportation Market by Country
7.4 North America Building Heat & Power Market by Country
7.5 North America Industry Energy Market by Country
7.6 North America Others Market by Country
Chapter 8. North America Electrolyzers Market by Country
8.1 US Electrolyzers Market
8.1.1 US Electrolyzers Market by Capacity
8.1.2 US Electrolyzers Market by Technology
8.1.3 US Electrolyzers Market by Application
8.2 Canada Electrolyzers Market
8.2.1 Canada Electrolyzers Market by Capacity
8.2.2 Canada Electrolyzers Market by Technology
8.2.3 Canada Electrolyzers Market by Application
8.3 Mexico Electrolyzers Market
8.3.1 Mexico Electrolyzers Market by Capacity
8.3.2 Mexico Electrolyzers Market by Technology
8.3.3 Mexico Electrolyzers Market by Application
8.4 Rest of North America Electrolyzers Market
8.4.1 Rest of North America Electrolyzers Market by Capacity
8.4.2 Rest of North America Electrolyzers Market by Technology
8.4.3 Rest of North America Electrolyzers Market by Application
Chapter 9. Company Profiles
9.1 John Cockerill S.A.
9.1.1 Company Overview
9.1.2 Recent strategies and developments:
9.1.2.1 Partnerships, Collaborations, and Agreements:
9.1.2.2 Geographical Expansions:
9.1.3 SWOT Analysis
9.2 ITM Power PLC
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Regional Analysis
9.2.4 Research & Development Expenses
9.2.5 Recent strategies and developments:
9.2.5.1 Partnerships, Collaborations, and Agreements:
9.2.5.2 Product Launches and Product Expansions:
9.2.5.3 Geographical Expansions:
9.2.6 SWOT Analysis
9.3 McPhy Energy S.A.
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Regional Analysis
9.3.4 Recent strategies and developments:
9.3.4.1 Partnerships, Collaborations, and Agreements:
9.4 Topsoe A/S
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Regional Analysis
9.4.4 Research & Development Expenses
9.5 Asahi Kasei Corporation
9.5.1 Company Overview
9.5.2 Financial Analysis
9.5.3 Segmental and Regional Analysis
9.5.4 Research & Development Expenses
9.5.5 Recent strategies and developments:
9.5.5.1 Partnerships, Collaborations, and Agreements:
9.5.6 SWOT Analysis
9.6 Plug Power, Inc.
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Regional Analysis
9.6.4 Research & Development Expenses
9.6.5 Recent strategies and developments:
9.6.5.1 Partnerships, Collaborations, and Agreements:
9.6.5.2 Acquisition and Mergers:
9.7 Cummins, Inc.
9.7.1 Company Overview
9.7.2 Financial Analysis
9.7.3 Regional & Segmental Analysis
9.7.4 Research & Development Expenses
9.7.5 Recent strategies and developments:
9.7.5.1 Acquisition and Mergers:
9.7.5.2 Geographical Expansions:
9.7.6 SWOT Analysis
9.8 Siemens AG
9.8.1 Company Overview
9.8.2 Financial Analysis
9.8.3 Segmental and Regional Analysis
9.8.4 Research & Development Expense
9.8.5 SWOT Analysis
TABLE 1 North America Electrolyzers Market, 2019 - 2022, USD Million
TABLE 2 North America Electrolyzers Market, 2023 - 2030, USD Million
TABLE 3 North America Electrolyzers Market by Capacity, 2019 - 2022, USD Million
TABLE 4 North America Electrolyzers Market by Capacity, 2023 - 2030, USD Million
TABLE 5 North America 500 kW to 2 MW Market by Country, 2019 - 2022, USD Million
TABLE 6 North America 500 kW to 2 MW Market by Country, 2023 - 2030, USD Million
TABLE 7 North America Less than 500 kW Market by Country, 2019 - 2022, USD Million
