Global Green Hydrogen Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: Growing awareness on the need to reduce carbon emissions, expansion of environmentally friendly hydrogen production technologies, and supportive government initiatives to promote the use of electric vehicles are some of the major factors driving the growth of the Global Green Hydrogen Market.
Global Green Hydrogen Market is valued at USD 1.83 Billion in 2021 and expected to reach USD 37.6 Billion by 2028 with a CAGR of 54.01% over the forecast period.
Green hydrogen is created by splitting hydrogen atoms to separate oxygen and hydrogen atoms using wind and solar energy. It is produced without the use of hydrocarbons, resulting in reduced carbon pollution. Green hydrogen may minimize pollution by using renewable energy to power water electrolysis, which is plentiful and can be created at much less periods. Green hydrogen now represents for around 1% of total hydrogen production; hence, given its lack of competitiveness, the green hydrogen market is expected to grow substantially throughout the projection period. One of the primary reasons driving the development of the worldwide market for green hydrogen is the increased need for renewable energy sources. Furthermore, an increase in government subsidies and incentives promoting renewable fuel usage, such as hydrogen, has resulted in a significant increase in the pace of green hydrogen deployment. Governments from across the world are coming up to provide financial capital to companies aiming to commercialize hydrogen-powered cars.
As the most cost-effective technique for hydrogen production, hydrogen is a crucial component in the global expansion of steam methane reforming technology. The COVID-19 pandemic has posed significant challenges to global supply networks. Due to a drop in commercial activity, demand for hydrogen has fallen sharply in several places. Repeated national shutdowns and curfews continue to impede or even prevent the transportation of raw materials and finished products, harming industries. Manufacturing and distribution problems were the most noticeable disruptions to all sorts of chemical markets. However, the governments of different nations have chosen a variety of strategies to enhance international alliances, diversify suppliers, new innovations to reduce the demand for specific resources, and circular economy approaches to improve the global economy. The Indian government plans to build energy buildings for the e-commerce industry in order to combine environmental efficiency with energy conservation, fueling demand for the hydrogen-generating market.
The global Green Hydrogen market is segmented based on the technology, application, end-user, and region & country level. Based on technology, the global Green Hydrogen market is segmented into proton exchange membrane electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. By application, the market is segmented into power generation, transport, and others. By end-use, the global Green Hydrogen market is segmented into food & beverages, medical, chemical, petrochemicals, glass, and others.
The regions covered in the global Green Hydrogen market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Green Hydrogen is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key players for the global Green Hydrogen market report cover prominent players like -
Concerns about global warming and carbon emissions are growing. Governments all around the world have put in place a variety of policies and regulations aimed at reducing carbon emissions from diverse industries. Electrolyzers produce hydrogen through electrolysis, which is the process by which water is divided into oxygen and hydrogen using electricity. Electricity is created from either nonrenewable or renewable resources.
Furthermore, hydrogen may be produced using electrolyzers in conjunction with wind or solar energy sources. This technology promotes the creation of zero-carbon-footprint green hydrogen. As a result, many enterprises are choosing on-site electrolyzers of 1-5 Mw power to reduce their carbon footprint, which significantly contributes to the worldwide market's development.
The United States is one of the world's early adopters of renewable energy solutions in industries such as electricity production and transportation. This may be attributed to the greater focus placed on clean energy solution by the United States government's energy act. According to the Roadmap to a U.S. Hydrogen Economy study, hydrogen from low-carbon resources may provide around 14 percent of the country's energy requirements by 2050, covering hard-to-electrify industries such as high-heat industrial operations and fertilizer manufacturing.
Currently, 96% of hydrogen generation is fueled by fossil fuels. The old manner of manufacturing releases carbon dioxide into the environment which has a negative impact on the environment. In the power-to-gas process, water is electrolyzed into oxygen and hydrogen. The byproduct oxygen may be reused or discharged into the environment while the hydrogen has been utilized.
Hydrogen is the most plentiful element on the earth, and it has enormous potential for innovation. It may be utilized as a fuel or energy supply as well as a raw material in the industrial sector. Fuel-cell systems are already in operation, and electrolysis technologies are on the approach of becoming viable. However, in order for hydrogen from power-to-gas plants to be effectively sold commercially, Germany has set out to create a technologically open legal framework for the widespread use of green hydrogen.
Green hydrogen is in high demand in recent years due to its capacity to reduce carbon emissions. It also contributes to meeting the world's growing demands. Its usage is expected to increase since it is a long-term source of energy. As individuals become more aware of the advantages of utilizing hydrogen as an energy carrier, the worldwide green hydrogen market is expected to grow. Furthermore, environmental concerns are driving the business, highlighting the necessity for clean energy generation to minimize emissions.
Furthermore, the green hydrogen industry is expanding as the use of green hydrogen and nuclear fuels grows. The initial investment necessary to establish hydrogen infrastructure, in addition to prohibitive maintenance costs, are the key obstacles restricting the development of the green hydrogen industry.
To power electric cars, hydrogen fuel cells serve as batteries. The usage of electric vehicles reduces carbon emissions, which reduces air pollution and, to some degree, reduces the use of increasingly diminishing fossil fuels. As a result, several governments are giving various regulations and incentives to users and producers in order to stimulate the use of electric cars.
Europe contributed for a considerable revenue share as a result of huge expenditures made by European economies in the future years to transition to a sustainable hydrogen-based economy. For example, in August 2019, the United Kingdom unveiled a USD 14.8 billion development plan for a project that would utilize 4 GW of offshore wind to produce green hydrogen by 2030.
North America is expected to grow at a rapid pace throughout the projection period, with the United States and Canada progressively expanding the green hydrogen sector as clean energy legislation is implemented. In the United States, California controls the bulk of the industry, with growth fueled by strong de-carbonization goals such as the phase-out of gas- or diesel-powered public buses by 2040.
On May 9th, 2022; Linamar Corporation and Ballard Power Systems unveiled the idea of a fuel cell-powered class 2 truck chassis. The innovation is on exhibit at the ACT Expo on a RAM 2500 truck chassis. The new operating system is still being tested, and this will occur between 2022 and 2023.
On April 20th, 2022; TC Energy Corporation reviewed their concept for a hydrogen generating center on 140 hectares in Crossfield, Alberta, where the company maintains a natural gas storage plant, with the knowledge and assistance of Nikola Corporation. The program was created at the inaugural Canadian Hydrogen Convention in Edmonton, Alberta. TC Energy anticipates a final investment decision in 2023, with the project subject to usual regulatory clearances.
On June 23rd, 2022; Air Liquide and Siemens Energy have formed a joint venture in Europe to produce industrial-scale hydrogen energy electrolyzers in line. This Franco-German collaboration will allow the creation of a sustainable hydrogen economy across Europe and promote a European ecosystem for hydrogen and electrolysis technologies by integrating the experience of two of the world's premier firms in their respective fields. Production is planned to begin in the second half of 2023, with a capacity of three gigatonnes per year by 2025.
|Historical data||2016 - 2021|
|Forecast Period||2022 - 2029|
|Market Size in 2021:||USD 1.83 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 37.6 Billion|
|Tables, Charts & Figures:||175|
|Companies||ITM Power, NEL ASA, Air Products Inc., ENGIE, SEIMENS, Plug Power Inc., Messer Group GMBH, Air LIQUIDE, Cummins Inc., LINDE, and others.|
|Segments Covered||By Technology, By Application, By End-Use|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|