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Asia Pacific Electrolysis Hydrogen Generation Market Size
Asia Pacific Electrolysis Hydrogen Generation Market size was valued at USD 8 billion in 2023 and is anticipated to grow at a CAGR of 7% between 2024 and 2032. It is a process that produces hydrogen gas from water through electrolysis, utilizing an electrical current to split water molecules into hydrogen and oxygen. This process typically involves two electrodes submerged in water, an anode and a cathode, separated by an electrolyte solution.
Growing emphasis on energy security and independence supports to diversify their energy sources and reduce reliance on fossil fuels, thereby boosting the market statistics. Ongoing technological advancements including improvements in efficiency, durability, and cost-effectiveness coupled with rising innovations in design, materials, and manufacturing processes will drive the market growth. Increasing demand for green hydrogen, produced from renewable sources to decarbonize various sectors, including transportation, industry, and power generation will augment the industry landscape.
How much is the Asia Pacific electrolysis hydrogen generation market worth?
The market size for electrolysis hydrogen generation in Asia Pacific reached USD 8 billion in 2023 and will grow at 7% CAGR during 2024-2032, led by ongoing technological advancements including improvements in efficiency, durability, and cost-effectiveness.
Why is the demand for electrolysis hydrogen generation rising in petroleum refining application?
The petroleum refining application segment will exceed USD 5.4 billion by 2032, driven by rising demand for hydrogen as a feedstock across various refining operations.
Why is electrolysis hydrogen generation industry booming in China?
China electrolysis hydrogen generation industry is anticipated to grow by more than USD 6 billion by 2032, owing to ambitious sustainability goals and commitment to reducing carbon emissions.
Who are the major Asia Pacific electrolysis hydrogen generation market players?
Air Liquide, Cummins Inc., Huadian Group, HyGear, ITM Power PLC, McPhy Energy S.A, Nel ASA, Plug Power Inc, RESONAC HOLDINGS CORPORATION, Siemens Energy, TAIYO NIPPON SANSO CORPORATION, Teledyne Technologies Incorporated, and Tianjin Baofeng Chemical Co., Ltd among others.