Dublin, May 13, 2024 (GLOBE NEWSWIRE) -- The "Water Electrolysis Market - Global Industry Size, Share, Trends, Opportunity & Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
Global Water Electrolysis Market was valued at USD 4.42 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 4.31% through 2029
The increasing utilization of renewable energy sources like wind and solar power is a key factor propelling the global water electrolysis market. Electrolysis plays a vital role in converting and storing surplus renewable energy, especially in regions with high renewable energy penetration. By leveraging excess electricity from renewable sources for hydrogen production through electrolysis, surplus energy can be stored and utilized across various sectors such as power generation, transportation, and industrial processes, thereby enhancing grid stability and flexibility. 
The growing focus on decarbonization and the transition to low-carbon energy systems is fueling demand for green hydrogen generated via water electrolysis. Green hydrogen, produced using renewable electricity, offers a carbon-neutral alternative to conventional methods like steam methane reforming. With governments and industries globally setting ambitious carbon reduction goals and addressing climate change, the demand for green hydrogen is anticipated to escalate, driving the expansion of the global water electrolysis market.
Advancements in electrolyzer technologies and the decreasing costs of renewable energy are bolstering the commercial feasibility of water electrolysis systems. Manufacturers are investing in research and development to enhance the efficiency, reliability, and scalability of electrolysis technologies, making them more competitive against traditional fossil fuel-based processes. The declining costs of renewable energy sources such as solar and wind power are lowering the overall hydrogen production costs through electrolysis, further stimulating market growth.
Supportive government policies and incentives aimed at promoting renewable energy and hydrogen technologies are also contributing to the growth of the global water electrolysis market. Governments worldwide are implementing various measures like subsidies, tax incentives, and regulatory frameworks to facilitate the development and deployment of electrolysis systems and green hydrogen infrastructure. These policies are fostering investments in electrolysis projects and encouraging collaboration among governments, industries, and research institutions to expedite the adoption of water electrolysis technology.
The electrolyzer technology market is experiencing rapid evolution, characterized by efforts to boost efficiency, trim costs, and enhance scalability. Innovative designs like proton exchange membrane (PEM) and alkaline electrolyzers are gaining traction, particularly for their capacity to operate effectively alongside renewable energy sources.
The increasing emphasis on green hydrogen as a sustainable energy carrier is poised to drive substantial growth in the global water electrolysis market in the foreseeable future. Critical factors such as technological breakthroughs, supportive governmental policies, market incentives, and collaborative ventures are set to fuel market expansion, accelerating the shift towards a hydrogen-centric economy.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $4.42 Billion |
| Forecasted Market Value (USD) by 2029 | $5.63 Billion |
| Compound Annual Growth Rate | 4.3% |
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Water Electrolysis Market.
- Asahi Kasei Corporation
- Nel ASA
- ThyssenKrupp AG
- Cummins Inc.
- Toshiba Energy Systems & Solutions Corporation
- Teledyne Technologies Incorporated
- Suzhou Green Hydrogen Energy Co., Ltd.
- ITM Power PLC
- Clean Power Hydrogen plc
- Plug Power Inc.
Report Scope:
Water Electrolysis Market, By Type:
- Alkaline Electrolyzer
- Proton Exchange Membrane (PEM) Electrolyzer
- Solid Oxide Electrolyzer Cell (SOEC)
- Anion Exchange Membrane (AEM) Electrolyzers
Water Electrolysis Market, By Application:
- Refining Industry
- Power and Energy Storage
- Ammonia Production
- Methanol Production
- Transportation/Mobility Industry
- Others
Water Electrolysis Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/f1cvep
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
