Water Electrolysis Machine Market: Current Analysis and Forecast (2022-2030)
Emphasis on Type (Proton Exchange Membrane (PEM), Alkaline Water Electrolysis, and Solid Oxide Electrolyte (SOE)); Input Power (Below 2 kW, 2 kW- 5 kW, and Above 5 kW), Application (Chemicals, Electrical & Semiconductor, Power Plants, Petroleum, Pharmaceuticals, and Others); Hydrogen Production (Below 500, 500-2000, and Above 2000), and Region/Country.
The Water Electrolysis Machine Market was valued at USD 12.3 Billion in 2021 & is expected to grow at a CAGR of 7.0% from 2022-2030. Owing to the global demand for clean and renewable energy sources is growing, and water electrolysis is seen as a key technology for producing clean hydrogen fuel. This is expected to drive demand for water electrolysis machines. Additionally, the demand for alkaline water, which is believed to have health benefits such as boosting the immune system and reducing inflammation, is also driving the growth of the water electrolysis machine market. Advancements in technology, such as the development of more efficient and cost-effective electrolysis cells, are expected to make water electrolysis machines more accessible and affordable, furthering driving demand. For instance, on Jul 29, 2019, Eneco Hybrid HHO Gas developed by Eneco Holdings Inc. can generate massive volumes of oxyhydrogen gas using only a very small amount of electricity.
Some of the major players operating in the market include Asahi Kasei Corporation, Siemens Energy, Enagic Co., Ltd., HyGear, ITM Power, Toshiba Energy Systems & Solutions Corporation, Peak Scientific Instruments, Hitachi, Ltd., AREVA H2Gen, and Teledyne Technologies Incorporated. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, the alkaline water electrolysis segment had a significant growth in the market in 2021.”
Based on type, the market is segmented into proton exchange membrane (PEM), alkaline water electrolysis, and solid oxide electrolyte (SOE). Amongst these, alkaline water electrolysis had significant growth in the market in 2021. This is because of the growing demand for alkaline water, which is believed to have health benefits such as boosting the immune system and reducing inflammation. As more people become aware of these benefits, there is likely to be an increase in demand for alkaline water electrolysis machines, which can produce alkaline water on demand.
“Amongst application, the wireless water electrolysis machine technology held the majority share of the market in 2021.”
Based on application, the market is segmented into chemicals, electrical & semiconductors, power plants, petroleum, pharmaceuticals, and others. Among these, chemicals had significant growth in the market in 2021. The significant growth of the chemicals can be attributed to the growing demand for chemicals in various industries, such as energy, transportation, and healthcare. As these industries continue to grow and evolve, there is likely to be an increase in demand for chemicals, which can be produced through the electrolysis of water.
“Asia Pacific is experiencing significant growth rate.”
Asia Pacific is experiencing a significant growth rate due to a rapid increase in demand for hydrogen as a clean energy source in countries like China, Japan, and South Korea. Additionally, there is a huge investment going on in this region, particularly in renewable energies like solar and wind power. With high investment in renewable energy, the electricity consumption in producing hydrogen production will be available in abundance. Furthermore, Governments have been supporting the promotion of hydrogen fuel as an alternative fuel by providing incentives and support. Moreover, there are huge players in water electrolysis machines in counties like Japan and South Korea. These players will help to boost the growth of the water electrolysis machine market.
Water Electrolysis Machine Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global water electrolysis machine market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Water Electrolysis Machine Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global water electrolysis machine market were the three major steps undertaken to create and analyze the adoption of water electrolysis machine in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global water electrolysis machine market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the water electrolysis machine market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the water electrolysis machine market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, technology, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the water electrolysis machine market. Further, we conducted factor analysis using dependent and independent variables such as product, technology, and end-users of the water electrolysis machine market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the water electrolysis machine market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global water electrolysis machine market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the water electrolysis machine market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global water electrolysis machine market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global water electrolysis machine market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global water electrolysis machine market.
The main objective of the Global Water Electrolysis Machine Market Study
The current & future market trends of the global water electrolysis machine market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the water electrolysis machine market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product, technology, and end-users
- Define and analysis of the regulatory framework for the water electrolysis machine industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the water electrolysis machine market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the water electrolysis machine market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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