The market for water electrolysis machines is anticipated to surge ahead at a CAGR of 7.7% over the forecast period of 2022 to 2030. The global water electrolysis machine market has been impacted marginally by the coronavirus pandemic. Innovations in crude oil processing applications will support developments in the market.
Despite the market’s steady growth, prohibitive capital costs and high levels of electricity consumption limit market expansion.
Because of the ongoing coronavirus pandemic, the growth of the water electrolysis machine market is expected to be 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 also impede market growth. The market is expected to begin recovering by the end of 2020. The emphasis on research and product development is likely to assist market participants in capitalising on growth opportunities in the post-pandemic era.
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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.
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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, 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.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 8-years.
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