The global water electrolysis machine market comprises electrolyzer systems that are capable of splitting water into hydrogen and oxygen using electricity. Water electrolysis machines find widespread use in various end-use industries such as chemical, petroleum, pharmaceutical, electronics, and energy & power. The electrolysis process helps obtain hydrogen in its gaseous state, which further finds myriad applications as a clean fuel in the automotive and transportation industries. The rising need to reduce carbon emissions and focus on sustainable energy production is propelling the adoption of water electrolysis machines across the world.
The growing demand for green hydrogen from industries is anticipated to drive the global water electrolysis machine market, which is estimated to be valued at US$ 13.24 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the water electrolysis machine market are Air Products and Chemicals, Inc., AREVA H2Gen, Asahi Kasei Corporation, C&E Environmental Technology Co. Ltd., Cummins Inc., Enagic International Inc., Eneco Holdings Inc., ErreDue S.p.A., Hitachi Zosen Corporation, Hydrogenics Corporation, ITM Power Plc, Kobelco Eco-Solutions Co. Ltd., Linde AG, Nel ASA, and Siemens AG. These players are focusing on geographical expansion and new product launches to gain a competitive edge in the market.
The Water Electrolysis Machine Market Demand lucrative opportunities for water electrolysis machine manufacturers. The rising focus on developing a hydrogen economy and deployment of fuel cell vehicles is anticipated to boost the adoption of water electrolysis machines globally.
Key players are expanding their presence across major markets to cater to the rising global demand for water electrolysis machines. For instance, Nel ASA inaugurated a new electrolyzer manufacturing facility in Denmark in 2022 to ramp up its production capacity. Meanwhile, Siemens is collaborating with key partners in Asia and Europe to establish hydrogen hubs for production and storage of green hydrogen using its electrolysis technologies.
Market Drivers
One of Water Electrolysis Machine Market Size And Trends focus on developing a sustainable hydrogen economy. A number of countries and industrial sectors are promoting the production and use of green hydrogen to reduce carbon emissions. This is encouraging investments in large-scale water electrolysis projects around the world.
Market Restraints
High initial costs associated with water electrolysis machines and lack of supporting hydrogen infrastructure are some of the major factors hindering the growth of the global water electrolysis machine market. However, ongoing technology advancements and large capital investments by governments and corporations are expected to address these challenges over the coming years.
Segment Analysis
The water electrolysis machine market is segmented on the basis of application into power generation, transport, industry energy, industrial feedstock, and others. Among these, the power generation segment dominates the market due to the increasing demand for green and renewable energy sources globally. Water electrolysis machines are commonly used to produce hydrogen from renewable energy sources like solar and wind power. This helps in storing excess renewable energy in the form of hydrogen, which can power fuel cells for uninterrupted power generation.
Global Analysis
North America dominates the global water electrolysis machine market owing to high demand and stringent environmental regulations regarding carbon emissions in countries like the United States and Canada. The availability of leading market players and advanced infrastructure for hydrogen production and storage also contributes to the regional market growth. Asia Pacific is expected to be the fastest growing market during the forecast period due to rapid industrialization, growing energy demand, and government initiatives to encourage the use of renewable energy. Countries like China, Japan, South Korea, and India provide lucrative opportunities for regional market expansion.
Get More Insights On, Water Electrolysis Machine Market
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
Comments
0 comment