Japan Electrolyzers Market Size, Share & Trends Analysis Report By Capacity, By Technology, By Application (Power Generation, IndJapantry Feedstock, Transportation, Building Heat & Power, IndJapantry Energy, and Others), and Forecast, 2023 - 2030

The Japan Electrolyzers Market size is expected to reach $2.4 Billion by 2030, rising at a market growth of 54.6% CAGR during the forecast period.

The electrolyzers market in Japan is witnessing a surge in innovation and demand driven by the country's ambitious goals for renewable energy integration and carbon neutrality. Innovations in electrolyzer technology are playing a pivotal role in Japan's energy transformation. Advancements in proton exchange membrane (PEM) and alkaline electrolysis and the development of high-efficiency, cost-effective electrolyzers are driving the market forward. It is anticipated that the scalable manufacturing of green hydrogen, made possible by these developments, will be of critical importance to Japan in its endeavors to decrease its dependence on fossil fuels and fulfill its climate objectives.

The country's commitment to renewable energy and decarbonization underscores the necessity of electrolyzers in Japan's energy landscape. With limited domestic fossil fuel resources, Japan has been focusing on expanding its renewable energy capacity, including solar and wind power. Moreover, the intermittent nature of renewable energy sources necessitates the development of efficient energy storage solutions, where electrolyzers can play a key role in converting excess renewable electricity into hydrogen for storage and later use.

Additionally, while the COVID-19 pandemic has presented challenges for the market, it has also created opportunities for innovation, adaptation, and strategic planning as the industry navigates the evolving landscape of hydrogen technologies and sustainable energy solutions in a post-pandemic world. The Japanese government has continued to support green initiatives, including hydrogen-related projects, as part of its economic recovery and sustainability efforts post-pandemic. This support includes funding for research and development and incentives for companies investing in green technologies, which could boost the electrolyzers market.

Thus, Japan's electrolyzers market is characterized by rapid innovation and increasing necessity driven by the country's transition to renewable energy and its vision for a hydrogen-based economy. With a focus on technological advancements and policy support, Japan is poised to play a leading role in the electrolyzers market as it seeks to realize its sustainable energy goals.

Market Trends

Growing demand for solid oxide electrolyzer

Japan is experiencing a growing demand for solid oxide electrolyzers (SOEs) as the country intensifies its efforts to achieve carbon neutrality and transition to a sustainable energy future. SOEs are a type of high-temperature electrolysis technology that utilizes solid oxide ceramic materials as the electrolyte, enabling efficient and cost-effective production of hydrogen from water and electricity.

One of the key drivers behind the increasing demand for SOEs in Japan is the country's commitment to leveraging hydrogen as a clean energy carrier. With limited domestic natural resources and a strong reliance on imported fossil fuels, Japan sees hydrogen as a versatile and environmentally friendly alternative for various sectors, including industry, transportation, and power generation. With their high efficiency and ability to handle high-temperature operations, SOEs are well-suited for large-scale hydrogen production, making them a preferred choice in Japan's hydrogen strategy.

Additionally, the versatility of SOEs extends beyond hydrogen production. These electrolyzers can also operate in reverse mode, allowing them to function as solid oxide fuel cells (SOFCs) for power generation. This dual functionality makes SOEs attractive for applications that require both hydrogen production and power generation, offering a potential solution for integrating renewable energy sources into Japan's energy grid and achieving grid stability.

Furthermore, Japan's strong focus on technological innovation and research and development is driving advancements in SOE technology. Japan's Companies and research institutions are actively developing next-generation SOEs with improved performance, durability, and cost-effectiveness. These efforts are aimed at making SOEs more competitive and accessible for widespread deployment in Japan's hydrogen economy.

The Japanese government's support for hydrogen-related initiatives, as outlined in its Basic Hydrogen Strategy and Green Growth Strategy, further amplifies the demand for SOEs. These strategies aim to promote the use of hydrogen across various sectors and create a hydrogen-based society in Japan. As a result, the growing demand for SOEs in Japan is expected to continue as the country accelerates its transition towards a carbon-neutral future powered by hydrogen.

Expanding chemical industry in Japan

Japan's chemical industry is currently experiencing substantial growth, propelled by a confluence of domestic and international factors transforming the sector. As one of the largest chemical producers in the world, Japan's chemical industry plays a critical role in the country's economy and its position in the market.

Japanese chemical companies' advanced research and development capabilities allow them to remain at the edge of technological developments in specialty chemicals, materials science, and high-performance polymers. These chemical companies have been able to develop state-of-the-art products and processes that serve a diverse array of domestic and international sectors due to their emphasis on innovation.

