물 전기분해 시장 - 세계 산업 규모, 점유율, 동향, 기회, 예측 : 유형별, 용도별, 지역별＆경쟁(2021-2031년)

The Global Water Electrolysis Market is anticipated to grow from USD 6.94 Billion in 2025 to USD 9.33 Billion by 2031, registering a CAGR of 5.06%. Water electrolysis is an electrochemical process that uses electricity to separate water into hydrogen and oxygen, serving as a critical technology for producing low-emission hydrogen fuel. Market growth is largely propelled by strict global decarbonization mandates and falling renewable energy costs, which create a need for scalable green hydrogen solutions in hard-to-abate sectors like heavy industry and transportation. These regulatory and economic drivers establish a stable growth path distinct from temporary trends, positioning the technology as a pillar of future energy infrastructure.

Despite this potential, widespread deployment faces significant hurdles due to high capital expenditures and substantial electricity requirements, which impact financial viability in cost-sensitive regions. However, the industry remains committed to capacity expansion as it transitions from pilot phases to commercial scale. The International Energy Agency projected that installed water electrolyser capacity would reach 5 GW by the end of 2024, marking a significant increase from the 1.4 GW recorded in 2023.

Market Driver

Supportive government policies and financial incentives act as the primary catalysts for the water electrolysis market, helping to mitigate the high upfront capital risks of green hydrogen deployment. Public funding mechanisms, such as competitive auctions and production tax credits, are essential for narrowing the price gap between renewable and fossil-fuel-derived hydrogen, thereby encouraging industrial adoption. This regulatory backing is evident in major economies aiming for energy independence and climate goals; for instance, the European Commission's 'European Hydrogen Bank Auction Results' in April 2024 awarded nearly EUR 720 million to seven renewable hydrogen projects to accelerate domestic production capabilities. Such financial interventions incentivize final investment decisions and stimulate the supply chain for gigawatt-scale facilities.

Simultaneously, growing investment in hydrogen infrastructure is a critical driver, supporting the ecosystem for producing, storing, and transporting hydrogen to end-users. As demand for decarbonized energy rises in hard-to-abate sectors, capital flows are increasingly targeting integrated electrolysis projects and logistical networks. The Hydrogen Council reported in September 2024, in its 'Hydrogen Insights 2024' report, that the global pipeline of hydrogen projects has matured, with committed capital investment reaching USD 75 billion. Furthermore, the U.S. Department of Energy announced USD 750 million in 2024 to reduce clean hydrogen costs and improve manufacturing technologies, underscoring the global shift from pilot testing to industrial viability.

Market Challenge

High capital expenditures coupled with substantial electricity requirements create a persistent barrier to the financial viability of water electrolysis projects. These elevated costs directly impact the levelized cost of hydrogen, making it difficult for green hydrogen to compete with established fossil-fuel alternatives in price-sensitive markets. Consequently, many potential investors delay final investment decisions, resulting in a significant lag between project announcements and actual construction.

This hesitation hinders the transition from pilot studies to commercial-scale operations, while the inability to secure affordable renewable power further exacerbates operational expenses, limiting market entry and infrastructure development. According to the International Energy Agency in 2024, only 4% of announced low-emission hydrogen production capacity had reached the final investment decision stage due to these economic constraints. This low conversion rate demonstrates that cost structures remain a primary factor restricting the rapid expansion of the global water electrolysis market.

Market Trends

The expansion of automated electrolyzer manufacturing capacities via gigafactories marks a fundamental shift in the supply chain, moving the industry from bespoke production to standardized mass manufacturing. Companies are increasingly investing in robotics and digitalized assembly lines to enhance throughput and achieve the economies of scale necessary for reducing unit costs, effectively addressing previous equipment availability bottlenecks. According to the International Energy Agency's 'Global Hydrogen Review 2024' in October 2024, global electrolyser manufacturing capacity doubled in 2023 to reach 25 GW per year, establishing a robust foundation for future market expansion.

