Water Electrolysis Technology and Components

Water Electrolysis Equipment and Components Manufacturers

Water electrolysis is considered a core technology for producing green hydrogen using renewable energy sources. Various studies are underway to advance the social implementation of low-carbon methods for water electrolysis. Alkaline (ALK) and proton exchange membrane (PEM) electrolyzers have reached the commercialization phase. Meanwhile, anion exchange membrane (AEM) electrolyzers and solid oxide electrolyzer cell (SOEC) systems are in the demonstration phase, aiming to reduce metal usage, enhance durability, and respond to electricity fluctuations.
Traditionally, demand for hydrogen has relied on the petroleum refining and chemical industries. However, as decarbonization progresses, demand is expected to expand into sectors such as steel production, mobility, and power generation. Furthermore, demand for hydrogen in power-to-gas (P2G) applications is emerging as a solution to the problem of excess electricity resulting from the expanded adoption of renewable energy.
Nevertheless, many low-carbon and hydrogen projects have been canceled or postponed, primarily in Europe and the United States, prompting these nations to shift from initially optimistic scenarios. Policies in various countries are now entering a new phase, characterized by adjustments to realistic implementation timelines, stricter eligibility requirements, and a greater acceptance of blue hydrogen. Going forward, it will be essential to advance a materials science-based approach to resolving technical challenges, while developing supply chains that leverage policy frameworks designed to stimulate supply and demand simultaneously.
This report examines the research findings and study trends of companies and R&D institutions involved in water electrolysis and reveals the business strategies of equipment and component manufacturers. The report also forecasts the growth potential of the electrolyzer market and its components.

I. Outlook of the Water Electrolysis Technology and Components Market

The development of water electrolysis technology has transitioned from ambitious decarbonization scenarios to a more realistic business phase that prioritizes economic rationality. Building an industrial ecosystem between Japan and Europe would strengthen supply chains and foster co-creation of value.

II. Hydrogen-Related Policy in Major Countries

1. Japan's Hydrogen-Related Policy
2. Hydrogen-Related Policies in the EU
3. Germany's Hydrogen-Related Policy
4. The United States' Hydrogen-Related Policy
5. China's Hydrogen-Related Policy
6. South Korea's Hydrogen-Related Policy

III. Trends in the Water Electrolysis Technology and Components Market

1. Trends in the Water Electrolysis Equipment Market

• Global cumulative installed capacity of water electrolysis systems is projected to exceed 300 GW by 2035.

2. Trends Among Water Electrolysis Equipment Manufacturers

• A clear divide is emerging among water electrolysis equipment manufacturers between those capturing GW-class demand and those exiting the market.
  (1) John Cockerill S.A.
  (2) HydrogenPro ASA
  (3) Thyssenkrupp nucera AG & Co KgaA
  (4) Sunfire SE
  (5) ITM Power plc
  (6) Nel ASA
  (7) Plug Power Inc.
  (8) Ohmium International,Inc
  (9) Bloom Energy Corporation
  (10) Topsoe A/S
  (11) Enapter GmbH
  (12) Verdagy, Inc.

3. Trends in the Water Electrolysis Components Market
   (1) Components for Alkaline Water Electrolysis
   (2) Components for Proton Exchange Membrane (PEM) Electrolysis
   (3) Components for Solid Oxide Electrolysis Cell (SOEC）Systems
   (4) Components for Anion Exchange Membrane (AEM）Electrolysis

IV. Developments of Water Electrolysis Equipment and Components Manufacturers

• Asahi Kasei Corporation
• Siemens Energy K.K.
• Kobelco Eco-Solutions Co.,Ltd.
• De Nora Permelec Ltd
• Bekaert Toko Metal Fiber
• Toray Industries, Inc.
• Tanaka Precious Metal Technologies, Co., Ltd.
• Furuya Metal Co., Ltd.
• Tosoh Corporation
• Sumitomo Bakelite Co., Ltd.
• Denso Corporation