Published Year: 2023
Power Supply Equipment Market for Water Electrolysis - A Global and Regional Analysis: Focus on Appl
The power supply equipment market for water electrolysis was valued at $331.5 million in 2022,...
Market Research Report
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Table of Contents
1.1 Industry Outlook
1.1.1 Trends Current and Future
1.1.1.1 Growing Demand for Green Hydrogen Energy
1.1.1.2 Hydrogen Economy
1.1.1.3 Advanced Water Electrolysis Technologies
1.1.2 Supply Chain Network
1.1.3 Ecosystem/Ongoing Programs
1.1.3.1 Consortiums and Associations
1.1.3.2 Regulatory Bodies
1.1.3.3 Government Programs
1.1.3.4 Programs by Research Institutions and Universities
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Increasing Use of Hydrogen in the Petroleum Refining Industry
1.2.1.2 Rising Demand for Green Fertilizers
1.2.1.3 Increasing Government Activities toward Low-Carbon Infrastructure
1.2.1.4 Decreasing Cost of Renewable Energy and Water Electrolysis Technology
1.2.2 Business Challenges
1.2.2.1 Expensive Hydrogen Technology
1.2.2.2 High Energy Losses during the Electrolysis Process
1.2.3 Business Strategies
1.2.3.1 Product Development Activities
1.2.3.2 Market Development Activities
1.2.4 Corporate Strategies
1.2.4.1 Mergers and Acquisitions
1.2.4.2 Partnerships, Collaborations, and Joint Ventures
1.2.5 Business Opportunities
1.2.5.1 Increasing Demand for Hydrogen Energy Storage
1.2.5.2 Growing Demand for Hydrogen Fuel Cells
1.2.6 Industry Attractiveness
1.2.6.1 Industry Attractiveness of Water Electrolysis Market
1.2.6.2 Bargaining Power of Buyers
1.2.6.3 Bargaining Power of Suppliers
1.2.6.4 Threat of Substitutes
1.2.6.5 Threat of New Entrants
1.2.6.6 Intensity of Competitive Rivalry
1.3 Start-Up Landscape
1.3.1 Key Start-Ups
1.3.2 Funding Analysis
1.3.2.1 Major Investors
1.3.2.2 New Products/Offerings
1.4 Impact of COVID-19 on the Water Electrolysis Market
1.5 Impact of Ukraine-Russia Conflict on the Hydrogen Market
1.5.1 Impact on Supply Chain of Water Electrolysis Market
1.5.2 Sanctions on Russia and Evaluation of These Sanctions
1.5.2.1 Effect of Sanctions on Russia
1.5.2.2 Impact of Sanctions on Other Countries
1.5.3 The Road Ahead
1.5.3.1 Key Metal Importers from Russia
1.5.3.2 New Sourcing Avenues for Key Metal Importers from Russia
1.6 Snapshot of the Green Hydrogen Market
1.6.1 Leading Countries in the Green Hydrogen Market
1.6.2 Leading Companies in the Green Hydrogen Market
1.6.3 Green Hydrogen Market Projection
1.7 Snapshot of the Green Ammonia Market
1.7.1 Leading Countries in the Green Ammonia Market
1.7.2 Leading Companies in the Green Ammonia Market
1.7.3 Green Ammonia Market Projection
2.1 Water Electrolysis Market (by End-Use Application)
2.1.1 Refining Industry
2.1.2 Power and Energy Storage
2.1.3 Ammonia Production
2.1.4 Methanol Production
2.1.5 Transportation/Mobility Industry
2.1.6 Other End-Use Applications
2.2 . Demand Analysis of the Water Electrolysis Market (by End-Use Application), Value, 2021-2031
3.1 Water Electrolysis Market (by Electrolyzer Type)
3.1.1 Alkaline Electrolyzer
3.1.2 Proton Exchange Membrane (PEM) Electrolyzer
3.1.3 Solid Oxide Electrolyzer Cell (SOEC)
3.1.4 Anion Exchange Membrane (AEM) Electrolyzers
3.2 . Demand Analysis of the Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
