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Water Electrolysis Market Overview 2030: Trends, Challenges, and Opportunities

Nov 13, 2023 7:32 PM ET

Water Electrolysis Market Overview 2030: Trends, Challenges, and Opportunities

Water Electrolysis Market Overview:

Water Electrolysis Market is projected to esteem at USD USD 5,846.5 million in 2021 to USD 9,318.4 million by 2030 at an expected CAGR of 60% during the conjecture period. (2022-2030).

The market is driven by different factors, for example, an expansion in the utilization of water electrolysis in end-use businesses, developing interest of without carbon wellspring of energy, the exceptionally compelling approach to incorporating renewables through the capacity to the gas office. In any case, water electrolysis has different requirements that block the development of the worldwide water electrolysis market. Additionally, such a substitute for water electrolysis and increment the expense of water electrolyser are additionally expected to dial back the market development, all around the world, during the figure time frame.

Water Electrolysis Market Key Players

List of the Major Water Electrolysis Manufacturers in the Market include

  • ThyssenKrupp AG
  • Linde AG
  • Air Products and Chemical Inc.
  • Siemens AG
  • ProtonOnsite
  • Teledyne Energy Inc.
  • AREVA H2Gen
  • Hydrogenics Corporation
  • Erre Due SpA
  • Peak Scientific, among others

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Market Drivers:

Green Hydrogen Demand: The rising demand for green hydrogen, which is produced through water electrolysis using renewable energy sources, has been a primary driver for the water electrolysis market.

Energy Transition Initiatives: Global efforts to transition toward cleaner energy sources and reduce dependence on fossil fuels have fueled interest in electrolysis as a key technology for producing clean hydrogen.

Technological Advancements: Ongoing research and development efforts have led to technological advancements in electrolysis, improving efficiency, reducing costs, and enhancing overall performance.

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Market Segmentation:

Product Category Outlook

  • Proton Exchange Membrane
  • Alkaline Water Electrolysis
  • Solid Oxide Electrolyte (SOE)

End Users Outlook

  • Chemicals
  • Electronics & Semiconductor
  • Power Plants
  • Petroleum
  • Pharmaceuticals
  • Others

Regional Outlook

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

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Regional Analysis:

North America is supposed to observe huge development in the worldwide water electrolysis market. North America for the most part comprises of the US and Canada. The US is one of the worldwide innovators in the advancement of hydrogen through water electrolysis. Hydrogen and power devices in North America offer energy security and a cleaner climate for individuals. The US has kept up with and created explicit codes and norms to guarantee that hydrogen and energy units items are protected and climate well disposed. There is different development carried out for the utilization of hydrogens, for example, hydrogen-fueled transport and hydrogen-controlled forklifts in retail locations. The expanded utilization of hydrogen in the US is supposed to drive the water electrolysis market in North America during the gauge time frame.

The remainder of the world incorporate the Middle East and Africa and Latin America. In the Middle East and Africa, the auto business is supposed to observe consistent development during the estimate time frame because of the consistent pace of creation of vehicles. This consistent pace of creation will bring about the expanded utilization of water electrolysis in vehicles. The expanded utilization of water electrolysis will drive the market during the conjecture time frame.

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