Portland,OR, May 12, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Water as a Fuel Market by Fuel Type (Hydrogen and Oxyhydrogen) and by Technology (Electrolysis and Natural Gas Reforming): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global water as a fuel market was valued at $4.1 billion in 2022 and is projected to reach $13.4 billion by 2032, growing at a CAGR of 12.5% from 2023 to 2032.
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Prime determinants of growth
Growth in the application of hydrogen, rise in demand for hydrogen as an alternative fuel, and net zero targets aiming to decarbonize the economy are the factors driving the growth of the water as a fuel market. However, a lack of policies & regulatory framework and high cost & efficiency losses are expected to restrain the market growth. Meanwhile, flexibility in hydrogen production, government policy and company strategies are expected to offer lucrative opportunities for the industry in the upcoming years.
Report coverage & details:
Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $4.1 billion |
| Market Size in 2032 | $13.4 billion |
| CAGR | 12.5% |
| No. of Pages in Report | 300 |
| Segments Covered | Fuel Type, Technology, and Region |
| Drivers | Growth in the application of hydrogen Rise in demand for hydrogen as alternative fuel Net zero targets and aim to decarbonize the economy |
| Opportunities | Flexibility in hydrogen production Government policy and company strategies |
| Restraints | Lack of policies and regulatory framework High cost and efficiency losses Volatile nature of hydrogen and oxyhydrogen |
Covid-19 Scenario:
The outbreak of the COVID-19 pandemic had a negative impact on the global water as a fuel market owing to the implementation of subsequent global lockdowns by the governments of several countries. However, as the global situation started ameliorating, the demand for hydrogen-based fuels was restored. This, in turn, presented various growth opportunities for companies operating in the water as a fuel market.
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The hydrogen segment is expected to grow faster throughout the forecast period.
Based on fuel type, the hydrogen segment accounted for the major share in 2022, garnering more than three-fourths of the global water as a fuel market revenue and is expected to rule the roost in terms of revenue throughout the forecast period. The same segment is estimated to showcase the fastest CAGR of 12.6% from 2023 to 2032. This is due to the larger applications of hydrogen in several sectors such as power generation, transportation, building cooling & heating, and fertilizers.
The electrolysis segment is expected to grow faster throughout the forecast period.
Based on the technology, the natural gas reforming segment held the highest share in 2022, holding more than two-thirds of the global water as a fuel market revenue and is expected to dominate the market in terms of revenue throughout the forecast timeframe. This is due to the fact that it is widely used for producing blue hydrogen. However, the electrolysis segment is expected to cite highest CAGR of 12.8% during the forecast period. This is due to the rise in demand for green hydrogen coupled with a shift in the energy mix toward a clean energy economy.
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The Asia-Pacific region is expected to grow faster throughout the forecast period
Based on region, North America garnered the major share in 2022, accounting for nearly one-third of the global water as a fuel market revenue and is estimated to rule the roost in terms of revenue from 2023 to 2032. Several water as a fuel project being planned and enforced in countries such as the U.S. and Canada which is propeling the growth of the market in region. However, Asia-Pacific is projected to witness a fastest CAGR of 12.8% during the forecast period. This is due to a rise in investment in hydrogen infrastructure and developing nations looking for fossil fuel alternatives to reduce dependence on energy imports.
Leading Market Players: -
- Panasonic Corporation
- Plug Power Inc.
- FuelCell Energy Inc.
- Linde plc
- Iberdrola SA
- Exxon Mobil Corporation
- Orsted A/S
- Air Liquide
- China Petroleum and Chemical Corporation
- Enel Green Power SpA
The report provides a detailed analysis of these key players in the global water as a fuel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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