The global Green Hydrogen market is estimated to reach USD 150 billion by 2030 with a CAGR of 37.8% during the forecast period, 2022-2030. It was valued at USD 7.1 Million in 2022
The growing favorable government policies, lowering the cost of producing renewable energy from all sources, development of electrolysis technologies, high demand for fuel cell electric vehicles (FCEVs), and the power industries are the primary factors driving the growth of the global green hydrogen energy market during the forecast period. Furthermore, the growing environmental concerns regarding increasing carbon emissions from fossil fuel usage and increasing investment from public & private players in the development of procedures that will help reduce production costs and improve infrastructure are also anticipated to propel the growth of the green hydrogen market across the globe.
Green hydrogen is a type of hydrogen generated by renewable energy or low-carbon power. It has significantly lower carbon emissions than grey hydrogen, produced by steam reforming of natural gas. Green hydrogen is commonly produced from regenerative energy sources through water electrolysis. The water is separated into oxygen and hydrogen in an electrolyzer with the help of an electric current and is differentiated from grey hydrogen obtained from fossil fuels (such as natural gas). There are three types of electrolyzer technologies used in the green hydrogen manufacturing process: alkaline electrolyzer, proton exchange membrane electrolyzer, and solid oxide electrolyzer.
The rapid industrialization, growing government concerns about the increased use of fossil fuels, and emission of various harmful gases such as carbon dioxide, methane, and nitrous oxide are key factors driving the growth of the global green hydrogen market during the forecast period. The shifting focus of government and various public and leading private players towards fuel cell electric vehicles as an alternative to conventional automobiles is also expected to boost the growth of the product market in the coming years. Moreover, the mobility industry is witnessing increased investment in developing vehicles that utilize hydrogen directly in fuel cells or internal combustion engines. For instance, Hydrogen based forklifts have already been developed and are being utilized in a few industries across Europe, APAC and North American regions, which is also expected to drive the growth of the green hydrogen market in these regions during the forecasted period. However, the high initial investment cost and lack of infrastructure to transport and store among various developed and developing economies are expected to hamper the growth of the global green hydrogen market.
Furthermore, green hydrogen is one of the sources of renewable energy and has been increasingly used in the power industry to lower carbon footprint across the globe. In addition, the production of green hydrogen is increasingly becoming economically due to reducing costs of solar photovoltaic and wind electricity generation, which is further anticipated to propel the growth of the global green hydrogen market during the forecast period. The rapid technological advancements in developing green hydrogen to meet growing demand in petroleum refineries and fertilizer manufacturing industries are also expected to create lucrative opportunities for the growth of the global green hydrogen market in the coming years.
The increasing investments by the government in developing infrastructure for green hydrogen among developing countries and the growing adoption of green hydrogen among various industries due to growing awareness regarding the benefits of green hydrogen have stimulated the growth of the global Green Hydrogen market during the pre-COVID era. Furthermore, rising demand for renewable energy resources and government efforts to improve infrastructure has also boosted the growth of the global green hydrogen market in the pre-COVID era.
The COVID-19 pandemic had significantly hit the global Green Hydrogen industry market in 2021. The pandemic has severely affected every business segment due to various government norms such as nationwide lockdown and complete shutdown of manufacturing facilities across the globe. The interruption in the supply chain of raw materials and non-availability of the workforce has delayed various projects under development in developing and developed countries which have significantly impacted the growth of the Green Hydrogen market. Furthermore, the significant growth of the power industry and rising electricity consumption are expected to drive the growth of the global green hydrogen market during the forecast period.
The rapid economic growth, growing industrialization, rising number of automobiles, and increasing electricity consumption have significantly increased the demand for sustainable and renewable energy resources, like green hydrogen, across the globe. The rapid expansion of the automobile industry and increasing investment in developing fuel cell electric vehicles (FCEVs) to minimize global carbon emission is expected to drive the growth of the global green hydrogen market in the coming years. For instance, various e-commerce and logistics industries are using hydrogen-based vehicles in their operations which will further be expected to drive the growth of the global green hydrogen market.
