Increasing application of water electrolysis in pharmaceuticals, electronics & semiconductors, and power generation will drive growth.
NEW YORK, NY / ACCESSWIRE / April 26, 2021 / The global water electrolysis machine market is forecast to be on a strong growth trajectory. As per a study by Fact MR, the global water electrolysis machine market is estimated to grow at 7% CAGR between 2020 and 2030. Rising adoption of proton exchange membranes for water electrolysis is predicted to drive the global market. Its use in the production of highly pure hydrogen and increasing applicability in chemical and petroleum industries will further continue driving growth of the market.
COVID-19 pandemic has hindered the demand by disrupting the supply chain for raw materials. Travel restrictions and lockdown also deterred water electrolysis machine market growth. As various end-use sectors remain shuttered, drastic decline in demand of water electrolysis machine market was observed. Nonetheless, with relaxations in lockdown, a steady recovery is expected in 2021.
"Rapid advancement in the field of eco-friendly manufacturing techniques and production methodologies and rising initiatives towards environment conservation in developing and developed economies will be the key factors propelling the water electrolysis machine market growth," says a Fact.MR analyst.
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Key Takeaways
- Rising application of pure hydrogen in the processing and refining of crude oil has led to application of water electrolysis technologies in petrochemical industries.
- Widespread use of hydrogen in manufacturing Ammonia fertilizers, fuel cells, and methanol production has pushed the adoption of water electrolysis machine.
- Availability of low cost manufacturing and cheap man power will drive growth in Asia Pacific.
- Advantages of proton exchange membrane in onsite hydrogen generation will complement the market growth.
Prominent Drivers
- Global search for carbon-free energy source and adoption of renewable source in power and gas sector are the key market drivers.
- Increasing government and private funding towards the development of hydrogen fuel cells will elevate the water electrolysis machine market demands.
- Adoption of hydrogen as fuel additive in power industries will positively influence the market growth
Key Restraints
- Challenges in cost-effective production of hydrogen is a key hindrance in water electrolysis machine market growth.
- Development of alternatives for water electrolysis and water electrolyzer will also restrict the market growth.
- Lack of awareness among consumer is also affecting the water electrolysis machine sales.
Discover more about the water electrolysis machine market with 60 figures and 90 data tables, along with the table of contents.
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Competitive Landscape
Fact.MR profiled some of the leading players operating in water electrolysis machine market. It includes Kobel Co Eco-Solutions, ThyssenKrupp AG, Air Products and Chemicals Inc., Asahi Kasei Corporation, C&E Environmental Technology Co. Ltd., AREVA H2Gen, Enagic, Teledyne Technologies Inc and Toshiba Lifestyle Products & Services Corporation among others. The market is highly consolidated with small and medium scale manufacturing companies. Key players are focusing on strategies like mergers, acquisitions and collaboration to expand their global footprints and assert dominance in the sector.
For instance, Tyssenkrupp collaborated with E.ON for development of proprietary water electrolysis technology for virtual power plants operations to connect the German electricity industry. They also formed a joined partnership with Air Products and Chemicals Inc. towards the advancement of world-scale green hydrogen generation projects.
More Valuable Insights on water electrolysis machine market
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Key Questions Covered in the Report
- Which input power will be the most lucrative for water electrolysis machine market?
- What is likely to be the future outlook of water electrolysis machine market?
- What are the key drivers and restraints for the water electrolysis machine market?
- Which region has the highest growth rate in water electrolysis machine market?
- Who are the leading players operating in the water electrolysis machine market?
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Source: Fact.MR
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