Green Hydrogen Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Technology (Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer, Solid Oxide Electrolyzer), By Renewable Source (Wind, Solar PV, Others), By End Use Industry (Power Generation, Automotive, Chemicals & Petrochemicals, Others), By Region
Published Date: December - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Chemicals | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationGreen Hydrogen Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Technology (Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer, Solid Oxide Electrolyzer), By Renewable Source (Wind, Solar PV, Others), By End Use Industry (Power Generation, Automotive, Chemicals & Petrochemicals, Others), By Region
Global Green Hydrogen Market is expected to grow at CAGR of over 20%, owing to a rapidly increasing demand from fuel cell electric vehicle globally.
Development of Alkaline Electrolysis Process Driving Market Growth
The development of the Alkaline Electrolysis Process for the generation of green hydrogen is anticipated to push the adoption of green hydrogen in different sectors. In Alkaline Electrolysis Process, a liquid electrolyte solution, such as potassium hydroxide or sodium hydroxide, and water is used. Hydroxide ions flow over the electrolyte from the cathode to the anode of every cell when electric current is provided to the electrolysis cell stack, producing hydrogen and oxygen gas bubbles on the cathode and anode sides of the electrolyzer, respectively. The green hydrogen produced has high purity, and the vast & cheap availability of electrolyte solutions makes it a suitable method of green hydrogen generation. Many companies are investing in the generation of green hydrogen through the Alkaline Electrolysis Process. For instance, in July 2021, Hyundai Motor Company and Kia Corporation have signed a memorandum of understanding with Next Hydrogen Corporation, a Canadian company specializing in water electrolysis technology to develop an advanced alkaline water electrolysis system to produce green hydrogen economically and explore new business opportunities.
Usage of Green Hydrogen in Power Systems is Helping in Driving Global Green Hydrogen Market
Power systems need more flexibility as Variable Renewable Energy (VRE) share is growing rapidly in different markets around the world. The electrolytic cells used to produce green hydrogen can be designed as a flexible resource that can be rapidly increased or decreased to compensate for fluctuations in VRE production by adapting to electricity prices. Green hydrogen can be stored for long periods and can be used when VRE is unavailable for power generation in stationary fuel cells or hydrogen-enabled gas turbines. Therefore, green hydrogen supports network integration with higher VRE shares, improving system efficiency and profitability, which has increased usage of green hydrogen in power systems
Adoption of Proton Exchange Membrane (PEM) Electrolyzer
The proton Exchange Membrane (PEM) Electrolysis Process is another technology gaining popularity in the Global Green Hydrogen Market. A proton exchange membrane and a solid polymer electrolyte are used in PEM electrolyzers. Water splits into hydrogen and oxygen when current is added to the battery, and the hydrogen protons flow through the membrane to generate hydrogen gas on the cathode side. The green hydrogen produced by PEM electrolysis is of high quality and the fast response time makes it ideal for providing grid balancing services. Consequently, many industrial gas companies are going into green hydrogen production. For example, in January 2021, Linde plc announced it will build own, and operate the world's largest PEM electrolyzer plant at the Leuna Chemical Complex in Germany. Additionally, in July 2021, Shell started up operations at allegedly Europe’s largest PEM green hydrogen electrolyzer at Shell’s Energy and Chemicals Park in Rhineland, Germany.
Growing Demand from Fuel Cell Electric Vehicles
One of the primary developments in the twenty-first century is the electrification of transportation. Electrification of road transport has increased worldwide due to the green government policies in various countries. According to a recent report, global sales of electric cars increased by 41% to about 3 million electric cars, increasing the demand for green hydrogen as fuel. Hydrogen is utilized to power fuel cell electric vehicles (FCEVs). They are extra fuel efficient than conventional internal combustion engines and generate no exhaust emissions. FCEVs only generate water vapor and warm air as by-products
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Market Segmentation
The Global Green Hydrogen market is segmented based on Technology, Renewable Source, End Use Industry, Region, and company. Based on Technology, the market is further fragmented into alkaline electrolyzer, proton exchange membrane electrolyzer and solid oxide electrolyzer. Also, segmentation of the market on grounds of the Renewable Source is done into wind, solar PV, and others. Based on End Use Industry the market is fragmented into power generation, automotive, chemical & petrochemicals and others.
Company Profiles
Ballard Power Systems Inc., ENAPTER s.r.l.,
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Attribute |
Details |
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Base Year |
2021 |
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Historical Years |
2017 – 2020 |
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Estimated Year |
2022 |
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Forecast Period |
2023 – 2027 |
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Quantitative Units |
Revenue in USD Million, and CAGR for
2017-2021 and 2022-2027 |
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Report Coverage |
Revenue forecast, company share, competitive
landscape, growth factors, and trends |
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Segments Covered |
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Technology ·
Renewable Source ·
End Use Industry ·
Region |
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Regional Scope |
Europe , North America , Asia Pacific , South America, Middle East
& Africa |
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Key Companies Profiled |
Ballard
Power Systems Inc., ENAPTER s.r.l., Engie SA Green Hydrogen
Systems, Plug Power Inc, SGH2 Energy Global
LLC, Siemens Energy AG,
Toshiba
Energy Systems and Solutions Corp, Linde Plc, Air Liquide, Cummins Inc., Royal Dutch Shell Plc, NEL ASA |
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Customization Scope |
10% free report customization with purchase.
Addition or alteration to country, regional & segment scope. |
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Pricing and Purchase Options |
Avail customized purchase options to meet your exact
research needs. Explore purchase options |
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Delivery Format |
PDF and Excel through Email (We can also provide the editable version
of the report in PPT/pdf format on special request) |
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