Additionally, Japan's chemical industry is benefiting from the growing demand for chemical products in key sectors such as automotive, electronics, construction, and healthcare. The automotive sector, in particular, is a major consumer of chemicals for applications ranging from automotive coatings and adhesives to high-performance plastics and composites. The sector is anticipated to experience further expansion due to the increasing demand for novel chemical solutions as the automotive industry transitions towards electric vehicles along with lightweight materials.

Moreover, the expanding chemical industry's efforts to integrate hydrogen into its operations for various applications, such as hydrogenation reactions and fuel cells, are driving the need for electrolyzers. These applications require a reliable and efficient source of hydrogen, which electrolyzers can provide by producing high-purity hydrogen on-site. As the adoption of hydrogen-based technologies increases within the chemical industry, so does the demand for electrolyzers capable of meeting the sector's specific requirements for hydrogen production. All the factors are expected to support the growth of the market in the coming years.

Competition Analysis

Several companies are at the forefront of developing and deploying electrolysis technology for hydrogen production in the Japanese electrolyzers market, reflecting Japan's commitment to advancing its hydrogen economy and reducing carbon emissions. These corporations are significantly influencing the trajectory of hydrogen as a sustainable energy medium in Japan and are at the forefront of innovation.

Toshiba Energy Systems & Solutions is a leading provider of energy solutions, including hydrogen-related technologies. The organization provides an assortment of electrolyzers for hydrogen production, capitalizing on its proficiency in energy systems and engineering. Toshiba is actively involved in developing advanced electrolysis technologies that contribute to the efficient and sustainable production of hydrogen.

Iwatani Corporation is a key player in the Japanese hydrogen industry, focusing on hydrogen production, distribution, and supply. The company has a strong presence in the electrolyzers market, supplying electrolysis equipment for various applications. Iwatani Corporation is committed to advancing hydrogen as a clean energy source in Japan and has been involved in several hydrogen-related projects.

Kawasaki Heavy Industries is a diversified technology and engineering company with a significant presence in the hydrogen sector. The company is known for its expertise in developing large-scale industrial equipment, including electrolyzers for hydrogen production. Kawasaki Heavy Industries has been actively involved in developing and deploying advanced electrolysis technologies for industrial applications.

Mitsubishi Power is a leading provider of power generation and energy solutions with a focus on hydrogen-related technologies. The company has been actively involved in the development of advanced electrolysis technologies for hydrogen production. Mitsubishi Power's energy systems and engineering expertise position it as a key player in the Japanese electrolyzers market.

Nel Hydrogen is a global leader in electrolysis technology, offering a range of electrolyzers for hydrogen production. Nel Hydrogen Japan K.K. is the Japanese subsidiary of Nel Hydrogen and is actively involved in supplying electrolyzers for various applications in Japan. The company's electrolyzers are known for their efficiency and reliability, contributing to the growth of the Japanese electrolyzers market. These companies and others in the Japanese electrolyzers market are driving innovation and growth in electrolysis technology, contributing to Japan's efforts to promote hydrogen as a clean and sustainable energy source.

List of Key Companies Profiled

• John Cockerill S.A.
• ITM Power PLC
• McPhy Energy S.A.
• Topsoe A/S
• Asahi Kasei Corporation
• Plug Power, Inc.
• Cummins, Inc.
• Siemens AG

Japan Electrolyzers Market Report Segmentation

By Capacity

• 500 kW to 2 MW
• Less than 500 kW
• Above 2 MW

By Technology

• Alkaline Electrolyzer
• Proton Exchange Membrane Electrolyzer
• Solid Oxide (SOE) Electrolyzer
• Anion Exchange Membrane (AEM) Electrolyzer

By Application

• Power Generation
• Industry Feedstock
• Transportation
• Building Heat & Power
• Industry Energy
• Others

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Japan Electrolyzers Market, by Capacity
1.4.2 Japan Electrolyzers Market, by Technology
1.4.3 Japan Electrolyzers Market, by Application
1.5 Methodology for the research

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
2.2.3 Market Opportunities
2.2.4 Market Challenges
2.2.5 Market Trends

Chapter 3. Competition Analysis - Global
3.1 Market Share Analysis, 2022
3.2 Porter Five Forces Analysis

Chapter 4. Japan Electrolyzers Market
4.1 Japan Electrolyzers Market by Capacity
4.2 Japan Electrolyzers Market by Technology
4.3 Japan Electrolyzers Market by Application

