Press release
Water Electrolysis Market Size Projected To Reach 12.44 Billion By 2034 With A Cagr Of 9.7%
Water Electrolysis
What Is the Projected Growth of the Water Electrolysis Market?
The size of the water electrolysis market has seen a significant climb in the previous years. The market is projected to rise from $7.81 billion in 2024 to $8.59 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 10.0%. The historic growth can be credited to factors such as increasing environmental awareness, the application of hydrogen in sustainable farming methods, heightened demand for hydrogen in industrial operations, the building and expansion of water electrolysis infrastructure, and the escalating acknowledgement of the benefits of hydrogen.
The market size of water electrolysis is predicted to experience a significant increase in the coming years, reaching $12.44 billion by 2029 with a compound annual growth rate (CAGR) of 9.7%.This rise during the forecast period is due to the increasing demand for eco-friendly hydrogen, governmental initiatives and subsidies, growth in renewable energy sectors, investments into hydrogen infrastructure, and the declining prices of electrolyzers. Noteworthy trends projected for this period include advancements in the material of electrolyzers, the use of power-to-x technologies, development of hybrid systems, advancement in automation and control systems, and the inclusion of carbon capture technologies.
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What Are the Different Water Electrolysis Market Segments?
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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What Are the Primary Drivers Shaping the Water Electrolysis Market?
The growth of the water electrolysis market is anticipated to be fuelled by the increasing need for hydrogen production. Hydrogen production, the process of creating hydrogen gas through various techniques such as electrolysis, steam methane reforming, and biomass gasification, is spurred by the international focus on lowering carbon emissions and shifting to cleaner energy. Hydrogen generation via water electrolysis uses electricity to separate water into hydrogen and oxygen. This technique enables a clean and sustainable means of producing hydrogen fuel, particularly when utilising renewable energy resources. For instance, the International Energy Agency, a France-based intergovernmental body, reported in July 2023 that low-emission hydrogen production accounted for less than 1% of the total hydrogen produced in 2022, even with a 5% rise from 2021, highlighting the slow but steady progression towards cleaner hydrogen production. As a result, the escalating demand for hydrogen production is promoting the expansion of the water electrolysis market.
Which Companies Are Leading in 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
What Are the Major Trends Shaping the Acellular Dermal Matrices Market?
Leading firms in the water electrolysis market are focusing on the creation of innovative offerings, for example proton exchange membrane (PEM) water electrolyzers, with the aim to boost the efficiency of hydrogen production and lower the energy usage. Proton exchange membrane, or PEM, water electrolyzers are tools which employ a solid polymer electrolyte to divide water into hydrogen and oxygen using an electrochemical process. This results in high effectiveness and adaptability in hydrogen production. For example, in March 2024, Sungrow Power Supply Co. Ltd, a manufacturer based in China, introduced their 300Nm3/h PEM Water Electrolyzer. This specific water electrolyzer is capable of producing 300Nm3 of hydrogen every hour in a highly efficient manner, with energy consumption less than 4.15kWh/Nm3. It is crafted for pliable hydrogen production utilizing renewable energy sources, guaranteeing peak performance in fluctuating scenarios.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Water Electrolysis Market?
2. What is the CAGR expected in the Water Electrolysis Market?
3. What Are the Key Innovations Transforming the Water Electrolysis Industry?
4. Which Region Is Leading the Water Electrolysis Market?
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