Based on the Technology, the global Green Hydrogen market is categorized into Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer. The Alkaline Electrolyzer segment is expected to have the largest share in the global Green Hydrogen market in 2021 and is expected to continue this trend during the forecast period. The alkaline electrolyzer uses the liquid alkaline solution of potassium or sodium hydroxide as its electrolyte and is cheaper than PEM electrolyzers, which is expected to drive the growth of the alkaline electrolyzer segment in the global green hydrogen market during the forecast period. Also, alkaline electrolyzer has higher operating hours than PEM electrolyzers, which is also a prominent factor in accelerating the demand for the product segment.
Furthermore, the Proton Exchange Membrane (PEM) Electrolyzer segment is expected to witness significant growth in the global green hydrogen market during the forecast period. The presence of various solid specialty plastic material-based electrolytes in the PEM electrolyzer offers higher functional flexibility than the alkaline counterpart.
Based on the Application, the global Green Hydrogen market is segregated into Power Generation, Transport, and Others. The Power Generation segment is expected to have a significant market share in the global green hydrogen market in 2021. This growth is attributable to the increasing utilization of green hydrogen in power industries to generate electricity. Furthermore, the rapidly increasing electricity demand and increased adoption of sustainable and renewable energy sources among power industries are further expected to stimulate the demand for green hydrogen in power generation industries across the globe. Furthermore, the transport segment is expected to be the fastest-growing segment in the global green hydrogen market during the forecast period.
The Green Hydrogen market is characterized by North America, Europe, Asia Pacific, South America, and Middle East & Africa. The European region is expected to dominate the Green Hydrogen Market and continue this growth rate during the forecast period, 2022-2030. The growing energy transition and route to net-zero has led to new potential roles for green hydrogen in the European region. European industries are widely using green hydrogen as feedstock for ammonia production and in the refining industry, which is expected to drive the growth of the green hydrogen market in the European region. Furthermore, the growing use of green hydrogen in heat, steam, and reducing agent in the steel industry and the increasing use of sustainable fuels in the transport industry, mainly in shipping, long-distance road transport and aviation, are also anticipated to propel the growth of the green hydrogen market in the European region.
Furthermore, the North American region is expected to witness significant growth in the global green hydrogen market during the forecast period. The growing implementation of clean energy policies, aggressive de-carbonization targets, and increasing public and private investments are some of the prominent factors driving the growth of the market in the region.
Companies include Siemens Energy AG, Linde, Toshiba Energy Systems & Solutions Corporation, Air Liquide, Nel ASA, Air Products and Chemicals, Inc., H&R Olwerke Schindler GmbH, Wind to Gas Energy GmbH & Co. KG, Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd., and Cummins Inc. are the key players in the Green Hydrogen market.
Key Stakeholders
Report Attribute | Details |
---|---|
Revenue in 2021 | USD 443.9 Million |
The revenue forecast in 2028 | USD 4,374.1 Million |
CAGR | 57.8% |
Historical data | 2017 – 2020 |
Base Year | 2021 |
Forecast period | 2022 – 2028 |
