Increasing Demand for Clean and Renewable Energy Sources has Propelled the Growth of the Water Electrolysis Machine Market in the APAC Region!
- Vikas Kumar
- December 22, 2023
- MINING & MACHINERY, NEWS
- Water Electrolysis Machine Market Analysis, Water Electrolysis Machine Market Forecast, Water Electrolysis Machine Market Growth, Water Electrolysis Machine Market Outlook, Water Electrolysis Machine Market Share, Water Electrolysis Machine Market Size, Water Electrolysis Machine Market Trends
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The increasing demand for clean and renewable energy sources is boosting the growth of the water electrolysis machine market. Water electrolysis machines are a clean and efficient technology for generating clean hydrogen fuel. As the world wants to reduce its dependence on fossil fuels and move towards a more sustainable energy system, there is growing demand for clean hydrogen as a fuel source. This demand is expected to drive the growth of the water electrolysis machine market. Additionally, governments around the world are implementing policies and regulations aimed at promoting the use of renewable energy sources and reducing greenhouse gas emissions. Many governments are offering incentives for the adoption of clean energy technologies, such as water electrolysis machines, which is expected to drive demand for the technology. The increasing demand for clean and renewable energy sources, government policies and regulations, and advancements in technology are all expected to drive the growth of the water electrolysis machine market.
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Further, the APAC Water Electrolysis Machine Market is expected to grow at a strong CAGR of 7.0% during the forecast period (2022-2030S). APAC is anticipated to emerge as the fastest-growing water electrolysis machine market primarily owing to advancements in technology that are improving the efficiency and cost-effectiveness of water electrolysis machines. Improved efficiency and cost-effectiveness are expected to make the technology more attractive to a wider range of customers, which is also expected to drive demand for the market.
FIG. 1 APAC Water Electrolysis Machine Market Revenue (2020-2030)- USD Mn
Based on type, the market is segmented into proton exchange membrane (PEM), alkaline water electrolysis, and solid oxide electrolyte (SOE). Amongst these, the proton exchange membrane (PEM) dominated the market in 2021. This is because PEM water electrolysis machines are highly efficient, with energy conversion rates of up to 80%. This makes them an attractive option for power generation and other applications. Additionally, PEM water electrolysis machines have low operating costs, thanks to their high efficiency and simple design.
By input power, the market is segmented into below 2 kW, 2 kW- 5 kW, and above 5 kW. Among these, above 5 kW captured a significant share of the water electrolysis machine market in 2021. The significant share of the above 5 kW can be attributed to the capabilities and features offered such as larger-scale applications, such as power generation, industrial processes, and transportation. This makes them more suitable for larger-scale projects and operations.
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Global Water Electrolysis Machine Market Segmentation
Market Insight, by Type
- Proton Exchange Membrane (PEM)
- Alkaline Water Electrolysis
- Solid Oxide Electrolyte (SOE)
Market Insights, by Input Power
- Below 2 kW
- 2 kW- 5 Kw
- Above 5 kW
Market Insights, by Hydrogen Production
- Below 500
- 500-2000
- Above 2000
Market Insights, by Hydrogen Production
- Chemicals
- Electrical & Semiconductor
- Power Plants
- Petroleum
- Pharmaceuticals
- Others
Market Insight, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- UK
- Italy
- France
- Rest of Europe
- APAC
- China
- Japan
- India
- Rest of APAC
- Rest of the World
Top Company Profiles
- Asahi Kasei Corporation
- Siemens Energy
- Enagic Co., Ltd.
- HyGear
- ITM Power
- Toshiba Energy Systems & Solutions Corporation
- Peak Scientific Instruments
- Hitachi, Ltd.
- AREVA H2Gen
- Teledyne Technologies Incorporated
