Water Electrolysis Market Share Anticipated to Reach USD 10 Billion by 2030, Driven by Green Hydrogen Demand

The Water Electrolysis Market Share is anticipated to grow from USD 6.61 Billion in 2023 to nearly USD 10 billion by 2030. The water electrolysis market is expected to increase at a compound annual growth rate (CAGR) of 6.1% during the forecast period. The rise is largely driven by the increasing need for green hydrogen since corporations and governments across the world make efforts to decrease carbon emissions and shift to sustainable energy sources.



Market Growth Drivers and Opportunities

With many global initiatives building to address climate change, green hydrogen has been placed at the center of the recipe to carbon neutrality. Among these, water electrolysis, which splits water into hydrogen and oxygen using electricity, is considered a sustainable solution to hydrogen production, particularly when powered by renewables. Not only does this process provide a supply of hydrogen that is free from carbon, it also enables diversification and security of supplies of energy. With the advancement in technology, electrolyzers have become more efficient and less expensive, which allows water electrolysis to become more feasible in large-scale hydrogen production. 

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Segmentation Analysis

The water electrolysis market is segmented based on technology type and end-user applications.

Type Of Electrolysis Technology: The market consists of various electrolysis technologies, such as Proton Exchange Membrane (PEM), Alkaline Water Electrolysis and Solid Oxide Electrolysis. Alkaline water electrolysis has the largest market share, as it is more mature and cheaper than other technologies. Nevertheless, PEM technology is becoming more popular because of its efficiency and ability to seamlessly accommodate fluctuations in variable renewable energy inputs.

End-User Applications – Water electrolysis has various applications across many sectors including chemical, power plants, metallurgical industry. Hydrogen plays significant role in chemical sector for ammonia and methanol production. Hydrogen is harnessed by power plants for energy storage and grid stabilization, and by the metallurgical sector in steel production technologies to decarbonize operations.

Country-Level Analysis

U.S.: More money is flowing into green hydrogen projects in the U.S, partly on the back of federal efforts for clean energy. Hydrogen Energy Earthshot —Within the next decade, the Department of Energy's Hydrogen Energy Earthshot aims to reduce the cost of clean hydrogen by 80% to $1 per kilogram, creating opportunity for water electrolysis technologies.

Germany: Home to some of the biggest green hydrogen deals in Europe, with energy companies signing contracts to deliver vast quantities of green hydrogen on an annual basis. This is indicative of Germany's dedication toward greening hydrogen into its energy infrastructure.

China’s rapid industrialization and commitment to reducing carbon emissions have spurred significant investments in water electrolysis technologies. The government’s support for renewable energy integration and hydrogen production positions China as a key player in the global market.

Japan is pushing its hydrogen economy forward with new mandates for solar panels on all new homes by 2025 and virtual power plants. Partnerships with home-grown companies are designed to snatch market share in what the country expects will be increased hydrogen sales as it pursues its renewable energy ambitions.

Australia has extensive renewable energy resources which have seen increased interest in green hydrogen projects. Large scale hydrogen hubs are just the most obvious initiative evidencing the nation is serious about its hydrogen economy.

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Competitor Analysis

The water electrolysis market has several prominent players driving innovation and market expansion. Notable companies include:

ThyssenKrupp AG: A leading player in industrial engineering, ThyssenKrupp is engineering water electrolysis plants as a series of prefabricated skid-mounted modules to lower costs and increase scalability.

Linde AG — An industrial gases and engineering company that has been heavily engaged in the development and deployment of hydrogen production and distribution solutions essential to the global hydrogen infrastructure.

Air Products and Chemicals, Inc.: One of the largest suppliers of industrial gases, Air Products has been making significant investments in large-scale green hydrogen projects with partnerships to build hydrogen refueling stations and production facilities.

Siemens AG — Siemens is one of the leaders in the integration of water electrolysis with renewable energy sources and offers solutions that increase the efficiency and sustainability of hydrogen production.

ProtonOnsite manufactures on-site hydrogen generation systems, including PEM electrolyzers designed for a variety of applications from industrial applications to fueling stations.

They are also focusing on increasing the efficiency of their electrolyzers by investing in R&D to increase efficiency and lower operating costs and expand their footprint across the globe to gain a competitive edge in the market.

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Conclusion

The global water electrolyser market is experiencing a strong uptrend, driven by increasing demand of green hydrogen and the global transition towards renewable and sustainable energy systems. Government policies, increasing technological developments and R&D collaboration among companies are mainly driving the adoption of water electrolysis for hydrogen production. This market is well positioned to be a major part of the path to a global lowcarbon economy as large actors create new innovations and scale through the deployment of valuable goods and services thus creating thousands of opportunities for a range of stakeholders and entities.

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