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1、Overcapacity and intense competition:Battle on the global electrolyzer marketFebruary 2025Strategy&European electrolyzer manufacturers are under high cost pressure and must act Electrolyzer market overviewFebruary 2025Strategy&The electrolyzer OEM market is facing significant overcapacityas the hydr

2、ogen market is only slowly gaining momentumWestern manufacturers are under increasing pressure from Chinese competition with significantly lower pricesElectrolyzer stocks have therefore lost significant value EUR 2 billion of destroyed shareholder value in the last yearElectrolyzer OEMs need to act

3、now to position for market success in the light of these unfavorable conditionsOEMs are faced with the complexity of different competing technologies,with no clear winner being foreseeable2Strategy&February 2025Clean hydrogen is clearly needed for the energy transition and has been expected to grow

4、fast and strongly,but project realization is largely laggingHard-to-abate sectors started tenders But market realities look different and drove expectationsElectrolyzer market overviewSource:Strategy&analysis based on IEA,Hydrogen InsightGlassRefineriesSteelAviationShipping3770 GW concept340 GW feas

5、ibility21 GW FID/constr.1.3 GW in operation2%onlyUniper delays 500 MW offshore-wind green hydrogen projectEngie delays 4GW green hydrogen targetShell canceled 400 MW H2Sines.RdamReality check|Hydrogen developers walk back large-scale ambitions this decadeBP shelves 18 early-stage hydrogen projects20

6、19202020212022202320241172744398391,032GW announced renewable hydrogen projectstkSE tenders 143 ktoSalzgitter tenders 150 ktoTotalEnergies tenders 500 ktoStrategy&February 2025There is overcapacity in electrolyzer manufacturing on the global stage,drastically undermining the industrys profitabilityG