Water as a fuel Market By Fuel Type (Hydrogen, Oxyhydrogen), By Technology (Electrolysis, Natural Gas Reforming)

Water as a fuel Market Size

According to a new report published by , titled, "Water as a fuel Market," The water as a fuel market was valued at $4.1 billion in 2022 and is estimated to reach $13.4 billion by 2032, growing at a CAGR of 12.5% from 2023 to 2032.

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Water in its pure or raw form cannot be used as a direct fuel. Since water molecules are highly stable, they require a high amount of energy to separate. It consumes much more energy than the energy produced during the chemical reaction. Thus, it can never be used as a direct fuel.

Hydrogen is used in several industries as feedstock, reducing agents, for removing impurities from ores, and producing ammonia gas for fertilizers. However, potential applications of the product such as in building heating & cooling, aviation, shipping, iron & steel, chemicals, and hydrogen-based fuels augment the water as a fuel market growth. Liquid hydrogen is used in aviation and especially aerospace sectors. Moreover, large-scale production of synthetic fuels derived from hydrocarbons and electric vehicles operating on fuel cells contributes to rise in demand for the product. Such demand potential needs to be met, thus speeding up the production of water as a fuel.

The hydrogen economy faces many challenges as there is a broad spectrum of hydrogen production methods with varied carbon emissions quantity. In addition, there is no defined standard or bar set for regulating and governing the market. Moreover, international hydrogen trade is not regulated and is not encouraged at a large scale. These factors restrain the market growth for water as a fuel. Hydrogen production can be done through electrolyzers and carbon capture technologies. Electrolyzers can be installed on the site location, near manufacturing plants, and other such application sites. This flexibility in producing hydrogen through water offers lucrative opportunities for water as a fuel industry growth.

Green hydrogen is obtained by separating hydrogen from oxygen through the electrolysis of water. This electrolysis can be carried out with energy from renewable sources, which makes the process more sustainable and provides a clean energy source. The hydrogen obtained in this way can be stored or used in industrial or heavy mobility processes, while the resulting oxygen is released into the atmosphere or can be used as a by-product. In the same way, the electrolyzer generates heat that can be harnessed through the use of heat pump technologies for district heating. It is therefore a pollutant-free process. Gray/black hydrogen is produced through the combustion of coal. This method of production emits the maximum carbon dioxide into the environment. Even after integrating it with carbon capture technology, the overall carbon emissions are way more than those from the production of blue or green hydrogen.

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The oxyhydrogen torch is the main application of the oxyhydrogen gas mixture. It burns hydrogen with oxygen and produces high flame, which is used in cutting and melting applications that require high temperatures. It is most commonly used for welding application and cutting applications in glass, thermoplastics, and metal. It was also used for cutting platinum as it requires a temperature of 1,768.3 °C which is only possible through oxyhydrogen.

The water as a fuel market size is segmented on the basis of fuel type, technology, and region. By fuel type, the water as a fuel market is bifurcated into hydrogen and green oxyhydrogen. Depending on the technology, the market is classified into electrolysis and natural gas reforming. By region, the water as a fuel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). The major players operating in the water as a fuel industry are Panasonic Corporation, Plug Power Inc., FuelCell Energy Inc., Linde plc, Iberdrola SA, Exxon Mobil Corporation, Orsted AS, Air Liquide, China Petroleum and Chemical Corporation, and Enel Green Power SpA.

In September 2022, Orsted A/S and Williams have signed a memorandum of understanding (MOU) to explore potential jointly developed Power-to-X projects in the US. As part of this agreement, the parties are exploring large-scale wind energy, electrolysis, and synthetic gas-via-methanation co-development in western Wyoming where Williams owns a significant land area and natural gas infrastructure.

In May 2021, Orsted A/S and HOFOR (Greater Copenhagen Utility) entered into an agreement that will secure green power for part of the potential 1.3 GW Green Fuels for Denmark project to produce sustainable fuels in the Greater Copenhagen area. In addition to Green Fuels for Denmark, the agreement on Aflandshage could potentially also cover the power demand of the electrolysis plant that will supply hydrogen to DFDS's proposed hydrogen-powered ferry between Copenhagen and Oslo, if this project is realized.

In November 2022, Australian renewable green energy developer Fortescue Future Industries (FFI) and Enel's global renewables arm Enel Green Power S.p.A. (EGP), announced that they will partner together to explore co-development of the green hydrogen value chain with an initial focus on Latin America and Australia. The partnership will support FFI and EGP in their goals to not only diversify future energy supply and increase energy security, but also to help the world in its fight to lower emissions and fight climate change.

The drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter's five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain the intense competition in the industry.

Key findings of the study

The water as a fuel market size is provided in terms of revenue.

By fuel type, the hydrogen segment is projected to grow at the highest CAGR of approximately 12.6%, in terms of during the water as a fuel market forecast period.

By technology, the natural gas reforming segment dominated the water as a fuel market share in 2022.

By region, North America dominated the market and is expected to grow at a CAGR of 12.4% during the water as a fuel forecast period.

Water as a fuel is an indirect fuel source used for the production of hydrogen and oxyhydrogen. Both products are largely used in many applications in large quantities, thereby driving demand for water as a fuel market. The rise in greenhouse gas emissions and its negative impact on the environment have led to concerns and a search for sustainable fuel. Blue and green hydrogen are sustainable alternatives to carbon-emitting fossil fuels. Thus, rise in demand for blue and green hydrogen acts as a driving factor for the water as fuel market growth. Moreover, the market is further fueled by the demand for oxyhydrogen gas from the metallurgical, plastic, and glass industry for the purpose of cutting and melting.

Many industries use electrolyzers, exhibiting a capacity of 1-5 MW for electricity generation that is further used in various operations. This helps in resolving the energy crisis as well as reducing carbon footprint. In addition, hydrogen is used for powering such industrial operations that are generated from on-site electrolyzers, which act as a key driving factor of the industry. Many chemical and energy industries require hydrogen as feedstock to perform several operations. The hydrogen used in several intermediate processes is used as feedstock, which can be generated through a site electrolyzer plant.

Several other applications of hydrogen are in aerospace, fertilizers, building heating & cooling, and refrigeration. Hydrogen gas is used in cooling, building heating, aerospace applications, and many other industrial applications. As a coolant, it is used in power plant generators. In aerospace applications, liquid hydrogen is used as fuel. Such applications of hydrogen in the aforementioned industries augment the demand for electrolyzers, thereby driving the growth of the global water as a fuel market. Hydrogen is used in several industries as feedstock, reducing agents, for removing impurities from ores, and producing ammonia gas for fertilizers.

However, potential applications of the product such as in building heating & cooling, aviation, shipping, iron & steel, chemicals, and hydrogen-based fuels augment the water as a fuel market growth. The cost of production of hydrogen involving electrolyzers and carbon capture technology is high. It brings out the final product to cost around $2-2.5/kg. This cost is not on par with conventional fuels and thus there is reduced interest from customers. Moreover, the production process incurs efficiency losses. The energy efficiency of hydrogen fuels is much lower in comparison with other sources of energy and thus the market growth is hindered.

The water as a fuel market size is segmented on the basis of fuel type, technology, and region. By fuel type, the water as a fuel market is bifurcated into hydrogen and green oxyhydrogen. Depending on the technology, the market is classified into electrolysis and natural gas reforming. By region, the water as a fuel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). The major players operating in the water as a fuel industry are Panasonic Corporation, Plug Power Inc., FuelCell Energy Inc., Linde plc, Iberdrola SA, Exxon Mobil Corporation, Orsted AS, Air Liquide, China Petroleum and Chemical Corporation, and Enel Green Power SpA.

In February 2023, Air Liquide and Total Energies announce their decision to create an equally owned joint venture to develop a network of hydrogen stations, geared towards heavy-duty vehicles on major European road corridors. This initiative will help facilitate access to hydrogen, enabling the development of its use for goods transportation and further strengthening the hydrogen sector.

In March 2023, Air Liquide announces the construction of an industrial-scale ammonia (NH3) cracking pilot plant in the port of Antwerp, Belgium. With this cracking technology, Air Liquide will further contribute to the development of hydrogen as a key enabler of the energy transition.

Enel Green Power Spa develops and manages power generated from renewable resources. It manages more than 1,200 power plants on five continents. It has over 56 GW of installed renewable capacity from a mix of renewable resources, including wind, solar, hydroelectric, and geothermal. In November 2022, Australian renewable green energy developer Fortescue Future Industries (FFI) and Enel's global renewables arm Enel Green Power S.p.A. (EGP), announced that they will partner together to explore co-development of the green hydrogen value chain with an initial focus on Latin America and Australia. The partnership will support FFI and EGP in their goals to not only diversify future energy supply and increase energy security, but also to help the world in its fight to lower emissions and fight climate change.

The drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter's five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain the intense competition in the industry.

Water as a fuel Market By Fuel Type (Hydrogen, Oxyhydrogen), By Technology (Electrolysis, Natural Gas Reforming): Global Opportunity Analysis and Industry Forecast, 2023-2032

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