【SMM Analysis】PEM Electrolyzer Shipment Data for Q3 2025 !

1. Q3 PEM Electrolyzer Shipment Data

According to incomplete statistics and collation by SMM, the research sample size of PEM electrolyzers in Q3 2025 covered 24 enterprises with a total production capacity of approximately 2.78GW; the shipment volume reached around 21MW, a year-on-year decrease of about 27.1% and a month-on-month decrease of roughly 5.4%.

2. Analysis of Shipment Directions

（1）Universities,LaboratoriesandResearchInstitutes: Withnationalandlocal scientific research special funds tilting towards the hydrogen energy sector, universities and laboratories, as the forefront of basic hydrogen energy research, have adopted small-scale PEM electrolyzers as the main equipment for performance experiments and tests, directly driving PEM electrolyzer shipments. A recent example is the public tender for the Hydrogen Energy Comprehensive Laboratory of the School of New Energy at Jingchu University of Technology.

（2）PharmaceuticalandSmall-ScaleMetallurgicalScenarios: According to SMM's research and analysis, domestic small-scale (within 10 Nm³/h) PEM electrolyzers have cost advantages over traditional gray hydrogen and blue hydrogen in pharmaceutical and small-scale metallurgical scenarios, mainly due to savings in transportation costs (via long-tube trailers).

（3）BoomingOverseasDeliveries: Domestic large-scale projects still mainly adopt alkaline electrolyzers, and PEM electrolyzer shipments are not ideal due to cost constraints and hydrogen production scale limitations. However, as PEM is the dominant technical route for water electrolysis hydrogen production equipment overseas, domestic PEM electrolyzers still hold price advantages in overseas hydrogen-ammonia-alcohol projects. The proportion of overseas PEM deliveries in total deliveries continued to rise in Q3.

3. Q4 Forecast

（1）OverseasMarketAdvantage: More enterprises will further target the overseas market to seize first-mover opportunities.

（2）StableQ4Shipments: Driven by the successive delivery of Q3 orders and considering holiday impacts, the shipment volume of PEM electrolyzer equipment is expected to increase steadily in Q4.