Pune. India, June 28, 2021 (GLOBE NEWSWIRE) -- The global alkaline water electrolysis market size is expected to gain traction by reaching USD 180.03 million by 2028 while exhibiting a CAGR of 6.5% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled "Alkaline Water Electrolysis Market, 2021-2028" The report further observes that the market stood at USD 100.47 million in 2020. The surging demand for green hydrogen and presence of stringent government regulations will propel the demand for the product in the forthcoming years.
COVID-19 Impact: Market Exhibited a Negative Growth Rate of -8.6% in 2020
Owing to disruption in the supply chain and halted industrial operation, the market experienced sluggish growth amid the widespread effect of COVID-19. This led to the market witnessing a negative growth rate of -8.6% in 2020. However, supportive government policies and the rising investment opportunities in the sustainable energy sector will bode well for the growth of the market during the forecast period.
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Market Segmentation:
Based on the type, the market is segmented into ＜10 m3/h, ＜30 m3/h, ＜50 m3/h, ＜80 m3/h, and ≥80 m3/h. On the basis of application, the market is classified into power plants, steel plants, electronics & photovoltaics, industrial gases, and others.
- Based on application, the power plants segment held a global alkaline water electrolysis market share of about 30.9% in 2020 and is expected to showcase exponential growth during the foreseeable future. This is owing to the growing production of oxygen and hydrogen across several power plants worldwide.
Lastly, on the basis of region, the market is divided into North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.
What does the Report Provide?
The global market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER's Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028.
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DRIVING FACTORS
Increasing Demand for Green Hydrogen to Promote Growth
On October 20, 2020, the Western Australian (WA) government gave approval to the Environmental Protection Authority (EPA) for the first stage of the Asian Renewable Energy Hub (AREH), a 15 GW hybrid solar and wind plant. The rising emission levels has propelled the government agencies to adopt sustainable energy methods. This has led to green hydrogen gaining importance as a vital energy-carrier. Besides, several countries are focusing on the adoption green hydrogen circular economy to ensure a flexible and sustainable energy system. Such factors are expected to contribute to the global alkaline water electrolysis market growth during the forecast period.
REGIONAL INSIGHTS
Europe – The region stood at USD 36.60 million in 2020 and is expected to hold the highest position in the market in the forthcoming years. This is owing to the increasing demand for the alkaline water electrolysis process across several industrial applications such as petrochemicals, automobiles, glass purification, and refining in the region.
North America – The market in the region is expected to gain momentum during the forecast period. This is ascribable to factors such as the high demand for green hydrogen from the automotive sector that will favor the adoption of advanced alkaline water electrolysis processes in the region between 2021 and 2028.
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COMPETITIVE LANDSCAPE
Facility Expansion by Major Companies to Intensify Industry Competition
The market is fragmented by the presence of major companies that are striving to maintain their dominance and further expand their product portfolio. These companies are focusing on expanding their facilities to ensure smooth alkaline water electrolysis processes to cater to the growing demand for green hydrogen from several end-user industries. Other key players are adopting proactive strategies such as partnership, collaboration, and merger and acquisition that are likely to favor the growth of the market during the forecast period.
Industry Development
- November 2020 – Cummins Inc. opened up a new facility in Germany to produce hydrogen fuel cell systems. According to the company, the facility will be operational by July 2021 and will produce around 10 megawatts per year.
List of the Companies Profiled in the Market:
- Nel Hydrogen (Norway)
- Asahi Kasei (Japan)
- thyssenkrupp (Germany)
- Teledyne Energy Systems, Inc. (United States)
- McPhy (France)
- Suzhou Jingli (China)
- TianJin Mainland Hydrogen Equipment Co., Ltd. (China)
- Hydrogenics (Canada)
- MVS Engineering Pvt. Ltd. (India)
- Green Hydrogen.dk (Denmark)
- 718th Research Institute of CSIC (China)
- Yangzhou Chungdean Hydrogen Equipment Co., Ltd (China)
- ShaanXi HuaQin (China)
- Next Hydrogen Corp. (Canada)
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Alkaline Water Electrolysis Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Alkaline Water Electrolysis Market Analysis (USD Million) (MW), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- ＜10 m3/h
- ＜30 m3/h
- ＜50 m3/h
- ＜80 m3/h
- ≥80 m3/h
- Market Analysis, Insights and Forecast – By Application
- Power Plants
- Steel Plants
- Electronics & Photovoltaics
- Industrial Gases
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Alkaline Water Electrolysis Market Analysis (USD Million) (MW), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- ＜10 m3/h
- ＜30 m3/h
- ＜50 m3/h
- ＜80 m3/h
- ≥80 m3/h
- Market Analysis, Insights and Forecast – By Application
- Power Plants
- Steel Plants
- Electronics & Photovoltaics
- Industrial Gases
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
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