The global market for proton exchange membrane (PEM) electrolyzer was valued at $60.2 million in 2023. The market is expected to grow from $83.7 million in 2024 to $507.6 million by 2029, at a compound annual growth rate (CAGR) of 43.4% from 2024 to 2029.
The North American market for PEM electrolyzer is expected to grow from $26.5 million in 2024 to $171.9 million by 2029, at a CAGR of 45.3% from 2024 to 2029.
The Asia-Pacific market for PEM electrolyzer is expected to grow from $25.0 million in 2024 to $181.0 million by 2029, at a CAGR of 48.6% from 2024 to 2029.
Report Scope
The report provides a comprehensive overview and analysis of the global proton exchange membrane (PEM) electrolyzer market and a detailed analysis of the market players' products and key initiatives. Using 2023 as the base year, the report provides estimated market data for 2024, and the market values are forecast from 2024 through 2029. It also includes details about the electrolyzers' different components and end-use applications. Estimated market values are based on the determined market penetration of PEM electrolyzers in the overall water electrolysis market. Projected revenue values are in constant U.S. dollars that have not been adjusted for inflation.
The global PEM electrolyzer market has been segmented into the following market segments:
Component: electrolyzer stack, balance of plant.
Capacity: below 500 kW, 500 kW to 2 MW, and above 2MW.
Application: industrial, refining, automotive and transportation, and others (energy storage, power generation, and high-temperature heating).
Region: North America, Europe, Asia-Pacific, and Rest of World.
Report Includes
43 data tables and 45 additional tables
An overview of the global market for proton exchange membrane (PEM) electrolyzers
Analysis of global market trends, with revenue data for 2023, estimated figures for 2024, forecasts for 2025, 2027, and 2029, and projected CAGRs through 2029
Identification of new opportunities, challenges and technological changes in the industry and a market share analysis by component, capacity, application and region
Examination of PEM electrolyzer companies' current and future strategies
Analysis of R&D activity, product launches and regulatory elements
Analysis of the key companies' market shares, mergers & acquisitions, joint ventures, collaborations and other market strategies
Profiles of the major market players, including Cummins Inc., ITM Power PLC, Ohmium, Plug Power Inc., and Siemens Energy
Table of Contents
Chapter 1 Executive Summary
Market Outlook
Scope of Report
Market Summary
Chapter 2 Market Overview
Current Market Overview
Key Hydrogen Production Methods
Types of Hydrogen
Grey Hydrogen
Blue Hydrogen
Turquoise Hydrogen
Green Hydrogen
Porter's Five Forces Analysis
Bargaining Power of Buyers
Bargaining Power of Suppliers
Potential for New Entrants to the Market
Threat of Substitutes
Competition in the Industry
Value Chain Analysis
Raw Material Providers
Processed Material Providers
Sub-Component Providers
End-Product Providers
Chapter 3 Market Dynamics
Market Dynamics
Market Drivers
Market Restraints
Current Market Trends
Future Market Opportunities
Chapter 4 Emerging Technologies and Developments
Overview
Emerging Technologies in Proton Exchange Membrane Electrolyzers
Advanced Membrane Technologies
Integrated Electrolyzer Design
High-Efficiency Electrolysis Catalysts
Advanced Manufacturing Methods
Patent Analysis
Patent Description for Proton Exchange Membrane Electrolyzers
Key Findings from Patent Analysis
Chapter 5 Market Segmentation Analysis
Segmentation Breakdown
Global Proton Exchange Membrane Electrolyzer Market by Component
Electrolyzer Stack
Balance of Plant
Global Proton Exchange Membrane Electrolyzer Market by Capacity
Below 500 kW
500 kW to 2 MW
Above 2 MW
Global Proton Exchange Membrane Electrolyzer Market by Application
Industrial
Refining
Automotive and Transportation
Other Applications
Geographic Breakdown
Global Proton Exchange Membrane Electrolyzer Market by Region
North America
Europe
Asia-Pacific
Rest of World (RoW)
Chapter 6 Competitive Intelligence
Overview
Competitive Information for Key Market Players
Cummins Inc.
ITM Power PLC
Ohmium International Inc.
Plug Power Inc.
Siemens Energy AG
Key Developments
Chapter 7 Sustainability in Global Market for PEM Electrolyzer: An ESG Perspective