Wilmington, Delaware, Nov. 23, 2023 (GLOBE NEWSWIRE) -- Global Water Electrolysis Market is valued at US$ 2.9 billion in 2023 and is expected to grow at a significant CAGR of over 8.2% over the forecast period of 2023-2030, according to the published market report by RationalStat
Market Definition, Market Scope, and Report Overview
Water electrolysis is an electrochemical process that uses electricity to split water molecules into their constituent elements, hydrogen and oxygen. This reaction is carried out in an electrolytic cell, which consists of two electrodes (an anode and a cathode) immersed in an electrolyte solution. The electrolyte is a substance that contains ions that can move freely in solution. When an electric current is passed through the electrolyte, the positively charged hydrogen ions (H+) are attracted to the cathode (the negative electrode), where they are reduced to hydrogen gas (H2). The negatively charged hydroxide ions (OH−) are attracted to the anode (the positive electrode), where they are oxidized to water (H2O) and oxygen gas (O2).
Hydrogen is a clean and renewable energy source that has the potential to replace fossil fuels in a variety of applications, including transportation, power generation, and industrial processes. As demand for hydrogen fuel grows, the demand for water electrolysis technology is also expected to increase. In addition, as per International Energy Agency, the hydrogen and fuel cells production by electrolysis is expected to reach 22% by 2050, from 4% in 2015.
- According to a deep-dive market assessment by RationalStat, the global water electrolysis market has been analyzed on the basis of market segments, including technology type, component, end user and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global water electrolysis market covers market sizes on the basis of market value (US$/EUR Million) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global water electrolysis market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Water Electrolysis Market: Segmental and Market Share Analysis
- On the basis of technology type, alkaline water electrolysis is anticipated to dominate the water electrolysis market, principally due to the higher cost-benefit ratio associated with the use of alkaline water electrolysis.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 2.9 billion |
| Market Size Forecast | US$ 5.0 billion |
| Growth Rate | 8.2% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global water electrolysis market include,
- In March 2023, Siemens Energy came into an agreement with HIF Global. The agreement focuses on expanding Siemens Energy’s electrolyzer manufacturing capacity.
- In April 2022, Nel expanded its geographical presence by establishing a fully automated electrolyzer manufacturing plant, located in Herøya, Norway.
Some of the prominent players and suppliers operating and contributing significantly to the global water electrolysis market growth include Siemens AG, Nel ASA, ITM Power PLC, Asahi Kasei Corporation, Enapter S.r.l., Hydrogenics Europe NV, Thyssenkrupp, Teledyne Energy Systems, Inc., Enagic, and ELOGEN SAS, among others.
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RationalStat has segmented the global water electrolysis market based on technology type, component, end user and region
- Global Water Electrolysis Market Value (US$ Million), and Market Share (2019-2030) Analysis by Technology Type
- Alkaline Electrolytic Cells
- Polymer Electrolytic Cells
- Solid Oxide Electrolytic Cells
- Others
- Global Water Electrolysis Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Component
- Electrolyser Cell Stacks
- Pumps
- Vents
- Storage Tanks
- Power Supply
- Separator
- Others
- Global Water Electrolysis Market Value (US$ Million), and Market Share (2019-2030) Analysis by End User
- Energy
- Chemical
- Petroleum
- Pharmaceutical
- Steel
- Others
- Global Water Electrolysis Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America Water Electrolysis Market Value (US$ Million), and Market Share (2019-2030) Analysis by Country
- US
- Canada
- Latin America Water Electrolysis Market Value (US$ Million), and Market Share (2019-2030) Analysis by Country
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Water Electrolysis Market Value (US$ Million), and Market Share (2019-2030) Analysis by Country
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Water Electrolysis Market Value (US$ Million), and Market Share (2019-2030) Analysis by Country
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Water Electrolysis Market Value (US$ Million), and Market Share (2019-2030) Analysis by Country
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Water Electrolysis Market Value (US$ Million), and Market Share (2019-2030) Analysis by Country
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Water Electrolysis Market Value (US$ Million), and Market Share (2019-2030) Analysis by Country
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Key Questions Answered in the Water Electrolysis Report:
- What will be the market value of the global water electrolysis market by 2030?
- What is the market size of the global water electrolysis market?
- What are the market drivers of the global water electrolysis market?
- What are the key trends in the global water electrolysis market?
- Which is the leading region in the global water electrolysis market?
- What are the major companies operating in the global water electrolysis market?
- What are the market shares by key segments in the global water electrolysis market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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