Concurrently, the market is undergoing a decisive transition from megawatt to gigawatt-scale electrolysis project deployments, enabling the decarbonization of heavy industries such as steel and chemicals. Developers are moving beyond pilot phases to execute massive, integrated utility-scale operations that require sophisticated logistical planning and modular system designs. This scaling effect allows for significant operational efficiencies, as exemplified by Thyssenkrupp nucera in its August 2024 'Quarterly Statement Q3 2023/2024', which reported substantial progress on the NEOM green hydrogen project, confirming that the delivery of its standardized 20 MW modules had already exceeded 800 MW of the total capacity.

Key Market Players

• Asahi Kasei Corporation
• Nel ASA
• thyssenkrupp AG
• Cummins Inc.
• Toshiba Energy Systems & Solutions Corporation
• Teledyne Technologies Incorporated
• Suzhou Green Hydrogen Energy Co., Ltd.
• ITM Power PLC
• Clean Power Hydrogen plc
• Plug Power Inc.

Report Scope

In this report, the Global Water Electrolysis Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Water Electrolysis Market, By Type

• Alkaline Electrolyzer
• Proton Exchange Membrane (PEM) Electrolyzer
• Solid Oxide Electrolyzer Cell (SOEC)
• Anion Exchange Membrane (AEM) Electrolyzers

Water Electrolysis Market, By Application

• Refining Industry
• Power and Energy Storage
• Ammonia Production
• Methanol Production
• Transportation/Mobility Industry
• Others

Water Electrolysis Market, By Region

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• South America
  • Brazil
  • Argentina
  • Colombia
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Water Electrolysis Market.

Available Customizations:

Global Water Electrolysis Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

• 1.1. Market Definition
• 1.2. Scope of the Market
  • 1.2.1. Markets Covered
  • 1.2.2. Years Considered for Study
  • 1.2.3. Key Market Segmentations

2. Research Methodology

• 2.1. Objective of the Study
• 2.2. Baseline Methodology
• 2.3. Key Industry Partners
• 2.4. Major Association and Secondary Sources
• 2.5. Forecasting Methodology
• 2.6. Data Triangulation & Validation
• 2.7. Assumptions and Limitations

3. Executive Summary

• 3.1. Overview of the Market
• 3.2. Overview of Key Market Segmentations
• 3.3. Overview of Key Market Players
• 3.4. Overview of Key Regions/Countries
• 3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Water Electrolysis Market Outlook

• 5.1. Market Size & Forecast
  • 5.1.1. By Value
• 5.2. Market Share & Forecast
  • 5.2.1. By Type (Alkaline Electrolyzer, Proton Exchange Membrane (PEM) Electrolyzer, Solid Oxide Electrolyzer Cell (SOEC), Anion Exchange Membrane (AEM) Electrolyzers)
  • 5.2.2. By Application (Refining Industry, Power and Energy Storage, Ammonia Production, Methanol Production, Transportation/Mobility Industry, Others)
  • 5.2.3. By Region
  • 5.2.4. By Company (2025)
• 5.3. Market Map

6. North America Water Electrolysis Market Outlook

• 6.1. Market Size & Forecast
  • 6.1.1. By Value
• 6.2. Market Share & Forecast
  • 6.2.1. By Type
  • 6.2.2. By Application
  • 6.2.3. By Country
• 6.3. North America: Country Analysis
  • 6.3.1. United States Water Electrolysis Market Outlook
    • 6.3.1.1. Market Size & Forecast
      • 6.3.1.1.1. By Value
    • 6.3.1.2. Market Share & Forecast
      • 6.3.1.2.1. By Type
      • 6.3.1.2.2. By Application
  • 6.3.2. Canada Water Electrolysis Market Outlook
    • 6.3.2.1. Market Size & Forecast
      • 6.3.2.1.1. By Value
    • 6.3.2.2. Market Share & Forecast
      • 6.3.2.2.1. By Type
      • 6.3.2.2.2. By Application
  • 6.3.3. Mexico Water Electrolysis Market Outlook
    • 6.3.3.1. Market Size & Forecast
      • 6.3.3.1.1. By Value
    • 6.3.3.2. Market Share & Forecast
      • 6.3.3.2.1. By Type
      • 6.3.3.2.2. By Application

