Global Water Electrolysis Market Analysis and Forecast 2019-2030

The global water electrolysis market is expected to grow at a CAGR of around 32% during the forecast period of 2023-2030 and is estimated at US$ 350 million in 2023.

An electric current is used in the chemical process known as water electrolysis to separate water molecules into their component parts, hydrogen (H2) and oxygen (O2). It entails applying an electric potential across two electrodes submerged in water and frequently composed of conductive materials. The anode and the cathode are the common names for the two electrodes.

One of the main techniques for manufacturing green hydrogen is water electrolysis. Green hydrogen is created by powering the electrolysis process with renewable energy sources like solar and wind energy, creating a clean and carbon-free hydrogen manufacturing pathway. The need for green hydrogen is driving the use of water electrolysis technology as the demand for clean energy and decarbonization rises.

Increasing Demand for Green Fertilizers Driving the Global Water Electrolysis Market

Manufacturing fertilizer requires a lot of energy. For fertilizer manufacturing facilities, the hydrogen generated by water electrolysis can be used as a clean and sustainable energy source. Fertilizer producers can reduce carbon impact and support sustainability goals by employing green hydrogen.

Green fertilizers are in greater demand as a result of the desire for more environmentally responsible and sustainable farming practices. The production of green hydrogen through water electrolysis is consistent with the agricultural industry’s goals for a low-carbon, environmentally friendly future.

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Europe Significantly Drives Global Water Electrolysis Market Growth

Europe is one of the dominating markets for water electrolysis, with nations like Germany, the Netherlands, and Denmark leading the way in the use of hydrogen and the incorporation of renewable energy sources.

European nations have established aggressive decarbonization goals and are aggressively promoting the growth of the hydrogen economy, including the production of green hydrogen by water electrolysis, through supportive laws, incentives, and funding initiatives. The use of green hydrogen produced through water electrolysis is being investigated by European companies, particularly those involved in manufacturing chemicals and transportation.

Water electrolysis is becoming a substantial industry in the Asia Pacific area, pushed by nations like China, South Korea, and Japan that are making investments in hydrogen and renewable energy technology. In order to expand the hydrogen economy and encourage the use of water electrolysis technology, a number of Asian nations have unveiled ambitious hydrogen roadmaps. Industries in the Asia Pacific region are looking into using green hydrogen for their operations, particularly those in the chemical, steel, and electronics sectors.

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 electrolysis 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 electrolysis market include,

• In April 2022, Cummins Inc. signed a supply contract for a 2.5-megawatt (MW) electrolyzer with Hysetco.
  • This local hydrogen production was made feasible by an electrolyzer in Paris to power the first large-scale hydrogen mobility platform that integrates hydrogen production, distribution, and consumption.

The global water electrolysis market is fragmented in nature with the presence of various players operating in the market. Some of the prominent players operating in the water electrolysis market include Thyssenkrupp Nucera, Linde plc, Siemens AG, ProtonOnsite, Air Products and Chemical Inc, Teledyne Technologies Inc, Plug Power Inc, Cummins Inc, Erre Due SpA, Peak Scientific Instruments, and among others.

Key Market Segmentation

RationalStat has segmented the global water electrolysis market based on product, end user, and region.

• By Product
  • Proton Exchange Membrane
  • Alkaline Water Electrolysis
  • Solid Oxide Electrolyte (SOE)
  • Anion Exchange Membrane (AEM) Electrolyzers
• By End User
  • Chemicals
  • Electronics & Semiconductor
  • Power Plants
  • Petroleum
  • Pharmaceuticals
  • Others
• 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

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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.

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