Global Water Electrolysis Market is expected to grow at a significant CAGR in the upcoming years as the scope, Product Types and its applications are increasing across the globe. The cumulative demand for carbon free source of energy, and an active way of integrating renewable power with gas facilities are the factors driving the water electrolysis market. Water electrolysis is mostly used in the petroleum and chemical industry. Water Electrolysis Market is segmented, By Product Type into Proton Exchange Membrane, and Alkaline Water Electrolysis. Water Electrolysis Market is segmented, By Application into Power Plants, Electronics & Semiconductor, Pharmaceuticals, Chemical industry, Petroleum, and Others.
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The “Chemical industry” segment accounts for the largest share and is expected to continue with the same during the upcoming period; thanks to increase in the use of water electrolysis by the chemical industry. Additionally, the “Petroleum” segment accounts for the second largest segment due to the increase in use and high investment in the field of research and development. Water Electrolysis Market is segmented, By Geographical Region into Asia Pacific (China, India, ASEAN, Australia & New Zealand), Japan, Middle East and Africa (GCC countries, S. Africa, Rest Of MEA), North America (U.S., Canada), Latin America (Brazil, Rest of Latin America), Western Europe (Germany, Italy, France, England, Spain, Rest of Western Europe), and Eastern Europe (Poland, Russia, Rest of Eastern Europe).
Asia-Pacific is the largest and fastest growing segment, which is estimated to grow at the highest CAGR in the upcoming years. Improving economies and increasing consumers’ demand in developing countries such as India and China are expected to drive the growth of the water electrolysis market in Asia-Pacific region. North America accounts for the second largest share as it is largely dependent on the strength of economies. The availability of the cheap gas for the chemical manufacturers in North America is expected to drive higher in the upcoming period.
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