Press Release Description
Water Electrolysis Market Exceeds USD 1.8 Billion Value in 2023, Poised for 7.1% CAGR Growth By 2030
The Global Water Electrolysis Market size was valued at around USD 1.8 billion in 2023 & is estimated to grow at a CAGR of about 7.1% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The market is expected to witness growth in the upcoming years due to the increasing demand for hydrogen fuel cell vehicles, eco-friendly fertilizers like green ammonia & green methanol, and other related applications. Key drivers propelling this revenue growth include the surge in demand for hydrogen fuel cells, the adoption of sustainable farming practices leading to the rise of eco-friendly fertilizers, and the growing necessity for renewable energy sources.
Green hydrogen, produced through water electrolysis, has garnered considerable attention as a renewable energy source. Industries & commercial sectors are recognizing hydrogen as a crucial element for various future applications, driven by a heightened focus on environmental sustainability. Moreover, ongoing innovations and technological advancements are predominantly directed at developing sustainable methods for hydrogen production, thereby stimulating the Water Electrolysis Market.
Additionally, stringent government regulations advocating reduced fossil fuel usage are anticipated to drive significant demand for water electrolysis machines in the foreseeable future. Besides, technological advancements aimed at refining the water electrolysis process are also paving the way for market development.
Furthermore, the increasing prominence of water electrolysis machines, pivotal in hydrogen production across multiple sectors, underscores their growing importance. Moreover, as electrocoagulation methods gain traction, water electrolysis is becoming an integral aspect of wastewater treatment facilities, further augmenting the market's growth trajectory in the forecasted years, further states the research report, “Global Water Electrolysis Market Analysis, 2024.”
Global Water Electrolysis Market Segmentation Analysis
Alkaline Electrolyzer to Lead the Water Electrolysis Market
Based on Electrolyzer Type, the market is fragmented into Alkaline Electrolyzer, Proton Exchange Membrane (PEM) Electrolyzer, Solid Oxide Electrolyzer Cell (SOEC), and Anion Exchange Membrane (AEM) Electrolyzers. Among all, Alkaline Electrolyzer held the dominant share of the Water Electrolysis Market. The alkaline water electrolysis segment's growth is driven by strong demand from the petroleum & power sectors.
Alkaline water electrolysis offers several advantages over other water electrolysis technologies, including higher efficiency, lower operating costs, and the ability to handle a wider range of feedstocks. These advantages make alkaline water electrolysis a particularly attractive option for the petroleum and power industries.
Asia-Pacific to Overpower Other Regions
The Asia-Pacific region is set to capture a significant portion of the Global Water Electrolysis Market, driven by surging demand for hydrogen as a clean energy source in countries like China, Japan, and South Korea. This demand is further fueled by substantial investments in renewable energy sources like solar and wind power, which ensure an abundant supply of electricity for hydrogen production.
Furthermore, governments across the Asia-Pacific region are actively promoting the adoption of hydrogen fuel cell technology through various incentives & support measures. Consequently, the Asia-Pacific Water Electrolysis Market is expected to remain a key driver of the global market as countries continue to invest in hydrogen-based energy solutions.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Linde plc, thyssenkrupp nucera AG & Co KgaA, Air Products and Chemical Inc., Siemens AG, ProtonOnsite, Teledyne Technologies Inc., Plug Power Inc., Cummins Inc., Erre Due SpA, Peak Scientific Instruments, Eneco Holdings Inc., Hydrogenics Corporation, ITM Power Plc, and Others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the Global Water Electrolysis Market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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