Global Water Electrolysis Market is projected to value at USD 12,975 million by 2025 at an estimated CAGR of 7.58% during the forecast period.
The key players of the global water electrolysis market are ThyssenKrupp AG, Linde AG, Air Products and Chemicals, Inc., Siemens AG, ProtonOnsite, Teledyne Energy Systems Inc., AREVA H2Gen, Hydrogenics Corporation, Erre Due SpA, and Peak Scientific.
The process of water electrolysis is among one of the simplest chemical reactions, but up until recently, its potential in daily activities was underrated. Water electrolysis is a relatively older technology that has its origins almost two centuries back as a promising technology for hydrogen production. The use of hydrogen is an encouraging energy generation path for the future. Among the diverse methods of its creation, the electrolysis of water has garnered a greater deal of attention because it is sustainable and renewable chemical technology. Electrolysis is a procedure which by the use of electricity, is used to split water into hydrogen and oxygen. This reaction occurs in a unit called an electrolyzer. The electrolyzers range in terms of their size from tiny, appliance-size equipment that is well-suited for small-scale distributed hydrogen production to all-encompassing, central production amenities that could be tapped in for use in renewable or other non-greenhouse-gas-emitting types of electricity production.
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The lack of a robust power grid in many countries is a prominent factor that promotes the employment of electrolysis of water as a method of electricity generation. Moreover, the production and usage of electricity more sustainably by using water electrolysis can reduce both the amount of fuel required for electricity generation and the volume of greenhouse gases and other air pollution released as a consequence. Moreover, renewable resources of energy such as geothermal, solar, and wind do not increase climate change damage or air pollution since no fuels are combusted. The hydrogen by-product manufactured via electrolysis can lead to achieving zero greenhouse gas emissions, based on the source of the electricity that is used. However, the cost efficiency and source of the required electricity, as well as emissions that are subsequently created from electricity generation, must be considered when assessing the advantages and economic feasibility of hydrogen production via electrolysis. Innovations in the market, such as the one recently made by scientists at the University of Houston in the United States, have advanced a novel catalyst that they say can competently yield hydrogen from seawater. The group says that its detection considerably furthers the expansion of seawater electrolysis for large-scale hydrogen manufacture.
The hydrogen production that is achieved via electrolysis is being utilized for wind and nuclear energy options. As the existing power grids are not ideal for providing the electricity required for electrolysis due to the greenhouse gases discharged and the amount of fuel needed due to the low efficiency of the electricity generation process. These pathways generate virtually zero greenhouse gas and criteria pollutant emissions. As a result, water electrolysis is increasingly being preferred for hydrogen production and is expected to offer opportunities for working together with variable power generation, which is distinctive for some renewable energy technologies. electric power generation and hydrogen fuel can potentially be pooled at a wind farm, allowing flexibility to shift production to suitably match resource availability with system operational requirements and market factors. Similarly, in periods of excess electricity production from wind farms as an alternative to curtailing the electricity as is commonly done, this excess electricity can be used to produce hydrogen by electrolysis.
It is anticipated that in the future, water electrolyzers will have a progressively noticeable position for the decentralized manufacture of hydrogen in places such as hydrogen-fuelling stations. A case in point is that of Air Liquide (DLVA), and ENGIE are passing a cooperation contract to progress the “HyGreen Provence” plan, which focusses on storing, producing, and distributing green hydrogen. The “HyGreen Provence” will make it likely to advance and support the techno-economic conditions for the manufacture of 1,300 GWh of solar electricity, equal to the yearly residential intake of about 450,000 people, along with the manufacture of renewable hydrogen on an industrial scale via water electrolysis. Thus, the water electrolysis industry is expected to be the focus of numerous large-scale R&D programs worldwide. It is also further noted that the market would expand significantly in the coming years with increased inflow of investment in the industrial water electrolysis sector.
Impact of COVID-19 on the Water Electrolysis Market
The industrial automation and equipment sector has been impacted due to the outbreak of the COVID-19 pandemic. The consumers changing inclinations and buying behavior due to fluctuations in the global economy are expected to influence the water electrolysis market over the forecast period. Moreover, the announcement of COVID-19 as a global pandemic has resulted in lockdowns being imposed in several countries worldwide, which has also led to the closing of international borders and the implementation of strict measures by regulatory authorities in multiple countries. This scenario has caused a severe decline in the global demand for industrial automation and equipment, and water electrolysis products & services are no exception. There is a high possibility that the COVID-19 pandemic will have long-term effects on the consumers’ standard of living and preferences
The pandemic may also result in reduced usage of industrial automation and equipment owing to people’s rising awareness regarding social distancing and the increasing adoption of remote working policies. Moreover, restrictions on public gatherings and travel bans in several countries are likely to limit the growth of the water electrolysis market over the forecast timeframe. The global demand for water electrolysis products & services has declined severely owing to the slowdown in the electronics & semiconductors, chemicals, power plants, pharmaceuticals, and petroleum sectors during the pandemic. The increased focus on personal care and hygiene is also likely to affect the future demand for industrial automation and equipment, including water electrolysis products & services. According to the MRFR analysis, there is uncertainty regarding the growth of the water electrolysis market. However, the market is expected to stabilize by Q4 2020.
Synopsis
The global water electrolysis market has been segmented based on product category, application, and region. Based on the product category, the global market has been segmented into a proton exchange membrane and alkaline water electrolysis. Among these products, the alkaline water electrolysis segment is projected to be dominant throughout the forecast period, whereas the proton exchange membrane segment has registered as the fastest growing technology. On the basis of end users, in 2018, the chemical segment was dominated by the global market followed by pharmaceuticals. On the basis of region, Asia-Pacific has accounted for the largest market share in the Water Electrolysis market followed by Europe and North America.
Key Questions Addressed by the Report
- What was the historic market size (2018)?
- Which segmentation (product category/end users) is driving market growth?
- What will be the growth rate by 2025?
- Who are the key players in this market?
- What are the strategies adopted by key players?
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