3.3 Product Benchmarking: Growth Rate – Market Share Matrix, 2021
3.4 Patent Analysis
4.1 North America
4.1.1 Market
4.1.1.1 Key Manufacturers/Suppliers in North America
4.1.1.2 Business Challenges
4.1.1.3 Business Drivers
4.1.2 Application
4.1.2.1 North America Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.1.3 Product
4.1.3.1 North America Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.1.4 North America: Country Level Analysis
4.1.4.1 U.S.
4.1.4.1.1 Market
4.1.4.1.1.1 Buyer Attributes
4.1.4.1.1.2 Key Manufacturers/Suppliers in the U.S.
4.1.4.1.1.3 Business Challenges
4.1.4.1.1.4 Business Drivers
4.1.4.1.2 Application
4.1.4.1.2.1 U.S. Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.1.4.1.3 Product
4.1.4.1.3.1 U.S. Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.1.4.2 Canada
4.1.4.2.1 Market
4.1.4.2.1.1 Buyer Attributes
4.1.4.2.1.2 Key Manufacturers/Suppliers in Canada
4.1.4.2.1.3 Business Challenges
4.1.4.2.1.4 Business Drivers
4.1.4.2.2 Application
4.1.4.2.2.1 Canada Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.1.4.2.3 Product
4.1.4.2.3.1 Canada Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.1.4.3 Mexico
4.1.4.3.1 Market
4.1.4.3.1.1 Buyer Attributes
4.1.4.3.1.2 Key Manufacturers/Suppliers in Mexico
4.1.4.3.1.3 Business Challenges
4.1.4.3.1.4 Business Drivers
4.1.4.3.2 Application
4.1.4.3.2.1 Mexico Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.1.4.3.3 Product
4.1.4.3.3.1 Mexico Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.2 Europe
4.2.1 Market
4.2.1.1 Key Manufacturers/Suppliers in Europe
4.2.1.2 Business Challenges
4.2.1.3 Business Drivers
4.2.2 Application
4.2.2.1 Europe Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.2.3 Product
4.2.3.1 Europe Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.2.4 Europe: Country Level Analysis
4.2.4.1 Germany
4.2.4.1.1 Market
4.2.4.1.1.1 Key Manufacturers/Suppliers in Germany
4.2.4.1.1.2 Buyer Attributes
4.2.4.1.1.3 Business Challenges
4.2.4.1.1.4 Business Drivers
4.2.4.1.2 Application
4.2.4.1.2.1 Germany Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.2.4.1.3 Product
4.2.4.1.3.1 Germany Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.2.4.2 France
4.2.4.2.1 Market
4.2.4.2.1.1 Key Manufacturers/Suppliers in France
4.2.4.2.1.2 Buyer Attributes
4.2.4.2.1.3 Business Challenges
4.2.4.2.1.4 Business Drivers
4.2.4.2.2 Application
4.2.4.2.2.1 France Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.2.4.2.3 Product
4.2.4.2.3.1 France Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.2.4.3 Netherlands
4.2.4.3.1 Market
4.2.4.3.1.1 Key Manufacturers/Suppliers in the Netherlands
4.2.4.3.1.2 Buyer Attributes
4.2.4.3.1.3 Business Challenges
4.2.4.3.1.4 Business Drivers
4.2.4.3.2 Application
4.2.4.3.2.1 Netherlands Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.2.4.3.3 Product
4.2.4.3.3.1 Netherlands Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.2.4.4 Spain
4.2.4.4.1 Market
4.2.4.4.1.1 Key Manufacturers/Suppliers in Spain
4.2.4.4.1.2 Buyer Attributes
4.2.4.4.1.3 Business Challenges
4.2.4.4.1.4 Business Drivers
4.2.4.4.2 Application
4.2.4.4.2.1 Spain Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.2.4.4.3 Product
4.2.4.4.3.1 Spain Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.2.4.5 Rest-of-Europe
4.2.4.5.1 Market
4.2.4.5.1.1 Key Manufacturers/Suppliers in the-Rest-of-Europe
4.2.4.5.1.2 Buyer Attributes
4.2.4.5.1.3 Business Challenges
4.2.4.5.1.4 Business Drivers
4.2.4.5.2 Application
4.2.4.5.2.1 Rest-of-Europe Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.2.4.5.3 Product
4.2.4.5.3.1 Rest-of-Europe Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.3 U.K.
4.3.1 Market
4.3.1.1 Key Manufacturers/Suppliers in the U.K.
4.3.1.2 Buyer Attributes
4.3.1.3 Business Challenges
4.3.1.4 Business Drivers
4.3.2 Application
4.3.2.1 U.K. Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.3.3 Product
4.3.3.1 U.K. Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.4 China
4.4.1 Market
4.4.1.1 Key Manufacturers/Suppliers in China
4.4.1.2 Buyer Attributes
4.4.1.3 Business Challenges
4.4.1.4 Business Drivers
4.4.2 Application
4.4.2.1 China Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.4.3 Product
4.4.3.1 China Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.5 Asia-Pacific and Japan
4.5.1 Market
