WATER ELECTROLYSIS MACHINE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

To learn more about this report, request sample copy

North America dominates the global water electrolysis machine market with 40.7% in 2024 owing to strong presence of leading manufacturers and favorable government policies encouraging production of green hydrogen. Countries like the U.S and Canada have considerable production facilities of major players like Proton OnSite, Peak Scientific, and Teledyne Energy Systems. Their extensive R&D efforts have resulted in technological advancements making the electrolysis process more efficient and cost effective. Moreover, projects aiming at decarbonization of industries through replacing carbon fuels with hydrogen are receiving sizable funding from governments. This is anticipated to significantly spur domestic demand in the coming years.

The Asia Pacific region is poised to be the fastest growing regional market during the forecast period. Rapid industrialization and urbanization have raised energy demands tremendously. At the same time, concerns over increasing GHG emissions are prompting nations to explore green alternatives. Countries like China, South Korea and Japan are actively supporting hydrogen economy through incentives and large-scale demonstration plants. China has ambitious targets for production capacities and building hydrogen fueling stations. Their focus on renewable energy integration also works in favor of water electrolysis machine market. Major electrolyzer manufacturers from Europe are increasingly setting up manufacturing units in the region to tap vast opportunities.

The European market also stands strong driven by stringent environmental regulations. However, compared to domestic markets, export of water electrolysis machines to Asia Pacific and other regions is growing substantially for European players. This is accredited to their technological superiority and reliability. On the other hand, lack of local manufacturing is causing relatively higher capital costs for Asian customers. But collaborations and technology transfers may help bridge this price gap in the foreseeable future.