water electrolysis Market Report Trends, Demand and Forecast to 2025
Posted by Monica nerkar on February 3rd, 2020
The global water electrolysis market report says global induistry can touch the valuation of USD 12,975 million by 2025, says the latest report by Market Research Future (MRFR). The report adds that the market is expected to achieve an estimated CAGR of 7.58% during the forecast period (2015-2023).
Primary Drivers and Top Restraints
End-users are increasingly using water electrolysis, which is inducing market growth to a great extent. Water electrolysis is generally used for decomposing water into oxygen and hydrogen backed by electricity. Electricity passes through water for separating hydrogen and oxygen from water. The whole process involving the separation of oxygen and hydrogen happens in an electrolyzer. The only reason for the water electrolysis process to take place is to generate hydrogen, which is used extensively across various industries, including chemical and hydrogen fuel.
Water electrolysis is largely used in the chemical industry, the pharmaceutical industry, and the petroleum industry. This process is used in the chemical industry for separating two components by a chemical reaction. Water electrolysis helps produce hydrogen that is used in different purposes such as fuel and energy storage. The hydrogen produced by the water electrolysis process can also be used to manufacture ammonia, methanol, and fertilizer.
With the thriving chemical industry all over the world, the water electrolysis market is expected to boom significantly during the review period. Apart from this, hydrogen, which is the outcome of water electrolysis, can be used for creating a vast supply of sustainable hydrogen fuels. This produced hydrogen does not contain carbon and therefore, enjoys high demand in applications like energy storage and vehicles. The ability to produce cleaner fuel using the water electrolysis process is anticipated to augment market demand in the near coming years.
The segments covered by the MRFR report as per which the global water electrolysis market has been studied include product category and end-users.
The water electrolysis market, with respect to the product category, includes proton exchange membrane and alkaline water electrolysis. In 2018, the global market was controlled by the alkaline water electrolysis segment, which is expected to retain its position throughout the review period. Alkaline water electrolysis is considered to be cutting-edge technology, in addition to being known as the most advanced water electrolysis technology. Alkaline electrolyzers find major use in the production of large-scale hydrogen. The alkaline water electrolysis manufacturers are currently focusing on attaining higher efficiency by applying the high-pressure and high-temperature operation. In addition, the proton exchange membrane segment could register the fastest growth rate during the review period.
The end-users that are part of the global water electrolysis market are electronics & semiconductor, chemicals, petroleum, power plants, pharmaceuticals, and others. Out of these, the chemicals segment reigns over other end-users with the biggest share in the market, trailed by pharmaceuticals. The chemical industry market, at present, is witnessing a boom which has raised the consumption of hydrogen. Soaring demand for hydrogen in the chemical industry is mainly to manufacture ammonia, and therefore, methanol and fertilizers are used for manufacturing polymers. In the chemical industry, hydrogen is also used to make important products like cyclohexane, aniline, hydrochloric acids, along with an assortment of bases. These factors are bound to elevate the popularity of water electrolysis in the chemical industry in the following years.
The latest trends in the global water electrolysis market have been examined by MRFR experts, considering the primary regions of Europe, North America, Asia Pacific (APAC), along with the rest of the world (RoW).
APAC is the leading market for water electrolysis, given the soaring demand from economies like India and China. The expansion of the hydrogen market in China has been quite evident in recent years, considering the industrial expansion. China is known for being a significant consumer of hydrogen, which is used for the refining treatment of heavy crude oil for producing sulfur-free fuels. This is done taking into account the stringent government mandates that aim at reducing the carbon footprint in the region. Hydrogen is also used for producing daily products like nylons for textiles, polycarbonates for DVDs and polyurethanes for the construction materials in the region. This is deemed to have a lucrative effect on the water electrolysis market in the region, further cementing its position in the years to come.
North America has gained a high position in the global water electrolysis market, given the fact that the region is extensively dependent on the carbon-free hydrogen produced by this method. Additionally, the high availability of cheap gas for its large-scale use in the chemical industry is projected to encourage market growth in the region during the conjectured timeframe.
Teledyne Energy Systems Inc., Linde AG, AREVA H2Gen, Siemens AG, ProtonOnsite, ThyssenKrupp AG, Hydrogenics Corporation, Erre Due SpA, Peak Scientific, Air Products and Chemicals Inc., are some of the significant competitors in the worldwide water electrolysis market.
Browse Complete Report "Water Electrolysis Market Research Report - Global Forecast till 2025" @ https://www.marketresearchfuture.com/reports/water-electrolysis-market-4133
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About the AuthorMonica nerkar
Joined: September 20th, 2019
Articles Posted: 107
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