Water Electrolysis Market is to grow at a 6.1 % CAGR, with the United States leading the market through 2030

The Water Electrolysis Market will reach USD 10 billion by 2030. The water Electrolysis Market is driven by a Decline in renewable energy cost technological advancements in electrolysis technology.

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Water Electrolysis Market to Hit USD 10 Bn by 2030

The Water Electrolysis Market was USD 6.61 Bn in 2023 and is expected to expand at a CAGR of 6.1 % from 2023 to 2030, reaching USD 10 Bn by 2030. The electrolysis process is now more effective and profitable because of developments in electrolyzer materials (such as stronger catalysts and longer-lasting membranes) and creative designs. Proton exchange membrane (PEM) electrolysis, solid oxide electrolysis, and alkaline water electrolysis are some of the new technologies being investigated to improve the hydrogen production process. The North American water electrolysis market is predicted to reach USD 8.16 billion by 2033, with a CAGR of 7.5% during the forecast period from 2024 to 2030.

Water Electrolysis Market Segmentation

By Technology Type: Alkaline Electrolysis segment dominates the market, contributing around 64.8% of the market share. The PEM Electrolysis segment is increasingly adopted for applications such as power-to-gas and power-to-power systems. Solid Oxide Electrolysis is gaining traction as a promising technology but its market share is currently lower. AEM Electrolysers are in the early phases of commercialization, with continuous research and pilot initiatives.

Water Electrolysis Market Regional Analysis

North American water electrolysis market was estimated to be worth USD 4.08 billion. According to projections, it will grow at a CAGR of 7.21% from 2024 to 2030, reaching approximately USD 8.16 billion. In November 2024, the U.S. Department of Energy announced funding of up to $2.2 billion to accelerate clean hydrogen production.

Germany leads Europe in water electrolysis projects with 47 projects either operational or under construction. The country's domestic electrolysis capacity has grown by 68% reaching 111 megawatts. Germany invested €350 million in electrolysis under the "auction as a service" model of the EU Hydrogen Bank. The key projects in Germany such as RWE and TotalEnergies will deliver 30,000 tons of renewable hydrogen yearly.

China's water electrolysis market generated revenue of USD 26.1 million and by 2030, it is expected to reach USD 93.1 million. By 2024, China is predicted to have around 70% of the world's electrolyzer installations. The market for water electrolysis is dominated by Chinese producers, who will meet 97% of the 2023 bidding demand and almost 90% of the 2024 demand

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Water Electrolysis Market Competitive Landscape

ThyssenKrupp AG: In April 2024, EP Corporate Group (EPCG) agreed to acquire a 20% share in Thyssenkrupp's Steel Europe division. In 2025, the Materials Services division of Thyssenkrupp acquired WAVES, a supplier with headquarters in Luxembourg.

Linde AG: Linde purchased Lincare, a top supplier of oxygen and other respiratory treatment services for approximately $3.8 billion. The remaining stake in NexAir was acquired by Linde for approximately $400 million.

Air Products and Chemicals Inc. In May 2023, an investment deal was struck by Air Products to acquire, own, and run Qashqadaryo Province in Uzbekistan for US$1 billion. In September 2024, Honeywell completed the acquisition of the LNG from Air Products for $1.81 billion.

Conclusion

The water electrolysis market is expected to be a key player in the worldwide shift to a more sustainable energy future due to government assistance, technical developments, and rising demand for clean hydrogen.
In a competitive market, businesses that prioritize cutting expenses, increasing productivity, and broadening their customer base are likely to succeed.

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