Global Water Electrolysis Market Report 2022-2031: Increasing Use of Hydrogen in the Petroleum Refining Industry a Key Growth Driver - ResearchAndMarkets.com
Moreover, the growing demand for hydrogen fuel cell vehicles, green ammonia, green methanol, and other applications is driving the growth of the water electrolysis market.
The "Water Electrolysis Market - A Global and Regional Analysis: Focus on End-Use Application, Electrolyzer Type, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
An electrolyzer is a system that breaks water into hydrogen and oxygen with the help of electricity. This process is known as electrolysis and it is mainly used to produce hydrogen, which is then stored as a compressed or liquefied gas. Oxygen produced during the electrolysis process is either released into the atmosphere or is stored to use for other purposes.
International Energy Agency (IEA) has projected that the energy demand will grow between 25% to 30% by 2040 with companies and governments trying to find sustainable and low-carbon emission energy sources. Hydrogen is being called the fuel of the future and IEA has projected that hydrogen production from water electrolysis can prevent the 830 million tons of CO2 annually from entering the atmosphere. Moreover, the growing demand for hydrogen fuel cell vehicles, green ammonia, green methanol, and other applications is driving the growth of the water electrolysis market.
Industrial Impact
The growth of the water electrolysis market is closely tied to the hydrogen and ammonia market. Water electrolysis is one of the clean methods for the production of hydrogen and is highly sustainable as there are no emissions and the feedstock used for hydrogen production is water. The growing demand for green hydrogen and green ammonia are among the major drivers of the growth of the water electrolysis market.
Market Segmentation
by End-Use Application
- Transportation/Mobility Industry
- Refining Industry
- Power and Energy Storage
- Ammonia Production
- Methanol Production
- Other End-Use Applications
by Electrolyzer Type
- Alkaline Electrolyzer
- Proton Exchange Membrane (PEM) Electrolyzer
- Solid Oxide Electrolyzer Cell (SOEC)
- Anion Exchange Membrane (AEM) Electrolyzers
by Region
- North America - U.S., Canada, and Mexico
- Europe - Germany, France, Netherlands, Spain, and Rest-of-Europe
- China
- U.K.
- Asia-Pacific and Japan - Japan, India, South Korea, Australia, and Rest-of-Asia-Pacific and Japan
- Rest-of-the-World - South America, Middle East and Africa
Demand - Drivers and Limitations
Following are the demand drivers for the water electrolysis market:
- Increasing Use of Hydrogen in the Petroleum Refining Industry
- Rising Demand for Green Fertilizers
- Increasing Government Activities toward Low-Carbon Infrastructure
- Decreasing Cost of Renewable Energy and Water Electrolysis Technology
The market is expected to face some limitations too due to the following challenges:
- Expensive Hydrogen Technology
- High Energy Losses during the Electrolysis Process
Key Topics Covered:
1 Markets
2 Application
3 Products
4 Region
5 Markets - Competitive Benchmarking & Company Profiles
6 Research Methodology
Companies Mentioned
- Asahi Kasei Corporation
- Nel ASA
- thyssenkrupp AG
- Cummins Inc.
- Toshiba Energy Systems & Solutions Corporation
- Teledyne Energy Systems Inc.
- Suzhou Green Hydrogen Energy Co., Ltd.
- Suzhou Jingli Hydrogen Production Equipment Co., Ltd.
- ITM Power PLC
- Clean Power Hydrogen Group Limited
- Plug Power Inc.
- Hitachi Zosen Corporation
- John Cockerill
- Siemens Energy AG
- McPhy Energy S.A.
- Enapter AG
- Elogen
- h2e Power Systems Pvt. Ltd.
- Ohmium
- Hystar
- Verdagy
- OxEon Energy, LLC
- EvolOH, Inc.
- Evolve Hydrogen Inc.
- ERGOSUP
For more information about this report visit https://www.researchandmarkets.com/r/ermxx0
View source version on businesswire.com: https://www.businesswire.com/news/home/20220808005416/en/