Water Electrolysis Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
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Water Electrolysis Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028
The Water Electrolysis Market is segmented by Product Type (Proton Exchange Membrane, Alkaline Water Electrolysis, and Solid Oxide Electrolyte (SOE)), End-User Type (Chemicals, Electronics & Semiconductor, Power Plants, Petroleum, Pharmaceuticals, and Others), and Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, South Korea, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).
The Water Electrolysis Market is segmented by Product Type...
The Water Electrolysis Market is expected to grow at a promising CAGR of 6.9% during the forecast period.
What is Water Electrolysis?
The process of separating water into hydrogen and oxygen, known as electrolysis, takes place in an electrolyzer. Hydrogen and oxygen are separated from water through electrolysis and then collected separately for use in industrial processes in the chemical, power, and automotive sectors. Electrolyzers come in a variety of sizes, including compact appliances ideal for small-scale dispersed hydrogen generation and massive central production plants that can be directly connected to non-greenhouse gas-generating sources.
Market Dynamics
The growth of the market will be fueled by favorable regulatory policies toward building out hydrogen infrastructure and expanding its use as an industrial feedstock. The continued advancement of technology and the decline in carbon emissions from manufactured goods will be favorable to the future of the business. The market structure for water electrolysis in the world today takes into account current developments as well as the use of new technology by the major industry participants. The market grew as a result of a number of causes, including rising global carbon emissions, rising low-carbon hydrogen and ammonia production, increasing margarine consumption, rising capacity for menthol manufacture, and growing semiconductor demand.
Segments Analysis
Segmentations
List of Sub-Segments
Dominant and Fastest-Growing Segments
Product-Type Analysis
Proton Exchange Membrane, Alkaline Water Electrolysis, and Solid Oxide Electrolyte (SOE)
Alkaline water electrolysis is expected to remain the largest and fastest-growing product type in the market.
End-User-Type Analysis
Chemicals, Electronics & Semiconductor, Power Plants, Petroleum, Pharmaceuticals, and Others
The chemical is expected to remain the dominant as well as the fastest-growing end-user type in the market.
Regional Analysis
North America, Europe, Asia-Pacific, and Rest of the World
North America is expected to witness significant growth in the market during the forecast period.
By Product Type
The water electrolysis market is segmented into proton exchange membranes, alkaline water electrolysis, and solid oxide electrolyte. Alkaline water electrolysis is expected to remain the largest and fastest-growing product type in the market during the forecast period. The most advanced water electrolysis method is well recognised as alkaline water electrolysis.
The majority of the installed water electrolysis capacity worldwide comes from alkaline electrolyzers. The vast majority of alkaline electrolyzers are appropriate for producing hydrogen on a large scale. Alkaline water electrolysis research is currently focused on increasing efficiency through the use of high-temperature and high-pressure operations.
By End-User Type
The market is segmented into chemicals, electronics & semiconductors, power plants, petroleum, pharmaceuticals, and others. Chemical is expected to remain the dominant as well as the fastest-growing end-user type in the market during the forecast period.
In order to produce ammonia, which has a rising demand for hydrogen in the chemical sector, fertilizers and methanol are utilized in the production of polymers. Other essential chemicals made from hydrogen include aniline, cyclohexane, hydrochloric acids, and a variety of bases.
Regional Analysis
In terms of regions, North America is expected to witness significant growth in the water electrolysis market during the forecast period. In the development of hydrogen through water electrolysis, the US is a world leader. In North America, hydrogen and fuel cells provide energy security and a healthier environment for people.
To guarantee the safety and environmental friendliness of hydrogen and fuel cell products, the US has maintained and developed particular rules and standards. For the usage of hydrogens, numerous innovations have been put into place, including hydrogen-powered buses and forklifts at retail establishments.
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Key Players
The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the water electrolysis market:
Peak Scientific
Air Products and Chemicals, Inc.
Siemens AG
Linde AG
ThyssenKrupp AG
Hydrogenics Corporation
Erre Due SpA
Teledyne Energy Systems Inc.
ProtonOnsite
AREVA H2Gen
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s water electrolysis market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the Water Electrolysis Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to three players)
SWOT analysis of key players (up to three players)
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
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Peak Scientific, Air Products and Chemicals, Inc., Siemens AG, Linde AG, ThyssenKrupp AG, Hydrogenics Corporation, Erre Due SpA, Teledyne Energy Systems Inc., ProtonOnsite, AREVA H2Gen are the leading players in the water electrolysis market.
North America is estimated to remain dominant in the water electrolysis market in the foreseeable future as the US has maintained and developed specific codes and standards to ensure that hydrogen and fuel cell products are safe and environment friendly.
Alkaline water electrolysis is estimated to be dominant in the coming years as alkaline electrolyzers are mostly suitable for large-scale hydrogen production. The current focus for development in alkaline water electrolysis is towards obtaining higher efficiency by applying high temperature and high-pressure operations.
Major factors such as increasing global carbon emissions, growing production of low carbon hydrogen, increasing production of ammonia, rising demand for margarine, rising production capacity for menthol, and increase in the demand for semiconductors are likely to drive the growth of the market in the coming five years.