Region covered | America, Europe, Asia-Pacific, South America, and Middle East & Africa |
Key companies Profiled | Siemens Energy AG, Linde, Toshiba Energy Systems & Solutions Corporation, Air Liquide, Nel ASA, Air Products and Chemicals, Inc., H&R Olwerke Schindler GmbH, Wind to Gas Energy GmbH & Co. KG, Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd., Cummins Inc. and Other prominent players |
By Technology
By Application
By End-Use Industry
By Region
Well Completion Equipment and Services Market
1.1. Market Modelling
1.2. Product Analysis
1.3. Market Trend and Economic Factors Analysis
1.4. Market Segmental Analysis
1.5. Geographical Mapping
1.6. Country Wise Segregation
2.1. Identification of Target Market
2.2. Data Acquisition
2.3. Refining of Data/ Data Transformations
2.4. Data Validation through Primary Techniques
2.5. Exploratory Data Analysis
2.6. Graphical Techniques/Analysis
2.7. Quantitative Techniques/Analysis
2.8. Visual Result/Presentation
4.1. Supply Chain Analysis
4.2. Economic Factor Analysis
4.2.1. Drivers
4.2.2. Trends
4.2.3. Opportunities
4.2.4. Challenges
4.3. Technological Landscape
4.4. Competitors & Product Analysis
4.5. Regulatory Framework
4.6. Company market share analysis, 2022
4.7. Porter’s Five forces analysis
4.8. Price point analysis
4.9. New Investment Analysis
4.10. PESTEL Analysis
4.11. Covid-19 Impact on Global Green Hydrogen Market
5.1. Market Size & Forecast,2017-2030
5.1.1. Demand
5.1.1.1. By Value (USD Billion)
5.2. Market Share & Forecast, 2017-2030
5.2.1. By Technology
5.2.1.1. Proton Exchange Membrane Electrolyzer
5.2.1.2. Alkaline Electrolyzer
5.2.1.3. Solid Oxide Electrolyzer
5.2.2. By Application
5.2.2.1. Power Generation
5.2.2.2. Transport
5.2.2.3. Others
5.2.3. By End-Use Industry
5.2.3.1. Food & Beverages
5.2.3.2. Medical
5.2.3.3. Chemical
5.2.3.4. Petrochemicals
5.2.3.5. Glass
5.2.3.6. Industrial
5.2.3.7. Power
5.2.3.8. Others
5.2.4. By Region
5.2.4.1. North America
5.2.4.2. Europe
5.2.4.3. Asia-Pacific
5.2.4.4. South America
5.2.4.5. The Middle East & Africa
6.1. North America Green Hydrogen Market Size & Forecast,2017-2030
6.1.1. Demand
6.1.1.1. By Value (USD Billion)
6.2. Market Share & Forecast, 2017-2030
6.2.1. By Technology
6.2.1.1. Proton Exchange Membrane Electrolyzer
6.2.1.2. Alkaline Electrolyzer
6.2.1.3. Solid Oxide Electrolyzer
6.2.2. By Application
6.2.2.1. Power Generation
6.2.2.2. Transport
6.2.2.3. Others
6.2.3. By End-Use Industry
6.2.3.1. Food & Beverages
6.2.3.2. Medical
6.2.3.3. Chemical
6.2.3.4. Petrochemicals
6.2.3.5. Glass
6.2.3.6. Industrial
6.2.3.7. Power
6.2.3.8. Others
6.2.4. By Country
6.2.4.1. US
6.2.4.2. Canada
6.2.4.3. Mexico
6.2.5. Company Market Share (Top 3-5)
6.2.6. Economic Impact study on North America Green Hydrogen Market
7.1. Europe Green Hydrogen Market Size & Forecast,2017-2030
7.1.1. Demand
7.1.1.1. By Value (USD Billion)
7.2. Market Share & Forecast, 2017-2030
7.2.1. By Technology
7.2.1.1. Proton Exchange Membrane Electrolyzer
7.2.1.2. Alkaline Electrolyzer
7.2.1.3. Solid Oxide Electrolyzer
7.2.2. By Application
7.2.2.1. Power Generation
7.2.2.2. Transport
7.2.2.3. Others
7.2.3. By End-Use Industry
7.2.3.1. Food & Beverages
7.2.3.2. Medical
7.2.3.3. Chemical
7.2.3.4. Petrochemicals
7.2.3.5. Glass
7.2.3.6. Industrial
7.2.3.7. Power
7.2.3.8. Others
7.2.4. By Country
7.2.4.1. Germany
7.2.4.2. UK
7.2.4.3. France
7.2.4.4. Italy
7.2.4.5. Rest of Europe
7.2.5. Company Market Share (Top 3-5)
7.2.6. Economic Impact study on Europe Green Hydrogen Market
8.1. Asia-Pacific Green Hydrogen Market Size & Forecast,2017-2030
8.1.1. Demand
8.1.1.1. By Value (USD Billion)
8.2. Market Share & Forecast, 2017-2030
8.2.1. By Technology
8.2.1.1. Proton Exchange Membrane Electrolyzer
8.2.1.2. Alkaline Electrolyzer
8.2.1.3. Solid Oxide Electrolyzer
