Water Electrolysis Market Research Report - Global Forecast to 2023
Global Water Electrolysis Market Information Report by Technology (Alkaline Water Electrolysis and Proton Exchange Membrane), by End-User (Chemical Industry, Petroleum Industry, Pharmaceuticals Industry, Power Plants, Electronics & Semiconductor Industry, and Others), and by Region - Forecast to 2023 The global water electrolysis market is expected to witness high growth during the forecast period. The growth of the water electrolysis market is mainly due to the increase in use of water electrolysis by end-user, growing demand of carbon free source of energy, and highly effective way of integrating renewables through power with gas facility. Water electrolysis is majorly used in chemical industry and petroleum industry. The growth in the chemical industry is expected to drive the water electrolysis market. The hydrogen that is produced through water electrolysis is free from carbon and environment friendly. This will increase the use of carbon free source of energy, which will drive the market. The global water electrolysis market is expected to reach USD 11,426.8 million by 2023 with 6.31% CAGR.
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