7. Europe Water Electrolysis Market Outlook

• 7.1. Market Size & Forecast
  • 7.1.1. By Value
• 7.2. Market Share & Forecast
  • 7.2.1. By Type
  • 7.2.2. By Application
  • 7.2.3. By Country
• 7.3. Europe: Country Analysis
  • 7.3.1. Germany Water Electrolysis Market Outlook
    • 7.3.1.1. Market Size & Forecast
      • 7.3.1.1.1. By Value
    • 7.3.1.2. Market Share & Forecast
      • 7.3.1.2.1. By Type
      • 7.3.1.2.2. By Application
  • 7.3.2. France Water Electrolysis Market Outlook
    • 7.3.2.1. Market Size & Forecast
      • 7.3.2.1.1. By Value
    • 7.3.2.2. Market Share & Forecast
      • 7.3.2.2.1. By Type
      • 7.3.2.2.2. By Application
  • 7.3.3. United Kingdom Water Electrolysis Market Outlook
    • 7.3.3.1. Market Size & Forecast
      • 7.3.3.1.1. By Value
    • 7.3.3.2. Market Share & Forecast
      • 7.3.3.2.1. By Type
      • 7.3.3.2.2. By Application
  • 7.3.4. Italy Water Electrolysis Market Outlook
    • 7.3.4.1. Market Size & Forecast
      • 7.3.4.1.1. By Value
    • 7.3.4.2. Market Share & Forecast
      • 7.3.4.2.1. By Type
      • 7.3.4.2.2. By Application
  • 7.3.5. Spain Water Electrolysis Market Outlook
    • 7.3.5.1. Market Size & Forecast
      • 7.3.5.1.1. By Value
    • 7.3.5.2. Market Share & Forecast
      • 7.3.5.2.1. By Type
      • 7.3.5.2.2. By Application

8. Asia Pacific Water Electrolysis Market Outlook

• 8.1. Market Size & Forecast
  • 8.1.1. By Value
• 8.2. Market Share & Forecast
  • 8.2.1. By Type
  • 8.2.2. By Application
  • 8.2.3. By Country
• 8.3. Asia Pacific: Country Analysis
  • 8.3.1. China Water Electrolysis Market Outlook
    • 8.3.1.1. Market Size & Forecast
      • 8.3.1.1.1. By Value
    • 8.3.1.2. Market Share & Forecast
      • 8.3.1.2.1. By Type
      • 8.3.1.2.2. By Application
  • 8.3.2. India Water Electrolysis Market Outlook
    • 8.3.2.1. Market Size & Forecast
      • 8.3.2.1.1. By Value
    • 8.3.2.2. Market Share & Forecast
      • 8.3.2.2.1. By Type
      • 8.3.2.2.2. By Application
  • 8.3.3. Japan Water Electrolysis Market Outlook
    • 8.3.3.1. Market Size & Forecast
      • 8.3.3.1.1. By Value
    • 8.3.3.2. Market Share & Forecast
      • 8.3.3.2.1. By Type
      • 8.3.3.2.2. By Application
  • 8.3.4. South Korea Water Electrolysis Market Outlook
    • 8.3.4.1. Market Size & Forecast
      • 8.3.4.1.1. By Value
    • 8.3.4.2. Market Share & Forecast
      • 8.3.4.2.1. By Type
      • 8.3.4.2.2. By Application
  • 8.3.5. Australia Water Electrolysis Market Outlook
    • 8.3.5.1. Market Size & Forecast
      • 8.3.5.1.1. By Value
    • 8.3.5.2. Market Share & Forecast
      • 8.3.5.2.1. By Type
      • 8.3.5.2.2. By Application

