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The MRFR research reports suggest that Water Electrolysis Market Research Report: Information by End Users, Region, and Product Category – Forecast till 2030, the water electrolysis market is predicted to gain size of approximately USD 9.3 billion by the end of 2030. The market is predicted to bolter at a robust CAGR of over 6% during the evaluation period from 2020 to 2030.
Water Electrolysis Market Overview:
The electrolyze is utilized for water electrolysis. During the process, water is fragmented into oxygen and hydrogen that are further accumulated individually for use in the industrial process chemical, power, and automotive industries. The electrolyze is available in several sizes and has various techniques of electrolysis. Nearly all the electrolyze utilized are alkaline electrolyzes. The global market for water electrolysis has expanded massively in recent years. The primary reason behind the market’s growth is the supportive regulatory policies toward developing the hydrogen infrastructure. Furthermore, the growing usage of water electrolysis as an industrial feedstock is another prime aspect supporting the market’s growth.
Report Scope:
|
Report Metrics |
Details |
|
Market Size |
2030: USD 9.3 Billion |
|
CAGR |
6% CAGR (2020-2030) |
|
Base Year |
2021 |
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Forecast Period |
2022-2030 |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Key Market Opportunities |
New product launches and R&D Amongst major key Players |
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Key Market Drivers |
Increase in the use of water electrolysis in end-use industries Growing demand of carbon-free source of energy |
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Moreover, the aspects such as decreasing product reduction carbon emissions and ongoing technological development are also predicted to influence the growth of the market over the coming years. the global market for water electrolysis also comprises the structure of the market according to the latest trends and deployment of technological advancements by the leading market participants.
Competitive Analysis
The key participants across the global market for water electrolysis include companies such as:
Water Electrolysis Market USP Covered
Market Drivers
The global market for water electrolysis has exhibited significant growth in recent times owing to the aspects such as the growing hydrogen and ammonia market, high sustainability, and growing demand for green hydrogen & green ammonia.
Market Restraints
On the other hand, the complexities involved in the process may restrict the market’s growth.
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COVID-19 Impact
The global health crisis in the form of COVID-19 has affected several industrial and financial activities for the majority of the industry sectors. Several key players across the global water electrolysis market faced various unexpected challenges affecting revenue generation. However, with the recovery in all the global industrial and financial operations, the global water electrolysis market is anticipated to overgrow over the review timeframe.
Water Electrolysis Market Segment Analysis
Among all the product categories, the alkaline water electrolysis segment is predicted to secure a leading position across the global market for water electrolysis over the review timeframe. Alkaline water electrolysis is widely famous as advanced technology and the most advanced water electrolysis technology. Alkaline electrolyzers contribute to most of the installed water electrolysis capacity globally. Alkaline electrolyzers are primarily fit for large-scale hydrogen production. The present emphasis for development in alkaline water electrolysis is to gain greater efficiency by applying high-pressure and high-temperature operations.
Among all the end-use areas, the chemicals segment is anticipated to secure the leading position across the global market for water electrolysis, with the pharmaceutical segment at the second position. The primary aspect was causing a rise in the market’s size of the growing end users. Furthermore, the aspects like increasing demand for hydrogen, increased pressure to reduce industrial carbon emission, and high efficiency is also expected to influence the segment’s growth over the assessment era.
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Water Electrolysis Market Regional Analysis
The global market for water electrolysis is analyzed across five major regions: Asia-Pacific (APAC), Europe, Latin America, North America, and the Middle East & Africa.
The research reports by MRFR suggest that the North American region is estimated to secure the top position across the global market for water electrolysis over the review timeframe. The region has Canada and the US as prominent growth contributors. The US is considered a prominent player in hydrogen development through water electrolysis. Fuel cells and Hydrogen in North America provide energy security and a better environment for the people and built particular standards and codes to guarantee that fuel cells and Hydrogen products are safe and environment friendly. Several discoveries are deployed for hydrogens, like hydrogen-powered forklifts and hydrogen-powered buses in retail stores. Furthermore, the increased usage of hydrogen across the US is anticipated to boost the regional market’s growth over the review era.
The water electrolysis market for the Middle East & African region is anticipated to exhibit substantial growth over the assessment era. The steady growth of the automotive industry across the region, given the steady rate of production of vehicles, is the central aspect supporting the growth of the regional market. This continuous production rate will cause the rise in usage of water electrolysis in vehicles over the review timeframe boosting the regional market’s growth.
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