TABLE 8 North America Less than 500 kW Market by Country, 2023 - 2030, USD Million
TABLE 9 North America Above 2 MW Market by Country, 2019 - 2022, USD Million
TABLE 10 North America Above 2 MW Market by Country, 2023 - 2030, USD Million
TABLE 11 North America Electrolyzers Market by Technology, 2019 - 2022, USD Million
TABLE 12 North America Electrolyzers Market by Technology, 2023 - 2030, USD Million
TABLE 13 North America Alkaline Electrolyzer Market by Country, 2019 - 2022, USD Million
TABLE 14 North America Alkaline Electrolyzer Market by Country, 2023 - 2030, USD Million
TABLE 15 North America Proton Exchange Membrane Electrolyzer Market by Country, 2019 - 2022, USD Million
TABLE 16 North America Proton Exchange Membrane Electrolyzer Market by Country, 2023 - 2030, USD Million
TABLE 17 North America Solid Oxide (SOE) Electrolyzer Market by Country, 2019 - 2022, USD Million
TABLE 18 North America Solid Oxide (SOE) Electrolyzer Market by Country, 2023 - 2030, USD Million
TABLE 19 North America Anion Exchange Membrane (AEM) Electrolyzer Market by Country, 2019 - 2022, USD Million
TABLE 20 North America Anion Exchange Membrane (AEM) Electrolyzer Market by Country, 2023 - 2030, USD Million
TABLE 21 North America Electrolyzers Market by Application, 2019 - 2022, USD Million
TABLE 22 North America Electrolyzers Market by Application, 2023 - 2030, USD Million
TABLE 23 North America Power Generation Market by Country, 2019 - 2022, USD Million
TABLE 24 North America Power Generation Market by Country, 2023 - 2030, USD Million
TABLE 25 North America Industry Feedstock Market by Country, 2019 - 2022, USD Million
TABLE 26 North America Industry Feedstock Market by Country, 2023 - 2030, USD Million
TABLE 27 North America Transportation Market by Country, 2019 - 2022, USD Million
TABLE 28 North America Transportation Market by Country, 2023 - 2030, USD Million
TABLE 29 North America Building Heat & Power Market by Country, 2019 - 2022, USD Million
TABLE 30 North America Building Heat & Power Market by Country, 2023 - 2030, USD Million
TABLE 31 North America Industry Energy Market by Country, 2019 - 2022, USD Million
TABLE 32 North America Industry Energy Market by Country, 2023 - 2030, USD Million
TABLE 33 North America Others Market by Country, 2019 - 2022, USD Million
TABLE 34 North America Others Market by Country, 2023 - 2030, USD Million
TABLE 35 North America Electrolyzers Market by Country, 2019 - 2022, USD Million
TABLE 36 North America Electrolyzers Market by Country, 2023 - 2030, USD Million
TABLE 37 US Electrolyzers Market, 2019 - 2022, USD Million
TABLE 38 US Electrolyzers Market, 2023 - 2030, USD Million
TABLE 39 US Electrolyzers Market by Capacity, 2019 - 2022, USD Million
TABLE 40 US Electrolyzers Market by Capacity, 2023 - 2030, USD Million
TABLE 41 US Electrolyzers Market by Technology, 2019 - 2022, USD Million
TABLE 42 US Electrolyzers Market by Technology, 2023 - 2030, USD Million
TABLE 43 US Electrolyzers Market by Application, 2019 - 2022, USD Million
TABLE 44 US Electrolyzers Market by Application, 2023 - 2030, USD Million
TABLE 45 Canada Electrolyzers Market, 2019 - 2022, USD Million
TABLE 46 Canada Electrolyzers Market, 2023 - 2030, USD Million
TABLE 47 Canada Electrolyzers Market by Capacity, 2019 - 2022, USD Million
TABLE 48 Canada Electrolyzers Market by Capacity, 2023 - 2030, USD Million
TABLE 49 Canada Electrolyzers Market by Technology, 2019 - 2022, USD Million
