Water Electrolysis Market Overview: Global Water Electrolysis Market is projected to value at USD 9.3BN by 2030 at an estimated CAGR of 6% during t
Water Electrolysis Market Overview:
Global Water Electrolysis Market is projected to value at USD 9.3BN by 2030 at an estimated CAGR of 6% during the forecast period. (2022-2030)
The water electrolysis market looks extremely promising. The market rise attributes to the increasing uptake of high energy density fuel cell systems and rising green hydrogen generations. Increasing awareness of the benefits of hydrogen fuel in transport and mobility influences market growth. Besides, the growing demand for clean energy (carbon-free energy) drives the growth of the market.
Rising uses of water electrolysis processes to integrate renewables through the power to the gas facility escalate the market growth. Moreover, developments in advanced power saving solutions, digital power management, and control technologies positively impact the water electrolysis industry. The current focus for alkaline water electrolysis development is towards obtaining higher efficiency by applying high temperature and high-pressure operation.
The Spurring rise across the end-user industries boosts the growth of the market. The increased pressure to reduce industrial carbon emissions increase market size, fostering the water electrolysis process in end-uses. The vast adoption of the water electrolysis process in the rapidly expanding chemical sectors worldwide is another factor boosting the market growth. The market is also bolstered by the rising demand for carbon-free sources of energy, an extremely effective way of integrating renewables to power gas facilities.
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Government initiatives focusing on improving earnings measures by expanding product range and targeted investments in energy markets push the market growth. Additionally, increasing application areas of water electrolysis in sustainable sources of energy substantiate the market size. Surging government investments in the current hydrogen production system expand the market growth area.
The vast demand for a clean and efficient mode of energy like wind power that directly generates electricity through wind turbines or by water electrolysis boosts the market growth. Developments in basic wind energy-hydrogen system structures impact the market share positively. Furthermore, the rising awareness regarding renewable energy technologies, alongside the rise in the electric vehicle sectors, accelerates the market growth.
On the other hand, various constraints of water electrolysis processes hinder the growth of the market. Also, the availability of water electrolysis substitutes and increased cost of water electrolyzer is a major factor impeding the market growth. Nevertheless, technological upgrades expected in recent years would support market growth throughout the assessment period.
Key players involved in the market are Linde AG, ThyssenKrupp AG, Air Products and Chemicals, Inc., ProtonOnsite, Siemens AG, Teledyne Energy Systems Inc., Hydrogenics Corporation, AREVA H2Gen, Peak Scientific, and Erre Due SpA.
The water electrolysis market analysis is segmented into product category, end-users, and region. The product category segment is sub-segmented into proton exchange membrane and alkaline water electrolysis. Of these, the alkaline water electrolysis segment accounts for the largest market share.
The end-user segment is sub-segmented into chemicals, electronics & semiconductors, power plants, petroleum, pharmaceuticals, and others. Among these, the chemicals segment accounts for the largest market share, followed by pharmaceuticals. The region segment is sub-segmented into Europe, Americas, Asia Pacific, and rest-of-the-world.
North America dominates the global water electrolysis market. Americas is a hub for the development of hydrogen through water electrolysis. Especially, the US has maintained and developed specific codes and standards to ensure that hydrogen and fuel cell products are safe and environment friendly.
Resultantly, hydrogen and fuel cells in North America are well known to offer energy security and a cleaner environment. Moreover, the largest market share attributes to various innovative implementations for the use of hydrogens, such as hydrogen-powered buses and hydrogen-powered forklifts in retail stores.
The presence of state-of-the-art infrastructures pushes the market further, allowing implementations of futuristic technologies. The US, with the increased use of hydrogen, drives the regional market. The North American water electrolysis market is estimated to retain its dominance throughout the review period.
Asia Pacific stands second in the global water electrolysis market. The market is driven by rising technological advances and focuses on using renewable energy sources across the industry verticals. Additionally, stringent government regulation to reduce carbon footprint in the local region contributes to market growth.
The availability of powerful technologies at affordable costs is a key driving force behind the regional market growth. Furthermore, the steady rate of vehicle production results in the increased use of water electrolysis in vehicles.
The presence of many electronics & semiconductor companies in the region fosters the growth of the market. China, India, South Korea, and Malaysia are the key market for water electrolysis. The APAC water electrolysis market is to demonstrate considerable revenue generation during the upcoming years.
The European water electrolysis market is emerging as a lucrative space globally. The region perceives a massive uptake of electronic products. Moreover, the increased water electrolysis usage, alongside the chemical industry in the region, propels the market growth.
The UK and Germany, with their burgeoning electronics industries, contribute to the regional market growth majorly. The European water electrolysis market is to witness significant growth during the assessment period.
Highly competitive, the water electrolysis market appears fragmented, with several well-established players forming a competitive landscape. Mergers & acquisitions, innovations, and collaborations remain prevailing key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge products and services, making substantial R&D investments in developing adept technologies and devices.
These companies focus on developing their product and service portfolios with the latest technologies and following organic and inorganic growth approaches. The competition in the market is likely to intensify further with the rising numbers of new entrants in the market.
For instance, recently, on May 05, 2021, Green Swan Partners LLC, a venture builder and sHYp BV PBC, a Hydrogen (H2) technology startup, announced signing a joint business development agreement as a precursor to a formal Hydrogen joint venture (JV). sHYp’s hydrogen technology is a game-changer improving existing electrolysis technology as it requires no desalination and results in no toxic waste. Green and Blue hydrogen technologies are necessary and critical tools in tackling climate change.
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