New York, US, May 22, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Water Electrolysis Market Information by Product, End-User, and Region - Forecast till 2030”, Water Electrolysis Market could thrive at a rate of 6% between 2022 and 2030. The market size will be reaching around USD 9,318.4 Million by the end of the year 2030
Water Electrolysis Market Overview
Water electrolysis is a technology that uses an electric current to split water into oxygen and hydrogen. The hydrogen produced through this process can be used as a fuel source or a feedstock for the production of chemicals. The water electrolysis market includes the sales of equipment and services related to this technology.
The use of hydrogen in transportation is particularly promising, as it can be used to power fuel cell vehicles, which emit only water and heat as byproducts. Governments in several countries have implemented policies to encourage the adoption of fuel cell vehicles and the development of the necessary infrastructure, which is expected to drive the growth of the water electrolysis market.
Market Competitive Landscape:
The affluent companies in the Water Electrolysis industry include
- ThyssenKrupp AG
- Linde AG
- Air Products and Chemical Inc.
- Siemens AG
- ProtonOnsite
- Teledyne Energy Inc.
- AREVA H2Gen
- Hydrogenics Corporation
- Erre Due SpA
- Peak Scientific
- Among others.
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April 2022
Cummins Inc. signed a contract with Hysetco to provide a 2.5 MW electrolyzer as part of a supply agreement. Hysetco plans to build and operate a large-scale hydrogen mobility platform in Paris, France, which will include hydrogen production, delivery, and consumption. The electrolyzer will be used for local hydrogen generation.
January 2022
Shell signed a deal with Thyssenkrupp Nucera for the Hydrogen Holland I project in Rotterdam. The project involves the design, acquisition, and construction of a 200 MW electrolysis plant, based on a 20 MW alkaline water electrolysis module currently in use on a large scale. The electrolyzers are expected to be completed by 2022.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 9,318.4 billion |
| CAGR during 2022-2030 | 6.00% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Category, End-User, and Region |
| Key Market Opportunities | Increasing demand for environment-friendly technologies |
| Key Market Dynamics | Increase in carbon emissions Increase in the production of low-carbon hydrogen |
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Water Electrolysis Market USP Covered:
Market Drivers:
One major driver for the water electrolysis market is the increasing demand for hydrogen as a fuel source for fuel cell electric vehicles (FCEVs). With the increasing concern for reducing carbon emissions from transportation, FCEVs have emerged as a promising alternative to traditional internal combustion engine vehicles. Water electrolysis is an important process for producing hydrogen gas for use in FCEVs. Additionally, water electrolysis is also used for energy storage in the form of hydrogen, which can be used to generate electricity during times of high demand. The increasing adoption of FCEVs and the growth of the renewable energy sector are expected to drive the growth of the water electrolysis market.
Market Restraints:
A major restraint for the water electrolysis market is the high cost associated with the technology. Water electrolysis requires a significant amount of energy to produce hydrogen gas, making it less efficient than other methods such as steam methane reforming. This results in a higher cost of production for hydrogen gas using water electrolysis. Additionally, the high cost of electrolysis equipment and maintenance further increases the overall cost of the technology. As a result, the adoption of water electrolysis technology is limited, particularly in regions with lower electricity prices, which may prefer other methods of hydrogen production such as steam methane reforming.
COVID 19 Analysis
The COVID-19 pandemic has had a significant impact on the water electrolysis market. Due to the pandemic, the demand for hydrogen has decreased, leading to a decrease in demand for water electrolysis. The lockdowns and restrictions imposed in many countries have disrupted the supply chain and manufacturing activities, leading to delays and disruptions in the production and distribution of water electrolysis equipment.
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On the positive side, the pandemic has accelerated the shift towards renewable energy sources and the decarbonization of the energy sector. This has led to an increase in demand for green hydrogen produced through water electrolysis, which is expected to drive the market growth in the long term. The governments and industry players are investing in research and development to improve efficiency and reduce the cost of water electrolysis systems, which is expected to further boost the market growth.
Market Segmentation
By Product
The product in the market includes Proton Exchange Membrane, Alkaline Water Electrolysis, and Solid Oxide Electrolyte (SOE).
By End-User
By End-user the segment includes Chemicals, Electronics & Semiconductor, Power Plants, Petroleum, Pharmaceuticals, and Others
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Regional Insights
The North American region is a prominent market for water electrolysis due to the presence of key market players, increasing demand for hydrogen fuel cell vehicles, and rising investments in renewable energy sources. According to a report by ResearchAndMarkets, the North American water electrolysis market is expected to grow at a significant rate during the forecast period, driven by the increasing demand for hydrogen in various applications such as transportation, power generation, and industries.
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