Chapter 5. Company Profiles – Global Leaders
5.1 John Cockerill S.A.
5.1.1 Company Overview
5.1.2 Recent strategies and developments:
5.1.2.1 Partnerships, Collaborations, and Agreements:
5.1.2.2 Geographical Expansions:
5.1.3 SWOT Analysis
5.2 ITM Power PLC
5.2.1 Company Overview
5.2.2 Financial Analysis
5.2.3 Regional Analysis
5.2.4 Research & Development Expenses
5.2.5 Recent strategies and developments:
5.2.5.1 Partnerships, Collaborations, and Agreements:
5.2.5.2 Product Launches and Product Expansions:
5.2.5.3 Geographical Expansions:
5.2.6 SWOT Analysis
5.3 McPhy Energy S.A.
5.3.1 Company Overview
5.3.2 Financial Analysis
5.3.3 Regional Analysis
5.3.4 Recent strategies and developments:
5.3.4.1 Partnerships, Collaborations, and Agreements:
5.4 Topsoe A/S
5.4.1 Company Overview
5.4.2 Financial Analysis
5.4.3 Regional Analysis
5.4.4 Research & Development Expenses
5.5 Asahi Kasei Corporation
5.5.1 Company Overview
5.5.2 Financial Analysis
5.5.3 Segmental and Regional Analysis
5.5.4 Research & Development Expenses
5.5.5 Recent strategies and developments:
5.5.5.1 Partnerships, Collaborations, and Agreements:
5.5.6 SWOT Analysis
5.6 Plug Power, Inc.
5.6.1 Company Overview
5.6.2 Financial Analysis
5.6.3 Regional Analysis
5.6.4 Research & Development Expenses
5.6.5 Recent strategies and developments:
5.6.5.1 Partnerships, Collaborations, and Agreements:
5.6.5.2 Acquisition and Mergers:
5.7 Cummins, Inc.
5.7.1 Company Overview
5.7.2 Financial Analysis
5.7.3 Regional & Segmental Analysis
5.7.4 Research & Development Expenses
5.7.5 Recent strategies and developments:
5.7.5.1 Acquisition and Mergers:
5.7.5.2 Geographical Expansions:
5.7.6 SWOT Analysis
5.8 Siemens AG
5.8.1 Company Overview
5.8.2 Financial Analysis
5.8.3 Segmental and Regional Analysis
5.8.4 Research & Development Expense
5.8.5 SWOT Analysis

TABLE 1 Japan Electrolyzers Market, 2019 - 2022, USD Million
TABLE 2 Japan Electrolyzers Market, 2023 - 2030, USD Million
TABLE 3 Japan Electrolyzers Market by Capacity, 2019 - 2022, USD Million
TABLE 4 Japan Electrolyzers Market by Capacity, 2023 - 2030, USD Million
TABLE 5 Japan Electrolyzers Market by Technology, 2019 - 2022, USD Million
TABLE 6 Japan Electrolyzers Market by Technology, 2023 - 2030, USD Million
TABLE 7 Japan Electrolyzers Market by Application, 2019 - 2022, USD Million
TABLE 8 Japan Electrolyzers Market by Application, 2023 - 2030, USD Million
TABLE 9 Key Information – John Cockerill S.A.
TABLE 10 Key Information – ITM Power PLC
TABLE 11 Key Information – McPhy Energy S.A.
TABLE 12 Key Information – Topsoe A/S
TABLE 13 Key Information – Asahi Kasei Corporation
TABLE 14 Key Information – Plug Power, Inc.
TABLE 15 Key information – Cummins, Inc.
TABLE 16 Key Information – Siemens AG

List of Figures
FIG 1 Methodology for the research
FIG 2 Japan Electrolyzers Market, 2019 - 2030, USD Million
FIG 3 Key Factors Impacting Electrolyzers Market
FIG 4 Market Share Analysis, 2022
FIG 5 Porter’s Five Forces Analysis – Electrolyzers Market
FIG 6 Japan Electrolyzers Market share by Capacity, 2022
FIG 7 Japan Electrolyzers Market share by Capacity, 2030
FIG 8 Japan Electrolyzers Market by Capacity, 2019 - 2030, USD Million
FIG 9 Japan Electrolyzers Market share by Technology, 2022
FIG 10 Japan Electrolyzers Market share by Technology, 2030
FIG 11 Japan Electrolyzers Market by Technology, 2019 - 2030, USD Million
FIG 12 Japan Electrolyzers Market share by Application, 2022
FIG 13 Japan Electrolyzers Market share by Application, 2030
FIG 14 Japan Electrolyzers Market by Application, 2019 - 2030, USD Million
FIG 15 SWOT Analysis: John Cockerill S.A.
FIG 16 Recent strategies and developments: ITM Power PLC
FIG 17 SWOT Analysis: ITM Power PLC
FIG 18 SWOT Analysis: Asahi Kasei Corporation
FIG 19 Recent strategies and developments: Plug Power, Inc.
FIG 20 Recent strategies and developments: Cummins, Inc.
FIG 21 SWOT Analysis: Cummins, Inc.
FIG 22 SWOT Analysis: Siemens AG