According to TechSci Research report, “Water Electrolysis Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2019-2029F”, the Global Water Electrolysis Market stood at USD 4.42 billion in 2023 and is anticipated to grow with a CAGR of 4.31% through 2029. Initiatives taken by government based on water electrolysis has led to favorable market conditions for the Global Water Electrolysis Market. Several factors contribute to the growth of various water electrolysis products.
Governments are crafting regulatory frameworks and guidelines to facilitate the integration of hydrogen into energy systems and infrastructure. These regulations encompass safety protocols, quality criteria, and certification procedures for electrolysis equipment, aimed at upholding industry standards and fostering market expansion.
Numerous governments have formulated national hydrogen strategies and pathways to articulate their vision for hydrogen’s role in the energy shift. These strategies delineate goals, policy aims, and strategies to bolster hydrogen infrastructure, drive demand for hydrogen applications, and encourage investment in electrolysis technology.
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In addition to scaling up electrolyzer manufacturing processes, research endeavors are targeting the optimization of production techniques to align with the escalating demand for electrolysis systems. R&D initiatives are geared towards devising cost-efficient manufacturing methodologies, refining process efficiency, and elevating product standards and dependability. This pursuit involves leveraging advanced manufacturing technologies like additive manufacturing, automation, and robotics to streamline operations and enhance overall productivity. Through these innovative approaches, the industry aims to ensure that electrolysis systems can be manufactured at scale while meeting stringent quality standards and performance requirements.
The Global Water Electrolysis Market is segmented into type, application, regional distribution, and company.
Based on its type, the alkaline electrolyzer segment held the largest market share in the forecast period. Alkaline electrolyzers are highly compatible with renewable energy sources like wind and solar power, enabling efficient utilization of fluctuating renewable inputs. Their capability to adapt to dynamic load conditions makes them an excellent option for generating green hydrogen via electrolysis.
These electrolyzers find extensive application across diverse industrial sectors, including ammonia production, metal processing, and refineries. Their capacity to generate significant quantities of hydrogen at cost-effective rates renders them essential for industries reliant on hydrogen as a key input or energy source.
Based on region, Europe segment is expected to grow during the forecast period.
European nations are dedicated to tackling climate change and cutting down on greenhouse gas emissions, consistent with global pacts like the Paris Agreement. Electrolysis serves as a vital tool in facilitating the decarbonization of industries such as transportation, manufacturing, and heating, thus supporting Europe’s environmental objectives and fostering the need for hydrogen generated via water electrolysis.
Major companies operating in Global Water Electrolysis Market are:
- Asahi Kasei Corporation
- Nel ASA
- Thyssenkrupp AG
- Cummins Inc.
- Toshiba Energy Systems & Solutions Corporation
- Teledyne Technologies Incorporated
- Suzhou Green Hydrogen Energy Co., Ltd.
- ITM Power PLC
- Clean Power Hydrogen plc
- Plug Power Inc.
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“The water electrolysis market is currently witnessing a notable increase in investments from a diverse range of stakeholders, underscoring a firm commitment to propelling the adoption of this technology forward. Government entities, such as regulatory bodies and research institutions, are channeling substantial funds towards supporting various initiatives focused on research, development, and deployment within the electrolysis sector. Private enterprises are intensifying their investment endeavors to seize the opportunities presented by the growing demand for green hydrogen and other products derived from electrolysis. There is a proliferation of collaborations and partnerships within the industry, bringing together technology developers, energy firms, and industrial entities in joint efforts to achieve shared goals. These partnerships often entail the exchange of knowledge, resources, and infrastructure, aimed at accelerating the pace of innovation, streamlining manufacturing processes, and unlocking economies of scale.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Water Electrolysis Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Alkaline Electrolyzer, Proton Exchange Membrane (PEM) Electrolyzer, Solid Oxide Electrolyzer Cell (SOEC), Anion Exchange Membrane (AEM) Electrolyzers), By Application (Refining Industry, Power and Energy Storage, Ammonia Production, Methanol Production, Transportation/Mobility Industry, Others), By Region and Competition, 2019-2029F”, has evaluated the future growth potential of Global Water Electrolysis Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Water Electrolysis Market.
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