Electrolysers
Alkaline, PEM and solid-oxide equipment that splits water into hydrogen; China leads manufacturing and installations
6 leading companies in electrolysers, one segment of hydrogen & fuel cells — Electrolysers, low-emissions hydrogen, fuel cells and hydrogen vehicles: a 100 Mt fossil market trying to go clean
new market segment · researched 2026-11-14
ElectrolysersLow-emissions hydrogen productionStationary fuel cellsFuel cells for vehiclesHydrogen supply & refuelling
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Leading electrolysers companies
6 companies, with the scale each source states. Scale is the whole company's unless the row says otherwise.
| Company | Where | What they do | Scale |
|---|---|---|---|
| thyssenkrupp nucera ↗ | Dortmund, Germany | Alkaline water electrolysis plants (and chlor-alkali electrolysis) | revenue: 845 EUR millions, group incl. chlor-alkali (FY2024/25); order intake fell to EUR 348M from EUR 636M on weak green-hydrogen market (2025) ↗ |
| Siemens Energy ENR.DE ↗ | Munich, Germany since 2020 | PEM electrolyser stacks from a Berlin gigawatt factory (joint venture with Air Liquide) | capacity: 1 GW/yr electrolyser stack production in first year, planned 3 GW 'as soon as 2025' (Nov 2023 statement) (2023) ↗ |
| Nel NEL.OL ↗ | Oslo, Norway | Alkaline and PEM electrolysers | revenue: 330 NOK millions, Q4 2025 only (revenue from contracts with customers; -20% y/y; NOK 799M impairment) (2025) ↗ |
| ITM Power ITM.L ↗ | Sheffield, United Kingdom since 2000 | PEM electrolysers | revenue: 16.5 GBP millions (2024, per Wikipedia) (2024) ↗ |
| Plug Power PLUG ↗ | Slingerlands, NY, United States | PEM fuel cells (notably for material handling), electrolysers and hydrogen supply | revenue: 709.9 USD millions (FY2025, 10-K) (2025) ↗ |
| FuelCell Energy FCEL ↗ | Danbury, CT, United States | Carbonate and solid-oxide fuel cell power plants and electrolysis | revenue: 158.2 USD millions (FY ended Oct 2025, 10-K) (2025) ↗ |
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The hydrogen & fuel cells market
The whole market this segment sits in.
global hydrogen demand · world100
↗million tonnes (Mt), 'surpassed' · 2025
Growth, segments, risks and every company in hydrogen & fuel cells →
Quick answers
- What are electrolysers?
- Alkaline, PEM and solid-oxide equipment that splits water into hydrogen; China leads manufacturing and installations. They are one segment of the hydrogen & fuel cells market.
- Who are the leading electrolysers companies?
- thyssenkrupp nucera (Germany), Siemens Energy (Germany), Nel (Norway), ITM Power (United Kingdom), Plug Power (United States), FuelCell Energy (United States).
- Which electrolysers companies are publicly traded?
- Siemens Energy (ENR.DE), Nel (NEL.OL), ITM Power (ITM.L), Plug Power (PLUG), FuelCell Energy (FCEL).
- How big is the hydrogen & fuel cells market?
- For the whole hydrogen & fuel cells market, not this segment alone: global hydrogen demand (world) 100 million tonnes (Mt), 'surpassed', 2025 — International Energy Agency.