According to a market report by Lucintel, the future of the water electrolysis market looks promising with opportunities in the chemical, petroleum, pharmaceutical, power plant, electronics & semiconductor, and steel plant markets. The global water electrolysis market is expected to grow with a CAGR of 32% to 34% from 2023 to 2028. The major drivers for this market are growing demand for hydrogen fuel cell vehicles, rising demand of carbon-free source of energy, and increasing usage of water electrolysis in end use industries.
In this market, proton exchange membrane, alkaline water electrolysis, solid oxide electrolyzer cell, and anion exchange membrane are the major segments by product. Lucintel forecasts that alkaline water electrolysis will remain the largest segment over the forecast period due to its benefits such as, higher rate of hydrogen production, more compact design, and superior energy efficiency.
Within this market, transportation is expected to witness highest growth due to the growing usage of hydrogen in automotive sector to power cars and trucks and also the use of hydrogen fuel cells lower the carbon emissions hence, driving the growth of water electrolysis market.
North America will remain the largest region due to the rising usage of hydrogen as an alternative renewable fuel, increasing preference for zero emission vehicles, and high efficiency of fuel cells. This also led towards construction of infrastructure to support hydrogen as an alternative renewable fuel source in this region.
Air Products and Chemicals, AREVA H2Gen, Asahi Kasei Corporation, C&E Environmental Technology, Enagic International, Eneco Holdings, and ErreDue SpA are the major suppliers in the global water electrolysis market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global water electrolysis market by product, input power, hydrogen production, end use industry, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Water Electrolysis Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global water electrolysis market by product, input power, hydrogen production, end use industry, and region, as follows:
Water Electrolysis Market by Product [Value ($B) Shipment Analysis from 2017 to 2028]:
· Proton Exchange Membrane
· Alkaline Water Electrolysis
· Solid Oxide Electrolyzer Cell
· Anion Exchange Membrane
· Others
Water Electrolysis Market by Input Power [Value ($B) Shipment Analysis from 2017 to 2028]:
· Below 2 kW
· 2 kW to 5 kW
· Above 5 kW
Water Electrolysis Market by Hydrogen Production [Value ($B) Shipment Analysis from 2017 to 2028]:
· Below 500
· 500 to 2000
· Above 2000
Water Electrolysis Market by End Use Industry [Value ($B) Shipment Analysis from 2017 to 2028]:
· Chemical
· Petroleum
· Pharmaceutical
· Power Plant
· Electronics & Semiconductor
· Steel Plant
· Others
Water Electrolysis Market by Region [Value ($B) shipment analysis for 2017-2028]:
· North America
· Europe
· Asia Pacific
· The Rest of the World
A more than 150 pages and in-depth TOC on “Global Water Electrolysis Market". To download report brochure, please go to
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About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the water electrolysis market by product (proton exchange membrane, alkaline water electrolysis, solid oxide electrolyzer cell, anion exchange membrane, and others), input power (below 2 kw, 2 kw to 5 kw, and above 5 kw), hydrogen production (below 500, 500 – 2000, and above 2000), end use industry (chemical, petroleum, pharmaceutical, power plant, electronics & semiconductor, steel plant, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity did occur in the last five years and what has its impact been on the industry?