Water As a Fuel Market to Grow at CAGR of 11.8% through 2033; Growing Need for Greener Energy Sources to Propel Growth

Water as a fuel market size from USD 5.4 billion in 2023 to USD 16.4 billion in 10 years. The increasing demand for clean energy drives the market’s growth. North America region emerged as the largest global water as a fuel market, with a 39.7% market revenue share in 2023.

Newark, March 07, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 5.4 billion water as a fuel market will reach USD 16.4 billion by 2033. Using pure or raw water as a direct fuel is impossible. Water molecules need a lot of energy to split since they are very stable. It uses much more energy than the energy generated during the chemical process. As a result, it can never be utilised as a direct fuel. On the other hand, oxyhydrogen (HHO) and hydrogen (H2) are produced using water. Water molecules are split into H2 and O by electricity in the electrolysis process. One of the foundational elements of a clean energy economy is hydrogen. Numerous chemical, metallurgical, and industrial processes employ hydrogen as a feedstock. It can be applied to fuel cell technology, which generates power, heat, and water. In the transportation sector, it finds numerous uses. The predicted spike in demand for hydrogen mostly drives the market expansion for water as a fuel. Ammonia is primarily made from hydrogen, and 80% of that ammonia is then used to make fertiliser. This helps the water industry flourish as a fuel source.

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Report Coverage Details

Report Coverage Details
Forecast Period 2024-2033
Base Year 2023
Market Size in 2023 USD 5.4 Billion
Market Size in 2033 USD 16.4 Billion
CAGR 11.8%
No. of Pages in Report 239
Segments Covered by Fuel Type, Technology, End-Use Industry
Drivers Growing public support, incentive programmes, and clean energy demand
Opportunities Government support and incentives
Restraints Limited hydrogen infrastructure and high initial investment

Key Insights on Water as a fuel Market

North America will account for the largest market size during the forecast period.

The need for hydrogen-based solutions is fueled by the region’s commitment to lowering carbon emissions. Steady investments in R&D lead to technological breakthroughs that improve electrolyzer performance. Programmes like tax incentives and alliances between public and private organisations support revenue growth. The growing use of hydrogen fuel cells and green energy techniques drives prospective revenue development in the transportation and power-generating industries, providing profitable prospects.

The hydrogen segment dominated the market with the most significant revenue of USD 3.18 billion.

The hydrogen segment dominated the market with the most significant revenue of USD 3.18 billion. Water as a fuel is seeing a surge in the market due to the creation of new green hydrogen plants, dedication to the decarbonising economy, and innovative, efficient technologies.

The natural gas reforming segment dominated the market with the most significant revenue of USD 2.91 billion.

The natural gas reforming segment dominated the market with the most significant revenue of USD 2.91 billion. This can be explained by the fact that producing hydrogen from natural gas is less expensive than via electrolysis.

The automotive segment dominated the market with the most significant revenue of USD 1.13 billion.

The automotive segment dominated the market with the most significant revenue of USD 1.13 billion. In the automotive sector, hydrogen is a fuel source for fuel cell automobiles, offering a clean alternative to internal combustion engines. To reduce pollution, certain combustion engines also use fuels derived from water.

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Market Dynamics:

Drivers: Environmental sustainability

Using water as a source for clean hydrogen generation has gained significant traction as the globe grapples with the urgent need to reduce greenhouse gas emissions and combat climate change. Hydrogen produced from water with the help of renewable energy sources, such as solar and wind power, is seen as a low-carbon and environmentally friendly substitute for conventional fossil fuels. It promises to decarbonise several industries and sectors, such as energy generation, transportation, and industry.

Restraint: High production cost

Its high manufacturing cost is the primary impediment to the widespread use of hydrogen as a fuel source. Hydrogen is produced from water using processes like electrolysis. There are several reasons why this cost challenge occurs. The procedures used to produce hydrogen, particularly electrolysis, are energy-intensive and require large amounts of electricity. This becomes expensive, especially if you are using non-renewable energy sources. Moreover, high manufacturing costs result from efficiency losses during hydrogen creation. Therefore, the requirement for premium materials and specialised machinery drives up costs even more.

Opportunity: Increasing investment and funding

Governments, energy firms, and academic organisations invest heavily in infrastructure, R&D, and hydrogen production and distribution development.

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Some of the major players operating in the water as a fuel market are:

● Air Liquide
● FuelCell Energy Inc
● China Petroleum & Chemical Corporation
● Plug Power Inc.
● Enel Green Power Spa
● ExxonMobil
● Orsted A/S
● Panasonic
● Iberdrola S.A.
● Linde plc

Key Segments cover in the market:

By Fuel Type:

● Hydrogen
● Oxyhydrogen

By Technology:

● Electrolysis
● Natural Gas Reforming

By End-Use Industry:

● Manufacturing
● Utilities
● Aerospace
● Refineries
● Petrochemicals
● Automotive
● Electronics
● Others

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About the report:

The global water as a fuel market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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