Water Electrolysis Machine Market is driven by increasing focus on decarbonisation
The water electrolysis machine is an important technology used for producing hydrogen from water through the process of electrolysis. Water electrolysis machines break down water into hydrogen and oxygen through the use of electricity. They find widespread application in industries such as chemicals, electronics, automobiles, and energy production. The rising demand for green hydrogen as an alternative to fossil fuels from various end-use industries is propelling the adoption of water electrolysis machines. Green hydrogen produced from water electrolysis machines using renewable energy as an input offers environmental benefits.
The Global Water Electrolysis Machine Market is estimated to be valued at US$ 13.24 Bn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the water electrolysis machine are Air Products and Chemicals, Inc., AREVA H2Gen, Asahi Kasei Corporation, C&E Environmental Technology Co. Ltd., Cummins Inc., Enagic International Inc., Eneco Holdings Inc., ErreDue S.p.A., Hitachi Zosen Corporation, Hydrogenics Corporation, ITM Power Plc, Kobelco Eco-Solutions Co. Ltd., Linde AG, Nel ASA, and Siemens AG.
The growing demand for green hydrogen from industries such as chemicals, electronics, oil refineries, fertilizers is fueling The Water Electrolysis Machine Market Demand Electrification of transportation and initiative towards decarbonization of industries also contributed to the increasing demand.
Major companies in the market are expanding their operations globally especially in the Asia Pacific and European region to tap the increase in demand. Key players are also focusing on development of advanced water electrolysis machine through investments in research and development.
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