Global PEM Electrolyzer Market Size is valued at USD 243.5 Mn in 2024 and is predicted to reach USD 6078.7 Mn by the year 2034 at a 38.2% CAGR during the forecast period for 2025-2034.
PEM Water Electrolyzers are electrochemical devices that use electricity to divide water into oxygen and hydrogen. Due to its rapid use in many application sectors such as power plants, steel plants, electronics and photovoltaic, industrial gases, energy storage, or fueling for FCEVs (fuel cell electric vehicles), and others, the need for PEM water electrolyzers has increased in recent years. Commercial use of hydrogen is also developing as a major development factor for the electrolyzer market.
Substantial growth in the transportation business has been observed in recent years, assisting the market in generating significant income over time. This fuel is used to cool the generators in power plants, allowing the need to develop considerable money over time. The use of this gas can result in the stabilization of the electrical grid. To obtain hydrogen gas, the coal gasification process is used.
However, The global health emergency triggered by the rapid breakout of COVID-19 has had a substantial impact on a variety of industries. Since 2020, nearly all countries have seen a significant increase in the number of impacted cases. The pandemic's consequences have also affected the economics of many rapidly emerging countries. The COVID-19 epidemic had a direct impact on this market as well. The oil refining, chemical, and steel production industries are currently experiencing high levels of hydrogen consumption, which has been affected by the COVID-19 outbreak.
The PEM electrolyzer market is segmented on the basis of end-user and material type. Based on end-user, the market is segregated into the refining industry, power & energy storage, ammonia production, methanol production, transportation, and others. By material type, the market is segmented into iridium, platinum, and others.
The power and energy storage category is expected to hold a major share of the global PEM Electrolyzer Market in 2024. This is due to the elevated demand for power in numerous industries, such as steel plants, photovoltaic, electronics, and industrial gases has significantly boosted the market for this specific category. The manufacture of electric fuel cells has also expanded in recent years as a result of the rapid shift in people's preference for electric vehicles over traditional fuel vehicles. To generate more energy, the power-producing equipment is combined with hydrogen.
The platinum segment is projected to grow at a rapid rate in the global PEM electrolyzer market. A diaphragm serves as a separator between the electrodes and the hydroxide ions. Compared to other solutions on the market, the durability of these systems is rather considerable. This method is used extensively by power plants to generate electricity on a big scale. This technique is also widely used in industries dealing with photovoltaics of plastics. The classic alkaline system is widely used in the electronics industry for a variety of purposes.
The North America PEM electrolyzer market is expected to register the highest market share in terms of revenue in the near future. This regional growth is due to the growing demand for hydrogen in numerous uses such as manufacturing, power, and others. North America has built manufacturing infrastructures for a variety of worldwide brands, and there is an increasing interest in energy storage or fueling for FCEV operations. Furthermore, the region has seen significant investment in the production, exploration, and refining sectors, which is expected to significantly boost demand for hydrogen gas in the future. Similarly, increased investment benefits Europe's market size. It intends to develop and reinforce grid infrastructure networks to support the growing renewable energy installation, which is expected to boost the industry even further.
| Report Attribute | Specifications |
| Market size value in 2024 | USD 243.5 Million |
| Revenue forecast in 2034 | USD 6078.7 Million |
| Growth rate CAGR | CAGR of 38.2% from 2025 to 2034 |
| Quantitative units | Representation of revenue in US$ Mn,, Volume (MW), and CAGR from 2025 to 2034 |
| Historic Year | 2021 to 2024 |
| Forecast Year | 2025-2034 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Material Type, Technology and End-User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
| Competitive Landscape | Cummins Inc. (USA), ITM Power, Nel ASA, Siemens Energy, Plug Power, John Cockerill Hydrogen, McPhy Energy, Ohmium International, Linde plc, Air Liquide, Teco 2030, Hystar, Elogen (GTT Group), Sunfire GmbH and Other Prominent Players |
| Customization scope | Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
| Pricing and available payment methods | Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global PEM Electrolyzer Market Snapshot
Chapter 4. Global PEM Electrolyzer Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. PEM Electrolyzer Market Segmentation 1: by Material Type Estimates & Trend Analysis
5.1. by Material Type & Market Share, 2024 & 2034
5.2. Market Size (Value (US$ Mn) & Volume (MW) & Forecasts and Trend Analyses, 2021 to 2034 for the following by Material Type:
5.2.1. Iridium
5.2.2. Platinum
5.2.3. Others
Chapter 6. PEM Electrolyzer Market Segmentation 2: by Technology Estimates & Trend Analysis
6.1. by Technology & Market Share, 2024 & 2034
6.2. Market Size (Value (US$ Mn) & Volume (MW) & Forecasts and Trend Analyses, 2021 to 2034 for the following by Technology:
6.2.1. Conventional PEM
6.2.2. Anion Exchange Membrane (AEM)
6.2.3. Low-Iridium PEM
Chapter 7. PEM Electrolyzer Market Segmentation 3: by End-User Estimates & Trend Analysis
7.1. by End-User & Market Share, 2024 & 2034
7.2. Market Size (Value (US$ Mn) & Volume (MW) & Forecasts and Trend Analyses, 2021 to 2034 for the following by End-User:
7.2.1. Refining Industry
7.2.2. Power and Energy Storage
7.2.3. Ammonia Production
7.2.4. Methanol Production
7.2.5. Transportation
7.2.6. Others
Chapter 8. PEM Electrolyzer Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by Material Type, 2021-2034
8.1.2. North America PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by End-User, 2021-2034
8.1.3. North America PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by Technology, 2021-2034
8.1.4. North America PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by country, 2021-2034
8.2. Europe
8.2.1. Europe PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by Material Type, 2021-2034
8.2.2. Europe PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by End-User, 2021-2034
8.2.3. Europe PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by Technology, 2021-2034
8.2.4. Europe PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by country, 2021-2034
8.3. Asia Pacific
8.3.1. Asia Pacific PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by Material Type, 2021-2034
8.3.2. Asia Pacific PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by End-User, 2021-2034
8.3.3. Asia Pacific PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by Technology, 2021-2034
8.3.4. Asia Pacific PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by country, 2021-2034
8.4. Latin America
8.4.1. Latin America PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by Material Type, 2021-2034
8.4.2. Latin America PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by End-User, 2021-2034
8.4.3. Latin America PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by Technology, 2021-2034
8.4.4. Latin America PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by country, 2021-2034
8.5. Middle East & Africa
8.5.1. Middle East & Africa PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by Material Type, 2021-2034
8.5.2. Middle East & Africa PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by End-User, 2021-2034
8.5.3. Middle East & Africa PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by Technology, 2021-2034
8.5.4. Middle East & Africa PEM Electrolyzer Market Revenue (US$ Million) & Volume (MW) Estimates and Forecasts by country, 2021-2034
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. Cummins Inc. (USA)
9.2.2. ITM Power
9.2.3. Nel ASA
9.2.4. Siemens Energy
9.2.5. Plug Power
9.2.6. John Cockerill Hydrogen
9.2.7. McPhy Energy
9.2.8. Ohmium International
9.2.9. Linde plc
9.2.10. Air Liquide
9.2.11. Teco 2030
9.2.12. Hystar
9.2.13. Elogen (GTT Group)
9.2.14. Sunfire GmbH
9.2.15. Other Prominent Players
PEM Electrolyzer Market By Material Type-
PEM Electrolyzer Market By Technology-
PEM Electrolyzer Market By End-User-
PEM Electrolyzer Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-