Water Electrolyzer Market Size, Share & Industry Analysis, By Type (Traditional Alkaline Electrolyzer and PEM Electrolyzer), By Application (Power Plants, Steel Plants, Electronics and Photovoltaics, Industrial Gases, Energy Storage or Fueling for FCEV's, Power to Gas and Others) Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2022 To 2030

Updated On: 11 September 2023

Water Electrolyzer Market Report Overview

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The global water electrolyzer market size is expected to be USD 263.4 million in 2022 and is projected to touch USD 719.5 million by 2028, at a CAGR of 18.2% during the forecast period. 

Water electrolyzer or the electrolysis of water, is globally also recognized by the term of electrochemical water splitting. Furthermore, this is the method of consuming electric currents to putrefy water molecules into oxygen and hydrogen gas through a procedure termed as electrolysis of water. Moreover, through this practice of electrolysis of water molecules the water electrolyzer technique produces hydrogen gas, as the water molecule is break down in to H+ and OH- ions when the electricity stream is circulated throughout the water substance and its molecules.

On the other hand, the water electrolyzer is segmented into two diverse types of electrolyzers such as a traditional alkaline electrolyzer and a proton exchange membrane (PEM) electrolyzer. Firstly, a traditional liquid alkaline electrolyzer is inclusive with and functions with an exceedingly concentrated electrolyte emulsion and at significantly lower pressure level. Moreover, the traditional alkaline electrolyzer necessitates a supplementary refinement and density measures to ensure and manufacture above average value of gas at an elevated output pressure level. However, this type of traditional alkaline electrolyzer is merely cost effective for consolidated and low exchange rates of ion procedures. Whereas, a proton exchange membrane (PEM) electrolyzer is mainly consumed as a greenhouse resource to produce highly concentration levels of the hydrogen gas. Furthermore, a proton exchange membrane (PEM) electrolyzer exhausts an unyielding polymer electrolyte, as when the electric current is operated on the cell mass, the water molecules divergences into two the oxygen and the hydrogen protons. Additionally, which molecules would gorge amid the membrane to structure into a hydrogen gas on the cathode surface area.

COVID-19 Impact: Closure on Numerous Business Hampered Product Demand

The global COVID-19 pandemic has been unprecedented and staggering, with the water electrolyzer market experiencing lower-than anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic had harshly influenced the power plants, steel plants, electronics and photovoltaics, industrial gases, energy storage or fueling for FCEV's, power to gas and other uncountable industries and their markets. Furthermore, several emerging, developing and developed regions had guided their focus towards the increasing investments towards greener energy, which consumed hydrogen and benefitted the market. However, with the relentless spread of the COVID-19 virus these investments were all diverted towards the pharmaceutical sectors as international governments, researchers and scientists aimed to develop a cure to combat the virus, as COVID-19 cases were at a rise.

LATEST TRENDS

"Surging Consumption Rates of Green Energy to Augment Growth"

The rising concern on a global scale is the rising amount of pollution and with the utilization of hydrogen, it combats this concern as it is a vital replacement for fossil fuels. Furthermore, hydrogen is being recognized as a green energy source because it is zero carbon emissions and is very sustainable. Hence, this increasing usage of hydrogen is creating a trend and side by side giving rise to higher demand from consumers in the power plants, steel plants, electronics and photovoltaics, industrial gases, energy storage or fueling for FCEV's, power to gas and other end consuming industries.

Water Electrolyzer Market Segmentation

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• By Type

Based on type; Traditional alkaline electrolyzer and PEM electrolyzer

Traditional alkaline electrolyzer is the leading type in this segment

• By Application

Based on application; Power plants, steel plants, electronics and photovoltaics, industrial gases, energy storage or fueling for FCEV's, power to gas and others

Power plants is the leading application in this segment

DRIVING FACTORS

"Rising Demand of Hydrogen Cell Based Automobiles Augments Market Growth"

The main driving factor within the water electrolyzer market, is the growing demand for all automobiles to be equipped with hydrogen cells instead of fuel consuming polluting engines. Moreover, this demand is surging because consumers are switching to become more technologically and economically viable. Hence, more consumers recognize and stimulate demand through higher hydrogen based automobiles, and this leads towards the global and United States water electrolyzer market growth.

"Increased Investment by Regions as they Aim to Go Green Boosts Market Growth"

The surges in the market are recorded due to the, numerous regions pouring in investments towards hydrogen production. This is accounted for, the developed regions globally strategize to include the usage of hydrogen in transportation and electricity sectors, to be more socially and environmentally friendly. Furthermore, other diverse industries are aiming to go green with the consumption of hydrogen and it is largely obtained through water electrolyzer processes, which also grows the demand and supply while also boosting the global and United States water electrolyzer market share.

RESTRAINING FACTORS

"High and Costly Power Usages for Electrolyzing Hinders Market Growth"

One of the major drawback that the water electrolyzer sector is facing, is the expenditure incurred with the consumption of the procedure. Furthermore, the costs incurred with the usage of solar or wind powered automobiles and power plants are comparatively lesser, and this forces consumers to exploit the competitors’ products to cater to their requirements. However, this disadvantage of the water electrolyzer is anticipated to create hinderers in the overall market growth.

Water Electrolyzer Market Regional Insights

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"North American Region Stands at Leading Market Position Owing to Prominent Players"

North American region dominates over others in the industry, due to the region being developed and implementing the usage of hydrogen in numerous of its markets. Moreover, this region consists of the most prominent and leading companies producing and consuming the hydrogen gas for keeping up with trends and other environmental advancements.

KEY INDUSTRY PLAYERS

"Key Players Aim to Improve Awareness Camps and Contracts"

The key market players strategize to boost the amount of contracts in diverse markets and industries, in favor to grow their customer base and revenue levels. Furthermore, the key players also get aid through subsidiaries to put the water electrolyzer through more research and development processes, to innovate and enhance the outcomes. Additionally, the key players also advertise the products uses to raise awareness in the market.

List of Market Players Profiled

• Proton On-Site (U.S.)
• 718th Research Institute of CSIC (U.S.)
• Hydrogenics (Canada)
• Teledyne Energy Systems (U.S.)
• Suzhou Jingli (China)
• McPhy (France)
• Siemens (Germany)
• Nel Hydrogen (Norway)
• TianJin Mainland (China)
• Idroenergy Spa (Italy)
• Erredue SpA (Italy)
• Areva H2gen (France)
• Yangzhou Chungdean Hydrogen Equipment (China)
• Toshiba (Japan)
• ITM Power (U.K.)
• Beijing Zhongdian (China)
• Kobelco Eco-Solutions (Japan)
• ShaanXi HuaQin (China)
• Shandong Saksay Hydrogen Energy (China)
• Asahi Kasei (Japan)
• ELB Elektrolysetechnik GmbH (Germany)

REPORT COVERAGE

This report highlights types in the water electrolyzer market and its latest trends along with driving and restraining factors within the market. Additionally, this report is inclusive of the key industry players and their current and upcoming advancements and factors in the leading region, making it the leading region.