Water Electrolysis Market size is valued at US$ 10.0 billion in 2022. It is expected to reach a value of US$ 14.5 billion by 2029, growing at a CAGR of 5.6% during the forecast period from 2023-2029. The global market provides a detailed overview of the market, which has been segmented by type and end-use industry. By Type, the Water Electrolysis market has been segmented into Proton Exchange Membranes, Alkaline Water Electrolysis, and Others. The Proton Exchange Membranes segment is likely to be the largest and fastest-growing segment in terms of Type. Based on the End-use Industry, the Water Electrolysis market is segmented into Chemicals, Petroleum, Pharmaceuticals, Power Plants, Electronics and semiconductors, Steel Plants, and Others. According to precision business insights, the Power Plants and Chemicals segments are anticipated to hold significant market shares over the forecast period.
Study Period
2024-2030Base Year
2023CAGR
5.6%Largest Market
Asia-PacificFastest Growing Market
North America
Increased water electrolysis in end-use industries, the growing need for a carbon-free energy source, and the highly effective manner of integrating renewables through the power to the gas plant are the major factors driving the rise of the Water Electrolysis market.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2022 |
US$ 10.0 billion |
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Market Size in 2029 |
US$ 14.5 billion |
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Market CAGR |
5.6% |
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By Type |
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By End User |
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By Region |
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The water electrolysis market size was valued at US$ 10.0 billion in 2022
The water electrolysis market key players are:Asahi Kasei Corporation Enagic International Inc. Eneco Holdings Inc. Hydrogenics Corporation HyGear Industrie De Nora S.p.A ITM Power Plc Nel ASA Peak Scientific Siemens Gamesa Teledyne Technologies Inc. Thyssenkrupp Uhde Chlorine Engineers Toshiba Energy Systems & Solutions Corporation
The water electrolysis market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
| 1. Executive Summary |
| 2. Global Water Electrolysis Market Introduction |
| 2.1. Global Water Electrolysis Market Taxonomy |
| 2.2. Global Water Electrolysis Market Definitions |
| 2.2.1. By Type |
| 2.2.2. By End-Use Industry |
| 2.2.3. By Region |
| 3. Global Water Electrolysis Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Water Electrolysis Market Dynamic Factors - Impact Analysis |
| 3.6. Global Water Electrolysis Market Competition Landscape |
| 4. Global Water Electrolysis Market Analysis, 2018-2022 and Forecast, 2023-2029 |
| 4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Water Electrolysis Market, By Type, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 5.1. Proton Exchange Membranes |
| 5.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Alkaline Water Electrolysis |
| 5.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Others |
| 5.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6. Global Water Electrolysis Market, By End Use Industry, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.1. Chemicals |
| 6.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Petroleum |
| 6.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Pharmaceuticals |
| 6.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Power Plants |
| 6.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Electronics & Semiconductors |
| 6.5.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 6.6. Steel Plants |
| 6.6.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.6.3. Market Opportunity Analysis |
| 6.7. Others |
| 6.7.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 6.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.7.3. Market Opportunity Analysis |
| 7. Global Water Electrolysis Market Forecast, By Region, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia-Pacific |
| 7.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Latin America |
| 7.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Middle East and Africa |
| 7.5.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Global Water Electrolysis Market - Opportunity Analysis Index, By Type, End-Use Industry, and Region, 2023-2029 |
| 8. North America Water Electrolysis Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 8.1. Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1. Proton Exchange Membranes |
| 8.1.2. Alkaline Water Electrolysis |
| 8.1.3. Others |
