Guidehouse Insights Anticipates the Global Electrolyzer Capacity Will Grow at a Compound Annual Growth Rate of 78% Through 2031


A new report from Guidehouse Insights reviews system and component price projections for four electrolyzer technology types, focusing on pricing specifics and providing capacity and revenue projections for major global regions for 2022-2031.

Water electrolysis for hydrogen production—especially green hydrogen that is produced entirely with renewable energy—is garnering renewed attention due to technological advances, a growing list of potential end-use applications for hydrogen, lower renewable electricity prices, a global push to decarbonize energy production and consumption, and a desire to help stabilize the power grid amid broader efforts toward electrification and the variability that comes with renewable supplies. According to a new report from Guidehouse Insights, global electrolyzer capacity is expected to grow at a compound annual growth rate of 78%, from 0.5 GW in 2022 to 84.7 GW in 2031.

“Alkaline and polymer electrolyte membrane electrolyzers are the only two technologies with noteworthy commercial presence in the global market,” says Peter Marrin, senior research analyst with Guidehouse Insights. “These two types will likely continue to dominate most regional markets for the next 5 years.”

Certain challenges still restrict green hydrogen’s full potential. Aspects of the supply and value chains of hydrogen production, including the parts and components that make up the electrolyzers themselves, remain technologically immature, logistically precarious, and prohibitively expensive. Other challenges include land and water use, underdeveloped government policies and incentives, and the need for further infrastructure for transport and storage.

The report, Price Modeling and Learning Curves for Electrolyzers, provides system and component price projections for four electrolyzer technology types: alkaline, polymer electrolyte membrane (PEM), solid oxide electrolyzer cells (SOEC), and anion exchange membrane (AEM). This report focuses primarily on the specifics of pricing for these four electrolyzer types, including capacity and revenue projections for major global regions for 2022-2031. An executive summary of the report is available for free download on the Guidehouse Insights website.

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