Water Electrolysis Market by Mohit_BISresearch

Table of Content

https://www.shutterstock.com/image-illustration/green-hydrogen-fuel-future-3d-illustration-1936218154

Focus on End-Use Application, Electrolyzer Type, and Region Analysis and Forecast: 2022-2031

June 2022

Water Electrolysis Market - A Global and Regional Analysis

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3 All rights reserved at BIS Research Inc. Water Electrolysis Market Table of Content Executive Summary..........................................................................34 1 Markets .....................................................................................41 1.1 Industry Outlook..............................................................................................42 1.1.1 Trends Current and Future.........................................................................42 1.1.1.1 Growing Demand for Green Hydrogen Energy 42 1.1.1.2 Hydrogen Economy...........................................................................................42 1.1.1.3 Advanced Water Electrolysis Technologies 44 1.1.2 Supply Chain Network ................................................................................45 1.1.3 Ecosystem/Ongoing Programs..................................................................45 1.1.3.1 Consortiums and Associations 45 1.1.3.2 Regulatory Bodies 47 1.1.3.3 Government Programs ......................................................................................48 1.1.3.4 Programs by Research Institutions and Universities 49 1.2 Business Dynamics.........................................................................................50 1.2.1 Business Drivers.........................................................................................50 1.2.1.1 Increasing Use of Hydrogen in the Petroleum Refining Industry 50 1.2.1.2 Rising Demand for Green Fertilizers 50 1.2.1.3 Increasing Government Activities toward Low-Carbon Infrastructure................51 1.2.1.4 Decreasing Cost of Renewable Energy and Water Electrolysis Technology 52 1.2.2 Business Challenges ..................................................................................53 1.2.2.1 Expensive Hydrogen Technology 53 1.2.2.2 High Energy Losses during the Electrolysis Process 54 1.2.3 Business Strategies....................................................................................54 1.2.3.1 Product Development Activities 54 1.2.3.2 Market Development Activities 55 1.2.4 Corporate Strategies...................................................................................62 1.2.4.1 Mergers and Acquisitions 62

4 All rights reserved at BIS Research Inc. Water Electrolysis Market 1.2.4.2 Partnerships, Collaborations, and Joint Ventures 62 1.2.5 Business Opportunities..............................................................................68 1.2.5.1 Increasing Demand for Hydrogen Energy Storage 68 1.2.5.2 Growing Demand for Hydrogen Fuel Cells 69 1.2.6 Industry Attractiveness 71 1.2.6.1 Industry Attractiveness of Water Electrolysis Market.........................................71 1.2.6.2 Bargaining Power of Buyers 72 1.2.6.3 Bargaining Power of Suppliers 73 1.2.6.4 Threat of Substitutes..........................................................................................73 1.2.6.5 Threat of New Entrants 74 1.2.6.6 Intensity of Competitive Rivalry 75 1.3 Start-Up Landscape.........................................................................................76 1.3.1 Key Start-Ups...............................................................................................76 1.3.2 Funding Analysis.........................................................................................77 1.3.2.1 Major Investors..................................................................................................77 1.3.2.2 New Products/Offerings 79 1.4 Impact of COVID-19 on the Water Electrolysis Market.................................80 1.5 Impact of Ukraine-Russia Conflict on the Hydrogen Market........................80 1.5.1 Impact on Supply Chain of Water Electrolysis Market.............................81 1.5.2 Sanctions on Russia and Evaluation of These Sanctions.......................81 1.5.2.1 Effect of Sanctions on Russia............................................................................81 1.5.2.2 Impact of Sanctions on Other Countries 82 1.5.3 The Road Ahead..........................................................................................82 1.5.3.1 Key Metal Importers from Russia ......................................................................82 1.5.3.2 New Sourcing Avenues for Key Metal Importers from Russia 85 1.6 Snapshot of the Green Hydrogen Market......................................................85 1.6.1 Leading Countries in the Green Hydrogen Market...................................85 1.6.2 Leading Companies in the Green Hydrogen Market ................................86 1.6.3 Green Hydrogen Market Projection ...........................................................86

5 All rights reserved at BIS Research Inc. Water Electrolysis Market 1.7 Snapshot of the Green Ammonia Market.......................................................87 1.7.1 Leading Countries in the Green Ammonia Market ...................................87 1.7.2 Leading Companies in the Green Ammonia Market.................................87 1.7.3 Green Ammonia Market Projection............................................................88 2 Application ................................................................................89 2.1 Water Electrolysis Market (by End-Use Application)....................................90 2.1.1 Refining Industry.........................................................................................90 2.1.2 Power and Energy Storage.........................................................................93 2.1.3 Ammonia Production..................................................................................96 2.1.4 Methanol Production...................................................................................97 2.1.5 Transportation/Mobility Industry..............................................................100 2.1.6 Other End-Use Applications.....................................................................102 2.2 . Demand Analysis of the Water Electrolysis Market (by End-Use Application), Value, 2021-2031 .....................................................................103 3 Products..................................................................................104 3.1 Water Electrolysis Market (by Electrolyzer Type).......................................105 3.1.1 Alkaline Electrolyzer .................................................................................106 3.1.2 Proton Exchange Membrane (PEM) Electrolyzer....................................107 3.1.3 Solid Oxide Electrolyzer Cell (SOEC) ......................................................108 3.1.4 Anion Exchange Membrane (AEM) Electrolyzers...................................109 3.2 . Demand Analysis of the Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031 ................................................................................111 3.3 Product Benchmarking: Growth Rate – Market Share Matrix, 2021..........111 3.4 Patent Analysis..............................................................................................112 4 Region .....................................................................................114 4.1 North America................................................................................................116 4.1.1 Market.........................................................................................................116 4.1.1.1 Key Manufacturers/Suppliers in North America 116 4.1.1.2 Business Challenges 116 4.1.1.3 Business Drivers..............................................................................................116

