Global Water Electrolysis Market 2021: Opportunities, Share
Posted by Komal Boudhh on June 1st, 2021
The global water electrolysis market is growing rapidly. The market rise attributes to the increasing uptake of high energy density fuel cell systems and rising green hydrogen generations. Increasing awareness of the benefits of hydrogen fuel in transport and mobility influences the market growth. Besides, the growing demand for clean energy (carbon-free energy) drives the growth of the market.
Moreover, the rising uses of water electrolysis processes to integrate renewables through the power to the gas facility escalate the market growth. According to Market Research Future (MRFR), the water electrolysis market valuation is poised to reach USD 12,975 MN by 2025, registering 7.58% CAGR during the assessment period (2019–2025). The highly effective water electrolysis methods are used in photovoltaic cells, displays, OLED lighting, and solar batteries & memory devices.
The current focus for development in alkaline water electrolysis is towards obtaining higher efficiency by applying high temperature and high-pressure operation. The Spurring rise across the end-user industries boosts the growth of the market. Additionally, the high efficiency and increased pressure to reduce industrial carbon emission increase the market size, fostering the incorporation of water electrolysis by end users.
On the other hand, various constraints of water electrolysis processes hinder the growth of the global water electrolysis market. Also, substitute for water electrolysis and increase water electrolyzer cost is a major factor projected to impede the market growth. Nevertheless, technological upgrades expected in recent years would support market growth throughout the assessment period.
Global Water Electrolysis Market – Competitive Analysis
Highly competitive, the water electrolysis market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and products.
These companies focus on developing their product portfolios with the latest technologies and following organic and inorganic growth approaches, engaging in product development. The market competition is likely to intensify due to new product launches and new entrants in the market.
Players leading the water electrolysis market include Linde AG, ThyssenKrupp AG, Air Products and Chemicals, Inc., ProtonOnsite, Siemens AG, Teledyne Energy Systems Inc., Hydrogenics Corporation, AREVA H2Gen, Erre Due SpA, and Peak Scientific, among others.
Industry/ Innovation/ Related News
September 30, 2020 ---- a group of scientists from Pennsylvania State University announced the integration of the power of the sea, sun, and wind to yield clean-burning hydrogen fuel. The team recently received a USD 300,000 grant from the National Science Foundation (NSF) to continue exploring seawater electrolysis.
These researchers combined water purification technology into a new proof-of-concept design for a seawater electrolyzer, employing an electric current to separate the hydrogen and oxygen present in water molecules. The new technique “seawater splitting” could render an easy method to convert solar and wind energy into a portable and storable fuel. Researchers in environmental engineering and the first author of the paper examine their newly-designed seawater electrolyzer.
Global Water Electrolysis Market – Segmentation
The report is segmented into three dynamics;
By Product Category : Proton Exchange Membrane, Alkaline Water Electrolysis, and Solid Oxide Electrolyte (SOE).
By End Users : Chemicals, Electronics & Semiconductor, Power Plants, Petroleum, Pharmaceuticals, and others.
By Regions : Americas, Europe, APAC, and the Rest-of-the-World.
Global Water Electrolysis Market – Regional Analysis
North America dominates the global water electrolysis market. Americas is a hub for the development of hydrogen through water electrolysis. Especially, the US has maintained and developed specific codes and standards to ensure that hydrogen and fuel cell products are safe and environment-friendly. Resultantly, hydrogen and fuel cells in North America are well known to offer energy security and a cleaner environment.
Moreover, the largest market share attributes to various innovative implementations for the use of hydrogens, such as hydrogen-powered bus and hydrogen-powered forklifts in retail stores. The US, with the increased use of hydrogen, drives the regional market. The presence of a well-established infrastructure pushes market progress, allowing implementations of futuristic technologies. The North American water electrolysis market is estimated to retain its dominance throughout the forecast period.
The Asia Pacific region stands second in the global water electrolysis market. The market is driven by rising technological advances and focuses on using renewable energy sources across the industry verticals. Additionally, stringent government regulation to reduce carbon footprint in the local region contributes to market growth. The availability of powerful technologies at affordable costs is a key driving force behind the regional market growth.
Furthermore, the steady rate of vehicle production results in the increased use of water electrolysis in vehicles. The presence of many electronics & semiconductor companies in the region fosters the growth of the market. China, India, South Korea, and Malaysia are the key market for water electrolysis. The APAC water electrolysis market is to demonstrate considerable revenue generation during the upcoming years.
The Europe water electrolysis market is emerging as a lucrative market globally. The region perceives a massive uptake of electronic products. Moreover, the increased water electrolysis usage, alongside the chemical industry in the region, propels the market growth. The burgeoning electronics industry in the UK and Germany contribute to the market growth in the region majorly. The European water electrolysis market is to witness significant growth during the assessment period.
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About the AuthorKomal Boudhh
Joined: July 17th, 2020
Articles Posted: 121
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