The Global Water Electrolysis Market size was valued at around USD 1.8 billion in 2023 & is estimated to grow at a CAGR of about 7.1% during the forecast period, i.e., 2024-30.

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Key Findings of the Study: Water Electrolysis market

Global Water Electrolysis Market Driver:

Transition to Sustainability to Have a Positive Impact on Market Expansion – The rising emphasis on environmental sustainability has prompted industries and businesses in the commercial sector to identify hydrogen as a crucial element for numerous future applications. With a heightened interest in hydrogen as a green energy solution, ongoing innovations & technological advancements primarily target sustainable methods of hydrogen production, hence instigating the Water Electrolysis Market.

Hydrogen finds extensive use across various industries, particularly in fuel cell-based applications, significantly impacting hydrogen production. A water electrolysis machine stands as an efficient solution for producing hydrogen in a sustainable manner & in considerable volume, meeting the substantial demand for hydrogen as a green energy source, further elevating the market share in the upcoming years.

Global Water Electrolysis Market Challenge:

Consistent Threat Posed by Alternative Products to Limit the Expansion – Hydrogen could be produced in a variety of ways and by deploying numerous machines. With time, it is estimated that the demand for hydrogen would increase on a large scale for various applications, thus affecting the production sector. As water electrolysis machines have a limited capacity for producing hydrogen, several manufacturers are practicing other alternative ways to produce hydrogen, thus hampering the Water Electrolysis Market.

Moreover, the risk associated with this product is the replacement of these machines with high hydrogen production alternative machines. Furthermore, the machine has high initial costs, making small-business owners hesitant to invest, thus acting as a barrier to market expansion.

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Scope of the Report and Water Electrolysis Market Segmentation:

By Product

• Alkaline Electrolyzer- Market Size & Forecast 2019-2030F, USD Million
• Proton Exchange Membrane (PEM) Electrolyzer- Market Size & Forecast 2019-2030F, USD Million
• Solid Oxide Electrolyzer Cell (SOEC)- Market Size & Forecast 2019-2030F, USD Million
• Anion Exchange Membrane (AEM) Electrolyzers- Market Size & Forecast 2019-2030F, USD Million

By Application

• Refining Industry- Market Size & Forecast 2019-2030F, USD Million
• Power & Energy Store- Market Size & Forecast 2019-2030F, USD Million
• Ammonia Production- Market Size & Forecast 2019-2030F, USD Million
• Methanol Production- Market Size & Forecast 2019-2030F, USD Million

By Input Power

• Below 5kW- Market Size & Forecast 2019-2030F, USD Million
• 2kW-5kW- Market Size & Forecast 2019-2030F, USD Million
• Above 5kW- Market Size & Forecast 2019-2030F, USD Million

By Hydrogen Production

• Below 500L/Hr- Market Size & Forecast 2019-2030F, USD Million
• 500-2000 L/Hr- Market Size & Forecast 2019-2030F, USD Million
• Above 2000 L/Hr- Market Size & Forecast 2019-2030F, USD Million

By End Users

• Chemical Industry- Market Size & Forecast 2019-2030F, USD Million
• Electronics & Semiconductors Industry- Market Size & Forecast 2019-2030F, USD Million
• Power Plants- Market Size & Forecast 2019-2030F, USD Million
• Petroleum Industry- Market Size & Forecast 2019-2030F, USD Million
• Pharmaceutical Industry- Market Size & Forecast 2019-2030F, USD Million
• Others (Steel Plants, Transportation/Mobility Industry, etc.)- Market Size & Forecast 2019-2030F, USD Million

The Transportation Industry captures the potential share of the Water Electrolysis Market and is expected to grow at a fast pace over the forecast period.

Water Electrolysis Market Development:

• 2023: Siemens Energy has revealed plans to commence the production of electrolysis modules (stacks) at the multi-gigawatt electrolyzer facility located in Berlin, aiming to scale up to a three-gigawatt production capacity by 2025.
• 2022: Cummins Inc. entered into a supply agreement with Hysetco for a 2.5-megawatt (MW) electrolyzer through its affiliate, Hydrogenics Europe N.V. This initiative by Hysetco is focused on establishing and operating the inaugural large-scale hydrogen mobility platform. The platform will seamlessly combine hydrogen production, distribution, and utilization, leveraging local hydrogen generation facilitated by an electrolyzer in Paris, France

Geographical Analysis:

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

In the coming years, the Asia-Pacific region is poised to hold a substantial share of the Water Electrolysis Market.

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