ALBANY, N.Y., March 10, 2021 /PRNewswire/ -- Water electrolysis machines refer to those devices that find use for the production of clean hydrogen. This hydrogen, thus generated, is utilized across an extensive range of research and commercial sectors. With the rising demand for environmental sustainability and growing concern about climate change, industrial and commercial sectors have detected hydrogen as an important component for a wide range of uses in the future. There has been a rising interest toward the use of clean hydrogen, which has resulted in the technological advancements and innovations are focusing on the generation of hydrogen that would be environment-friendly and sustainable. These factors are likely to pave way for expansion of the global water electrolysis machine market over the timeframe of analysis, from 2020 to 2030.
In addition, the growing government support together with augmented private investments in renewable chemical technology is anticipated to augur well for the global water electrolysis machine market in the years to come. In the last few years, water electrolysis procedure has garnered substantial popularity and it is expected to continue in the years to come. In addition, environmental protection and pollution related regulatory landscape is estimated to boost the said emerging technological ecosystem. Besides, considerable progress has been made in the process of hydrogen production, which is estimated to better both new and existing electrochemical processes in industries. These factors are estimated to work in favor of the global water electrolysis machine market over the timeframe of projection, from 2020 to 2030.
The global water electrolysis machine market is expected to develop at a growth rate ~7% CAGR, in terms of revenue, during the projected timeline. The growth of the market is ascribed to the rising awareness about environmental degradation and increased uptake of eco-friendly methods of production by the industrial sector.
Key Findings of Market Report
Shift of Industrial Sector toward Environment Friendly Production Techniques to Boost Demand
In the last few years, the industrial sector across the globe has been making a shift toward environment-friendly and sustainable production technologies so as to protect the environment from further deterioration. As such, substantial progress has been made in the water electrolysis field, which is likely to foster growth of the global water electrolysis machine market over the period of projection. Many manufacturers have shifted all their focus and efforts toward the improvement of quality of these products. These machines are capable of efficaciously separating hydrogen and oxygen. In addition, increased research and development activities in the water electrolysis machines are estimated to address the issue of freshwater shortage in several parts of the world. This factor is estimated to bolster growth of the global water electrolysis machine market over the timeframe of analysis, from 2020 to 2030.
Private Investment and Favourable Government Polices to Shape Contours of the Market
Favourable government policies and increased private investments toward renewable and sustainable energy sources are likely to augur well for the market. In addition, there has been a rising demand of hydrogen across several industries, such as power generation, chemicals, electronics, pharmaceuticals, electronics and semiconductors, petroleum, and steel. Demand across such an extensive range of industries is likely to foster growth of the global water electrolysis machine market in the near future.
Outbreak of Covid-19 to Limited the Pace of Growth of the Market in the Next Few Months
Due to the outbreak of the novel COVID-19 pandemic, the global water electrolysis machine market is expected to expand at a slower pace than the previous year. Due to limitations on cross-border trade, transportation, and various other constraints, the supply chain for raw materials and other essential components needed to manufacture water electrolysis machines is disrupted. Governments all over the world have imposed restrictions on the transport of non-essential products in order to limit the spread of the novel coronavirus.
Explore 166 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Water Electrolysis Machine Market (Type: Proton Exchange Membrane [PEM], Alkaline Water Electrolysis, and Others; Input Power: Below 2 kW, 2 kW - 5 kW, and Above 5 kW; Hydrogen Production: Below 500, 500 – 2000, and Above 2000; and Application: Chemical, Petroleum, Pharmaceuticals, Power Plants, Electronics & Semiconductors, Steel Plants, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030 at https://www.transparencymarketresearch.com/water-electrolysis-machine-market.html
Water Electrolysis Machine Market: Growth Drivers
The global water electrolysis machine market is dominated by medium and large companies emphasising on development of sophisticated technology and innovative products. To gain a competitive edge in the rapidly changing this market, important industry players are forming strategic alliances and partnerships.
Water electrolysis machines have grown in popularity over the last few decades as the manufacturing sector around the world has been forced to turn toward environmentally friendly and sustainable technologies of production.
Analyze Global Water Electrolysis Machine Marketgrowth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Global Water Electrolysis Machine Market: Key Competitors
C&E Environmental Technology Co., Ltd
Hitachi Zosen Corporation
Air Products and Chemicals, Inc
Enagic International, Inc
ITM Power Plc
Asahi Kasei Corporation
Global Water Electrolysis Machine Market: Segmentation
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