9. Middle East & Africa Water Electrolysis Market Outlook

• 9.1. Market Size & Forecast
  • 9.1.1. By Value
• 9.2. Market Share & Forecast
  • 9.2.1. By Type
  • 9.2.2. By Application
  • 9.2.3. By Country
• 9.3. Middle East & Africa: Country Analysis
  • 9.3.1. Saudi Arabia Water Electrolysis Market Outlook
    • 9.3.1.1. Market Size & Forecast
      • 9.3.1.1.1. By Value
    • 9.3.1.2. Market Share & Forecast
      • 9.3.1.2.1. By Type
      • 9.3.1.2.2. By Application
  • 9.3.2. UAE Water Electrolysis Market Outlook
    • 9.3.2.1. Market Size & Forecast
      • 9.3.2.1.1. By Value
    • 9.3.2.2. Market Share & Forecast
      • 9.3.2.2.1. By Type
      • 9.3.2.2.2. By Application
  • 9.3.3. South Africa Water Electrolysis Market Outlook
    • 9.3.3.1. Market Size & Forecast
      • 9.3.3.1.1. By Value
    • 9.3.3.2. Market Share & Forecast
      • 9.3.3.2.1. By Type
      • 9.3.3.2.2. By Application

10. South America Water Electrolysis Market Outlook

• 10.1. Market Size & Forecast
  • 10.1.1. By Value
• 10.2. Market Share & Forecast
  • 10.2.1. By Type
  • 10.2.2. By Application
  • 10.2.3. By Country
• 10.3. South America: Country Analysis
  • 10.3.1. Brazil Water Electrolysis Market Outlook
    • 10.3.1.1. Market Size & Forecast
      • 10.3.1.1.1. By Value
    • 10.3.1.2. Market Share & Forecast
      • 10.3.1.2.1. By Type
      • 10.3.1.2.2. By Application
  • 10.3.2. Colombia Water Electrolysis Market Outlook
    • 10.3.2.1. Market Size & Forecast
      • 10.3.2.1.1. By Value
    • 10.3.2.2. Market Share & Forecast
      • 10.3.2.2.1. By Type
      • 10.3.2.2.2. By Application
  • 10.3.3. Argentina Water Electrolysis Market Outlook
    • 10.3.3.1. Market Size & Forecast
      • 10.3.3.1.1. By Value
    • 10.3.3.2. Market Share & Forecast
      • 10.3.3.2.1. By Type
      • 10.3.3.2.2. By Application

11. Market Dynamics

• 11.1. Drivers
• 11.2. Challenges

12. Market Trends & Developments

• 12.1. Merger & Acquisition (If Any)
• 12.2. Product Launches (If Any)
• 12.3. Recent Developments

13. Global Water Electrolysis Market: SWOT Analysis

14. Porter's Five Forces Analysis

• 14.1. Competition in the Industry
• 14.2. Potential of New Entrants
• 14.3. Power of Suppliers
• 14.4. Power of Customers
• 14.5. Threat of Substitute Products

15. Competitive Landscape

• 15.1. Asahi Kasei Corporation
  • 15.1.1. Business Overview
  • 15.1.2. Products & Services
  • 15.1.3. Recent Developments
  • 15.1.4. Key Personnel
  • 15.1.5. SWOT Analysis
• 15.2. Nel ASA
• 15.3. thyssenkrupp AG
• 15.4. Cummins Inc.
• 15.5. Toshiba Energy Systems & Solutions Corporation
• 15.6. Teledyne Technologies Incorporated
• 15.7. Suzhou Green Hydrogen Energy Co., Ltd.
• 15.8. ITM Power PLC
• 15.9. Clean Power Hydrogen plc
• 15.10. Plug Power Inc.

16. Strategic Recommendations

17. About Us & Disclaimer