6 All rights reserved at BIS Research Inc. Water Electrolysis Market 4.1.2 Application.................................................................................................117 4.1.2.1 North America Water Electrolysis Market (by End-Use Application), Value, 2021-2031 117 4.1.3 Product.......................................................................................................118 4.1.3.1 North America Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031 118 4.1.4 North America: Country Level Analysis..................................................118 4.1.4.1 U.S...................................................................................................................118 4.1.4.1.1 Market 118 4.1.4.1.1.1 Buyer Attributes 118 4.1.4.1.1.2 Key Manufacturers/Suppliers in the U.S......................................................... 118 4.1.4.1.1.3 Business Challenges 119 4.1.4.1.1.4 Business Drivers 119 4.1.4.1.2 Application 120 4.1.4.1.2.1 U.S. Water Electrolysis Market (by End-Use Application), Value, 20212031 120 4.1.4.1.3 Product...................................................................................................................120 4.1.4.1.3.1 U.S. Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031 120 4.1.4.2 Canada............................................................................................................120 4.1.4.2.1 Market 120 4.1.4.2.1.1 Buyer Attributes 120 4.1.4.2.1.2 Key Manufacturers/Suppliers in Canada........................................................ 121 4.1.4.2.1.3 Business Challenges 121 4.1.4.2.1.4 Business Drivers 121 4.1.4.2.2 Application 122 4.1.4.2.2.1 Canada Water Electrolysis Market (by End-Use Application), Value, 2021-2031 122 4.1.4.2.3 Product 122 4.1.4.2.3.1 Canada Water Electrolysis Market (by Electrolyzer Type), Value, 20212031 122

7 All rights reserved at BIS Research Inc. Water Electrolysis Market 4.1.4.3 Mexico 123 4.1.4.3.1 Market....................................................................................................................123 4.1.4.3.1.1 Buyer Attributes 123 4.1.4.3.1.2 Key Manufacturers/Suppliers in Mexico 123 4.1.4.3.1.3 Business Challenges 123 4.1.4.3.1.4 Business Drivers 123 4.1.4.3.2 Application 124 4.1.4.3.2.1 Mexico Water Electrolysis Market (by End-Use Application), Value, 20212031 124 4.1.4.3.3 Product 125 4.1.4.3.3.1 Mexico Water Electrolysis Market (by Electrolyzer Type), Value, 20212031 125 4.2 Europe ............................................................................................................127 4.2.1 Market 127 4.2.1.1 Key Manufacturers/Suppliers in Europe 127 4.2.1.2 Business Challenges 127 4.2.1.3 Business Drivers 127 4.2.2 Application.................................................................................................128 4.2.2.1 Europe Water Electrolysis Market (by End-Use Application), Value, 20212031 128 4.2.3 Product.......................................................................................................129 4.2.3.1 Europe Water Electrolysis Market (by Electrolyzer Type), Value, 20212031.................................................................................................................129 4.2.4 Europe: Country Level Analysis ..............................................................129 4.2.4.1 Germany 129 4.2.4.1.1 Market 129 4.2.4.1.1.1 Key Manufacturers/Suppliers in Germany 129 4.2.4.1.1.2 Buyer Attributes 129 4.2.4.1.1.3 Business Challenges 130 4.2.4.1.1.4 Business Drivers 130

8 All rights reserved at BIS Research Inc. Water Electrolysis Market 4.2.4.1.2 Application 131 4.2.4.1.2.1 Germany Water Electrolysis Market (by End-Use Application), Value, 2021-2031 131 4.2.4.1.3 Product 131 4.2.4.1.3.1 Germany Water Electrolysis Market (by Electrolyzer Type), Value, 20212031 131 4.2.4.2 France 131 4.2.4.2.1 Market....................................................................................................................131 4.2.4.2.1.1 Key Manufacturers/Suppliers in France 131 4.2.4.2.1.2 Buyer Attributes 132 4.2.4.2.1.3 Business Challenges...................................................................................... 132 4.2.4.2.1.4 Business Drivers 132 4.2.4.2.2 Application 133 4.2.4.2.2.1 France Water Electrolysis Market (by End-Use Application), Value, 20212031 133 4.2.4.2.3 Product 133 4.2.4.2.3.1 France Water Electrolysis Market (by Electrolyzer Type), Value, 20212031 133 4.2.4.3 Netherlands 133 4.2.4.3.1 Market....................................................................................................................133 4.2.4.3.1.1 Key Manufacturers/Suppliers in the Netherlands 133 4.2.4.3.1.2 Buyer Attributes 134 4.2.4.3.1.3 Business Challenges...................................................................................... 134 4.2.4.3.1.4 Business Drivers 134 4.2.4.3.2 Application 135 4.2.4.3.2.1 Netherlands Water Electrolysis Market (by End-Use Application), Value, 2021-2031 135 4.2.4.3.3 Product 135 4.2.4.3.3.1 Netherlands Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031 135 4.2.4.4 Spain 135