TABLE 50 Canada Electrolyzers Market by Technology, 2023 - 2030, USD Million
TABLE 51 Canada Electrolyzers Market by Application, 2019 - 2022, USD Million
TABLE 52 Canada Electrolyzers Market by Application, 2023 - 2030, USD Million
TABLE 53 Mexico Electrolyzers Market, 2019 - 2022, USD Million
TABLE 54 Mexico Electrolyzers Market, 2023 - 2030, USD Million
TABLE 55 Mexico Electrolyzers Market by Capacity, 2019 - 2022, USD Million
TABLE 56 Mexico Electrolyzers Market by Capacity, 2023 - 2030, USD Million
TABLE 57 Mexico Electrolyzers Market by Technology, 2019 - 2022, USD Million
TABLE 58 Mexico Electrolyzers Market by Technology, 2023 - 2030, USD Million
TABLE 59 Mexico Electrolyzers Market by Application, 2019 - 2022, USD Million
TABLE 60 Mexico Electrolyzers Market by Application, 2023 - 2030, USD Million
TABLE 61 Rest of North America Electrolyzers Market, 2019 - 2022, USD Million
TABLE 62 Rest of North America Electrolyzers Market, 2023 - 2030, USD Million
TABLE 63 Rest of North America Electrolyzers Market by Capacity, 2019 - 2022, USD Million
TABLE 64 Rest of North America Electrolyzers Market by Capacity, 2023 - 2030, USD Million
TABLE 65 Rest of North America Electrolyzers Market by Technology, 2019 - 2022, USD Million
TABLE 66 Rest of North America Electrolyzers Market by Technology, 2023 - 2030, USD Million
TABLE 67 Rest of North America Electrolyzers Market by Application, 2019 - 2022, USD Million
TABLE 68 Rest of North America Electrolyzers Market by Application, 2023 - 2030, USD Million
TABLE 69 Key Information – John Cockerill S.A.
TABLE 70 Key Information – ITM Power PLC
TABLE 71 Key Information – McPhy Energy S.A.
TABLE 72 Key Information – Topsoe A/S
TABLE 73 Key Information – Asahi Kasei Corporation
TABLE 74 Key Information – Plug Power, Inc.
TABLE 75 Key information – Cummins, Inc.
TABLE 76 Key Information – Siemens AG
List of Figures
FIG 1 Methodology for the research
FIG 2 North America Electrolyzers Market, 2019 - 2030, USD Million
FIG 3 Key Factors Impacting Electrolyzers Market
FIG 4 Market Share Analysis, 2022
FIG 5 Porter’s Five Forces Analysis – Electrolyzers Market
FIG 6 North America Electrolyzers Market share by Capacity, 2022
FIG 7 North America Electrolyzers Market share by Capacity, 2030
FIG 8 North America Electrolyzers Market by Capacity, 2019 - 2030, USD Million
FIG 9 North America Electrolyzers Market share by Technology, 2022
FIG 10 North America Electrolyzers Market share by Technology, 2030
FIG 11 North America Electrolyzers Market by Technology, 2019 - 2030, USD Million
FIG 12 North America Electrolyzers Market share by Application, 2022
FIG 13 North America Electrolyzers Market share by Application, 2030
FIG 14 North America Electrolyzers Market by Application, 2019 - 2030, USD Million
FIG 15 North America Electrolyzers Market share by Country, 2022
FIG 16 North America Electrolyzers Market share by Country, 2030
FIG 17 North America Electrolyzers Market by Country, 2019 - 2030, USD Million
FIG 18 SWOT Analysis: John Cockerill S.A.
FIG 19 Recent strategies and developments: ITM Power PLC
FIG 20 SWOT Analysis: ITM Power PLC
FIG 21 SWOT Analysis: Asahi Kasei Corporation
FIG 22 Recent strategies and developments: Plug Power, Inc.
FIG 23 Recent strategies and developments: Cummins, Inc.
FIG 24 SWOT Analysis: Cummins, Inc.
FIG 25 SWOT Analysis: Siemens AG