Lucintel's latest market report analyzed that hydrogen electrolyzer provides attractive opportunities in the ammonia, methanol, refinery, electronics, energy, transport, metal production & fabrication, pharma & biotech, food & beverage, and glass industries. The hydrogen electrolyzer market is expected to reach $XX billion by 2028 with a CAGR of 23% to 25%. In this market, alkaline water electrolyzer is the largest segment by product type, whereas transport is largest by application.

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Based on product type, the hydrogen electrolyzer market is segmented into polymer electrolyte membrane (PEM) electrolyzer, alkaline water electrolyzer, and solid oxide electrolyzer. The alkaline water electrolyzer segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to its efficiency to operate in high temperature and pressure. Clean hydrogen is produced using an alkaline water electrolyzer and distributed to various end uses in order to reduce carbon emissions.

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The Hydrogen Electrolyzer Market is marked by the presence of several big and small players. Some of the prominent players offering hydrogen electrolyzer include Siemens, Toshiba, Cummins, McPhy Energy, Nel Hydrogen, H-tec Systems, ITM Power, Green Hydrogen Systems, H2B2 Electrolysis Technologies, and Plug Power.

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