9 All rights reserved at BIS Research Inc. Water Electrolysis Market 4.2.4.4.1 Market 135 4.2.4.4.1.1 Key Manufacturers/Suppliers in Spain ........................................................... 135 4.2.4.4.1.2 Buyer Attributes 136 4.2.4.4.1.3 Business Challenges 136 4.2.4.4.1.4 Business Drivers 136 4.2.4.4.2 Application 137 4.2.4.4.2.1 Spain Water Electrolysis Market (by End-Use Application), Value, 20212031 ...................................................................................................................... 137 4.2.4.4.3 Product 137 4.2.4.4.3.1 Spain Water Electrolysis Market (by Electrolyzer Type), Value, 20212031 ...................................................................................................................... 137 4.2.4.5 Rest-of-Europe 137 4.2.4.5.1 Market 137 4.2.4.5.1.1 Key Manufacturers/Suppliers in the-Rest-of-Europe 137 4.2.4.5.1.2 Buyer Attributes 138 4.2.4.5.1.3 Business Challenges 138 4.2.4.5.1.4 Business Drivers 138 4.2.4.5.2 Application 139 4.2.4.5.2.1 Rest-of-Europe Water Electrolysis Market (by End-Use Application), Value, 2021-2031 139 4.2.4.5.3 Product 139 4.2.4.5.3.1 Rest-of-Europe Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031 ............................................................................................................. 139 4.3 U.K. .................................................................................................................141 4.3.1 Market.........................................................................................................141 4.3.1.1 Key Manufacturers/Suppliers in the U.K. 141 4.3.1.2 Buyer Attributes...............................................................................................141 4.3.1.3 Business Challenges 141 4.3.1.4 Business Drivers 142 4.3.2 Application.................................................................................................142

10 All rights reserved at BIS Research Inc. Water Electrolysis Market 4.3.2.1 U.K. Water Electrolysis Market (by End-Use Application), Value, 20212031.................................................................................................................142 4.3.3 Product.......................................................................................................143 4.3.3.1 U.K. Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031 143 4.4 China...............................................................................................................145 4.4.1 Market.........................................................................................................145 4.4.1.1 Key Manufacturers/Suppliers in China 145 4.4.1.2 Buyer Attributes...............................................................................................145 4.4.1.3 Business Challenges 145 4.4.1.4 Business Drivers 146 4.4.2 Application 146 4.4.2.1 China Water Electrolysis Market (by End-Use Application), Value, 20212031 146 4.4.3 Product 147 4.4.3.1 China Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031 147 4.5 Asia-Pacific and Japan..................................................................................149 4.5.1 Market.........................................................................................................149 4.5.1.1 Key Manufacturers/Suppliers in Asia-Pacific and Japan 149 4.5.1.2 Business Challenges 149 4.5.1.3 Business Drivers..............................................................................................149 4.5.2 Application.................................................................................................150 4.5.2.1 Asia-Pacific and Japan Water Electrolysis Market (by End-Use Application), Value, 2021-2031 150 4.5.3 Product.......................................................................................................150 4.5.3.1 Asia-Pacific and Japan Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031 150 4.5.4 Asia-Pacific and Japan: Country Level Analysis....................................151 4.5.4.1 Japan 151 4.5.4.1.1 Market 151

11 All rights reserved at BIS Research Inc. Water Electrolysis Market 4.5.4.1.1.1 Key Manufacturers/Suppliers in Japan 151 4.5.4.1.1.2 Buyer Attributes .............................................................................................. 151 4.5.4.1.1.3 Business Challenges 151 4.5.4.1.1.4 Business Drivers 152 4.5.4.1.2 Application 152 4.5.4.1.2.1 Japan Water Electrolysis Market (by End-Use Application), Value, 20212031 152 4.5.4.1.3 Product...................................................................................................................153 4.5.4.1.3.1 Japan Water Electrolysis Market (by Electrolyzer Type), Value, 20212031 153 4.5.4.2 South Korea.....................................................................................................153 4.5.4.2.1 Market 153 4.5.4.2.1.1 Key Manufacturers/Suppliers in South Korea 153 4.5.4.2.1.2 Buyer Attributes 153 4.5.4.2.1.3 Business Challenges 154 4.5.4.2.1.4 Business Drivers 154 4.5.4.2.2 Application 154 4.5.4.2.2.1 South Korea Water Electrolysis Market (by End-Use Application), Value, 2021-2031 154 4.5.4.2.3 Product 155 4.5.4.2.3.1 South Korea Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031 155 4.5.4.3 India.................................................................................................................155 4.5.4.3.1 Market 155 4.5.4.3.1.1 Key Manufacturers/Suppliers in India 155 4.5.4.3.1.2 Buyer Attributes 155 4.5.4.3.1.3 Business Challenges 156 4.5.4.3.1.4 Business Drivers 156 4.5.4.3.2 Application 157

