[270 Pages Report] The coronavirus pandemic have affected marginally the global water electrolysis machine market. 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
I expected the growth of the water electrolysis machine market 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, besides 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.
More Insights
The report by Future Market Insights has provided a comprehensive analysis of the global water electrolysis machine market, with crucial data on historical demand (2015 – 2019) and forecast data (2020 – 2030). The report also covers the analysis of the market based on pricing, costs, and other market dynamics, which influence developments in the varied applications of water electrolysis machines.
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About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry