The market for water electrolysis machines is expected to grow at a 7.7% CAGR between 2022 and 2030. The coronavirus pandemic has had only a minor impact on the global market for water electrolysis machines. Innovations in crude oil processing applications will help the market grow.
Despite steady growth in the market, high capital costs and electricity consumption limit market expansion.
Because of the ongoing coronavirus pandemic, the market for water electrolysis machines is expected to grow slightly slower than in previous years. Transportation, logistics, and trade restrictions have disrupted supply chains for raw materials and components critical to the operation of water electrolysis machines.
Non-essential commodity restrictions stymie market growth as well. By the end of 2020, the market is expected to begin to recover. The emphasis on research and product development is likely to assist market participants in capitalising on post-pandemic growth opportunities.
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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.
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.
Competitive Environment
Major water electrolysis machine manufacturers have been found to be concentrating their efforts and resources on strategic acquisitions and collaborations. Water electrolysis machine demand will rise as a result of strategic alliances and ongoing R&D. In addition, investments in product development to broaden the scope of application are expected to gain traction in the coming years.
As an example,
- Siemens Gamesa launched a pilot project in Western Denmark to develop a new wind turbine to water electrolysis machine. The operation of electrolysis rigs without being connected to electricity grids is a first-of-its-kind innovation that will broaden potential applications for onshore and offshore wind energy infrastructure. The project includes a 3MW turbine that will power a 400 kW electrolyzer.
- Thyssenkrupp Uhde Chlorine Engineers and Air Products and Chemicals Inc. have announced an exclusive collaboration in key regional markets with complementary technology offerings. The project’s goal is to create green hydrogen production projects for use in power generation, sustainable transportation, and chemical industry applications.
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Water Electrolysis Machine Industry Survey
Water Electrolysis Machine Market by Type:
- Proton Exchange Membranes
- Alkaline Water Electrolysis
- Others
Water Electrolysis Machine Market by Input Power:
- Below 5 MW Water Electrolysis Machines
- 5-10 MW Water Electrolysis Machines
- Above 10 MW Water Electrolysis Machines
Water Electrolysis Machine Market by Hydrogen Production:
- Below 500 L/Hr Water Electrolysis Machines
- 500 – 2000 L/Hr Water Electrolysis Machines
- Above 2000 L/Hr Water Electrolysis Machines
Water Electrolysis Machine Market by End Use:
- Chemicals
- Petroleum
- Pharmaceuticals
- Power Plants
- Electronics & Semiconductors
- Steel Plants
- Others
Water Electrolysis Machine Market by Region:
- North America Water Electrolysis Machine Market
- Latin America Water Electrolysis Machine Market
- Europe Water Electrolysis Machine Market
- East Asia Water Electrolysis Machine Market
- South Asia & Pacific Water Electrolysis Machine Market
- Middle East & Africa (MEA) Water Electrolysis Machine Market
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