The Global Green Hydrogen Market Size is valued at 5.99 billion in 2023 and is predicted to reach 81.65 billion by the year 2031 at a 38.96% CAGR during the forecast period for 2024-2031.
The green hydrogen industry expands as nuclear and green hydrogen fuel utilization rises. The main factor influencing the worldwide market for green hydrogen is the rising desire for alternative sources of electricity. The market will increase due to escalating environmental concerns highlighting the necessity of producing clean energy to minimize emissions.
Key Industry Insights & Findings from the report:
- When water is electrolyzed, green hydrogen is created. This process uses electricity produced by renewable energy sources like solar or wind power.
- The increasing carbon emissions from fossil fuel usage is expected to drive industry growth.
- Europe dominated the market and accounted for a revenue share of global revenue in 2023.
- One of the significant concerns restraining industry growth is the high initial capital costs.
Furthermore, there will be many chances for green hydrogen due to the ubiquitous usage of hydrogen across many industries. The market for green hydrogen will experience an increase in revenue as regulations and laws supporting green hydrogen in the energy sector increase.
In addition, environmental concerns over rising carbon emissions from the usage of fossil fuels are intensifying. The growing number of hydrogen projects will also increase the market's international reach. The capacity to efficiently store green hydrogen and use it later will further fuel the market's expansion during the projected period. Wind farms make extensive use of green hydrogen. Wind turbines are frequently found both onshore and offshore. Offshore plants produce consistently all year long in contrast to onshore installations. Costs of renewable power have decreased over the past few decades, and this element has improved wind energy's adoption as a green hydrogen source. Both onshore and offshore wind farms now produce power to produce green hydrogen products.
However, the most significant problems preventing the expansion of the green hydrogen market are the initial investment necessary to build up hydrogen infrastructure and the prohibitive maintenance expenses.
Recent Developments:
- In June 2022, A joint venture between Siemens Energy and Air Liquide was established for manufacturing large-scale renewable hydrogen electrolyzes in Europe. By fostering a European ecosystem for electrolysis and hydrogen sources, this alliance will likely make Europe's sustainable hydrogen economy possible. Production is anticipated to start in the second half of 2023 and build up to a three-gigawatt annual production capacity by 2025. In the joint venture, Siemens Energy would own 74.9%, with Air Liquide presumably holding 25.1%.
- In Nov 2020, The Adani Group announced intentions to invest US$ 70 billion in green energy, and it is anticipated that this investment will be crucial to India's shift to green energy.
Competitive Landscape:
Some of the primary key players in the Green Hydrogen market are:
- Linde
- Air Liquide
- Air Products Inc.
- ENGIE
- Uniper SE
- Siemens Energy
- Green Hydrogen
- Cummins Inc
- Toshiba Energy Systems & Solutions Corporation
- Nel ASA
- SGH2 Energy Global LLC
- PLUG POWER INC
- Aker Horizons
- HY2GEN AG
- Fusion-Fuel
- Loop Energy Inc
- Ergosup
- Ballard Power Systems
Market Segmentation:
The green hydrogen market is segmented based on application and technology. Based on application, the market is segmented as Oil and Gas, Industrial Feedstock, Mobility, Power Generation, and others. By technology, the market is segmented into a proton exchange membrane electrolyzer, alkaline electrolyzer, anion exchange membrane, and solid oxide electrolyzer.
Based On Application, The Petrochemicals Segment Is a Major Contributor to The Green Hydrogen Market
The petrochemical category is expected to hold a significant share of the global green hydrogen market. A considerable element influencing the market is the rise in demand for downstream products from numerous end-use sectors, including architecture, medicine, and automotive. Because petrochemicals are essential to many manufacturing processes, they serve as the foundation of an industrial economy. Tires, petrochemical oil, soaps, and plastics are products made from petrochemicals.
The Alkaline Electrolyzer Segment Witnessed Growth at a Rapid Rate
The alkaline electrolyzer segment is projected to grow rapidly in the global green hydrogen market. The main reasons for alkaline electrolysis technology's quick market expansion and domination over other production technologies are listed below. Numerous easily available and inexpensively produced electrolytes are used in alkaline electrolysis. The alkaline electrolyzer has a more extended operating period than the PEM electrolyte. It uses a liquid alkaline solution of either potassium or sodium caustic as its electrolyte., especially in countries such as the US, Germany, the UK, China, and India.
The North American Green Hydrogen Market Holds a Significant Regional Revenue Share
The North American green hydrogen market is expected to record the highest market share in revenue soon. This is because more investments have been made in creating renewable technologies for generating electricity, such as solar and wind. Players have implemented approaches such as upgrading and expanding the scope of green hydrogen projects globally through tie-ups, developing contemporary and cleaner energy systems through contractual partnership provisions, concentrating on joint venture agreements, and investigating the production of green hydrogen through collaborative relationships in this region. In addition, Europe is projected to grow rapidly in the global green hydrogen market. This increase is a result of governments' increased efforts to hasten the adoption of green hydrogen in their economies. The cost of producing renewable energy is also decreasing, yet another factor is promoting its rise. Furthermore, significant R&D spending in the hydrogen sector is anticipated to support the expansion of the green hydrogen market in Europe.
Green Hydrogen Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 5.99 billion |
|
Revenue forecast in 2031 |
USD 81.65 billion |
|
Growth rate CAGR |
CAGR of 38.96% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, Volume in Kilotons and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
Technology and Application |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
|
Competitive Landscape |
Linde, Air Liquide, Air Products Inc., ENGIE, Uniper SE, Siemens Energy, Green Hydrogen, Cummins Inc., Toshiba Energy Systems & Solutions Corporation, Nel ASA, SGH2 Energy Global, LLC, PLUG POWER INC., Loop Energy Inc., Ergosup, Ballard Power Systems |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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