12 All rights reserved at BIS Research Inc. Water Electrolysis Market 4.5.4.3.2.1 India Water Electrolysis Market (by End-Use Application), Value, 20212031 ...................................................................................................................... 157 4.5.4.3.3 Product 157 4.5.4.3.3.1 India Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031 ........................................................................................................................ 157 4.5.4.4 Australia 158 4.5.4.4.1 Market 158 4.5.4.4.1.1 Key Manufacturers/Suppliers in Australia....................................................... 158 4.5.4.4.1.2 Buyer Attributes 158 4.5.4.4.1.3 Business Challenges 158 4.5.4.4.1.4 Business Drivers............................................................................................. 158 4.5.4.4.2 Application 159 4.5.4.4.2.1 Australia Water Electrolysis Market (by End-Use Application), Value, 2021-2031 ............................................................................................................. 159 4.5.4.4.3 Product 160 4.5.4.4.3.1 Australia Water Electrolysis Market (by Electrolyzer Type), Value, 20212031 ...................................................................................................................... 160 4.5.4.5 Rest-of-Asia-Pacific and Japan 160 4.5.4.5.1 Market 160 4.5.4.5.1.1 Key Manufacturers/Suppliers in Rest-of-Asia-Pacific and Japan................... 160 4.5.4.5.1.2 Buyer Attributes 160 4.5.4.5.1.3 Business Challenges 161 4.5.4.5.1.4 Business Drivers............................................................................................. 161 4.5.4.5.2 Application 162 4.5.4.5.2.1 Rest-of-Asia-Pacific and Japan Water Electrolysis Market (by End-Use Application), Value, 2021-2031 162 4.5.4.5.3 Product 162 4.5.4.5.3.1 Rest-of-Asia-Pacific and Japan Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031................................................................... 162 4.6 Rest-of-the-World ..........................................................................................164 4.6.1 Market.........................................................................................................164

13 All rights reserved at BIS Research Inc. Water Electrolysis Market 4.6.1.1 Key Manufacturers/Suppliers in Rest-of-the-World 164 4.6.1.2 Business Challenges.......................................................................................164 4.6.1.3 Business Drivers 164 4.6.2 Application.................................................................................................165 4.6.2.1 Rest-of-the-World Water Electrolysis Market (by End-Use Application), Value, 2021-2031 165 4.6.3 Product.......................................................................................................165 4.6.3.1 Rest-of-the-World Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031 165 4.6.4 Rest-of-the-World: Country Level Analysis ............................................166 4.6.4.1 South America.................................................................................................166 4.6.4.1.1 Market 166 4.6.4.1.1.1 Key Manufacturers/Suppliers in South America 166 4.6.4.1.1.2 Buyer Attributes 166 4.6.4.1.1.3 Business Challenges 166 4.6.4.1.1.4 Business Drivers 166 4.6.4.1.2 Application 168 4.6.4.1.2.1 South America Water Electrolysis Market (by End-Use Application), Value, 2021-2031 168 4.6.4.1.3 Product 168 4.6.4.1.3.1 South America Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031 168 4.6.4.2 Middle East and Africa.....................................................................................169 4.6.4.2.1 Market 169 4.6.4.2.1.1 Key Manufacturers/Suppliers in the Middle East and Africa 169 4.6.4.2.1.2 Buyer Attributes 169 4.6.4.2.1.3 Business Challenges 169 4.6.4.2.1.4 Business Drivers 170 4.6.4.2.2 Application 170

14 All rights reserved at BIS Research Inc. Water Electrolysis Market 4.6.4.2.2.1 Middle East and Africa Water Electrolysis Market (by End-Use Application), Value, 2021-2031............................................................................. 170 4.6.4.2.3 Product 171 4.6.4.2.3.1 Middle East and Africa Water Electrolysis Market (by Electrolyzer Type), Value, 2021-2031.................................................................................................. 171 5 Markets - Competitive Benchmarking & Company Profiles .......172 5.1 Competitive Benchmarking ..........................................................................173 5.1.1 Competitive Position Matrix .....................................................................173 5.1.2 Product Matrix for Key Companies..........................................................175 5.1.3 Market Share Analysis of Key Companies..............................................176 5.2 Competitive Benchmarking ..........................................................................177 5.2.1 Asahi Kasei Corporation...........................................................................177 5.2.1.1 Company Overview 177 5.2.1.1.1 Role of Asahi Kasei Corporation in the Water Electrolysis Market 177 5.2.1.1.2 Product Portfolio 177 5.2.1.1.3 Production Sites 178 5.2.1.1.4 Business Strategies 178 5.2.1.1.4.1 Product Developments 178 5.2.1.2 Corporate Strategies 178 5.2.1.2.1 Partnerships, Collaborations, and Joint Ventures 178 5.2.1.3 R&D Analysis...................................................................................................179 5.2.1.4 Analyst Point-of-View 179 5.2.2 Nel ASA......................................................................................................180 5.2.2.1 Company Overview .........................................................................................180 5.2.2.1.1 Role of Nel ASA in the Water Electrolysis Market 180 5.2.2.1.2 Product Portfolio 180 5.2.2.1.3 Production Sites.....................................................................................................181 5.2.2.2 Business Strategies 181 5.2.2.2.1 Market Developments 181 5.2.2.3 Corporate Strategies........................................................................................182

