Market Synopsis of water electrolysis Market:
Globally, the market for water electrolysis market is growing at a CAGR of 6.31% during forecasted period (2017-2023). Electrolysis is the process of splitting water into hydrogen and oxygen from renewable sources. It is the simplest method for producing hydrogen, where an electric current is passed through a compound thereby separating elements. Water electrolysis for hydrogen production finds its applications in various industries, such as chemicals, petroleum, glass, refineries, automobile, pharmaceuticals, metals & mining, and others.
Asia Pacific accounted for the largest market share of 34.20% in 2016 and is projected to grow at a CAGR of 6.92% during the forecast period.U.S. is expected to dominate the market in North America. U.S. is one of the global leaders in the development of hydrogen through water electrolysis. Hydrogen and fuel cells in North America offer energy security and cleaner environment to the people. The U.S. has maintained and developed specific codes and standards to ensure that hydrogen and fuel cells products are safe and environment friendly. There are various innovation implemented for the use of hydrogen such as hydrogen-powered bus and hydrogen-powered forklifts in retail stores. The increased use of hydrogen in the U.S. is expected to drive the water electrolysis market. The factors that are responsible for the growth of the water electrolysis market are increase in use of water electrolysis in end-use, growing demand of carbon free source of energy, and the high effective way of integrating renewables through power to gas facility. Water electrolysis is generally used in the chemical industry, petroleum industry, and pharmaceutical industry. In chemical industry, water electrolysis is generally used to separte two different components by chemical reaction. The growth in chemical industry is expected to grow the water electrolysis market during the forecast period. The growth of the chemical industry in future will be driven by the developing markets due to the local players in that region.
The key players in market includes ThyssenKrupp AG (Germany), Linde AG (Germany), Air Products and Chemicals, Inc. (U.S.), Siemens AG (Germany), ProtonOnsite (U.S.), Teledyne Energy Systems Inc. (U.S.), AREVA H2Gen (France), Hydrogenics Corporation (Canada), Erre Due s.p.a. (Italy) and Peak Scientific (Scotland).
- The global water electrolysis market is expected to reach USD 11,426.8 million by 2023
- Regionally, Asia Pacific has the largest market of USD 4,067.3 million by 2023
- China accounted for the largest market share of 47.02% in 2016, with a market value of USD 1,205.1 Million and is projected to grow at the highest CAGR of 7.84% during the forecast period. India was the second-largest market in 2016, valued at USD 593.3 Million in 2016; it is projected to grow at a CAGR of 6.56%.
- On the basis of technology, Alkaline water electrolysis segment accounted for the market share registering CAGR of 5.81% during the forecasted period
- On basis of end-user, Chemical segment holds the market share of 38.87% in 2016
The report covers brief analysis of geographical region includes
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
Study Objectives of water electrolysis Market
- To study detail of water electrolysis market by technology, end-user, and by region in forecasted period 2023.
- To identify the market dynamics of water electrolysis market dynamics by drivers, restrains, opportunities and challenges.
- To analyze various factors like value chain analysis and porters five forces model.
- To provide historical and forecast revenue of market segment with respect to North America, Europe, APAC and RoW.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- To track mergers and acquisitions, strategic alliances, new product development of specified company.
- Manufacturers and distributors of water electrolysis market.
- Suppliers and traders of water electrolysis market.
- Government, associations and industrial bodies.
- Investors and Trade experts.
- Consulting in automotive experts.
water electrolysis machine
gas hot water heater
hydrogen fuel cell