Water Electrolysis Machine Market to Top US$ 12 Bn Valuation by 2030; COVID-19 Outbreak to Moderately Affect Short-term Sales
Increased private investments and favorable government policies towards sustainable and renewable energy sources, and the application of hydrogen in chemicals, steel, petroleum, electronics & semiconductors, pharmaceuticals, electronics, and power generation, are key factors aiding the expansion of the global water electrolysis machine market.
The water electrolysis machines market is expected to strongly gain ground in chemical applications, such as the production of methanol and ammonium fertilizers, in addition to extensive applications of hydrogen generation in the petroleum industry for processing crude oil. Water electrolysis devices are also expected to find roles in hydrogen generation for pharmaceuticals, steel, and electronics applications.
Improvements in proton exchange membrane technology, and ideal applications in high pressure and variable temperature settings, are providing impetus to the growth of the water electrolysis machine market. Further, government policies towards eco-friendly technologies and fuel cell research & development will provide critical growth opportunities for market players. Consequently, the global water electrolysis machine market is expected to expand at a very healthy CAGR of 7% through 2030.
Key Takeaways from Water Electrolysis Machine Market Report
- The ongoing coronavirus pandemic has disrupted supply chains and has resulted in lockdowns, impacting regular operations of businesses in chemicals, petroleum, and electronics & semiconductor industries. This, in turn, is expected to have a moderate impact on the global water electrolysis machines market.
- The proton exchange membrane segment is projected to reflect higher demand than alkaline water electrolysis alternatives, supported by minimal risk of hydrogen crossovers and applications in on-site hydrogen generation applications.
- Water electrolysis machines with hydrogen production ratings of below 500 are projected to reflect higher demand in the foreseeable future, owing to extensive need of hydrogen production in small-scale applications for the chemical and research sectors.
- By end user, the chemicals sector is projected to hold a leading market share till 2030, supported by use in fertilizer, additive, and fuel processing industries.
- In terms of regional markets, Asia Pacific is expected to display relatively faster growth in the adoption of water electrolysis machines, aided by massive growth in industrial applications in India and China.
“Transition by governments and private companies towards eco-friendly, sustainable technologies and improvements in water electrolysis processes are driving growth in the water electrolysis machine market. Research towards renewables in emerging economies will provide lucrative opportunities for manufacturers throughout the forecast period,” says a Fact.MR analyst.
Market Players Focusing on Acquisitions & Product Development
Some of the leading participants in the water electrolysis machine market include Air Products & Chemicals Inc., Kobel Co Eco Solutions, AERVA H2Gen, ThyssenKrupp AG, Asahi Kasei Corporation, Teledyne Energy Systems, C&E Environmental Technology Co. Ltd., Siemens AG, Enagic, ProtonOnsite, Eneco Holdings, Linde AG, ErreDue S.p.A., and Hydrogenics Corporation, among others.
Leading market players are focusing their efforts and resources towards strategic collaborations and acquisitions to bolster the scope of product development, thereby consolidating their market position. For instance,
- In July 2019, Eneco Holdings Inc. unveiled its Hybrid HHO Gas system, aimed towards generating large amounts of oxyhydrogen gas, while using minimal amounts of power. The company claims that the innovation is likely to reduce hydrogen generation costs by around two-third, without any carbon dioxide emissions.
- In October 2020, GTT (Gaztransport & Technigaz), a leader in containment systems, announced the acquisition of Areva H2Gen, which is the only company to produce water electrolyzing machines in France. This acquisition will allow GTT to widen its tech portfolio towards green hydrogen offerings.
Find More Valuable Insights on Water Electrolysis Machine Market
In its latest offering, Fact.MR has provided readers with an unbiased analysis of the global water electrolysis machine market, covering data on historical demand (2015-2019) and forecast statistics for the years 2020 to 2030. The study gives critical insights on the water electrolysis machine market on the basis of type (proton exchange membrane, alkaline water electrolysis, and others), input power (below kW, 2 kW – 5 kW, and above 5 kW), hydrogen production (below 500, 500 -2000, and above 2000), and application (chemicals, petroleum, steel plants, pharmaceuticals, electronics & semiconductors, power plants, and others), across 5 key regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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