Growing Per Capita Income to Usher Global Water Electrolysis Market in Future

Pune, India, April 2020, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Water Electrolysis Market.

Water Electrolysis Market Industry Insight

The Global Water Electrolysis Market 2022 is prompted to record a 6% CAGR during the forecast period, 2022–2030. The development in the market can be observed with the rising factors from all corners of the globe. Market Research Future estimates the figures and reveals that the market will witness high growth prospects with USD 9.3 billion by 2030.

Top Impacting Factors

MRFR, in its study, has included that a rise in demand for a carbon-free source of energy is highly anticipated to drive the demand for water electrolysis worldwide in the coming years. Also, the mounting demand for water electrolysis machines in the pharmaceutical, chemical, and petroleum sectors is estimated to motivate the market during the forecast period.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Water Electrolysis Market Research Report

On the same side, the expansion of the chemical sector across the world and the rapid adoption of water electrolysis in this sector is another factor estimated to boost the global water electrolysis machine market during the assessment period.

The market for water electrolysis is also driven by various other factors such as an amplify in the utilize of water electrolysis in the end-use sector, rising demand of carbon-free sources of energy, an extremely effective way of integrating renewable all over the power to the gas facility. On the contrary, the water electrolysis market witnessed various constraints that hinder the growth of the global water electrolysis market. Such a substitute for water electrolysis and augment the cost of water electrolyzer are more expected to slow down the market expansion during the assessment period.

Segmentation of Market: Water Electrolysis

The global water electrolysis market is further segmented into various segments such as end-users, and product categories.

The global water electrolysis market depending on the product category has included a proton exchange membrane and alkaline water electrolysis. Among these types, the global market led by the alkaline water electrolysis segment in 2018 and is now anticipated to lead throughout the assessment period.

Among the end-user segment, the global water electrolysis market has included electronics & semiconductors, chemicals, petroleum, power plants, and pharmaceuticals. Among these products, the chemicals segment acquired the largest market share after the pharmaceuticals segment. The chemical industry market will observe phenomenal growth over hydrogen consumption, owing to its emergent end users. The rising demand for hydrogen in the chemical industry is principally for the manufacturing of ammonia, and hence fertilizers and methanol produce polymers. Hydrogen is also used in making other imperative products such as cyclohexane, aniline, an assortment of bases, and hydrochloric acids. These factors are highly anticipated to raise the demand for water electrolysis in the global chemical industry during the assessment period.

Regional Outlook

The global water electrolysis market is also led by regions of Asia-Pacific, North America, and Europe. Asia-Pacific region is predicted to be the largest market for the water electrolysis market back in 2018. It is now possible to lead the global water electrolysis market during the forecast period. In Asia-Pacific, the incidence of developing countries such as China, India, South Korea, and Malaysia are the main factor for the growth of water electrolysis in the domestic region. Moreover, the rigorous government regulation to diminish carbon footprint in the local region is likely to further put into the market growth of the water electrolysis during the assessment period.

The region of Europe held for the second-largest market in the water electrolysis market back in 2018, with the most advanced infrastructure in the industry. The largest association in Europe for hydrogen is the multinational European Hydrogen Association (EHA), which comprises 19 national associations and several primary hydrogen-producing companies. The chemical industry in Europe is the foremost user for the water electrolysis market, owing to which the market is probable to expand during the assessment period.

North America also leads the global water electrolysis machine market owing to the incidence of technologically advanced manufacturers, well-established, and escalating adoption of water electrolysis machines. The U.S. is a crucial market in North America owing to the all-embracing development of hydrogen through water electrolysis in the country. Hydrogen and fuel cells in North America supply a cleaner environment and energy security to the people. The U.S. has developed some standards to confirm that hydrogen and fuel cell products are safe and environment friendly. Hydrogen-powered bus and hydrogen-powered forklifts in retail stores are available in the U.S.

Key Players

The top players of the global water electrolysis market are included as Linde AG, ThyssenKrupp AG, Siemens AG, Air Products and Chemicals, Inc., Teledyne Energy Systems Inc., ProtonOnsite, Hydrogenics Corporation, AREVA H2Gen, Peak Scientific and Erre Due SpA.