Global Water as a Fuel Market Analysis and Forecast 2019-2030

The global water as a fuel market is expected to grow at a CAGR of around 19% during the forecast period of 2023-2030 and is estimated at US$ 3.2 billion in 2023.

There is an increasing need to move away from conventional fossil fuels and towards cleaner, more sustainable energy sources as the globe faces more and more environmental concerns. Hydrogen, a byproduct of water, has attracted interest as a potential source of renewable energy.

There is a global movement to reduce greenhouse gas emissions as people become more conscious of climate change and its effects on the environment. Fossil fuels are a key source of carbon emissions; switching to sustainable fuels, such as hydrogen from water, can greatly cut carbon emissions and aid in the fight against climate change.

Advancements in Clean Energy and Increase in Need to Achieve Energy Security Accelerate the Demand for Water as a Fuel Technologies

The global shift towards sustainable and renewable energy sources is being driven by improvements in clean energy technologies and a growing demand for energy security. Renewable energy sources are becoming more effective, inexpensive, and available because of significant advances in clean energy technologies.

The overall practicality and scalability of clean energy solutions have been enhanced by advancements in solar power, wind power, hydropower, geothermal energy, and energy storage. Renewable energy technologies, especially solar and wind, are becoming more and more competitive with conventional fossil fuels in terms of cost. This has caused investment to shift in favor of clean energy initiatives, encouraging their continued advancement and application.

Request for Sample and Scope of the Study

Asia Pacific Significantly Drives the Global Water as a Fuel Market Growth

Early users of hydrogen technologies are Japan and South Korea, who are motivated by concerns about energy security and environmental objectives. China is making significant investments in the creation of fuel cells and hydrogen. Australia has a wealth of renewable energy resources, which might make it a hub for the export of hydrogen. Countries in Southeast Asia are looking at hydrogen as a sustainable and accessible energy source.

Europe has high environmental targets, with numerous nations aiming to achieve carbon neutrality by predetermined dates. The use of green hydrogen produced by water electrolysis is encouraged by the European Union’s hydrogen plan. Leading nations investing in hydrogen infrastructure are Germany, the Netherlands, and Denmark. The use of hydrogen for industrial purposes and as a means of storing renewable energy are important areas of study.

Market Structure and Competitive Landscape

These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the global water as a fuel market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players.  Some of the key developments in the global water as a fuel market include,

• In March 2023, First Mode and Ballard Power Systems announced a contract under which Ballard will provide First Mode with 30 hydrogen fuel cell modules, each with a 3-megawatt output, for use in diesel-free mining vehicles. This translates to about 4,000 horsepower.
• In November 2022, Enel Green Power S.p.A. (EGP), the global renewables division of Enel, and Australian green energy developer Fortescue Future Industries (FFI) established a partnership to explore the co-development of the green hydrogen value chain, with a preliminary focus on Australia and Latin America.
  • The collaboration will aid FFI and EGP in achieving their objectives to diversify future energy supplies and boost energy security.

The global water as a fuel market is fragmented in nature with the presence of various players operating in the market. Some of the prominent players operating in the water as a fuel market include Panasonic Corporation, Plug Power Inc., Ballard Power Systems, Bloom Energy, AFC Energy Plc, Hydrogenics Corporation, Heliogen, Enapter, ITM Power, and SFC Energy AG, among others.

Key Market Segmentation

RationalStat has segmented the global Water as a Fuel market based on fuel type, technology, end use, and region.

• By Fuel Type
  • Hydrogen Fuel
  • Oxyhydrogen Fuel
• By Technology
  • Electrolysis
  • Natural Gas Reforming
• By End Use
  • Transportation
  • Power Generation
  • Material Handling Equipment
  • Others (Aerospace, Aircraft, Industrial, etc.)
• By Region
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Western Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • Rest of Eastern Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • ASEAN (Indonesia, Vietnam, Malaysia, etc.)
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Turkey
    • Rest of the Middle East & Africa

To customize reports as per your needs, speak to our analyst

Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

Secondary Sources

• Annual reports, company filings, investor presentations, product catalogs, and company documents
• Industry and market-related documents available in the public domain
• Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
• Whitepapers, research papers, and industry blogs.

Why Buy this Report?

The report is intended for manufacturers, raw material suppliers, third-party distributors, construction industry players, government organizations, research institutes, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.

Frequently Asked Questions (FAQs)