Press release
Global Water Electrolysis Market to Reach $12.44 Billion by 2029, Growing at 10% CAGR
Water Electrolysis Market Size
In recent times, the water electrolysis market has witnessed significant growth. It is projected to expand from $7.81 billion in 2024 to $8.59 billion in 2025, boasting a compound annual growth rate (CAGR) of 10.0%. The growth observed in the historic period can be credited to increased environmental awareness, the application of hydrogen in sustainable farming methods, the rising need for hydrogen in industrial procedures, the building and expansion of water electrolysis facilities, and the escalating acknowledgement of the advantages of hydrogen.
In the coming years, the market size for water electrolysis is anticipated to experience robust growth, with estimates predicting a value of $12.44 billion in 2029 and a compound annual growth rate (CAGR) of 9.7%. The expansion during this forecast period will be driven by various factors; these include an increasing demand for eco-friendly hydrogen, supportive government policies and subsidies, augmented use of renewable energy, investments in hydrogen infrastructure, and a drop in the prices of electrolyzers. The forecast period is also expected to witness significant trends such as improvements in electrolyzer materials, power-to-x technologies, hybrid systems, automation and control systems, and integration with carbon capture technologies.
What Factors Are Fueling Growth in the Water Electrolysis Market?
The growth of the water electrolysis market is projected to be driven by the increasing demand for hydrogen production. This process involves generating hydrogen gas via several techniques including electrolysis, steam methane reforming, and biomass gasification. The push for decreased global carbon emissions and the shift towards more environmentally friendly energy sources is propelling hydrogen production. Hydrogen fuel can be sustainably and cleanly produced through water electrolysis, which uses electricity to separate water into its hydrogen and oxygen components. This process is particularly green when powered by sources of renewable energy. As an example, in July 2023, the International Energy Agency, a France-based international organization, reported that low-emission hydrogen production only constituted less than 1% of the total hydrogen output in 2022. This, however, was a 5% increase from 2021, showing a slow yet steady move towards more environmentally friendly hydrogen production. Hence, the upsurge in the demand for hydrogen production has resulted in the expansion of the water electrolysis market.
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Which Leading Companies Are Shaping the Growth of the Water Electrolysis Market?
Major companies operating in the water electrolysis market are Robert Bosch GmbH, ThyssenKrupp AG, Siemens Energy AG, Linde AG, Toshiba Energy Systems & Solutions Corporation, Cummins Inc., Sungrow Power Supply Co. Ltd., LONGi Green Energy Technology Co. Ltd., Plug Power Inc., KTH Royal Institute of Technology, Sunfire GmbH., Nel ASA., Ohmium International Inc., Shandong AUYAN New Energy Technology Co. Ltd., HydrogenPro ASA, Ceres Power Holdings plc, McPhy Energy SA., Horizon Fuel Cell Technologies Pte Ltd, ITM Power PLC., Giner ELX Inc., SES Hydrogen, Enapter AG, Elogen SAS, Next Hydrogen Solutions Inc., CAPLINQ Corporation, GreenH Electrolysis
How Is the Water Electrolysis Market Evolving?
Leading corporations in the water electrolysis market are focusing on creating innovative products, such as Proton exchange membrane (PEM) water electrolyzers, to improve efficiency in hydrogen production and decrease energy use. PEM water electrolyzers are devices that utilize a solid polymer electrolyte to divide water into hydrogen and oxygen through an electrochemical process, providing significant efficiency and versatility in hydrogen production. For example, in March 2024, Sungrow Power Supply Co. Ltd., a manufacturing company based in China, introduced a 300Nm3/h PEM Water Electrolyzer. This electrolyzer produces 300Nm3 of hydrogen per hour with impressive efficiency, using less than 4.15kWh/Nm3. It has been engineered for adaptable hydrogen production using sustainable energy sources, ensuring the best performance in varied scenarios.
What Are the Key Segments of the Water Electrolysis Market?
The water electrolysis market covered in this report is segmented -
1) By Product Type: Alkaline Electrolyzer; Proton Exchange Membrane (PEM) Electrolyzer; Solid Oxide Electrolyzer Cell (SOEC); Anion Exchange Membrane (AEM) Electrolyzer
2) By Input Power: Below 2 kW; 2 kW - 5 kW; Above 5 kW
3) By Hydrogen Production: Below 500 L/hr; 500 - 2000 L/hr; Above 2000 L/hr
4) By End-User Applications: Ammonia Production; Methanol Production; Refining Industry; Power and Energy Storage; Transportation Or Mobility Industry; Other End User Applications
Subsegments:
1) Alkaline Electrolyzer: Liquid Alkaline Electrolyzers; Pressurized Alkaline Electrolyzers; High-Temperature Alkaline Electrolyzers
2) Proton Exchange Membrane (PEM) Electrolyzer: Low-Temperature PEM Electrolyzers; High-Temperature PEM Electrolyzers; Compact PEM Electrolyzers
3) Solid Oxide Electrolyzer Cell (SOEC): Intermediate Temperature SOEC; High-Temperature SOEC; SOEC with Integrated Heat Recovery
4) Anion Exchange Membrane (AEM) Electrolyzer: AEM Electrolyzers for Water Splitting; High-Performance AEM Electrolyzers; AEM Electrolyzers with Improved Durability
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Which Region Dominates the Water Electrolysis Market?
Europe was the largest region in the water electrolysis market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the water electrolysis market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Water Electrolysis Global Market Report?
- Market Size Analysis: Analyze the water electrolysis Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the water electrolysis Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the market.
- Market Contribution: Evaluate contributions of different segments to the overall water electrolysis market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the water electrolysis market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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