Water Electrolysis Machine Market: Current Analysis and Forecast (2022-2030)

The water electrolysis machine market is a market for the sale of water electrolysis machines, which are devices used to convert water into hydrogen and oxygen using electricity. The machines typically consist of an anode, a cathode, and an electrolyte, which is a liquid or solid that facilitates the electrolysis process. As technology improves, it is becoming more efficient and cost-effective to produce hydrogen using water electrolysis. This is expected to make water electrolysis machines more accessible and affordable, which is likely to drive demand for these machines.

The Water Electrolysis Machine Market is expected to grow at a strong CAGR of 7% during the forecast period owing to the Hydrogen increasingly being seen as a clean fuel source, and there is growing demand for hydrogen as a fuel for transportation, power generation and other applications. Water electrolysis is one of the most common methods for producing hydrogen, and this is driving demand for water electrolysis machines. Moreover, Water electrolysis can be used for industrial water treatment, and this is driving demand for water electrolysis machines. Water electrolysis can be used to produce pure hydrogen and oxygen, which can be used to treat water and remove impurities. For instance, on November 7, 2022, Asahi Kasei Corp. started the construction of an alkaline water electrolysis pilot test plant for hydrogen production at its Kawasaki Works. The construction and operation of the plant are supported by the "Green Innovation Fund1" of Japan's New Energy and Industrial Technology Development Organization ("NEDO").

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.

On the basis of hydrogen production, the market is segmented into below 500, 500-2000, and above 2000. The above 2000 held a major share of the water electrolysis machine market in 2020. Advancements in technology have made water electrolysis machines in this segment more efficient and cost-effective. This has helped to drive demand for these machines in the above 2000 segment.

On the basis of application, the market is segmented into chemicals, electrical & semiconductor, power plants, petroleum, pharmaceuticals, and others. The power plants segment held a significant share of the water electrolysis machine market in 2020. Hydrogen is inScreasingly being seen as a clean fuel source, and power plants are turning to water electrolysis to produce hydrogen for use in combined heat and power (CHP) systems.

For a better understanding of the market adoption of the Water Electrolysis Machine industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, Netherlands, France, Norway, Switzerland, Denmark, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Rest of World. North America dominated the water electrolysis machine market in 2020 due to a strong focus on clean energy and reducing carbon emissions, which has driven demand for water electrolysis machines as a clean energy source. North America has a highly industrialized economy, which has led to an increased demand for water electrolysis machines for industrial water treatment and other applications. North America has a significant share of the water electrolysis machine market due to a number of factors. Some of the key reasons for this include. North America is home to many major players in the water electrolysis machine market, such as Plug Power and Ballard Power Systems. These companies have a strong presence in the region and are major contributors to the growth of the market.

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.