According to the International Energy Agency (IEA), in 2020, the demand for hydrogen was estimated at around 95 million tons. That's about 50% more than what IEA wanted back in the year 2000.
The oil-refining players used about 40 million tons of hydrogen in 2020, and the chemical industry gobbled down around 45 million tons.
As per the BIS Research report, the power supply equipment market for water electrolysis was valued at $0.33 billion in 2022, and it is expected to grow at a CAGR of 33.27% and reach $5.71 billion by 2032.
Since water electrolysis relies on a dependable and effective power source, the growth of electrolysis facilities and the uptake of more advanced electrolysis techniques are pushing the demand for appropriate power supply gear.
This blog will discuss several developments in the water electrolysis market that will give a push to the expansion of the green hydrogen industry.
Hitachi Energy Takes Center Stage in Shaping the Path to a Green Hydrogen-Powered Future
In August 2023, Hitachi Energy, announced its support for a green hydrogen economy to accelerate the energy transition. The company believes that green hydrogen will play a critical role in decarbonizing the energy sector and achieving net-zero emissions by 2050. Hitachi Energy is committed to developing innovative technologies and solutions to support the growth of green hydrogen production and utilization.
Green hydrogen is produced from renewable sources such as solar and wind power through a process called electrolysis. It can be used as a clean energy source for transportation, heating, and industrial processes. Hitachi Energy is working on developing advanced electrolysis technologies to improve the cost-effectiveness and efficiency of green hydrogen production.
Hitachi Energy is also collaborating with other companies and organizations to promote the adoption of green hydrogen. The company is a member of the Hydrogen Council, a global initiative that aims to accelerate the deployment of hydrogen solutions worldwide. Hitachi Energy is also participating in several green hydrogen projects in Europe and Asia.
In addition, Hitachi Energy is working on developing hydrogen fuel cells for various applications, including transportation and stationary power generation. Hydrogen fuel cells are a clean and efficient alternative to traditional combustion engines and can help reduce greenhouse gas emissions.
H-TEC Systems Collaborates with the University of Stuttgart to Power Hydrogen Research Platform
H-Tec Systems, a German company specializing in hydrogen technology, in August 2023 sold a proton exchange membrane (PEM) electrolyzer to the University of Stuttgart. The device would be used as part of a new hydrogen research platform that would focus on developing new technologies for the production, storage, and use of hydrogen.
The PEM electrolyzer works by splitting water into hydrogen and oxygen using an electric current. The hydrogen can then be stored and used as a clean energy source in fuel cells or other applications. The University of Stuttgart plans to use the device to study the performance and efficiency of different electrolysis systems, as well as to develop new catalysts and materials for use in these systems.
The new hydrogen research platform at the University of Stuttgart is part of a larger effort to promote the use of hydrogen as a clean energy source in Germany and beyond. The platform would bring together researchers from a variety of disciplines, including chemistry, physics, engineering, and materials science, to collaborate on new projects and share their expertise.
H-Tec Systems is one of the leading providers of hydrogen technology in Germany, with a range of products and services for the production, storage, and use of hydrogen. The company has been working to promote the use of hydrogen as a clean energy source for many years, and the sale of the PEM electrolyzer to the University of Stuttgart is just one example of its ongoing efforts in this area.
India's Green Hydrogen Ambitions Get a Boost with GreenH Electrolysis' New Electrolyzer Plant
GreenH Electrolysis, a subsidiary of Israel-based H2Pro, in 2022 announced plans to set up an electrolyzer manufacturing plant in India. The plant would have an initial capacity of 100 MW per year and would produce low-cost, high-efficiency electrolyzers for the Indian market.
The company’s technology uses a proprietary catalyst that enables the production of green hydrogen at a lower cost than traditional methods. Green hydrogen is generated through the utilization of sustainable energy sources such as solar and wind energy, offering a more environmentally friendly option compared to conventional fossil fuels.
The Indian authorities have established a goal of generating 450 gigawatts of renewable energy by 2030, necessitating substantial investments in emerging technologies such as green hydrogen. The establishment of a local manufacturing facility for electrolyzers will help to support the growth of the green hydrogen industry in India.
GreenH Electrolysis already signed a memorandum of understanding with a local partner in 2022 and the plant is expected to be operational by 2024. The company plans to expand its manufacturing capacity in India in the future, with the goal of becoming a leading supplier of electrolyzers in the country.
Enterprises participating in the electrolysis sector are actively pursuing dependable and top-notch power supply solutions to ensure that their activities run smoothly.
Moreover, amplified government investments and endeavors generate prospects for power supply equipment manufacturers and suppliers to address the unique requirements of the growing water electrolysis market.
For more information on this market and other related industries, please see the following reports, which provide a global and regional analysis and forecast:
- Power Supply Equipment Market for Water Electrolysis
- PEM Electrolyzer Market
- Green Hydrogen Market
- Green Methanol Market
- Water Electrolysis Market
- Green Ammonia Market
About the Publisher: BIS Research is a global market intelligence, research and advisory company that focuses on emerging technology trends that are likely to disrupt the market. Its team includes industry veterans, experts, and analysts with diverse backgrounds in consulting, investment banking, government, and academia.