Growing Demand for Sustainable and Environment-friendly Technologies to Aid Market Growth
In the wake of climate change and the growing demand for environmental sustainability, commercial as well industrial sectors have identified hydrogen as a critical vector for a broad spectrum of applications in the future. Due to the growing interest toward hydrogen, innovations and technological advancements are mainly focused on the production of hydrogen in the most sustainable and environment-friendly manner. The increasing support from governments, along with the surge in private investments in renewable chemical technology is driving the global water electrolysis machine market during the forecast period.
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Water electrolysis has attracted considerable popularity over the past couple of decades and the trend is set to continue over the forecast period. Moreover, as the regulatory landscape around the world pertaining to the pollution levels and environmental protection continues to support the emerging technological ecosystem, the adoption of water electrolysis machines is projected to witness steady growth in the upcoming period. The noteworthy progress in hydrogen generation is gradually improving both existing as well as emerging industrial electrochemical processes. The Sustainable Development Program published by the United Nations in 2015 and similar such programs are likely to further provide a boost to the overall development of the global water electrolysis machine market.
At the back of these factors, the global water electrolysis machine market is projected to surpass the market value of US$ 12 Bn by the end of 2030. At present, players operating in the current water electrolysis machine market landscape are expected to increase their research and development spending and continue to leverage the benefits of new technologies to launch efficient and environment-friendly water electrolysis machines.
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Mounting Pressure Pertaining to Environmental Protection to Drive Market
Over the past couple of decades, the industrial sector around the world is being compelled to shift toward sustainable and environment-friendly production technologies wherein water electrolysis machines are gaining popularity. The past decade has witnessed considerable developments across the water electrolysis machine market, as several manufacturers are focusing on improving the quality of their products. Water electrolysis machines have emerged as an imperative tool that efficiently splits purified water into oxygen and hydrogen. Although the adoption of solar and hydrogen-based technologies in several regions is relatively low due to the lack of freshwater, research and development activities are increasingly being carried out for the development of water electrolysis machines wherein impure or saline water can be split without purification.
The global shift toward hydrogen-based energy infrastructure is another major factor likely to provide a considerable boost to the overall growth of the global water electrolysis machine market. Several research and development projects are currently focusing on new materials and production techniques to improve the overall efficacy of water electrolysis machines. For instance, the research team at the National University of Ireland Galway and Technical University Berlin conducted research that primarily focused on the recent advancements in catalysts and materials.
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Demand to Remain Steady amid COVID-19 Pandemic
The growth of the global water electrolysis machine market is likely to remain slower than the previous year due to the outbreak of the novel COVID-19 pandemic. The supply chain of raw materials and other critical components required to develop water electrolysis machines is largely disrupted due to the restrictions on transportation, cross-border trade, etc. The movement of non-essential goods was primarily restricted by governments around the world as a measure to curb the spread of the novel coronavirus. However, while the sales are projected to witness a steep fall during the first two quarters of 2024, the market is likely to show signs of recovery toward the last quarter of 2024. Market players are expected to focus on product development and research activities to gain a competitive edge in the market during the post COVID-19 era.
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