4.5.1.1 Key Manufacturers/Suppliers in Asia-Pacific and Japan
4.5.1.2 Business Challenges
4.5.1.3 Business Drivers
4.5.2 Application
4.5.2.1 Asia-Pacific and Japan Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.5.3 Product
4.5.3.1 Asia-Pacific and Japan Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.5.4 Asia-Pacific and Japan: Country Level Analysis
4.5.4.1 Japan
4.5.4.1.1 Market
4.5.4.1.1.1 Key Manufacturers/Suppliers in Japan
4.5.4.1.1.2 Buyer Attributes
4.5.4.1.1.3 Business Challenges
4.5.4.1.1.4 Business Drivers
4.5.4.1.2 Application
4.5.4.1.2.1 Japan Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.5.4.1.3 Product
4.5.4.1.3.1 Japan Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.5.4.2 South Korea
4.5.4.2.1 Market
4.5.4.2.1.1 Key Manufacturers/Suppliers in South Korea
4.5.4.2.1.2 Buyer Attributes
4.5.4.2.1.3 Business Challenges
4.5.4.2.1.4 Business Drivers
4.5.4.2.2 Application
4.5.4.2.2.1 South Korea Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.5.4.2.3 Product
4.5.4.2.3.1 South Korea Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.5.4.3 India
4.5.4.3.1 Market
4.5.4.3.1.1 Key Manufacturers/Suppliers in India
4.5.4.3.1.2 Buyer Attributes
4.5.4.3.1.3 Business Challenges
4.5.4.3.1.4 Business Drivers
4.5.4.3.2 Application
4.5.4.3.2.1 India Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.5.4.3.3 Product
4.5.4.3.3.1 India Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.5.4.4 Australia
4.5.4.4.1 Market
4.5.4.4.1.1 Key Manufacturers/Suppliers in Australia
4.5.4.4.1.2 Buyer Attributes
4.5.4.4.1.3 Business Challenges
4.5.4.4.1.4 Business Drivers
4.5.4.4.2 Application
4.5.4.4.2.1 Australia Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.5.4.4.3 Product
4.5.4.4.3.1 Australia Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.5.4.5 Rest-of-Asia-Pacific and Japan
4.5.4.5.1 Market
4.5.4.5.1.1 Key Manufacturers/Suppliers in Rest-of-Asia-Pacific and Japan
4.5.4.5.1.2 Buyer Attributes
4.5.4.5.1.3 Business Challenges
4.5.4.5.1.4 Business Drivers
4.5.4.5.2 Application
4.5.4.5.2.1 Rest-of-Asia-Pacific and Japan Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.5.4.5.3 Product
4.5.4.5.3.1 Rest-of-Asia-Pacific and Japan Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.6 Rest-of-the-World
4.6.1 Market
4.6.1.1 Key Manufacturers/Suppliers in Rest-of-the-World
4.6.1.2 Business Challenges
4.6.1.3 Business Drivers
4.6.2 Application
4.6.2.1 Rest-of-the-World Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.6.3 Product
4.6.3.1 Rest-of-the-World Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.6.4 Rest-of-the-World: Country Level Analysis
4.6.4.1 South America
4.6.4.1.1 Market
4.6.4.1.1.1 Key Manufacturers/Suppliers in South America
4.6.4.1.1.2 Buyer Attributes
4.6.4.1.1.3 Business Challenges
4.6.4.1.1.4 Business Drivers
4.6.4.1.2 Application
4.6.4.1.2.1 South America Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.6.4.1.3 Product
4.6.4.1.3.1 South America Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
4.6.4.2 Middle East and Africa
4.6.4.2.1 Market
4.6.4.2.1.1 Key Manufacturers/Suppliers in the Middle East and Africa
4.6.4.2.1.2 Buyer Attributes
4.6.4.2.1.3 Business Challenges
4.6.4.2.1.4 Business Drivers
4.6.4.2.2 Application
4.6.4.2.2.1 Middle East and Africa Water Electrolysis Market (by End-Use Application), Value, 2021-2031
4.6.4.2.3 Product
4.6.4.2.3.1 Middle East and Africa Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031
5.1 Competitive Benchmarking
5.1.1 Competitive Position Matrix
5.1.2 Product Matrix for Key Companies
5.1.3 Market Share Analysis of Key Companies
5.2 Competitive Benchmarking
5.2.1 Asahi Kasei Corporation
5.2.1.1 Company Overview
5.2.1.1.1 Role of Asahi Kasei Corporation in the Water Electrolysis Market
5.2.1.1.2 Product Portfolio
5.2.1.1.3 Production Sites
5.2.1.1.4 Business Strategies
5.2.1.1.4.1 Product Developments
5.2.1.2 Corporate Strategies
5.2.1.2.1 Partnerships, Collaborations, and Joint Ventures
5.2.1.3 R&D Analysis
5.2.1.4 Analyst Point-of-View
5.2.2 Nel ASA
5.2.2.1 Company Overview
5.2.2.1.1 Role of Nel ASA in the Water Electrolysis Market
5.2.2.1.2 Product Portfolio
5.2.2.1.3 Production Sites
5.2.2.2 Business Strategies
5.2.2.2.1 Market Developments
5.2.2.3 Corporate Strategies
5.2.2.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.2.4 Analyst Point-of-View
