rowing 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.
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.
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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.
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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Water Electrolysis Machine Market: Overview
- According to the latest market report published by Transparency Market Research on the water electrolysis machine market for the period 2024–2030 (wherein 2024 to 2030 is the forecast period and 2019 is the base year), expansion of the industrial sector across the globe is expected to drive the water electrolysis machine market
- Globally, revenue generated by the water electrolysis machine market accounted for over US$ 6.4 Bn in 2019, which is expected to expand at a CAGR of ~7% in terms of value during the forecast period
Rising Demand for Hydrogen Produced through Water Electrolysis Machines across End-use Industries: Key Driver of Water Electrolysis Machine Market
- Over the years, fuel cells and hydrogen have gained significant importance across a myriad of industries as a key solution to generate power and heat from numerous primary energy sources. Hydrogen can be used in fuel cells to generate power using a chemical reaction rather than combustion, producing only water and heat as byproducts. Fuel cells are used in a wide array of products, ranging from small fuel cells in portable devices such as mobile phones and laptops through large applications such as cars, delivery vehicles, buses, and ships to heat and power generators in stationary applications in domestic and industrial sectors. Future energy systems are also likely to include improved conventional energy converters running on hydrogen. As water electrolysis machines provide the cleanest form of hydrogen, the rising application of green hydrogen in fuel cells is expected to drive the overall water electrolysis machine market.
Strategic Partnerships and Ongoing R&D to Drive Water Electrolysis Machine Market
- The global market for water electrolysis machines comprises some large scale and middle scale manufacturers focusing on product innovation and high-end technology development. Key industry participants are investing in strategic alliances and partnerships to gain competitive advantage in the evolving global water electrolysis machine market. These partnerships allow companies to strengthen their technical expertise with improved production capacity. Moreover, technical collaboration of industry participants is estimated to contribute to growth of hydrogen generation projects.
- For instance, in April 2017, Nel ASA acquired Proton Energy Systems, Inc. (ProtonOnsite), one of the largest manufacturers of hydrogen generators. ProtonOnsite offers PEM (Proton Exchange Membrane) electrolysis systems to various markets.
Increasing Demand for Green Hydrogen: Key Trend of Water Electrolysis Machine Market
- Water electrolysis with renewable sources such as solar power, hydropower, or wind can develop effective green hydrogen. Water electrolysis machines produce green hydrogen that can be stored for hours, days, or months, converted back into electricity or used as a clean, CO2-free starting material in the mobility sector or for the production of sustainable chemicals.
- For instance, as a part of the Carbon2Chem® project, thyssenkrupp’s alkaline water electrolysis unit has been successfully supplying hydrogen for the production of chemicals from steel mill waste gases. In 2018, the company had produced methanol from steel mill gases and in the following year, the production of ammonia succeeded with the help of the hydrogen produced by its water electrolysis machines. By contrast with conventional production methods, this process does not require fossil fuels such as natural gas, thus reducing CO2 emissions in both steelmaking and chemical production.
Greenhouse Gas Emission with Power Grid Electricity Source Hampering Growth of Water Electrolysis Machine Market
- Hydrogen production with water electrolysis machine can result in zero GHG (greenhouse gas) emissions depending on the electricity source used. The electricity source, its cost, efficiency, and emissions resulting from electricity generation are the crucial factors while evaluating the economic viability and benefits of hydrogen production through water electrolysis machines. Power grid pathway for hydrogen production cannot be considered a viable option in many regions due to greenhouse gases released and the amount of fuel required due to the low efficiency of the electricity generation process. Delivering hydrogen at lower cost is a major challenge when it is produced from renewable sources.
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