8.2.2. By Application
8.2.2.1. Power Generation
8.2.2.2. Transport
8.2.2.3. Others
8.2.3. By End-Use Industry
8.2.3.1. Food & Beverages
8.2.3.2. Medical
8.2.3.3. Chemical
8.2.3.4. Petrochemicals
8.2.3.5. Glass
8.2.3.6. Industrial
8.2.3.7. Power
8.2.3.8. Others
8.2.4. By Country
8.2.4.1. India
8.2.4.2. Japan
8.2.4.3. Australia
8.2.4.4. Rest of Asia Pacific
8.2.5. Company Market Share (Top 3-5)
8.2.6. Economic Impact study on Asia-Pacific Green Hydrogen Market
9.1. South America Green Hydrogen Market Size & Forecast,2017-2030
9.1.1. Demand
9.1.1.1. By Value (USD Billion)
9.2. Market Share & Forecast, 2017-2030
9.2.1. By Technology
9.2.1.1. Proton Exchange Membrane Electrolyzer
9.2.1.2. Alkaline Electrolyzer
9.2.1.3. Solid Oxide Electrolyzer
9.2.2. By Application
9.2.2.1. Power Generation
9.2.2.2. Transport
9.2.2.3. Others
9.2.3. By End-Use Industry
9.2.3.1. Food & Beverages
9.2.3.2. Medical
9.2.3.3. Chemical
9.2.3.4. Petrochemicals
9.2.3.5. Glass
9.2.3.6. Industrial
9.2.3.7. Power
9.2.3.8. Others
9.2.4. By Country
9.2.4.1. Brazil
9.2.4.2. Argentina
9.2.4.3. Rest of South America
9.2.5. Company Market Share (Top 3-5)
9.2.6. Economic Impact study on South America Green Hydrogen Market
10.1. The Middle East & Africa Green Hydrogen Market Size & Forecast,2017-2030
10.1.1. Demand
10.1.1.1. By Value (USD Billion)
10.2. Market Share & Forecast, 2017-2030
10.2.1. By Technology
10.2.1.1. Proton Exchange Membrane Electrolyzer
10.2.1.2. Alkaline Electrolyzer
10.2.1.3. Solid Oxide Electrolyzer
10.2.2. By Application
10.2.2.1. Power Generation
10.2.2.2. Transport
10.2.2.3. Others
10.2.3. By End-Use Industry
10.2.3.1. Food & Beverages
10.2.3.2. Medical
10.2.3.3. Chemical
10.2.3.4. Petrochemicals
10.2.3.5. Glass
10.2.3.6. Industrial
10.2.3.7. Power
10.2.3.8. Others
10.2.4. By Country
10.2.4.1. Saudi Arabia
10.2.4.2. UAE
10.2.4.3. South Africa
10.2.4.4. Rest of the Middle East & Africa
10.2.5. Company Market Share (Top 3-5)
10.2.6. Economic Impact study on The Middle East & Africa Green Hydrogen Market
11.1. Company Description
11.2. Financial Analysis
11.3. Key Products
11.4. Key Management Personnel
11.5. Contact Address
11.6. SWOT Analysis
11.7. Company Profile
11.7.1. Siemens Energy AG
11.7.2. Linde
11.7.3. Toshiba Energy Systems & Solutions Corporation
11.7.4. Air Liquide
11.7.5. Nel ASA
11.7.6. Air Products and Chemicals, Inc.
11.7.7. H&R Olwerke Schindler GmbH
11.7.8. Wind to Gas Energy GmbH & Co. KG
11.7.9. Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd.
11.7.10. Cummins Inc.
11.7.11. Other prominent players
Green hydrogen is a type of hydrogen generated by renewable energy or low-carbon power. It has significantly lower carbon emissions than grey hydrogen, produced by steam reforming of natural gas.
The global Green Hydrogen market is estimated to reach USD 150 billion by 2030 with a CAGR of 37.8% during the forecast period, 2022-2030. It was valued at USD 7.1 Million in 2022
The growing favorable government policies, lowering the cost of producing renewable energy from all sources, development of electrolysis technologies, high demand for fuel cell electric vehicles (FCEVs), and the power industries are the primary factors driving the growth of the global green hydrogen energy market during the forecast period.
The European region is expected to dominate the Green Hydrogen Market and continue this growth rate during the forecast period, 2022-2030.
Siemens Energy AG, Linde, Toshiba Energy Systems & Solutions Corporation, Air Liquide, Nel ASA, Air Products and Chemicals, Inc., H&R Olwerke Schindler GmbH, Wind to Gas Energy GmbH & Co. KG, Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd., and Cummins Inc. are the key players in the Green Hydrogen market.
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