5.2.3 thyssenkrupp AG
5.2.3.1 Company Overview
5.2.3.1.1 Role of thyssenkrupp AG in the Water Electrolysis Market
5.2.3.1.2 Product Portfolio
5.2.3.1.3 Production Sites
5.2.3.2 Business Strategies
5.2.3.2.1 Market Developments
5.2.3.3 Corporate Strategies
5.2.3.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.3.4 R&D Analysis
5.2.3.5 Analyst Point-of-View
5.2.4 Cummins Inc.
5.2.4.1 Company Overview
5.2.4.1.1 Role of Cummins Inc. in the Water Electrolysis Market
5.2.4.1.2 Product Portfolio
5.2.4.1.3 Production Sites
5.2.4.2 Business Strategies
5.2.4.2.1 Market Developments
5.2.4.3 Corporate Strategies
5.2.4.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.4.4 R&D Analysis
5.2.4.5 Analyst Point-of-View
5.2.5 Toshiba Energy Systems & Solutions Corporation
5.2.5.1 Company Overview
5.2.5.1.1 Role of Toshiba Energy Systems & Solutions Corporation in the Water Electrolysis Market
5.2.5.1.2 Product Portfolio
5.2.5.2 Business Strategies
5.2.5.2.1 Market Developments
5.2.5.3 Corporate Strategies
5.2.5.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.5.4 Analyst Point-of-View
5.2.6 Teledyne Energy Systems Inc.
5.2.6.1 Company Overview
5.2.6.1.1 Role of Teledyne Energy Systems Inc. in the Water Electrolysis Market
5.2.6.1.2 Product Portfolio
5.2.6.2 Analyst Point-of-View
5.2.7 Suzhou Green Hydrogen Energy Co., Ltd.
5.2.7.1 Company Overview
5.2.7.1.1 Role of Suzhou Green Hydrogen Energy Co., Ltd. in the Water Electrolysis Market
5.2.7.1.2 Product Portfolio
5.2.7.2 Business Strategies
5.2.7.2.1 Market Development
5.2.7.2.2 Product Development
5.2.7.3 Analyst Point-of-View
5.2.8 Suzhou Jingli Hydrogen Production Equipment Co., Ltd.
5.2.8.1 Company Overview
5.2.8.1.1 Role of Suzhou Jingli Hydrogen Production Equipment Co., Ltd. in the Water Electrolysis Market
5.2.8.1.2 Product Portfolio
5.2.8.2 Business Strategies
5.2.8.2.1 Product Development
5.2.8.3 Corporate Strategies
5.2.8.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.8.4 Analyst Point-of-View
5.2.9 ITM Power PLC
5.2.9.1 Company Overview
5.2.9.1.1 Role of ITM Power PLC in the Water Electrolysis Market
5.2.9.1.2 Product Portfolio
5.2.9.2 Business Strategies
5.2.9.2.1 Market Development
5.2.9.3 Corporate Strategies
5.2.9.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.9.4 R&D Analysis
5.2.9.5 Analyst Point-of-View
5.2.10 Clean Power Hydrogen Group Limited
5.2.10.1 Company Overview
5.2.10.1.1 Role of Clean Power Hydrogen Group Limited in the Water Electrolysis Market
5.2.10.1.2 Product Portfolio
5.2.10.1.3 Production Facility
5.2.10.2 Business Strategies
5.2.10.2.1 Market Development
5.2.10.3 Corporate Strategies
5.2.10.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.10.4 Analyst Point-of-View
5.2.11 Plug Power Inc.
5.2.11.1 Company Overview
5.2.11.1.1 Role of Plug Power Inc. in the Water Electrolysis Market
5.2.11.1.2 Product Portfolio
5.2.11.1.3 Production Sites
5.2.11.2 Business Strategies
5.2.11.2.1 Market Development
5.2.11.3 Corporate Strategies
5.2.11.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.11.4 R&D Analysis
5.2.11.5 Analyst Point-of-View
5.2.12 Hitachi Zosen Corporation
5.2.12.1 Company Overview
5.2.12.1.1 Role of Hitachi Zosen Corporation in the Water Electrolysis Market
5.2.12.1.2 Product Portfolio
5.2.12.2 Business Strategies
5.2.12.2.1 Market Development
5.2.12.3 R&D Analysis
5.2.12.4 Analyst Point-of-View
5.2.13 John Cockerill
5.2.13.1 Company Overview
5.2.13.1.1 Role of John Cockerill in the Water Electrolysis Market
5.2.13.1.2 Product Portfolio
5.2.13.2 Business Strategies
5.2.13.2.1 Market Developments
5.2.13.3 Corporate Strategies
5.2.13.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.13.4 Analyst Point-of-View
