Global Water Electrolysis Market Research Report: Information by Product Category (Proton Exchange Membrane, Alkaline Water Electrolysis and Solid Oxide Electrolyte (SOE)), End Users (Chemicals, Electronics & Semiconductor, Power Plants, Petroleum, Pharmaceuticals and others) and Region (North America, Europe, Asia–Pacific and Rest of the World) – Forecast till 2025
Water Electrolysis Market Maintains Winning Streak as Demand in Chemical Sector Mounts
Electrolysis refers to the process involving the splitting of water into hydrogen as well as oxygen from renewable sources. It is considered to be the simplest technique to produce hydrogen, wherein an electric current passes via a compound, separating elements. Water electrolysis finds numerous applications in a variety of industries, such as pharmaceuticals, petroleum, automobile, refineries, glass, chemicals, metals & mining, and more. A revenue of USD 12,975 million by 2025 is predicted at an estimated CAGR of 7.58%
The hydrogen obtained from water electrolysis is ideal for the creation of a massive supply of sustainable hydrogen fuels. The carbon emission is completely dependent on the electricity used for water electrolysis. There is no emission of carbon since the electricity is in the form of wind, hydropower, geothermal, nuclear, or solar power. The hydrogen produced through the electrolyzer is extremely pure and is best for use in applications like vehicles.
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The segmentation of the market of water electrolysis is conducted on the basis of product category, end users, and region. By the product category, the market has been divided into a proton exchange membrane and alkaline water electrolysis. The top factors helping the water electrolysis market expand in size include the rising use of water electrolysis across various industries, mounting demand for carbon-free sources of energy, and the fact that the process uses renewable sources of energy. Water electrolysis is majorly used in the chemical industry, pharmaceutical industry, and petroleum industry. The end users segement of the water electrolysis market consists of chemicals, power plants, petroleum, electronics & semiconductor, pharmaceuticals, and others. In the chemical industry, water electrolysis helps separate two components with a chemical reaction. The rising application in the chemical industry is anticipated to increase the water electrolysis market size in the coming years. it is projected that the chemical industry can expand significantly over the coming years on account of the emerging markets backed by the rising number of local players.
Asia Pacific or APAC formed the largest market for water electrolysis in 2016 with a share of 34.20%. The regional market is on track to achieving a decent growth rate of 6.92% in the years ahead. With the increasingly developing nations like India, China, Malaysia, and South Korea, and the surging rate of industrialization as well as urbanization in these countries, the regional market is poised to note robust growth over the next couple of years. Also, strict government regulations that aim to bring down the carbon footprint further stimulates the market growth for water electrolysis in the region. The United States (U.S.) shows the most potential of attaining the top position in the North American market for water electrolysis. The country is one of the worldwide leaders when it comes to developing hydrogen via water electrolysis. Hydrogen and fuel cells in the region have gained high prominence and offer a cleaner environment as well as energy security to people. Additionally, the U.S. is known for maintaining and developing certain codes and standards that help ensure that hydrogen and fuel cells products are environment-friendly and safe. A lot of innovations in the use of hydrogen-like hydrogen-powered forklifts in retail stores and hydrogen-powered buses adds to the market strength in the region.
Europe is the second most profitable market for water electrolysis, as estimated in 2018, boasting of an illustrious industrial infrastructure. The thriving chemical industry in the region is a prominent user of water electrolysis, owing to which the latter market can scale to a better position in the following years. The Middle East & Africa is witnessing a steady growth of the automotive sector and a sharp rise in the production of vehicles. This surging rate of production can lead to more use of water electrolysis in vehicles, thus benefitting the regional market.
The prominent end-users in the water electrolysis market are Linde AG, ProtonOnsite, Air Products and Chemicals, Inc., Siemens AG, ThyssenKrupp AG, Teledyne Energy Systems Inc.
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