Wilmington, Delaware, United States, March 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – According to recent market trends, several economies across the globe have stepped up initiatives to reduce reliance on fossil fuels in order to lower fossil energy imports and achieve energy security.
Hence, demand for safe, cost-effective, and environmentally-friendly alternatives to fossil fuel is expected to increase steadily. The water as a fuel market was valued at US$ 3.2 Bn in 2022 and is projected to advance at a CAGR of 21.5% from 2023 to 2031.
Researchers are likely to intensify efforts to utilize hydrogen to power fuel cells. These would help boost market size in the next few years. Extensive efforts to harness hydrogen fuel cells as a renewable and clean energy technology is likely to bolster the water as a fuel market development.
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However, large-scale hydrogen production presents significant technical and economic challenges to industry players. Circumventing these challenges is likely to augment the water as a fuel market.
Companies are collaborating to develop infrastructure for the commercialization of hydrogen fuel and oxyhydrogen fuel. Key players in the market are collaborating to produce, store, and use hydrogen as a renewable and non-polluting fuel. Governments in several countries have launched programs to fund hydrogen fueling stations. The California Hydrogen Highway Network (CaH2Net) is an initiative by California government aimed at promoting hydrogen refueling stations in California.
Key Findings of the Study
- High Demand for Sustainable Fuels: Rise in demand for sustainable fuels is ascribed to need for energy security in several countries. Significant R&D in cost-effective renewable energy sources, including hydrogen is likely to create revenue for companies in the market. Surge in demand for sustainable fuels in the automotive industry is likely to encourage investments in the market. Imports of gas, coal, and oil are prone to supply disruptions, leading to high cost of energy imports in several countries. Governments in these countries have transitioned from fossil fuels to renewable energy in the past few years. This, in turn, has bolstered market development.
- Rise in Popularity of Hydrogen Fuel Cells to Create Significant Opportunities: The hydrogen segment held major market share in 2022. The trend is likely to continue from 2023 to 2031. Surge in research on hydrogen fuel in several countries is driving the segment. Governments in developed countries, such as in the U.S., are spreading awareness about the benefits of fuel cells. Such developments are likely to drive the water as a fuel market growth in the near future.
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Key Drivers
- Global need to achieve energy security is driving several countries to reduce reliance on fossil fuels and focus on cost-effective renewable fuel alternatives. The trend is expected to drive the water as a fuel industry.
- Continuous R&D in clean energy technologies is anticipated to bolster the water as a fuel industry growth. Companies are strengthening research activities in environmentally friendly processes to produce hydrogen that can be used in hydrogen fuel cells. Such R&D initiatives are poised to broaden the water as a fuel market outlook.
- Government regulations in several developed and developing countries focus on accelerating the transition of fossil fuels to renewable energy sources. The trend is likely to bolster the market development.
Regional Growth Dynamics
- North America is a lucrative water as a fuel market. The market in North America is projected to expand at a steady pace from 2023 to 2031.
- The market in Asia Pacific is anticipated to grow at a significant pace during the forecast period (2023 - 2031). New Zealand, Australia, and Japan are expected to offer lucrative opportunities to companies in the regional market. Growth is expected to be propelled by the rapid pace of industrialization in these countries. Governments in developing countries in Asia Pacific are encouraging R&D in clean energy technology in a bid to bolster regional and national energy security.
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Competition Landscape
Small number of large-scale vendors control majority stake in the global water as a fuel market. Several companies are investing significantly in R&D in clean energy technologies in order to consolidate their market position. Leading players are projected to focus on new product development and engage in merger and acquisition to expand customer base during the forecast period.
Water as a Fuel Market Segmentation
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Fuel Type
- Hydrogen
- Oxyhydrogen
Technology
- Electrolysis
- Natural Gas Reforming
End-use
- Transportation
- Material Handling Equipment
- Power Generation
- Others
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