In India, DataM Intelligence reported that the global green hydrogen electrolyzer market reached $ 2.20 billion in 2023 and is expected to reach US$ 17.9 billion by 2031, growing with a CAGR of 29.9% during the forecast period 2024-2031.
The report noted that the green hydrogen electrolyzer market is growing due to accelerating global decarbonization goals, large-scale investments in renewable energy, government incentives, declining electrolyzer costs, and rising demand for clean hydrogen in industries like power, mobility, and chemicals.
“Europe leads the global electrolyzer market due to aggressive decarbonization targets, strong government subsidies, and large-scale hydrogen projects in Germany, Netherlands, Spain, and the Nordics. APAC is the fastest-growing region, with major manufacturing hubs in China and Japan and strong green hydrogen investments by Australia and India,” it added.
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