Green Hydrogen Market to Grow USD 9.8 Billion by 2028 with a CAGR of 54.7% | Valuates Reports

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23 May, 2022, 19:00 IST

BANGALORE, India, May 23, 2022 /PRNewswire/ -- The Global Green Hydrogen Market is Segmented by Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer), Application (Power Generation, Transport, and Others), and End-Use Industry (Food & Beverages, Medical, Chemical, Petrochemicals, Glass, and Others): Global Opportunity Analysis and Industry Forecast 2021–2028. It is published in Valuates Reports under the Energy & Utilities Category.

The global green hydrogen market size was valued at USD 0.3 Billion in 2020 and is projected to reach USD 9.8 Billion by 2028, growing at a CAGR of 54.7% from 2021 to 2028.

Major factors driving the growth of the Global green hydrogen market:

Because of its ability to reduce carbon emissions, green hydrogen has been in high demand in recent years. Green hydrogen also helps meet the growing demand for energy around the world. And since it is a renewable energy source, the green hydrogen market is expected to grow during the forecast period.

The global green hydrogen market is expected to grow as public awareness and government initiatives about hydrogen as an energy carrier grow. Furthermore, rising environmental concerns are driving market growth, emphasizing the need for renewable/clean energy generation to reduce emissions.

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TRENDS INFLUENCING THE GROWTH OF GREEN HYDROGEN MARKET

Most experts agree that green hydrogen will be critical to achieving the Paris Agreement's goals, as certain sectors of the economy have difficult-to-reduce emissions. Transportation, electricity generation, and industry are the top three sources of climate-warming emissions in the United States. Energy efficiency, renewable energy, and direct electrification can reduce emissions from electricity generation and a portion of transportation; however, aviation, shipping, long-distance trucking, concrete and steel manufacturing, which require high energy density fuel or intense heat, are difficult to decarbonize. These requirements could be met with green hydrogen. This factor is expected to propel the green hydrogen market forward.

Green Hydrogen market growth is projected to be fueled by government initiatives in support of the technology. At the United Nations Climate Conference, COP26, green hydrogen was mentioned as a way to decarbonize heavy industries, long-haul freight, shipping, and aviation. Hydrogen has been recognized as a crucial component of a net-zero economy by both governments and businesses.

Green hydrogen has the advantage of being able to be created anywhere there is water and electricity to generate more electricity or heat. Green hydrogen may be used in industry and stored in existing gas pipelines to power items in the home. When turned into a carrier like ammonia, a zero-carbon fuel for shipping, it may convey renewable energy. Hydrogen can also be used in conjunction with fuel cells to power electric automobiles and other electronic equipment. And, unlike batteries, hydrogen fuel cells do not need to be recharged and will not run out of hydrogen as long as there is hydrogen available. These advantages offered by green hydrogen are expected to further propel the green hydrogen market growth.

COVID-19 disruption had little impact on the green hydrogen industry. Coronavirus-related lockdowns, on the other hand, caused a slew of issues for industry participants, including disrupted supply chains, logistical challenges in exporting finished items, and employee recruitment from quarantines. Furthermore, the pandemic resulted in significant growth in the renewable energy industry, resulting in an ongoing increase in energy demand. Due to increased energy demand from industrial sectors, the renewable energy industry rose substantially in 2020. The green hydrogen market is swiftly returning to normal following the relaxation of lockdown restrictions in several nations, and it is likely to take up even more.

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GREEN HYDROGEN MARKET SHARE

Based on region, Europe dominates the global hydrogen market. A great number of green hydrogen initiatives in the area are assisting in the growth of local businesses. The region focuses on renewable energy generation and has abundant hydrogen.

Based on technology, Because of its higher operational time capacity and low capital cost, the alkaline electrolyzer segment is expected to hold a significant market share. Furthermore, throughout the projection period, the category is expected to grow at a quicker rate.

Due to demand from the industrial sector for on-site electrolyzer setup, the power generation segment dominated the market share for 2019.

The chemical industry is a major producer of by-product hydrogen, which is used inside the industry and distributed for industrial use.

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Green Hydrogen Market Key Players

  • Ballard Power Systems,
  • Enapter
  • Engie,
  • Green Hydrogen Systems,
  • Hydrogenics,
  • Nikola Motors,
  • Plug Power,
  • SGH2 Energy Global LLC,
  • Shell
  • Siemens Gas and
  • Power GmbH & Co. KG.

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