Press release
Global Water Electrolysis Market Insights and Forecast to 2028
The global Water Electrolysis market size is estimated to be worth US$ 263.4 million in 2022 and is forecast to a readjusted size of US$ 733.1 million by 2028 with a CAGR of 18.6% during the review period. Key drivers of the water electrolysis market include the growing use in various end-user industry verticals.
The demand for carbon-free sources of energy and the rise of hydrogen-based energy infrastructure will propel the growth of the water electrolysis market in the coming years. Moreover, The rapid integration of renewable energy from power to gas will augment market growth during the forecast period.
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Water Electrolysis Market Trends
Extensive use in various industry verticals
Water electrolysis is used widely in a variety of industries. It is a mature technology used in the power, metallurgy, food, steel, petroleum, and electrical industry. Moreover, water electrolysis has the potential to emerge as a key factor in the chemical, heating, and mobility sector. The sustainable energy ecosystem will create lucrative opportunities for the growth of the water electrolysis market in the future.
Rise of green hydrogen
Electrolysis is a leading production method for generating clean hydrogen. This will lead to a reduction in greenhouse gas emissions. The current electricity generation method is not feasible anymore as it leads to pollution. Hydrogen generated through electrolysis is being developed for the creation of renewable and nuclear energy sources. Although the cost factor and fuel efficiency need to be considered massive R&D activities are currently going on in this field. This is turn is expected to drive the growth of the water electrolysis market during the forecast period.
Integration of renewable energy
Electrolysis has the ability to synergize power generation through renewable sources of energy. Hydrogen fuel and electric energy can be integrated at a wind farm to match resource efficiency and convert excess energy into hydrogen resulting in a reduction in greenhouse gases. These factors will propel the growth of the water electrolysis market in the coming years.
Water Electrolysis Market Share Analysis
Based on region, the Asia-pacific segment is expected to provide lucrative opportunities for growth in the water electrolysis market share due to the growing shift towards sustainable energy sources. Both Asia-Pacific and Europe are the main markets with a 75% share. Europe is expected to grow due to increasing use in the end-user industries.
Based on type, the traditional alkaline electrolyzer segment will provide huge scope for growth in the water electrolysis market share due to increasing demand from the petroleum and power sectors.
Based on application, the power plants segment is expected to dominate in the water electrolysis market share due to a preference for clean energy sources that reduce pollution and use in the power generation industry.
Water Electrolysis Market By Type
Traditional Alkaline Electroliser
PEM Electroliser
Water Electrolysis Market By Application
Power Plants
Steel Plant
Electronics and Photovoltaics
Industrial Gases
Energy Storage or Fueling for FCEV's
Power to Gas
Others
Consequences of Covid-19 Pandemic
The authors of this study have enlightened the readers on the rise and effect of the Covid-19 outbreak on the development. They have investigated the changes brought about in the demand/supply side, consumption, supply chain, and production/manufacturing. The readers will get familiar with the measures that have helped the key players to bring the Water Electrolysis market back to the pre-covid levels.
Trends & Prospects
In this segment of the report, the specialists have delved into the key growth opportunities that are likely to emerge. This will aid the key players to simplify complex issues related to business and framing future strategies to compete in this competitive environment. This section will certainly assist the players in boldly positioning their business.
Water Electrolysis Market Production By Region
North America
Europe
China
Japan
South Korea
Water Electrolysis Market Consumption By Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Indonesia
Thailand
Malaysia
Philippines
Vietnam
Latin America
Mexico
Brazil
Argentina
Middle East & Africa
Turkey
Saudi Arabia
UAE
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Competitive Landscape
In this section of the report, the researchers have done a comprehensive analysis of the prominent players operating and the strategies they are focusing on to combat the intense competition. Company profiles and share analysis of the prominent players are also provided in this section. They have also provided reliable sales and revenue data of the manufacturers for the period 2017-2022. With the assistance of this report, key players, stakeholders, and other participants will be able to stay abreast of the recent and upcoming developments in the business, further enabling them to make efficient choices.
Water Electrolysis Market By Company
718th Research Institute of CSIC
Proton On-Site
Hydrogenics
Teledyne Energy Systems
Suzhou Jingli
McPhy
TianJin Mainland
Siemens
Nel Hydrogen
Toshiba
Yangzhou Chungdean Hydrogen Equipment
Areva H2gen
ITM Power
Idroenergy Spa
Erredue SpA
Kobelco Eco-Solutions
ShaanXi HuaQin
EM Solution
Beijing Zhongdian
H2B2
Elchemtech
Asahi Kasei
Verde LLC
Thyssenkrupp
Cummins
Elogen
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