Water as a Fuel Market Size to Reach USD 12.24 Billion by 2031 With CAGR of 12.6% | Driven by Increased Investment in Hydrogen Infrastructure

The Water as a Fuel Market size is projected to reach USD 12.24 billion by 2031 and grow at a CAGR of 12.6% over 2024-2031.

The Water as a Fuel market is fuelled by the global push for clean energy.

A significant driver, at around 59% of the market, is hydrogen fuel produced via water electrolysis. This process splits water molecules using electricity, often from renewable sources like solar or wind. This creates a sustainable and environmentally friendly alternative to fossil fuels. The rising demand for hydrogen in transportation and power generation is promoting Water as a Fuel market growth.

KEY PLAYERS:

Enel Green Power Spa
Iberdrola S.A.
China Petroleum & Chemical Corporation
Linde plc
Air Liquide
ExxonMobil
Plug Power Inc.
FuelCell Energy Inc
Panasonic
Orsted A/S

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Electrolyzer technology requires improvement to bring down the high upfront investment by an estimated 60%.

Further hampering adoption is the lack of hydrogen infrastructure. Building a strong network of refuelling stations is crucial, with estimates suggesting a need for a tenfold increase. These challenges are not insurmountable. Advancements in technology and strategic partnerships are making the way for a more cost-effective and accessible water-as-fuel future.

This Water as a Fuel market is experiencing significant growth, driven by an 87% rise in global hydrogen demand projected by the World Bank between 2020 and 2050.

Additionally, government initiatives promoting clean energy transition are growing by 18% in the water-as-fuel market. This push signifies a lucrative opportunity for companies involved in electrolysis technology, hydrogen infrastructure development, and fuel cell advancements, all crucial aspects of harnessing water's potential as a sustainable fuel source.

Water as a Fuel Market : https://www.snsinsider.com/reports/water-as-a-fuel-market-3333

Market Segments:

By Fuel Type

Hydrogen
Oxyhydrogen
By Technology

Electrolysis
Natural Gas Reforming
Natural gas reforming, a well-established process (SMR), currently dominates, holding roughly 60% of the market share.

Its growth comes from its mature technology, readily available natural gas infrastructure, and cost-effectiveness. However, this method comes with a significant environmental drawback greenhouse gas emission.

Here's where electrolysis emerges as a promising challenger. Though currently holding a smaller share of around 40%, electrolysis boasts a clean production process, splitting water into hydrogen using renewable electricity.

North America dominates in the water-as-fuel market, holding 39.7% share as of 2023.

There's a rise in on-site electrolyzer applications. These machines split water molecules into hydrogen, a clean-burning fuel, and oxygen. This trend indicates a shift towards self-sufficient hydrogen production, reducing dependence on external suppliers. Secondly, major corporations in North America are leading the charge in hydrogen production.

These companies provide to the expanding automotive and industrial sectors, where hydrogen fuel cells are gaining traction due to their zero-emission nature. With strong government support for hydrogen development, North America is well-positioned to maintain its frontrunner status in the water-as-fuel market for the foreseeable future.

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Recent Developments:

In November 2022, Enel Green Power (EGP), the renewable energy arm of Italian giant Enel, joined forces with Australian green energy developer Fortescue Future Industries (FFI) to explore co-developing the green hydrogen value chain, focusing on Latin America and Australia. This collaboration signifies a global push for clean hydrogen production.

Meanwhile, established corporations like Panasonic and Plug Power are refining electrolysis technology, the process of splitting water into hydrogen fuel using electricity. This focus on electrolysis reflects the desire for a sustainable solution compared to traditional methods that rely on fossil fuels.

With growing investments and collaborations, the water-as-fuel market is guaranteed for significant advancements, driven by the collective efforts of industry leaders.

Key Takeaways:

This growth is fuelled by the global push for sustainable energy solutions. Electrolysis, which splits water molecules using electricity ideally from renewable sources like solar or wind to produce hydrogen, is the key technology.


Hydrogen's advantage lies in its versatility. It can be used in fuel cells for electricity generation, power vehicles with minimal emissions, and even serve as a clean industrial feedstock.

While the high cost of electrolysis and the lack of widespread hydrogen infrastructure are current hurdles, advancements in technology and government initiatives are making the way for a future where water truly becomes a viable fuel source.


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Table of Contents - Major Key Points

Introduction
Research Methodology
Market Dynamics
Impact Analysis
COVID-19 Impact Analysis
Impact of Ukraine- Russia war
Impact of ongoing Recession
Value Chain Analysis
Porter's 5 Forces Model
PEST Analysis
Water as a Fuel Market Segmentation, By Fuel Type
Water as a Fuel Market Segmentation, By Technology
Regional Analysis
Company Profiles
Competitive Landscape
Conclusion

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This release was published on openPR.