The expansion of the end user base of water electrolysis is expected to transform the market in the coming years. Market reports linked to the industrial automation and equipment technology industry have been offered by Market Research Future which makes reports on other industry verticals that aims to study the current market scenarios better. The market is forecasted to amass revenues USD 11,426.8 million while growing with a 6.31% CAGR in the approaching forecast period.
The intensifying demand for carbon-free source of energy is bolstering the development of the electrolysis market. The growth of the chemical industry is further spurring inventions in the market for water electrolysis. Furthermore, developments in the petroleum industry are going to create new opportunities for expansion in the forecast period.
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The segmentation of the water electrolysis market is carried out on the basis of technology, end-user, and region. On the basis of technology, the water electrolysis market consists of proton exchange membrane and alkaline water electrolysis. The end-user based segmentation of the water electrolysis market consists of petroleum industry, chemical industry, pharmaceuticals industry, electronics & semiconductor industry, power plants, and Others. The regions that are considered in the market are AsiaPacific, North America, Europe, and Rest of the World.
Detailed Regional Analysis
The region-based assessment of the water electrolysis market covers regions such as Europe, AsiaPacific, North America, and Rest of the World. The AsiaPacific region is responsible for the principal market portion in 2016 and is anticipated to multiply during the forecast period. The augmented demand from nations such as India and China is anticipated to impel the progress of water electrolysis market in the AsiaPacific region. The North American region is accountable for the next principal market in 2016 because it is chiefly dependent on the strength of the nation and the global economy. The accessibility to cheap gas for chemical industry in the North American region, is anticipated to motivate the market during the forecast period.
The commencement of new technology is furthering the growth capability of the market. The market has the elements for displaying a better comparative or differential value. The market trends imply advantageous growth of the products that can bring in improvement to the product range and tackle the customer need better. The incidence of productive units is projected to generate more sales or greater margins as compared to its market adversaries. Considerable reductions in administrative finances are bringing more developments to the market. The making of a strong value chain is additionally encouraging the development of the market. The market contestants find themselves in a promising position with the capacity to handle the pace of change.
The central competitors in the water electrolysis market globally are Air Products and Chemicals, Inc. (U.S.), ThyssenKrupp Ag (Germany), ProtonOnsite (U.S.), Hydrogenics Corporation (Canada), Linde AG (Germany), Teledyne Energy System Inc. (U.S.), Siemens AG (Germany), Areva H2Gen (France), Erre Due s.p.a (Italy) and Peak Scientific (Scotland).
Feb 2019 Amprion and Open Grid Europe (OGE), who are grid operators want to construct a 100MW power-to-gas plant that is able to convert renewable energy output into hydrogen. It is expected to be operational by 2023 but initially needs planning approval from the German grid regulator. The ‘Hybridge’ plant would make use of electrolysis to split water into oxygen and hydrogen. It would then be able to apply the existing OGE natural gas pipelines to carry the hydrogen to end-users.
Feb 2019 The researchers at UC Santa Cruz (UCSC) have created a pioneering ruthenium-based catalyst created that has revealed a noticeably better performance than commercial platinum catalysts in alkaline water electrolysis for hydrogen manufacturing. The catalyst is a composite material that is nanostructured consisting of carbon nanowires with ruthenium atoms bonded to nitrogen and carbon to develop active sites within the carbon matrix.
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