Green Hydrogen Market Size By Technology (Alkaline Electrolyzer, Polymer Electrolyte Membrane (PEM) Electrolyzer), By Application(Power Generation, Transportation), By Distribution Channel (Pipeline, Cargo) By Geographic Scope And Forecast

Green Hydrogen Market Size And Forecast

Green Hydrogen Market size was valued at USD 650 Million in 2022 and is projected to reach USD 8,412 Million by 2030, growing at a CAGR of 59.8 % from 2023 to 2030.

The Green Hydrogen market has witnessed a tremendous increase in the previous few years due to the increasing demand from the pharmaceutical industry. The Global Green Hydrogen Market report delivers a holistic market evaluation. The report comprehensively analyzes critical segments, restraints, trends, drivers, competitive landscape, and factors that play a significant role in the market.

Global Green Hydrogen Market Definition

Green hydrogen is produced by separating water into hydrogen and oxygen using renewable electricity. This is a very different pathway that corresponds to both grey and blue. It uses renewable energy sources such as wind, solar, or hydroelectric power through electrolysis. Unlike conventional hydrogen production methods, which rely on fossil fuels such as coal or natural gas, Green Hydrogen does not produce greenhouse gas emissions or other harmful pollutants during production.

During electrolysis, an electrical current is passed through water to split it into its constituent elementshydrogen and oxygen. The hydrogen produced can then be used as a clean and sustainable fuel source in various applications, including fuel cells, transportation, and industrial processes. Green Hydrogen has the possibility to play an important role in the transition to a low-carbon economy and help reduce our dependence on fossil fuels.

Global Green Hydrogen Market Overview

The Green Hydrogen Market is really taking off, and it's all thanks to our increasing need for clean energy. With the world laser-focused on cutting greenhouse gas emissions and switching to a low-carbon future, we're seeing a surge in demand for clean energy sources like hydrogen. By 2030, we're looking at a global market of about 100 MMT of Green Hydrogen and related stuff like Green Ammonia! Because some countries just don't have enough land or renewable resources to make Green Hydrogen themselves, they'll probably need to import it. Plus, governments everywhere are stepping up to the plate with support and subsidies, helping to develop and embrace hydrogen as a clean energy source. This is really fueling growth in the market.

And get thisnew technologies are making hydrogen production cheaper and more efficient. Suddenly, it's looking pretty good to a lot of industries! The idea that "green" hydrogen could smooth out the ups and downs of solar and wind power – plus burn like natural gas and even be used to make chemicals – is getting everyone excited, from governments to businesses to investors. Besides more money, smarter engineers, government backing, and talented workers, we need digital tools to really speed up the switch to green hydrogen. Think about artificial intelligence of things (AIoT) – that's a combo of AI and the Internet of Things. It can make things run better and automatically by helping us manage and understand data in a whole new way.

Further, Growing use in industrial processes, increased demand for fuel cell vehicles, and growing demand for energy storage are additional factors driving demand for green hydrogen as a fuel source. Green Hydrogen is increasingly being used in various industrial processes, including oil refining, ammonia production, and steelmaking, which is driving growth in the market. It is being seen as a promising option for energy storage. However, Green hydrogen production is currently more expensive than fossil fuel production. This is because renewable energy sources such as solar and wind power are still more costly than fossil fuels.

Also, the current infrastructure for green hydrogen production, transportation, and storage needs improvement. This limits the technology’s scalability, making it difficult for green hydrogen to compete with traditional hydrogen produced from fossil fuels. Also, its production involves complex processes such as electrolysis, which requires advanced technology and specialized equipment. The technical challenges involved in scaling up green hydrogen production are significant. These factors, in turn, restrict the market.

Global Green Hydrogen MarketSegmentation Analysis

The Global Green Hydrogen Market is Segmented on the basis of Technology, Application, Distribution Channel, And Geography.

