Research Methodology on Water Electrolysis Market
Introduction
The global water electrolysis market is expected to exhibit remarkable growth in the next few years, driven by rising environmental concerns regarding global warming and air pollution. According to the research report titled "Global Water Electrolysis Market", published by Market Research Future, the said market segment is expected to have significant growth during the period 2024-2032. The increasing demand for clean and safe drinking water is also likely to contribute to the overall growth of the global water electrolysis market.
Water electrolysis is a process by which water molecules are exposed to electricity and, thus, break up into their constituents - hydrogen and oxygen. Water electrolysis involves using electricity to decompose water into its components- hydrogen and oxygen. This process uses a proton exchange membrane (PEM) to generate and store the energy for releasing the hydrogen, which is then used for various applications, including fuel cell stationary, transportation, power plants and fuel production.
Research Methodology
The research approach implemented for analysing the global water electrolysis market was combinational and consisted of primary and secondary research techniques. Primary research techniques such as interviews, questionnaires and surveys were used to collect qualitative as well as quantitative data from the market stakeholders, while secondary research techniques such as desk research, expert panel reviews and internet sources were used to collect the market size information. The research scope focused on the analysis of the market size, competition, market dynamics, trends, and investment opportunities in the global water electrolysis market.
Market segmentation
The global water electrolysis market is segmented on the basis of product type, application and region. Based on product type, the global market for water electrolysis is segmented into small-scale water electrolysis and large-scale water electrolysis. Based on application, the global market is segregated into chemical manufacturing, mining, energy and others.
Regional Analysis
Considering the regional market overview for the water electrolysis market, the said market segment is divided into five key regions: North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa.
North America is expected to dominate the global water electrolysis market in terms of revenue, followed by Europe. The US is expected to contribute the maximum to the North American market, while the UK and Germany are expected to contribute to the European market. However, Asia-Pacific is expected to be the fastest-growing market during the forecast period due to the increasing investments in industrial development in the region.
Competitive Landscape
The key players in the global water electrolysis market are ITM Power plc (UK), Nuvera Fuel Cells, LLC (US), SFC Energy AG (Germany), Ballard Power Systems Inc. (Canada), Hydrogenics Corporation (Canada), Hydrogen Technologies Inc. (US), ACAL Energy (UK), Aisin Seiki Co. Ltd (Japan), BASF SE (Germany) and Giner, Inc (US). The leading players have adopted various organic and inorganic growth strategies such as mergers & acquisitions, collaborations, agreements, and new product launches to gain a competitive edge over the other players in the market.
Conclusion
The global water electrolysis market is expected to register significant growth during the forecast period from 2023-2030. With the increasing need for the development of clean and safe sources of energy, the global water electrolysis market is expected to experience remarkable growth. Stringent regulations and policies for reducing emissions, energy security concerns and the coming in of advanced technologies have provided opportunities for the key players to expand their presence in the global water electrolysis market.