5.2.14 Siemens Energy AG
5.2.14.1 Company Overview
5.2.14.1.1 Role of Siemens Energy AG in the Water Electrolysis Market
5.2.14.1.2 Product Portfolio
5.2.14.1.3 Production Sites
5.2.14.2 Business Strategies
5.2.14.2.1 Market Developments
5.2.14.3 Corporate Strategies
5.2.14.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.14.4 R&D Analysis
5.2.14.5 Analyst Point-of-View
5.2.15 McPhy Energy S.A.
5.2.15.1 Company Overview
5.2.15.1.1 Role of McPhy Energy S.A. in the Water Electrolysis Market
5.2.15.1.2 Product Portfolio
5.2.15.1.3 Production Sites
5.2.15.2 Business Strategies
5.2.15.2.1 Market Developments
5.2.15.3 Corporate Strategies
5.2.15.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.15.4 Analyst Point-of-View
5.2.16 Enapter AG
5.2.16.1 Company Overview
5.2.16.1.1 Role of Enapter AG in the Water Electrolysis Market
5.2.16.1.2 Product Portfolio
5.2.16.1.3 Production Sites
5.2.16.2 Business Strategies
5.2.16.2.1 Product Developments
5.2.16.2.2 Market Developments
5.2.16.3 Corporate Strategies
5.2.16.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.16.4 Analyst Point-of-View
5.2.17 Elogen
5.2.17.1 Company Overview
5.2.17.1.1 Role of Elogen in the Water Electrolysis Market
5.2.17.1.2 Product Portfolio
5.2.17.2 Business Strategies
5.2.17.2.1 Market Development
5.2.17.3 Corporate Strategies
5.2.17.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.17.4 Analyst Point-of-View
5.2.18 h2e Power Systems Pvt. Ltd.
5.2.18.1 Company Overview
5.2.18.1.1 Role of h2e Power Systems Pvt. Ltd. in the Water Electrolysis Market
5.2.18.1.2 Product Portfolio
5.2.18.1.3 Production Facility
5.2.18.2 Business Strategies
5.2.18.2.1 Market Development
5.2.18.3 Corporate Strategies
5.2.18.3.1 Mergers and Acquisitions
5.2.18.4 Analyst Point-of-View
5.2.19 Ohmium
5.2.19.1 Company Overview
5.2.19.1.1 Role of Ohmium in the Water Electrolysis Market
5.2.19.1.2 Product Portfolio
5.2.19.1.3 Production Facility
5.2.19.2 Business Strategies
5.2.19.2.1 Market Development
5.2.19.3 Corporate Strategies
5.2.19.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.19.4 Analyst Point-of-View
5.2.20 Hystar
5.2.20.1 Company Overview
5.2.20.1.1 Role of Hystar in the Water Electrolysis Market
5.2.20.1.2 Product Portfolio
5.2.20.2 Business Strategies
5.2.20.2.1 Market Development
5.2.20.3 Corporate Strategies
5.2.20.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.20.4 Analyst Point-of-View
5.2.21 Verdagy
5.2.21.1 Company Overview
5.2.21.1.1 Role of Verdagy in the Water Electrolysis Market
5.2.21.1.2 Product Portfolio
5.2.21.1.3 Production Sites
5.2.21.2 Business Strategies
5.2.21.2.1 Market Developments
5.2.21.3 Corporate Strategies
5.2.21.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.21.4 Analyst Point-of-View
5.2.22 OxEon Energy, LLC
5.2.22.1 Company Overview
5.2.22.1.1 Role of OxEon Energy, LLC in the Water Electrolysis Market
5.2.22.1.2 Product Portfolio
5.2.22.1.3 Production Sites
5.2.22.2 Business Strategies
5.2.22.2.1 Market Developments
5.2.22.3 Corporate Strategies
5.2.22.3.1 Partnerships, Collaborations, and Joint Ventures
5.2.22.4 Analyst Point-of-View
5.2.23 EvolOH, Inc.
5.2.23.1 Company Overview
5.2.23.1.1 Role of EvolOH, Inc. in the Water Electrolysis Market
5.2.23.1.2 Product Portfolio
5.2.23.2 Business Strategies
5.2.23.2.1 Market Developments
5.2.23.3 Analyst Point-of-View
5.2.24 Evolve Hydrogen Inc.
5.2.24.1 Company Overview
5.2.24.1.1 Role of Evolve Hydrogen Inc. in the Water Electrolysis Market
5.2.24.1.2 Product Portfolio
5.2.24.2 Business Strategies
5.2.24.2.1 Market Developments
5.2.24.3 Analyst Point-of-View
5.2.25 ERGOSUP
5.2.25.1 Company Overview
5.2.25.1.1 Role of ERGOSUP in the Water Electrolysis Market
5.2.25.1.2 Product Portfolio
5.2.25.2 Business Strategies
5.2.25.2.1 Market Developments
5.2.25.3 Analyst Point-of-View
Research Methodology
Table 1: Comparison of Various Fuel Sources
Table 2: Consortiums and Associations
Table 3: Regulatory Bodies
Table 4: List of Government Programs
Table 5: List of Programs by Research Institutions and Universities
Table 6: List of Hydrogen Programs by Some Major Countries
Table 7: Product Development Activities by Major Companies in the Water Electrolysis Market, January 2019-May 2022
Table 8: Market Development Activities by Major Companies in the Water Electrolysis Market, January 2019-May 2022
Table 9: Merger and Acquisition Activities by Major Companies in the Water Electrolysis Market, January 2019-May 2022
Table 10: Partnership, Collaboration, and Joint Venture Activities by Major Companies in the Water Electrolysis Market, January 2019-May 2022
Table 11: Key Factors Determining the Bargaining Power of Buyers in the Water Electrolysis Market
Table 12: Key Factors Determining the Bargaining Power of Suppliers in the Water Electrolysis Market
Table 13: Key Factors Determining the Threat of Substitutes in the Water Electrolysis Market
Table 14: Key Factors Determining the Threat of New Entrants in the Water Electrolysis Market
Table 15: Key Factors Determining the Intensity of Competitive Rivalry in the Water Electrolysis Market
Table 16: Key Start-Ups in Water Electrolysis Market
Table 17: Major Investors of Key Start-Ups in the Water Electrolysis Market
Table 18: Products/Offerings of Key Start-Ups in the Water Electrolysis Market
Table 19: Estimated PGMs Production and World Reserves (Kilogram), 2022
Table 20: Selected Water Electrolysis Projects Operative and Under Development to Decarbonize Hydrogen Production in Refining
Table 21: Comparison Between Different Types of Energy Storage Systems
Table 22: Merit Factors for Gaseous Hydrogen Storage Systems
Table 23: Merit Factors for Liquid Hydrogen Storage Systems
Table 24: Overview of Solid Hydrogen Storage Systems
Table 25: Technology Status, Best Options, and the Main R&D Issues Associated with Different Types of Hydrogen Storage Solutions
Table 26: Overview of Existing or Planned Facilities and Technology Providers for e-Methanol Production
Table 27: Overview of Technology Demonstration Plants for e-Methanol (Past and Current)
Table 28: Selected Technology Providers for e-Methanol Production
Table 29: Transport Industry Announcements for FCEVs
Table 30: Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 31: Comparison of Various Electrolyzer Types
