Electrifying Growth: US Electrolyzers Market Surges Towards Sustainable Hydrogen

Electrolyzers Market

The electrolyzers market in the U.S. is a thriving sector within the global market that is expected to grow significantly due to the growing demand from the mobility industry, the presence of big players, and the implementation of stringent environmental regulations emphasizing the use of electrolyzer technology for green hydrogen production. Among the end-use industries, the energy and mobility sector is anticipated to dominate the U.S. market due to the rising need for electrolyzers for power generation and the increasing adoption of electrolyzers for on-site hydrogen fueling stations.

The global electrolyzers market is expected to grow from an estimated USD 0.5 billion in 2023 to USD 57.2 billion by 2030, at a CAGR of 97.7% during the forecast period.

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Some of the top companies operating in the U.S. electrolyzers market include Plug Power Inc., Cummins Inc., Siemens Energy, and Nel ASA, among others. Plug Power Inc. focuses primarily on the manufacturing of proton exchange membrane electrolyzers and fuel cell products, with a strong emphasis on green hydrogen generation. The company predominantly serves the North American and European markets. Their product lineup includes the GenFuel Electrolyzer, which utilizes proton exchange membrane technology and offers a power rating ranging from 1 to 10 MW. Cummins, a prominent US-based electrolyzer manufacturer, is actively driving the domestic green hydrogen economy forward with the establishment of its first US-based electrolyzer manufacturing facility. In October 2022, Cummins announced plans to allocate 89,000 sq. ft. of its existing Fridley facility to electrolyzer production. Initially, the facility will manufacture the HyLYZER-500 and HyLYZER-5000 proton exchange membrane (PEM) electrolyzers, with the potential for expanding production to other electrolyzer products in the future. Nel ASA specializes in the production of alkaline and proton exchange membrane (PEM) electrolyzers. In June 2020, Nel ASA (Norway and Nikola Corporation (US) signed a purchase order valued at USD 30 million for 85 MW alkaline electrolyzers. These electrolyzers are intended to support the deployment of five of the world’s first 8-ton-per-day hydrogen fueling stations, with a combined production capacity of over 40,000 kgs of hydrogen daily. Such key developments enhance the US electrolyzers market, fostering innovation and driving the industry towards a greener future.

These companies are also engaged in research and development efforts aimed at innovating new electrolyzer technologies to meet the rising demand from consumers. For instance, Nel ASA introduced the MC 250 and MC 500 containerized PEM electrolyzers through its subsidiary Nel Hydrogen Electrolyser in January 2021. Additionally, Plug Power Inc. is strategically focusing on expansion, seeking to enhance its market presence, explore new geographic markets, and diversify its product portfolio. In 2021, Plug Power Inc. inaugurated its new facility, the Plug Power Innovation Center, located in Rochester, US. This facility serves as a manufacturing hub for fuel cells and electrolyzers.

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Growing industry initiatives, substantial capital investments, and the implementation of favorable government policies drive the electrolyzers market in the U.S. For instance, The US National Clean Hydrogen Strategy and Roadmap has allocated USD 1 billion to improve the efficiency and cost-effectiveness of electrolysis technologies by supporting the entire innovation chain—from research, development, and demonstration to commercialization and deployment to enable USD 2/kg of clean hydrogen from electrolysis by 2026. The Government has also granted USD 500 million in funding for domestic manufacturing of clean hydrogen equipment, including projects that improve efficiency and cost-effectiveness and support domestic supply chains for key components. The US Department of Energy has also rolled out USD 8 billion for “Regional Clean Hydrogen Hubs,” which would enable the demonstration and development of networks of clean hydrogen producers, potential consumers, and connective infrastructure. These hubs will advance the production, processing, delivery, storage, and end-use of clean hydrogen, enabling sustainable and equitable regional benefits as well as market uptake. The above-mentioned support and grants from the Government will be crucial in boosting the electrolyzers market in the US.

The U.S. electrolyzer market’s growth is also propelled by advancements in electrolyzer technology, as this offers a clean, versatile, and cost-effective solution for producing green hydrogen, playing a crucial role in the transition to a more sustainable and low-carbon energy future.