The water electrolysis machine market is growing due to sustainability initiatives, with a projected 7.6% CAGR through 2030, despite COVID-19 challenges.
The global water electrolysis machine market has been impacted marginally by the coronavirus pandemic. As per a new report by Future Market Insights (FMI), the industry surpassed US$ 10.6 billion in 2019 and is estimated to reflect a healthy 7.6% CAGR through 2030. Innovations in crude oil processing applications will support developments in the market.
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Despite the steady rise of the water electrolysis machine market, prohibitive capital costs and high levels of electricity consumption restrain market growth.
Key Takeaways from Water Electrolysis Machine Market
“Higher investments and favorable policies by government towards the development of sustainable, renewable energy sources, and the use of hydrogen in steel, chemicals, electronics & semiconductors, petroleum, electronics, pharmaceuticals, and power generation, are major factors driving the growth of the global water electrolysis machine market,” said a lead analyst from FMI.
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COVID-19 Impact on Water Electrolysis Machine Market
The growth of the water electrolysis machine market is expected to be marginally slower that previous years owing to the ongoing coronavirus pandemic. Restrictions on transportation, logistics, and trade have disrupted supply chains for raw materials and components essential for the functioning o the water electrolysis machines.
Restrictions on non-essential commodities also hurt market growth. The market is likely to start recovery towards the end of 2020. The focus on research activities and product development are likely to aid market players in leveraging growth opportunities in the post pandemic era.
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Who is Winning?
The market study by Future Market Insights has provided in-depth details on major business strategies that play influencing roles in the water electrolysis machine market. Major players in the industry have been focused on strategic acquisitions and collaborations, in addition to the consolidation of market presence through product development endeavors.
Air Products & Chemicals Inc., Toshiba Energy Systems & Solutions Corp., Nel ASA, Thyssenkrupp Uhde Chlorine Engineers GmbH, AREVA H2Gen, Teledyne Technologies Inc., Asahi Kasei Corp., Kobelco Eco-Solutions Co. Ltd., C&E Environmental Technology Co. Ltd. are major companies operating in the water electrolysis machine market.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the growth of the water electrolysis machine market driven by sustainability initiatives.
COVID-19 has slowed market growth due to supply chain disruptions but recovery is expected by the end of 2020.
East Asia, particularly China and Japan, are seeing faster adoption rates.
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