Table 32: Proposed Activities to Improve the Performance of Alkaline Electrolyzers
Table 33: Proposed Activities to Improve the Performance of Proton Exchange Membrane (PEM) Electrolyzers
Table 34: Proposed Activities to Improve the Performance of Solid Oxide Electrolyzer Cell (SOEC)
Table 35: Proposed Activities to Improve the Performance of Anion Exchange Membrane (AEM) Electrolyzers
Table 36: Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 37: North America Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 38: North America Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 39: U.S. Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 40: U.S. Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 41: Canada Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 42: Canada Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 43: Mexico Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 44: Mexico Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 45: Europe Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 46: Europe Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 47: Germany Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 48: Germany Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 49: France Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 50: France Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 51: Netherlands Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 52: Netherlands Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 53: Spain Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 54: Spain Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 55: Rest-of-Europe Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 56: Rest-of-Europe Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 57: U.K. Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 58: U.K. Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 59: China Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 60: China Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 61: Asia-Pacific and Japan Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 62: Asia-Pacific and Japan Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 63: Japan Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 64: Japan Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 65: South Korea Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 66: South Korea Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 67: India Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 68: India Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 69: Australia Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 70: Australia Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 71: Rest-of-Asia-Pacific and Japan Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 72: Rest-of-Asia-Pacific and Japan Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 73: Rest-of-the-World Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 74: Rest-of-the-World Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 75: South America Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 76: South America Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 77: Middle East and Africa Water Electrolysis Market (by End-Use Application), $Million, 2021-2031
Table 78: Middle East and Africa Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031
Table 79: Product Matrix for Key Companies in the Water Electrolysis Market
Table 80: Market Share of Key Companies in the Water Electrolysis Market, 2021
Figure 1: Water Electrolysis Market, $Million, 2021, 2022, and 2031
Figure 2: Water Electrolysis Market (by End-Use Application), $Million, 2021 and 2031
Figure 3: Water Electrolysis Market (by Electrolyzer Type), $Million, 2021 and 2031
Figure 4: Water Electrolysis Market (by Region), $Million, 2021 and 2031
Figure 5: Water Electrolysis Market Coverage
Figure 6: Supply Chain Network of Water Electrolysis Market
Figure 7: Distribution of All Fuel Cell Vehicles by Continent as of the End of 2020
Figure 8: Distribution of All Fuel Cell Vehicles on the Road by Country as of the End of 2020
Figure 9: Distribution of Different Fuel Cell Vehicle Types Worldwide as of the End of 2020
Figure 10: Porter’s Five Forces Analysis
Figure 11: Major Palladium (Unwrought or in Powder Form) Importing Countries from Russia, 2019-2021
Figure 12: Major Rhodium (Unwrought or in Powder Form) Importing Countries from Russia, 2019-2021
Figure 13: Major Iridium, Osmium, and Ruthenium (Unwrought or in Powder Form) Importing Countries from Russia, 2019-2021
Figure 14: Major Platinum (Unwrought or in Powder Form) Importing Countries from Russia, 2019-2021
Figure 15: Green Hydrogen Market Snapshot
Figure 16: Green Ammonia Market Snapshot
Figure 17: Product Benchmarking for Electrolyzer Type, by Value
Figure 18: Global Patents Filed and Granted, January 2019-June 2022
Figure 19: Patents Filed by Leading Countries, January 2019-June 2022
Figure 20: Patents Granted to Leading Countries, January 2019-April 2022
Figure 21: Competitive Position Matrix
Figure 22: Asahi Kasei Corporation: R&D Expenditure, $Million, 2019-2021
Figure 23: thyssenkrupp AG: R&D Expenditure, $Million, 2019-2021
Figure 24: Cummins Inc.: R&D Expenditure, $Million, 2019-2021
Figure 25: ITM Power PLC: R&D Expenditure, $Million, 2019-2021
Figure 26: Plug Power Inc.: R&D Expenditure, $Million, 2019-2021
Figure 27: Hitachi Zosen Corporation: R&D Expenditure, $Million, 2018-2020
Figure 28: Siemens Energy AG: R&D Expenditure, $Million, 2019-2021
Figure 29: Research Methodology
Figure 30: Top-Down and Bottom-Up Approach
Figure 31: Influencing Factors of Water Electrolysis Market
Figure 32: Assumptions and Limitations
Market Report Coverage
|
Water Electrolysis Market |
|||
|
Base Year |
2021 |
Market Size in 2021 |
$359.96 Million |
|
Forecast Period |
2022-2031 |
Value Projection and Estimation by 2031 |
$7,178.61 Million |
|
CAGR During Forecast Period |
35.4% |
Number of Tables |
80 |
|
Number of Pages |
261 |
Number of Figures |
32 |
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Some prominent names established in this market are:
• Asahi Kasei Corporation
• Nel ASA
• thyssenkrupp AG
• Cummins Inc.
