Norwegian electrolyzer manufacturer Nel sees “multiple gigawatts” of global electrolysis capacity taking final investment decisions before the end of 2025, led by industrial applications in mature markets.

Nel, which produces both alkaline and proton exchange membrane electrolyzers, expected large installations integrated with new renewables to gradually become another key part of the green hydrogen market, it said in a results statement July 17.
The vast majority current hydrogen demand comes from the fertilizer and refining sectors.

However, Nel cautioned that current high interest rates and raw material prices have made new renewable energy installations more expensive, denting the market outlook.