Green Hydrogen Market, By Technology

• Alkaline Electrolyzer
• Polymer Electrolyte Membrane (PEM) Electrolyzer

When we look at the Green Hydrogen Market, it's helpful to break it down by Technology. Right now, it's primarily split between two typesAlkaline Electrolyzers and Polymer Electrolyte Membrane (PEM) Electrolyzers. In 2021, the alkaline electrolyzer segment was the big player, grabbing around 65% of the revenue. That's because they're using that tried-and-true technology we've seen in green hydrogen projects for a while. Alkaline electrolyzers use a liquid alkaline solution – think sodium hydroxide or potassium – as their electrolyte and can run for longer stretches than PEM electrolyzers. The trade-off? They don't have the same power and current density, and they operate at a slightly higher temperature, usually between 100 and 105 degrees Celsius, while PEM electrolyzers typically operate between 70 and 90 degrees Celsius. But here's the thingalkaline electrolyzers are expected to grow because they're generally more affordable than those PEM electrolyzers.

Green Hydrogen Market, By Application

• Power Generation
• Transportation
• Others

So, when we look at the different ways green hydrogen is being used – power generation, transportation, and other applications – you see that transportation is really leading the charge. In fact, it grabbed a whopping 41% of the market in 2021! That's because hydrogen can power vehicles through fuel cells or even good old internal combustion engines. Now, get thisa hydrogen fuel cell is seriously efficient, like two or three times more so than a gasoline engine. But, burning hydrogen in an internal combustion engine isn't perfect. It creates nitrogen oxide emissions and just isn't as efficient as using fuel cells. Thinking ahead, big names in Europe's auto industry – Daimler, CNH, DAF, MAN, Ford, Scania, and Volvo – all announced back in 2020 they're aiming for hydrogen-powered truck fleets by 2040. And Airbus? They're dreaming of hydrogen-powered planes and hoping to have commercial flights up and running by 2035.

Green Hydrogen Market, By Distribution Channel

• Pipeline
• Cargo

When it comes to getting green hydrogen where it needs to go, there are two main routesPipeline and Cargo. In 2021, pipelines dominated, grabbing a whopping 62% of the revenue in the green hydrogen market. Now, you can move hydrogen as a liquid in special containers, as a gas packed tight, turned into methanol or ammonia, or even tucked into other chemical carriers. But honestly, for really big amounts and long distances, a pipeline is usually the cheapest way to go. Think of it like thisBack in September 2020, some smart folks from German pipeline companies like Nowega and Gascade, along with Siemens Energy, got together and wrote a paper about how we could actually use old natural gas pipelines to transport hydrogen in the future. You can read more about it here.

Green Hydrogen Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Based on Geography, The Green Hydrogen Market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East, and Africa based on the regional analysis. During the projection period, the Europe region is expected to hold a significant stake in the Global Green Hydrogen Market due to the massive investments made by the European economies, seeking an energy transition into a clean hydrogen-based economy in the coming years.

Back in August 2019, the U.K. government announced a hefty $ 14.8 billion investment! This plan aims to harness the power of the sea, using 4 GW of offshore wind to produce green hydrogen by 2030. Things are looking bright in North America too, with the CAGR expected to be pretty impressive. Both the U.S. and Canada are boosting their green hydrogen efforts thanks to new clean energy policies. In the U.S., California's leading the charge, driven by ambitious goals like ditching gas and diesel buses by 2040 – a real commitment to de-carbonization! This is a bold move.

Key Players

The “Global Green Hydrogen Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Siemens Energy AG, Linde plc, Air Liquide S.A., Plug Power Inc., Nel ASA, ITM Power plc, Hydrogenics Corporation, McPhy Energy S.A., ENGIE SA, Toshiba Energy Systems & Solutions Corporation, Ballard Power Systems Inc., Cummins Inc., Doosan Corporation, Enapter AG, and Green Hydrogen Systems A/S.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In April 2020, Siemens Gas and Power and Uniper SE reported a joint deal on implementing projects that produce and use green hydrogen from renewable energy sources.
• In March 2022, Siemens Energy and Air Liquide jointly announced plans to develop a green hydrogen production facility in France. The facility will have a capacity of 30 MW and will be powered by renewable energy sources.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in The Green Hydrogen Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in Global Green Hydrogen Market gauge the attractiveness of a certain sector, and assess investment possibilities.

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