• Toshiba Energy Systems & Solutions Corporation
• Teledyne Energy Systems Inc.
• Suzhou Green Hydrogen Energy Co., Ltd.
• Suzhou Jingli Hydrogen Production Equipment Co., Ltd.
• ITM Power PLC
• Clean Power Hydrogen Group Limited
• Plug Power Inc.
• Hitachi Zosen Corporation
• John Cockerill
• Siemens Energy AG
• McPhy Energy S.A.
• Enapter AG
• Elogen
• h2e Power Systems Pvt. Ltd.
• Ohmium
• Hystar
• Verdagy
• OxEon Energy, LLC
• EvolOH, Inc.
• Evolve Hydrogen Inc.
• ERGOSUP
How Can This Report Add Value to an Organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of electrolyzers available for deployment and their potential globally. Moreover, the study provides the reader with a detailed understanding of the water electrolysis market by end-use application and by electrolyzer type.
Growth/Marketing Strategy: The water electrolysis market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been partnerships and joint ventures, to strengthen their position in the water electrolysis market. For instance, in November 2021, Plug Power Inc. announced a joint venture with SK E&S Co., ltd. to open a Gigafactory in South Korea and another joint venture with Fortescue Futureindustries Pty ltd. for a Gigafactory in Australia.
Competitive Strategy: Key players in the water electrolysis market analyzed and profiled in the study involve major water electrolyzer manufacturers. Moreover, a detailed competitive benchmarking of the players operating in the water electrolysis market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Industry & Technology Overview
Global Water Electrolysis Market Industry Overview
An electrolyzer is a system that breaks water into hydrogen and oxygen with the help of electricity. This process is known as electrolysis and it is mainly used to produce hydrogen, which is then stored as a compressed or liquefied gas. Oxygen produced during the electrolysis process is either released into the atmosphere or is stored to use for other purposes.
International Energy Agency (IEA) has projected that the energy demand will grow between 25% to 30% by 2040 with companies and governments trying to find sustainable and low-carbon emission energy sources. Hydrogen is being called the fuel of the future and IEA has projected that hydrogen production from water electrolysis can prevent the 830 million tons of CO2 annually from entering the atmosphere. Moreover, the growing demand for hydrogen fuel cell vehicles, green ammonia, green methanol, and other applications is driving the growth of the water electrolysis market.
Market Lifecycle Stage
Water electrolysis is old technology and was first introduced in 1789 by the Dutch merchants Jan Rudolph Deiman and Adriaan Paets van Troostwijk, who used gold electrodes and an electrostatic generator to produce an electrostatic discharge in water. Almost 100 years later in 1888, Russian engineer Dmitry Lachinov developed the first industrial water electrolyzer for producing hydrogen and oxygen. In the mid-1960s, General Electric introduced the proton exchange membrane process for the Gemini Space Program, and it was later adopted for hydrogen production. Currently, there are four types of electrolyzers available in the market alkaline and polymer electrolyte membrane (PEM) already commercialized and anion exchange membrane (AEM) and solid oxide at an early stage of commercialization.
Industrial Impact
The growth of the water electrolysis market is closely tied to the hydrogen and ammonia market. Water electrolysis is one of the clean methods for the production of hydrogen and is highly sustainable as there are no emissions and the feedstock used for hydrogen production is water. The growing demand for green hydrogen and green ammonia are among the major drivers of the growth of the water electrolysis market.
Impact of COVID-19
The outbreak of COVID-19 has caused several delays in manufacturing operations, which resulted in the slowdown of the water electrolysis market. Also, supply chain disruptions have negatively impacted the water electrolysis market. Currently, companies are trying to secure long-term supply contracts with other suppliers, to maintain smooth operations and interrupted supply of water electrolysis systems.
