Water Electrolysis Market Share, Size, Trends, And Business Opportunity Analysis Report 2019 include historic data, with forecast data to 2023. Water Electrolysis Industry report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023.
As per a detailed analysis by Market Research Future (MRFR), the global water electrolysis market has the potential to garner USD 11,426.8 million, grabbing a CAGR of 6.31% during the forecast period (2017-2023). The surging use of water electrolysis by the end-users is considered to contribute to the market growth. Water electrolysis is extensively used to decompose water into oxygen and hydrogen with the help of electricity. Electricity is passed through water in order to separate oxygen and hydrogen from water. The reaction to separate oxygen and hydrogen takes place in an electrolyzer. The sole purpose of water electrolysis lies in the generation of hydrogen which can be used for several purposes like chemical industry and hydrogen fuel.
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Market Potential and Pitfalls
Water electrolysis is extensively used in the petroleum industry, chemical industry, and the pharmaceutical industry. The process is used to separate two components by a chemical reaction in the chemical industry. It is used in the production of hydrogen which can be used for several purposes like energy storage, and fuel. The hydrogen which is produced using water electrolysis is further used to manufacture fertilizer, ammonia, and methanol. With the booming chemical industry across the globe, the market for water electrolysis is considered to flourish. The hydrogen produced from water electrolysis is used to create a large supply of sustainable hydrogen fuels. The produced hydrogen is free from carbon and can be used for several purposes like energy storage and vehicles. The ability of the production of cleaner fuel with the help of water electrolysis is anticipated to stimulate the market growth during the review period.
On the contrary, the process has several types of substitutes for hydrogen production which is estimated to vitiate the market growth during the review period. Coal gasification, natural gas reforming, solar thermochemical hydrogen, and biomass gasification are some of the several processes that can replace water electrolysis. The process is not much used owing to its low efficiency and high cost. This is likely to impair its market growth in the long run.
Global Water Electrolysis Market: Segmental Analysis
The global water electrolysis market has been segmented on the basis of technology and end-user.
By mode of technology, the global water electrolysis market has been segmented into a proton exchange membrane and alkaline water electrolysis. Among these, the alkaline water electrolysis occupies the largest market share due to the surging use of this particular technology for the production of hydrogen on a large scale.
By mode of end-users, the global water electrolysis market has been segmented into the petroleum industry, chemical industry, power plants, pharmaceuticals industry, electronics & semiconductor industry, and others. Among these, the chemical industry acquires the largest share in the global market owing to increased use of water electrolysis by the chemical industry. The high investment in R&D activities and increased production has enabled the petroleum segment to acquire the second position.
Geographically, the water electrolysis market has been studied under regions namely, Europe, Asia Pacific, North America, and the Rest-of-the-World (RoW).
Considering the global scenario, the Asia Pacific region occupies the largest market share and is likely to expand at a significant rate in the coming years. The regional growth owes to the surging demand for water electrolysis from economies like China and India. The hydrogen market in China is expanding steadily owing to industrial expansion. China is a major consumer of hydrogen for the refining treatment of heavy crude oil to produce sulfur-free fuels owing to the strict government mandates to lower carbon footprint. Hydrogen is also used in several daily products like polyurethanes for the construction materials, nylons for textiles, and polycarbonates for DVDs. This is likely to stimulate the market growth in this region.
North America occupies the second spot in the global market as it is extensively dependent on the strength of the country and the global economy. Moreover, the high availability of cheap gas for the chemical industry is likely to fuel the growth of the regional market during the appraisal period.
May 07, 2019: Fuel producer Preem and Swedish power company Vattenfall have recently joined forces in order to develop hydrogen for the production of biofuel production, electricity supply, and electrification over the next three years. The joint project targets to develop a 20MW plant that will help to produce fossil-free hydrogen with the help of water electrolysis.
The prominent players operating in the global water electrolysis market comprises Linde AG (Germany), ThyssenKrupp Ag (Germany), Siemens AG (Germany), Air Products and Chemicals, Inc. (U.S.), Teledyne Energy System Inc. (U.S.), ProtonOnsite (U.S.), Hydrogenics Corporation (Canada), Areva H2Gen (France), Peak Scientific (Scotland), and Erre Due s.p.a (Italy).
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