| 8.2. End Use Industry Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1. Chemicals |
| 8.2.2. Petroleum |
| 8.2.3. Pharmaceuticals |
| 8.2.4. Power Plants |
| 8.2.5. Electronics & Semiconductors |
| 8.2.6. Steel Plants |
| 8.2.7. Others |
| 8.3. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 8.3.1. USA |
| 8.3.2. Canada |
| 8.4. North America Water Electrolysis Market - Opportunity Analysis Index, By Type, End Use Industry, End-Use Industry, and Country, 2023-2029 |
| 8.5. North America Water Electrolysis Market Dynamics Trends |
| 9. Europe Water Electrolysis Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 9.1. Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Proton Exchange Membranes |
| 9.1.2. Alkaline Water Electrolysis |
| 9.1.3. Others |
| 9.2. End Use Industry Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1. Chemicals |
| 9.2.2. Petroleum |
| 9.2.3. Pharmaceuticals |
| 9.2.4. Power Plants |
| 9.2.5. Electronics & Semiconductors |
| 9.2.6. Steel Plants |
| 9.2.7. Others |
| 9.3. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.3.1. Germany |
| 9.3.2. UK |
| 9.3.3. France |
| 9.3.4. Spain |
| 9.3.5. Italy |
| 9.3.6. Russia |
| 9.3.7. Rest of Europe |
| 9.4. Europe Water Electrolysis Market - Opportunity Analysis Index, By Type, End Use Industry, and Country, 2023-2029 |
| 9.5. Europe Water Electrolysis Market Dynamics Trends |
| 10. Asia-Pacific Water Electrolysis Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 10.1. Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Proton Exchange Membranes |
| 10.1.2. Alkaline Water Electrolysis |
| 10.1.3. Others |
| 10.2. End Use Industry Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1. Chemicals |
| 10.2.2. Petroleum |
| 10.2.3. Pharmaceuticals |
| 10.2.4. Power Plants |
| 10.2.5. Electronics & Semiconductors |
| 10.2.6. Steel Plants |
| 10.2.7. Others |
| 10.3. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.3.1. China |
| 10.3.2. India |
| 10.3.3. Japan |
| 10.3.4. ASEAN |
| 10.3.5. Australia & New Zealand |
| 10.3.6. Rest of Asia-Pacific |
| 10.4. Asia-Pacific Water Electrolysis Market - Opportunity Analysis Index, By Type, End Use Industry, and Country, 2023-2029 |
| 10.5. Asia-Pacific Water Electrolysis Market Dynamics Trends |
| 11. Latin America Water Electrolysis Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 11.1. Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Proton Exchange Membranes |
| 11.1.2. Alkaline Water Electrolysis |
| 11.1.3. Others |
| 11.2. End Use Industry Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1. Chemicals |
| 11.2.2. Petroleum |
| 11.2.3. Pharmaceuticals |
| 11.2.4. Power Plants |
| 11.2.5. Electronics & Semiconductors |
| 11.2.6. Steel Plants |
| 11.2.7. Others |
| 11.3. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.3.1. Brazil |
| 11.3.2. Mexico |
| 11.3.3. Rest of Latin America |
| 11.4. Latin America Water Electrolysis Market - Opportunity Analysis Index, By Type, End Use Industry, and Country, 2023-2029 |
| 11.5. Latin America Water Electrolysis Market Dynamics Trends |
| 12. Middle East and Africa Water Electrolysis Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) |
| 12.1. Type Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Proton Exchange Membranes |
| 12.1.2. Alkaline Water Electrolysis |
| 12.1.3. Others |
| 12.2. End Use Industry Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1. Chemicals |
| 12.2.2. Petroleum |
| 12.2.3. Pharmaceuticals |
| 12.2.4. Power Plants |
| 12.2.5. Electronics & Semiconductors |
| 12.2.6. Steel Plants |
| 12.2.7. Others |
| 12.3. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. Gulf Cooperation Council (GCC) Countries |
| 12.3.2. South Africa |
| 12.3.3. Rest of MEA |
| 12.4. MEA Water Electrolysis Market - Opportunity Analysis Index, By Type, End Use Industry, and Country, 2023-2029 |
| 12.5. MEA Water Electrolysis Market Dynamics Trends |
| 13. Competition Landscape |
| 13.1. Strategic Dashboard of Top Market Players |
| 13.2. Company Profiles (Introduction, Financial Analysis, Type Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 13.2.1. Asahi Kasei Corporation |
| 13.2.2. Enagic International Inc. |
| 13.2.3. Eneco Holdings Inc. |
| 13.2.4. Hydrogenics Corporation |
| 13.2.5. HyGear |
| 13.2.6. Industrie De Nora S.p.A |
| 13.2.7. ITM Power Plc |
| 13.2.8. Nel ASA |
| 13.2.9. Peak Scientific |
| 13.2.10. Siemens Gamesa |
| 13.2.11. Teledyne Technologies Inc. |
| 13.2.12. Thyssenkrupp Uhde Chlorine Engineers |
| 13.2.13. Toshiba Energy Systems & Solutions Corporation |
| 14. Research Methodology |
| 15. Key Assumptions and Acronyms |
Key Market Players
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