Water Electrolysis Market – Global Industry Analysis, Growth, Trends and Forecast 2023

Market Highlights:

The global water electrolysis market is expected to witness high growth during the forecast period. The growth of the water electrolysis market is mainly due to the increase in use of water electrolysis by end-user, growing demand of carbon free source of energy, and highly effective way of integrating renewables through power with gas facility. Water electrolysis is majorly used in chemical industry and petroleum industry. The growth in the chemical industry is expected to drive the water electrolysis market. The hydrogen that is produced through water electrolysis is free from carbon and environment friendly. This will increase the use of carbon free source of energy, which will drive the market. The global water electrolysis market is expected to reach USD 11,426.8 million by 2023 with 6.31% CAGR.

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The market is segmented on the basis of technology, end-user, and region. On the basis of technology, the market is segmented as alkaline water electrolysis and proton exchange membrane. Alkaline water electrolysis accounted for the largest market share and is projected to grow during the forecast period due to the increased use of this technology for large-scale hydrogen production. Based on end-users, chemical industry segment accounted for the largest market share during the forecast period due to increase use of water electrolysis by chemical industry. Petroleum accounted for the second largest segment due to the increased production and high investment in research and development.

Key Players:

The key players in global water electrolysis market are ThyssenKrupp Ag (Germany), Linde AG (Germany), Air Products and Chemicals, Inc. (U.S.), Siemens AG (Germany), ProtonOnsite (U.S.), Teledyne Energy System Inc. (U.S.), Areva H2Gen (France), Hydrogenics Corporation (Canada), Erre Due s.p.a (Italy) and Peak Scientific (Scotland).

Market Research Analysis:

Asia-Pacific is expected to dominate the water electrolysis market due to the increasing demand in countries such as India and China. China accounted for the largest market share of 47.02% in 2016 and is projected to grow at 7.84% during the forecast period. North America is expected to hold majority of the share of this market. Some of the major factors contributing to the growth of hydrogen market in North America include availability of cheap gas and improving demand from the end- markets growth in the chemical industry, which will accelerate the growth of the water electrolysis market.

List of Table:

Table 1 Global Water Electrolysis Market, By Product, 2014-2022 (Usd Million)

Table 2 Proton Exchange Membrane: Water Electrolysis Market, By Application, 2015-2023 (Usd Million)

Table 3 U.S.: Proton Exchange Membrane Market, By Application, 2015-2023 (Usd Million)

Table 4 Canada: Proton Exchange Membrane Market, By Application, 2015-2023 (Usd Million)

Table 5 Mexico: Proton Exchange Membrane Market, By Application, 2015-2023 (Usd Million)

Table 6 Alkaline Water Electrolysis Market, By Application, 2015-2023 (Usd Million)

Continue…

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Scope of the Report:

This study provides an overview of the global water electrolysis market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global water electrolysis market by technology, by end-user and by region.

By Technology

  • Proton Exchange Membrane (PEM)
  • Alkaline Water Electrolysis
  • Solid Oxide Electrolyte (SOE)

By End-User

  • Chemical Industry
  • Petroleum Industry
  • Pharmaceuticals Industry
  • Power Plants
  • Electronics & Semiconductors Industry
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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