Water Electrolysis Market Growth Statistics 2022-28

The global water electrolysis market size was valued at USD 10.0 billion in 2021, growing at a CAGR of 5.6% during the forecast period from 2022 to 2028. Over the past two decades, water electrolysis has been increasingly popular, and this trend is expected to last throughout the projected period. Additionally, as the new technology ecosystem continues to be supported by the global regulatory framework governing pollution levels and environmental protection, the use of water electrolysis devices is anticipated to expand steadily in the coming years. The significant development in hydrogen synthesis is gradually enhancing both established and new industrial electrochemical processes. The overall growth of the global market for water electrolysis machines is probably going to get a lift from comparable plans, such the Sustainable Development Program.

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Water Electrolysis Market Growth Factors:
Commercial and industrial sectors have recognized hydrogen as a crucial vector for a wide range of applications in the future as a result of climate change and the rising demand for environmental sustainability. Innovations and technological breakthroughs are primarily focused on producing hydrogen in the most sustainable and environmentally friendly way possible as a result of the increased interest in hydrogen. The market for water electrolysis machines will be driven by rising government backing as well as a spike in private investments in renewable chemical technology. Currently, companies in the market for water electrolysis machines are anticipated to raise their R&D expenditures and keep utilizing the advantages of new technologies to introduce effective and environmentally friendly water electrolysis machines.

Water Electrolysis Market Segmentation:
1) By Type: Proton Exchange Membranes, Alkaline Water Electrolysis, Others.
2) By End-Use Industry: Chemicals, Petroleum, Pharmaceuticals, Power Plants, Electronics & Semiconductors, Steel Plants, Others.

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Water Electrolysis Market Regional Analysis:
The growth of this market in this region is being fueled by rising demand from numerous end-use sectors, including steel plants, electronics & photovoltaics, power to gas, etc., as well as government backing. Brazil and Argentina are two of the top Latin American nations with regard to the sales of water electrolysis equipment. This is attributable to the development of industrialization that has led to a rise in the use of electric arc furnaces (EAF), which need enormous quantities of hydrogen-rich gases that can be produced by using these technologies. The increasing demand from several end-use industries is driving the steady growth of the European water electrolysis market. The steel and power plant industries are important applications for this industry in Europe. The area also provides a helpful regulatory environment for the implementation of these technologies.

Major players working in the water electrolysis market are Asahi Kasei Corporation, Enagic International Inc., Eneco Holdings Inc., Hydrogenics Corporation, HyGear, Industrie De Nora S.p.A, ITM Power Plc, Nel ASA, Peak Scientific, Siemens Gamesa

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This release was published on openPR.