Water Electrolysis Global Market to grow relentlessly forecast to 2023

Pune, India, January 8, 2018/MRFR Press Release/- Market Research Future published a Cooked research report on “Global Water Electrolysis Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

ThyssenKrupp AG, Linde AG, Air Products and Chemicals, Inc., Siemens AG, ProtonOnsite, Teledyne Energy Systems Inc., AREVA H2Gen, Hydrogenics Corporation, Erre Due s.p.a. and Peak Scientific., and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global water electrolysis market.

Water Electrolysis Global Market – Overview

Water electrolysis is used to decompose water into hydrogen and oxygen by using electricity. Electricity is passed through water to separate hydrogen and oxygen from water. The reaction to separate hydrogen and oxygen takes place in electrolyzer for varying size depending on the requirement. The major purpose of water electrolysis is to generate hydrogen that can be used for various purpose such as hydrogen fuel and chemical industry. According to a recent study report published by the Market Research Future, The global market of water electrolysis is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).

Water electrolysis is majorly used in chemicals industry, petroleum industry, and pharmaceutical industry. In chemical industry, water electrolysis is generally used to separate two components by chemical reaction. Water electrolysis is generally used to produce hydrogen that can be used for various purpose such as fuel, energy storage, and among others. The hydrogen produce using water electrolysis is used to manufacture ammonia, fertilizer, and methanol. The growth in chemical industry is expected to grow the water electrolysis market during the forecast period. The growth of the chemical industry in future will be driven by the developing markets due to the local players in that region.

The hydrogen that is produced from the water electrolysis is best for creating large supply of sustainable hydrogen fuels. The carbon emission depends on the electricity that is used for water electrolysis. There is zero emission of carbon where the electricity is in the form of hydropower, wind, solar, geothermal or nuclear power. Hydrogen that is produce from the renewable source of energy is fully decarbonized energy. The hydrogen that is produce from water electrolysis is free from carbon which can be used for different purpose such as vehicles, storage of energy and among others. The purity of hydrogen that is produced through electrolyser is very high and best suited for application such as vehicles. The ability of the production of cleaner fuel through water electrolysis is expected to grow the market during the forecast period.

Water electrolysis process has various types of substitute for the production of hydrogen which can hamper the growth of the market. Difference process that can replace water electrolysis are natural gas reforming, coal gasification, biomass gasification, and solar thermochemical hydrogen. Water electrolysis is not much used due to increase cost and low efficiency. Other technology such as gas reforming is majorly used for provide hydrogen in industrial processes for making gasoline.

Industry/ Innovation/ Related News:

The key strategies followed by most companies within the global water electrolysis market are that of new product development.

On November 2016, AREVA H2Gen inaugurated the first ever plant in France dedicated to manufacturing electrolysers.

On April 2015, ThyssenKrupp Industrial Solutions and Industry De Nora came together to form ThyssenKrupp Uhde Chlorine Engineers for water electrolysis plant business.

On May 2015, Siemens AG launched SILYZER 200, hydrogen electrolysis system based on proton exchange membrane with an output over one megawatt.

On December 2013, Power utility Stadtwerke Mainz, Linde, Siemens and RheinMain University of Applied Sciences to join forces in setting up electrolysis plant in Hechtsheim.

Get Report Details @ https://www.marketresearchfuture.com/reports/water-electrolysis-market-4133

Water Electrolysis Market – Segmentation

The global water electrolysis market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Technology : Comprises Alkaline Water Electrolysis and Proton Exchange Membrane

Segmentation by End-User : Comprises Chemical Industry, Petroleum Industry, Pharmaceuticals Industry, Power Plants, Electronics & Semiconductor Industry, and Others

Segmentation by Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

Water Electrolysis Market:

Regional Analysis

Asia-Pacific is the largest market for hydrogen globally. Increasing demand from countries such as India and China coupled with increasing use of hydrogen in secondary end-user industries, is expected to propel the growth of the Asia Pacific market. China hydrogen market is steadily growing due to the industrial expansion. China majorly utilizes hydrogen for refining treatment of heavy crude oil to produce sulfur-free fuels due to stringent government regulation to reduce carbon footprint. Hydrogen is also used in a variety of everyday products such as, polyurethanes (foams) for construction materials, polycarbonates for DVDs, and nylons for textiles. India hydrogen market is stagnantly growing due to the current research & development program run by the government. The rising population and emphasis on improving the per capita energy availability in India, is a major factor to climate change and is striving for developing technologies for harnessing renewable energy sources. Hydrogen market in India is driven by the phenomenal industrial growth in pharmaceutical, chemical and petroleum industry.

In North America, the chemical industry is largely dependent on the strength of the national and global economy. The chemical industry in North America is mainly benefited from the availability of cheap gas. The American chemical industry is expected to grow in the coming years due to the improving demand from the end- markets. The growth in the chemical industry will accelerate the growth of the water electrolysis market.