15 All rights reserved at BIS Research Inc. Water Electrolysis Market 5.2.2.3.1 Partnerships, Collaborations, and Joint Ventures 182 5.2.2.4 Analyst Point-of-View.......................................................................................183 5.2.3 thyssenkrupp AG.......................................................................................184 5.2.3.1 Company Overview 184 5.2.3.1.1 Role of thyssenkrupp AG in the Water Electrolysis Market 184 5.2.3.1.2 Product Portfolio 185 5.2.3.1.3 Production Sites 185 5.2.3.2 Business Strategies 185 5.2.3.2.1 Market Developments 185 5.2.3.3 Corporate Strategies 186 5.2.3.3.1 Partnerships, Collaborations, and Joint Ventures 186 5.2.3.4 R&D Analysis...................................................................................................186 5.2.3.5 Analyst Point-of-View 186 5.2.4 Cummins Inc..............................................................................................188 5.2.4.1 Company Overview .........................................................................................188 5.2.4.1.1 Role of Cummins Inc. in the Water Electrolysis Market 188 5.2.4.1.2 Product Portfolio 188 5.2.4.1.3 Production Sites.....................................................................................................189 5.2.4.2 Business Strategies 189 5.2.4.2.1 Market Developments 189 5.2.4.3 Corporate Strategies........................................................................................190 5.2.4.3.1 Partnerships, Collaborations, and Joint Ventures 190 5.2.4.4 R&D Analysis 191 5.2.4.5 Analyst Point-of-View.......................................................................................191 5.2.5 Toshiba Energy Systems & Solutions Corporation................................193 5.2.5.1 Company Overview 193 5.2.5.1.1 Role of Toshiba Energy Systems & Solutions Corporation in the Water Electrolysis Market 193 5.2.5.1.2 Product Portfolio 193

16 All rights reserved at BIS Research Inc. Water Electrolysis Market 5.2.5.2 Business Strategies 194 5.2.5.2.1 Market Developments............................................................................................194 5.2.5.3 Corporate Strategies 194 5.2.5.3.1 Partnerships, Collaborations, and Joint Ventures 194 5.2.5.4 Analyst Point-of-View 194 5.2.6 Teledyne Energy Systems Inc..................................................................196 5.2.6.1 Company Overview 196 5.2.6.1.1 Role of Teledyne Energy Systems Inc. in the Water Electrolysis Market 196 5.2.6.1.2 Product Portfolio 196 5.2.6.2 Analyst Point-of-View 197 5.2.7 Suzhou Green Hydrogen Energy Co., Ltd...............................................198 5.2.7.1 Company Overview .........................................................................................198 5.2.7.1.1 Role of Suzhou Green Hydrogen Energy Co., Ltd. in the Water Electrolysis Market 198 5.2.7.1.2 Product Portfolio 198 5.2.7.2 Business Strategies 199 5.2.7.2.1 Market Development 199 5.2.7.2.2 Product Development 199 5.2.7.3 Analyst Point-of-View 200 5.2.8 Suzhou Jingli Hydrogen Production Equipment Co., Ltd......................201 5.2.8.1 Company Overview .........................................................................................201 5.2.8.1.1 Role of Suzhou Jingli Hydrogen Production Equipment Co., Ltd. in the Water Electrolysis Market 201 5.2.8.1.2 Product Portfolio 201 5.2.8.2 Business Strategies 202 5.2.8.2.1 Product Development 202 5.2.8.3 Corporate Strategies........................................................................................202 5.2.8.3.1 Partnerships, Collaborations, and Joint Ventures 202 5.2.8.4 Analyst Point-of-View 202 5.2.9 ITM Power PLC ..........................................................................................203

17 All rights reserved at BIS Research Inc. Water Electrolysis Market 5.2.9.1 Company Overview 203 5.2.9.1.1 Role of ITM Power PLC in the Water Electrolysis Market .....................................203 5.2.9.1.2 Product Portfolio 203 5.2.9.2 Business Strategies 204 5.2.9.2.1 Market Development 204 5.2.9.3 Corporate Strategies........................................................................................206 5.2.9.3.1 Partnerships, Collaborations, and Joint Ventures 206 5.2.9.4 R&D Analysis 207 5.2.9.5 Analyst Point-of-View.......................................................................................207 5.2.10 Clean Power Hydrogen Group Limited....................................................209 5.2.10.1 Company Overview 209 5.2.10.1.1 Role of Clean Power Hydrogen Group Limited in the Water Electrolysis Market 209 5.2.10.1.2 Product Portfolio 209 5.2.10.1.3 Production Facility 209 5.2.10.2 Business Strategies 210 5.2.10.2.1 Market Development 210 5.2.10.3 Corporate Strategies........................................................................................210 5.2.10.3.1 Partnerships, Collaborations, and Joint Ventures 210 5.2.10.4 Analyst Point-of-View 211 5.2.11 Plug Power Inc...........................................................................................212 5.2.11.1 Company Overview 212 5.2.11.1.1 Role of Plug Power Inc. in the Water Electrolysis Market 212 5.2.11.1.2 Product Portfolio.....................................................................................................213 5.2.11.1.3 Production Sites 213 5.2.11.2 Business Strategies 213 5.2.11.2.1 Market Development..............................................................................................213 5.2.11.3 Corporate Strategies 214 5.2.11.3.1 Partnerships, Collaborations, and Joint Ventures 214

