The global water electrolysis machine market has been impacted marginally by the coronavirus pandemic. As per a new report by Future Market Insights (FMI), the industry surpassed US$ 10.6 billion in 2019 and is estimated to reflect a healthy 7.6% CAGR through 2030. Innovations in crude oil processing applications will support developments in the market.
Despite the steady rise of the water electrolysis machine market, prohibitive capital costs and high levels of electricity consumption restrain market growth.
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Key Takeaways from Water Electrolysis Machine Market
- The size of the water electrolysis machines market is estimated to surpass US$ 10.2 Bn by the end of 2020, with renewable energy and chemical applications being the driving factors behind the industry.
- Alkaline water electrolysis machines will witness high demand, while PEM options are also likely to reflect steady growth on the back of higher efficacy in electrolysis processes.
- 500 to 2000 L/Hr offerings in the water electrolysis machines market reflect relatively higher demand, owing to reduced risk of hydrogen crossovers.
- East Asia is a prominent regional market reflecting relatively faster growth in adoption rates owing to major scope for industrial applications in China and Japan.
“Higher investments and favorable policies by government towards the development of sustainable, renewable energy sources, and the use of hydrogen in steel, chemicals, electronics & semiconductors, petroleum, electronics, pharmaceuticals, and power generation, are major factors driving the growth of the global water electrolysis machine market,” said a lead analyst from FMI.
COVID-19 Impact on Water Electrolysis Machine Market
The growth of the water electrolysis machine market is expected to be marginally slower that previous years owing to the ongoing coronavirus pandemic. Restrictions on transportation, logistics, and trade have disrupted supply chains for raw materials and components essential for the functioning o the water electrolysis machines.
Restrictions on non-essential commodities also hurt market growth. The market is likely to start recovery towards the end of 2020. The focus on research activities and product development are likely to aid market players in leveraging growth opportunities in the post pandemic era.
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Who is Winning?
The market study by Future Market Insights has provided in-depth details on major business strategies that play influencing roles in the water electrolysis machine market. Major players in the industry have been focused on strategic acquisitions and collaborations, in addition to the consolidation of market presence through product development endeavors.
Air Products & Chemicals Inc., Toshiba Energy Systems & Solutions Corp., Nel ASA, Thyssenkrupp Uhde Chlorine Engineers GmbH, AREVA H2Gen, Teledyne Technologies Inc., Asahi Kasei Corp., Kobelco Eco-Solutions Co. Ltd., C&E Environmental Technology Co. Ltd. are major companies operating in the water electrolysis machine market.
Key Questions Answered by the Report
- What is the size of the water electrolysis machine market?
The global water electrolysis machine market hit US$ 10.6 billion in 2019. The estimated growth rate for the water electrolysis machine market will be a healthy 7.6% CAGR between 2020 and 2030.
- Which is the largest market for water electrolysis machine?
East Asia is estimated to be the largest market for water electrolysis machines for the duration of the forecast period, owing to a substantially higher population and the resultant increase in demand for water electrolysis machine in automotive and clean energy applications.
- Which are the top companies in global water electrolysis machine market?
Air Products and Chemicals Inc., AREVA H2Gen, Asahi Kasei Corporation, C&E Environmental Technology Co. Ltd., Enagic International Inc., Eneco Holdings Inc., Hitachi Zosen Corporation, ITM Power Plc, Peak Scientific, Siemens AG, Kobelco Eco-Solutions Co. Ltd., Teledyne Technologies Inc., Thyssenkrupp Uhde Chlorine Engineers GmbH, Toshiba Energy Systems & Solutions Corporation are among the more prominent market players.