KETEP 세계에너지시장정보

Abbreviations viii

Foreword x

Acknowledgments xii

Key Take Aways xv

Executive Summary  xviii
 Electrolyzer Market Dynamics  xviii
 Electrolyzer Manufacturing Capacity and Supply Chains xix
 Electrolyzer Costs and the Impact on Hydrogen Economics xxiii
 Recommendations for Equipment Selection and Due Diligence xxvii
 Caveats and Future Research  xxx

About this Report xxxii
 Context of the Report xxxii
 Rationale and Objective of the Report xxxii

I. Market and Technology Status 1
 Key Points  1
 Hydrogen Demand 2
 Electrolyzer Demand 3
 Electrolyzer Supply as of mid-2025 6
 Electrolyzer Technologies and Technology/Commercial Readiness Levels 12
 Alkaline (ALK) Electrolyzers  14
 Proton Exchange Membrane (PEM) Electrolyzers  20
 Solid Oxide Electrolyzer Cells (SOECs) 24
 Anion Exchange Membrane (AEM) Electrolyzers  27
 Electrolyzer System Components  33
 Integration of Variable Renewable Energy and Electrolyzer systems 39
 Approaches for Electrolyzer System Flexibility 42

II. The Cost of Electrolysis  49
 Key Points 49
 Overview of Expenditures  52
 Direct Capital Expenditures  57
 Indirect Capital Expenditure  68
 Operational Expenditure  74
 The Levelized Cost of Hydrogen 86
 Costs of Electrolyzer Systems, by Region of Manufacture 96

III. Pathways to Reducing Costs 105
 Key Points 105
 Securing Low-cost Electricity  106
 Refining the Scope of Engineering, Procurement, Construction, and Optimizing Balance of Stack and balance of Plant 108
 Accelerating Stack Innovation 109
 Digitalizing Across the Project Life Cycle  113
 Reducing Financing Costs  114
 Developing Common user Infrastructure 115

IV. Electrolyzer Manufacturers and their Offerings 119
 Key Points 119
 Market Presence and Operational Track Record 120
 Types of Offers and their Scope 123
 Long-term Service Agreements 124
 Warranties and Performance Guarantees 125
 Training Services 126
 Delivery Fime Frames and Commitments 127
 Ownership Models—Direct Sales, Leasing, and Tolling 127
 Tools to Support OEM Due Diligence 128
 
References 131