18 All rights reserved at BIS Research Inc. Water Electrolysis Market 5.2.11.4 R&D Analysis 215 5.2.11.5 Analyst Point-of-View.......................................................................................215 5.2.12 Hitachi Zosen Corporation .......................................................................217 5.2.12.1 Company Overview 217 5.2.12.1.1 Role of Hitachi Zosen Corporation in the Water Electrolysis Market 217 5.2.12.1.2 Product Portfolio 217 5.2.12.2 Business Strategies 218 5.2.12.2.1 Market Development 218 5.2.12.3 R&D Analysis...................................................................................................218 5.2.12.4 Analyst Point-of-View 219 5.2.13 John Cockerill............................................................................................220 5.2.13.1 Company Overview .........................................................................................220 5.2.13.1.1 Role of John Cockerill in the Water Electrolysis Market 220 5.2.13.1.2 Product Portfolio 220 5.2.13.2 Business Strategies.........................................................................................221 5.2.13.2.1 Market Developments 221 5.2.13.3 Corporate Strategies 221 5.2.13.3.1 Partnerships, Collaborations, and Joint Ventures..................................................221 5.2.13.4 Analyst Point-of-View 222 5.2.14 Siemens Energy AG..................................................................................223 5.2.14.1 Company Overview .........................................................................................223 5.2.14.1.1 Role of Siemens Energy AG in the Water Electrolysis Market 223 5.2.14.1.2 Product Portfolio 223 5.2.14.1.3 Production Sites.....................................................................................................224 5.2.14.2 Business Strategies 224 5.2.14.2.1 Market Developments 224 5.2.14.3 Corporate Strategies........................................................................................224 5.2.14.3.1 Partnerships, Collaborations, and Joint Ventures 224 5.2.14.4 R&D Analysis 225

19 All rights reserved at BIS Research Inc. Water Electrolysis Market 5.2.14.5 Analyst Point-of-View 225 5.2.15 McPhy Energy S.A.....................................................................................226 5.2.15.1 Company Overview 226 5.2.15.1.1 Role of McPhy Energy S.A. in the Water Electrolysis Market 226 5.2.15.1.2 Product Portfolio 226 5.2.15.1.3 Production Sites 227 5.2.15.2 Business Strategies 227 5.2.15.2.1 Market Developments 227 5.2.15.3 Corporate Strategies........................................................................................228 5.2.15.3.1 Partnerships, Collaborations, and Joint Ventures 228 5.2.15.4 Analyst Point-of-View 228 5.2.16 Enapter AG.................................................................................................229 5.2.16.1 Company Overview 229 5.2.16.1.1 Role of Enapter AG in the Water Electrolysis Market 229 5.2.16.1.2 Product Portfolio.....................................................................................................229 5.2.16.1.3 Production Sites 230 5.2.16.2 Business Strategies 230 5.2.16.2.1 Product Developments...........................................................................................230 5.2.16.2.2 Market Developments 230 5.2.16.3 Corporate Strategies 231 5.2.16.3.1 Partnerships, Collaborations, and Joint Ventures..................................................231 5.2.16.4 Analyst Point-of-View 231 5.2.17 Elogen ........................................................................................................233 5.2.17.1 Company Overview .........................................................................................233 5.2.17.1.1 Role of Elogen in the Water Electrolysis Market 233 5.2.17.1.2 Product Portfolio 233 5.2.17.2 Business Strategies.........................................................................................234 5.2.17.2.1 Market Development 234 5.2.17.3 Corporate Strategies 234

20 All rights reserved at BIS Research Inc. Water Electrolysis Market 5.2.17.3.1 Partnerships, Collaborations, and Joint Ventures 234 5.2.17.4 Analyst Point-of-View.......................................................................................235 5.2.18 h2e Power Systems Pvt. Ltd.....................................................................236 5.2.18.1 Company Overview 236 5.2.18.1.1 Role of h2e Power Systems Pvt. Ltd. in the Water Electrolysis Market 236 5.2.18.1.2 Product Portfolio 236 5.2.18.1.3 Production Facility 236 5.2.18.2 Business Strategies 237 5.2.18.2.1 Market Development 237 5.2.18.3 Corporate Strategies 237 5.2.18.3.1 Mergers and Acquisitions 237 5.2.18.4 Analyst Point-of-View.......................................................................................237 5.2.19 Ohmium......................................................................................................238 5.2.19.1 Company Overview 238 5.2.19.1.1 Role of Ohmium in the Water Electrolysis Market.................................................238 5.2.19.1.2 Product Portfolio 238 5.2.19.1.3 Production Facility 238 5.2.19.2 Business Strategies.........................................................................................239 5.2.19.2.1 Market Development 239 5.2.19.3 Corporate Strategies 239 5.2.19.3.1 Partnerships, Collaborations, and Joint Ventures..................................................239 5.2.19.4 Analyst Point-of-View 240 5.2.20 Hystar.........................................................................................................241 5.2.20.1 Company Overview .........................................................................................241 5.2.20.1.1 Role of Hystar in the Water Electrolysis Market 241 5.2.20.1.2 Product Portfolio 241 5.2.20.2 Business Strategies.........................................................................................242 5.2.20.2.1 Market Development 242 5.2.20.3 Corporate Strategies 242

