Market Overview:
The worldwide water electrolysis market is estimated to grow at a CAGR of 6% between 2022 and 2030, reaching a value of USD 9.3 billion over 2022 -2030
Increased private investments and favorable government policies promoting sustainable and renewable energy sources propel the global Water Electrolysis market growth. Furthermore, the use of steel and hydrogen in chemicals, petroleum, pharmaceuticals, electronics & semiconductors, electronics, and power production are key factors driving the global water electrolysis machine market size.
The global water electrolysis market also provides the market structure based on current trends and technology improvements implemented by leading market players. Several reasons contribute to market expansion, such as rising global carbon emissions, increased ammonia, and rising margarine demand. Increased low-carbon hydrogen production, menthol capacity production, and demand for semiconductors are the other factors that further propel the market growth.
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The coronavirus epidemic has harmed several end-user industries that run water electrolysis devices, limiting short-term demand. Government-imposed restrictions and lockdowns have disrupted supply networks for vital raw materials and components. Additionally, reduced international commerce, particularly in non-essential goods, may harm the prospects of the water electrolysis machine industry throughout the crisis. On the other hand, the water electrolysis machine market is likely to recover steadily in 2021, as governmental and private investments in renewables and hydrogen generation are expected to pick up steam soon.
Key Players
- ThyssenKrupp AG
- Linde AG
- Air Products and Chemical Inc.
- Siemens AG
- ProtonOnsite
- Teledyne Energy Inc.
- AREVA H2Gen
- Hydrogenics Corporation
- Erre Due SpA
- Peak Scientific.
Market segmentation:
The worldwide water electrolysis market has been divided into products and end users.
By product:
- Alkaline water electrolysis
- Proton exchange membrane
By end-user:
- Pharmaceuticals,
- Chemicals
- Power plants
- Electronics & semiconductor
- Petroleum
- Others
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Regional analysis:
The worldwide water electrolysis market is divided into Europe, North America, Asia-Pacific, and the rest of the world.
By 2030, Asia-Pacific is expected to be the largest regional market with the highest water electrolysis machine market share. This market’s expansion may be ascribed to China’s and India’s considerable industrial growth, which drives demand for high-purity hydrogen. Additionally, reduced manufacturing and labor costs for producing water electrolysis machines are projected to benefit the Asia-Pacific region in the long run in the global water electrolysis machine market.
North America is another fastest-growing market after Asia-Pacific. North America is mostly made up of the United States and Canada. The United States is a global leader in creating hydrogen using water electrolysis. In North America, hydrogen and fuel cells provide energy security and a cleaner environment for people. The United States has maintained and created certain norms and standards to assure the safety and environmental friendliness of hydrogen and fuel cell products. Several hydrogen-related innovations are being adopted, such as hydrogen-powered buses and forklifts at retail establishments. The rising usage of hydrogen in the United States will likely boost the North American water electrolysis market during the forecast period.
Recent developments:
- In April 2020, Asahi Kasei Corporation, in partnership with Toshiba Energy Systems & Solutions Corp., launched a project for hydrogen delivery in Namie Futaba, Fukushima, with a gigantic energy size of 10 MW. The business has partnered with Tohoku Electric Power Co. Inc. and Iwatani Corp for hydrogen technology research initiatives.
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