Wilmington, Delaware, Sept. 15, 2023 (GLOBE NEWSWIRE) -- Global Water as a Fuel Market was valued at US$ 3.2 billion in 2023 and is expected to grow at a significant CAGR of over 19% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
The term "water as a fuel" usually refers to the idea of using water as a source of hydrogen, which can then be utilized as a clean and sustainable fuel. Through a process known as electrolysis, water molecules (H2O) are separated into hydrogen (H2) and oxygen (O2) gases. When burned or used in fuel cells, the generated hydrogen gas can be used as a fuel for a variety of purposes such as power production, transportation, and industrial activities, with the sole byproduct being water vapor.
When used as fuel, hydrogen created from water is a clean energy transporter that emits no greenhouse gases or air pollution. It has the potential to help cut carbon emissions and alleviate climate change. Continuous research and technology breakthroughs in electrolysis and hydrogen production technologies have made producing hydrogen from water more efficient and cost-effective. The potential for hydrogen to play a large role in the transition to a clean and sustainable energy future, on the other hand, is fueling continuous interest and investment in this subject.
- According to a deep-dive market assessment by RationalStat, the global water as a fuel market has been analyzed on the basis of market segments, including fuel type, technology, end use and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global water as a fuel market covers market sizes on the basis of market value (US$/EUR Million) and volume (Liters) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global water as a fuel market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Some of the prominent players and suppliers operating and contributing significantly to the global water as a fuel market growth include Panasonic Corporation, Plug Power Inc., Ballard Power Systems, Bloom Energy, AFC Energy Plc, Hydrogenics Corporation, Heliogen, Enapter, ITM Power, and SFC Energy AG, among others.
Global Water as a Fuel Market: Segmental and Market Share Analysis
- On the basis of fuel type, in 2022, the hydrogen segment dominated the water fuel market share. It is created using electrolysis, coal combustion, and natural gas steam reforming.
- On the basis of technology, the natural gas reforming segment led the market in 2022, owing to increased projects for green and blue hydrogen production.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 3.2 billion |
| Market Size Forecast | US$ 10.8 billion |
| Growth Rate | 19% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global water as a fuel market include,
- In March 2023, Ballard Power Systems and First Mode announced a purchase order for 30 hydrogen fuel cell modules (3 Megawatts) for diesel-free mining vehicles.
- In November 2022, Enel Green Power S.p.A. (EGP), Enel's worldwide renewables subsidiary, and Australian green energy developer Fortescue Future Industries (FFI) have formed a collaboration to investigate the co-development of the green hydrogen value chain, with an initial focus on Australia and Latin America.
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RationalStat has segmented the global water as a fuel market based on fuel type, technology, end use and region
- Global Water as a Fuel Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Fuel Type
- Hydrogen Fuel
- Oxyhydrogen Fuel
- Global Water as a Fuel Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Technology
- Electrolysis
- Natural Gas Reforming
- Global Water as a Fuel Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by End User
- Transportation
- Power Generation
- Material Handling Equipment
- Others (Aerospace, Aircraft, Industrial, etc.)
- Global Water as a Fuel Market Value (US$ Million), Volume (Liters), and Market Share (2019-2030) Analysis by Region
- North America Water as a Fuel Market
- US
- Canada
- Latin America Water as a Fuel Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Water as a Fuel Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Water as a Fuel Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Water as a Fuel Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Water as a Fuel Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Water as a Fuel Market
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Key Questions Answered in the Water as a Fuel Report:
- What will be the market value of the global water as a fuel market by 2030?
- What is the market size of the global water as a fuel market?
- What are the market drivers of the global water as a fuel market?
- What are the key trends in the global water as a fuel market?
- Which is the leading region in the global water as a fuel market?
- What are the major companies operating in the global water as a fuel market?
- What are the market shares by key segments in the global water as a fuel market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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