21 All rights reserved at BIS Research Inc. Water Electrolysis Market 5.2.20.3.1 Partnerships, Collaborations, and Joint Ventures 242 5.2.20.4 Analyst Point-of-View.......................................................................................242 5.2.21 Verdagy......................................................................................................243 5.2.21.1 Company Overview 243 5.2.21.1.1 Role of Verdagy in the Water Electrolysis Market 243 5.2.21.1.2 Product Portfolio 243 5.2.21.1.3 Production Sites 243 5.2.21.2 Business Strategies 244 5.2.21.2.1 Market Developments 244 5.2.21.3 Corporate Strategies 244 5.2.21.3.1 Partnerships, Collaborations, and Joint Ventures 244 5.2.21.4 Analyst Point-of-View.......................................................................................244 5.2.22 OxEon Energy, LLC...................................................................................245 5.2.22.1 Company Overview 245 5.2.22.1.1 Role of OxEon Energy, LLC in the Water Electrolysis Market...............................245 5.2.22.1.2 Product Portfolio 245 5.2.22.1.3 Production Sites 245 5.2.22.2 Business Strategies.........................................................................................246 5.2.22.2.1 Market Developments 246 5.2.22.3 Corporate Strategies 246 5.2.22.3.1 Partnerships, Collaborations, and Joint Ventures..................................................246 5.2.22.4 Analyst Point-of-View 246 5.2.23 EvolOH, Inc. ...............................................................................................248 5.2.23.1 Company Overview .........................................................................................248 5.2.23.1.1 Role of EvolOH, Inc. in the Water Electrolysis Market 248 5.2.23.1.2 Product Portfolio 248 5.2.23.2 Business Strategies.........................................................................................248 5.2.23.2.1 Market Developments 248 5.2.23.3 Analyst Point-of-View 249

22 All rights reserved at BIS Research Inc. Water Electrolysis Market 5.2.24 Evolve Hydrogen Inc.................................................................................250 5.2.24.1 Company Overview .........................................................................................250 5.2.24.1.1 Role of Evolve Hydrogen Inc. in the Water Electrolysis Market 250 5.2.24.1.2 Product Portfolio 250 5.2.24.2 Business Strategies 250 5.2.24.2.1 Market Developments 250 5.2.24.3 Analyst Point-of-View 251 5.2.25 ERGOSUP ..................................................................................................252 5.2.25.1 Company Overview .........................................................................................252 5.2.25.1.1 Role of ERGOSUP in the Water Electrolysis Market 252 5.2.25.1.2 Product Portfolio 252 5.2.25.2 Business Strategies.........................................................................................252 5.2.25.2.1 Market Developments 252 5.2.25.3 Analyst Point-of-View 253 6 Research Methodology ............................................................254

List of Figures

Figure 1: Water Electrolysis Market, $Million, 2021, 2022, and 2031

Figure 2: Water Electrolysis Market (by End-Use Application), $Million, 2021 and 2031

Figure 3: Water Electrolysis Market (by Electrolyzer Type), $Million, 2021 and 2031

Figure 4: Water Electrolysis Market (by Region), $Million, 2021 and 2031

Figure 5: Water Electrolysis Market Coverage

Figure 6: Supply Chain Network of Water Electrolysis Market

Figure 7: Distribution of All Fuel Cell Vehicles by Continent as of the End of 2020

Figure 8: Distribution of All Fuel Cell Vehicles on the Road by Country as of the End of 2020

Figure 9: Distribution of Different Fuel Cell Vehicle Types Worldwide as of the End of 2020

Figure 10: Porter’s Five Forces Analysis

Figure 11: Major Palladium (Unwrought or in Powder Form) Importing Countries from Russia, 2019-2021

Figure 12: Major Rhodium (Unwrought or in Powder Form) Importing Countries from Russia, 2019-2021

Figure 13: Major Iridium, Osmium, and Ruthenium (Unwrought or in Powder Form) Importing Countries from Russia, 2019-2021

Figure 14: Major Platinum (Unwrought or in Powder Form) Importing Countries from Russia, 2019-2021