Market Segmentation:
Segmentation 1: by End-Use Application
• Transportation/Mobility Industry
• Refining Industry
• Power and Energy Storage
• Ammonia Production
• Methanol Production
• Other End-Use Applications
Segmentation 2: by Electrolyzer Type
• Alkaline Electrolyzer
• Proton Exchange Membrane (PEM) Electrolyzer
• Solid Oxide Electrolyzer Cell (SOEC)
• Anion Exchange Membrane (AEM) Electrolyzers
The alkaline electrolyzer segment is the largest segment in electrolyzer type and is expected to dominate the market during the forecast period 2022-2031.
Segmentation 3: by Region
• North America - U.S., Canada, and Mexico
• Europe - Germany, France, Netherlands, Spain, and Rest-of-Europe
• China
• U.K.
• Asia-Pacific and Japan - Japan, India, South Korea, Australia, and Rest-of-Asia-Pacific and Japan
• Rest-of-the-World - South America, Middle East and Africa
Europe dominates the water electrolysis market due to the presence of several leading companies, such as Nel ASA, thyssenkrupp AG, ITM Power PLC, and many more.
Recent Developments in the Water Electrolysis Market
• In June 2022, Bosch announced that it will invest $1.3 billion by 2025 in hydrogen. The company has already invested significantly in fuel cell technology and the company is now planning to leverage its expertise in fuel cell technology to develop electrolyzers with an investment of $600 million by 2030.
• In June 2022, De Nora Water Technologies and Saline Water Conversion Corporation (SWCC) announced that they have expanded their partnership and had signed a memorandum of understanding (MOU) for brine mining and water electrolysis research.
• In June 2022, Hyundai Engineering & Construction (Hyundai E&C) announced that the Ministry of Trade, Industry, and Energy has chosen the company for building a water electrolysis-based hydrogen production base project. The company will be responsible for building a base for producing, storing, and transporting more than one ton of hydrogen per day.
• In May 2022, Frontier Energy Ltd. announced that it has chosen alkaline water electrolysis (AWE) as the preferred electrolysis technology for the production of green hydrogen at the Bristol Springs Solar (BSS) Project south of Perth in Western Australia. The company chose AWE over other water electrolysis technologies due to its low cost and technological robustness.
• In April 2022, ThyssenKrupp nucera announced that Air Products has selected the company for the supply of its alkaline water electrolysis technology to produce green liquid hydrogen in Casa Grande, Arizona in a 10 metric ton per day facility.
Demand – Drivers and Limitations
Following are the demand drivers for the water electrolysis market:
• Increasing Use of Hydrogen in the Petroleum Refining Industry
• Rising Demand for Green Fertilizers
• Increasing Government Activities toward Low-Carbon Infrastructure
• Decreasing Cost of Renewable Energy and Water Electrolysis Technology
The market is expected to face some limitations too due to the following challenges:
• Expensive Hydrogen Technology
• High Energy Losses during the Electrolysis Process
Analyst’s Thoughts
According to Shivam Priyadarshi, Principal Analyst, BIS Research, "The water electrolysis market is expected to register continuous growth during the forecast period owing to the growing demand for sustainable energy sources, rising green hydrogen and green ammonia demand, and investment from the government toward green and sustainable technologies. Moreover, growing investment in renewable energy sources and demand for energy storage technologies is also expected to contribute toward the growth of water electrolysis market during the forecast period.”
Water Electrolysis Market - A Global and Regional Analysis
Focus on End-Use Application, Electrolyzer Type, and Region - Analysis and Forecast, 2022-2031
Some Faq's
Frequently Asked Questions
The process of breaking water into hydrogen and oxygen using electricity is known as water electrolysis and it happens in a system known as electrolyzer. This process is mainly used to produce hydrogen, which is then stored as a compressed or liquefied gas. Oxygen produced during the electrolysis process is either released into the atmosphere or is stored to use for other purposes.
The key trends in the water electrolysis market include growing demand for sustainable and carbon emission-free methods for hydrogen production and growing demand for green hydrogen.
The water electrolysis market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. According to BIS Research analysis, majority of the companies preferred partnerships, collaborations, and joint ventures as a strategy to further increase their presence in the water electrolysis market. Companies such as Plug Power Inc., Cummins Inc., and Ashai Kasei among several others have majorly adopted the partnerships, collaborations, and joint venture strategies in the recent years.
A new entrant can focus on solid oxide electrolyzers, anion exchange electrolyzers, and membrane-free electrolyzers as very few players are offering these types of electrolyzers in the market.
• Critical analysis of four types of water electrolyzer systems
• Evaluation of key start-ups in the global water electrolysis market
• Critical evaluation of the Ukraine-Russia conflict and its effect on the global hydrogen market
• Snapshot of the global green hydrogen market
• Snapshot of the global green ammonia market
• Patent analysis for the patents filed related to the water electrolysis since January 1, 2019
The companies that are offering water electrolyzers, water electrolyzer parts such as catalysts, membranes, power supply equipment can buy the report. Also, end-users from industries such as ammonia production, fuel cell, etc. can also buy the report.
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