Figure 15: Green Hydrogen Market Snapshot

Figure 16: Green Ammonia Market Snapshot

Figure 17: Product Benchmarking for Electrolyzer Type, by Value

Figure 18: Global Patents Filed and Granted, January 2019-June 2022

Figure 19: Patents Filed by Leading Countries, January 2019-June 2022

Figure 20: Patents Granted to Leading Countries, January 2019-April 2022

Figure 21: Competitive Position Matrix

Figure 22: Asahi Kasei Corporation: R&D Expenditure, $Million, 2019-2021

Figure 23: thyssenkrupp AG: R&D Expenditure, $Million, 2019-2021

Figure 24: Cummins Inc.: R&D Expenditure, $Million, 2019-2021

Figure 25: ITM Power PLC: R&D Expenditure, $Million, 2019-2021

Figure 26: Plug Power Inc.: R&D Expenditure, $Million, 2019-2021

Figure 27: Hitachi Zosen Corporation: R&D Expenditure, $Million, 2018-2020

Figure 28: Siemens Energy AG: R&D Expenditure, $Million, 2019-2021

Figure 29: Research Methodology

Figure 30: Top-Down and Bottom-Up Approach

Figure 31: Influencing Factors of Water Electrolysis Market

Figure 32: Assumptions and Limitations

Market

Electrolysis

List of Tables

Table 1: Comparison of Various Fuel Sources

Table 2: Consortiums and Associations

Table 3: Regulatory Bodies

Table 4: List of Government Programs

Table 5: List of Programs by Research Institutions and Universities

Table 6: List of Hydrogen Programs by Some Major Countries

Table 7: Product Development Activities by Major Companies in the Water Electrolysis Market, January 2019-May 2022

Table 8: Market Development Activities by Major Companies in the Water Electrolysis Market, January 2019-May 2022

Table 9: Merger and Acquisition Activities by Major Companies in the Water Electrolysis Market, January 2019-May 2022

Table 10: Partnership, Collaboration, and Joint Venture Activities by Major Companies in the Water Electrolysis Market, January 2019-May 2022

Table 11: Key Factors Determining the Bargaining Power of Buyers in the Water Electrolysis Market

Table 12: Key Factors Determining the Bargaining Power of Suppliers in the Water Electrolysis Market

Table 13: Key Factors Determining the Threat of Substitutes in the Water Electrolysis Market

Table 14: Key Factors Determining the Threat of New Entrants in the Water Electrolysis Market

Table 15: Key Factors Determining the Intensity of Competitive Rivalry in the Water Electrolysis Market

Table 16: Key Start-Ups in Water Electrolysis Market

Table 17: Major Investors of Key Start-Ups in the Water Electrolysis Market

Table 18: Products/Offerings of Key Start-Ups in the Water Electrolysis Market

Table 19: Estimated PGMs Production and World Reserves (Kilogram), 2022

Table 20: Selected Water Electrolysis Projects Operative and Under Development to Decarbonize Hydrogen Production in Refining

Table 21: Comparison Between Different Types of Energy Storage Systems

Table 22: Merit Factors for Gaseous Hydrogen Storage Systems

Table 23: Merit Factors for Liquid Hydrogen Storage Systems

Table 24: Overview of Solid Hydrogen Storage Systems

Table 25: Technology Status, Best Options, and the Main R&D Issues Associated with Different Types of Hydrogen Storage Solutions

Table 26: Overview of Existing or Planned Facilities and Technology Providers for e-Methanol

Production

Table 27: Overview of Technology Demonstration Plants for e-Methanol (Past and Current)

Table 28: Selected Technology Providers for e-Methanol Production

Table 29: Transport Industry Announcements for FCEVs

Table 30: Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 31: Comparison of Various Electrolyzer Types

Table 32: Proposed Activities to Improve the Performance of Alkaline Electrolyzers

Table 33: Proposed Activities to Improve the Performance of Proton Exchange Membrane (PEM) Electrolyzers

Table 34: Proposed Activities to Improve the Performance of Solid Oxide Electrolyzer Cell (SOEC)

Table 35: Proposed Activities to Improve the Performance of Anion Exchange Membrane (AEM) Electrolyzers

Table 36: Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 37: North America Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 38: North America Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 39: U.S. Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 40: U.S. Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 41: Canada Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 42: Canada Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 43: Mexico Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 44: Mexico Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 45: Europe Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 46: Europe Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 47: Germany Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 48: Germany Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 49: France Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 50: France Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 51: Netherlands Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 52: Netherlands Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 53: Spain Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 54: Spain Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 55: Rest-of-Europe Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 56: Rest-of-Europe Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 57: U.K. Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 58: U.K. Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 59: China Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 60: China Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 61: Asia-Pacific and Japan Water Electrolysis Market (by End-Use Application), $Million, 20212031

Table 62: Asia-Pacific and Japan Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 63: Japan Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 64: Japan Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 65: South Korea Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 66: South Korea Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 67: India Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 68: India Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 69: Australia Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 70: Australia Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 71: Rest-of-Asia-Pacific and Japan Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 72: Rest-of-Asia-Pacific and Japan Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 73: Rest-of-the-World Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 74: Rest-of-the-World Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 75: South America Water Electrolysis Market (by End-Use Application), $Million, 2021-2031

Table 76: South America Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 77: Middle East and Africa Water Electrolysis Market (by End-Use Application), $Million, 20212031

Table 78: Middle East and Africa Water Electrolysis Market (by Electrolyzer Type), $Million, 2021-2031

Table 79: Product Matrix for Key Companies in the Water Electrolysis Market

Table 80: Market Share of Key Companies in the Water Electrolysis Market, 2021

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Water Electrolysis Market

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