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Green Hydrogen Market Size was valued at USD 0.29 billion in 2021. The green hydrogen market industry is projected to grow from USD 0.45 billion in 2022 to USD 10.57 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 57.45% during the forecast period (2022 - 2030). Growing demand for renewable energy resources and the need to reduce carbon emissions are the key Green Hydrogen Market drivers enhancing the market growth.
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Growth in awareness of hydrogen as an energy carrier and rise in the use of nuclear & green hydrogen fuels to boost the market growth. Because more people are becoming aware of using hydrogen as energy, the global market for green hydrogen is expanding. The advantage of using hydrogen as an energy carrier is that it only reacts with oxygen to produce water and heat. Using hydrogen fuel cells results in no emissions of greenhouse gases or other pollutants. It has been discovered that hydrogen fuel cells are more effective than conventional combustion-based power plants. According to the U.S. Department of Energy, a traditional combustion-based power plant generates electricity at a 33% to 35% efficiency, whereas hydrogen-based fuel cell systems can do so at up to 60% efficiency (and even higher with cogeneration).
Increasing environmental issues have recently driven the industry. The need for green hydrogen and the expansion of its market are driven by the developed and developing global increasing search for alternative energy sources. According to the International Energy Agency, global carbon emissions increased by 4.79% from 31.5 Gt CO2 in 2020 to 33 Gt CO2 in 2021. In the United States of America, carbon emissions were projected to increase by more than 200 Mt CO2 to 4.46 Gt CO2 in 2021.
The green hydrogen sector recently grew as nuclear and green hydrogen fuel utilization increased. The use of green hydrogen has been growing due to the rising adoption of renewable energy in recent years to reduce the environmental burden. According to the IREA (International Renewable Energy Agency), around 120 metric tonnes of hydrogen are consumed globally, with China using approximately 23.9 metric tonnes and the United States using about 11.2 metric tonnes, enhanced the green hydrogen market CAGR across the globe in recent years.
The alarmingly extensive use of fossil fuels and urbanization have been linked to increased global greenhouse gas emissions. The greenhouse gases methane, carbon dioxide, and nitrous oxide all contribute significantly to the increase in heat and subsequent climate change. The last century has seen a rise in global temperatures of one degree. As a result, environmentalists push for the widespread use of hydrogen as a substitute for polluting fossil fuels, another factor driving the growth of the green hydrogen market revenue.
Based on technology, the Green Hydrogen Market segmentation includes alkaline electrolyzers, proton exchange membrane electrolyzers, and solid oxide electrolyzers. The alkaline electrolyzers segment held the majority share 2021 of the Green Hydrogen Market revenue because alkaline electrolyzers are the conventional electrolyzer technology used in green hydrogen projects. The alkaline electrolyzer employs a liquid alkaline solution of potassium as its electrolyte and has longer running hours than PEM electrolyzers. Alkaline electrolyzers are also anticipated to rise in popularity since they are more readily available and less expensive than PEM electrolyzers.
Based on application, the Green Hydrogen Market segmentation includes transport, power generation, industries, and heating. The transport segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2022-2030. Hydrogen can be utilized in internal combustion engines or fuel cell technology for transportation. Due to its excellent energy efficiency, a hydrogen fuel cell is 2-3 times more effective than a gasoline-powered internal combustion engine. Airbus is also developing hydrogen-powered aircraft and intends to launch commercial operations by 2035, which positively impacts the market growth.
The Green Hydrogen Market data has been bifurcated by location onshore and offshore. The offshore segment accounted for a significant share of the market in 2021. Offshore wind's production of green hydrogen emerges as a viable way to remove barriers to a carbon-free economy in Europe and beyond. The combination of different electrolyzer placements, technologies, and operation modes is considered while evaluating the economic viability of hydrogen production from offshore wind power hubs.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Green Hydrogen market accounted for USD 0.13208 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. It is attributed to implementing clean energy targets and growing end-market applications, such as green hydrogen being used as a fuel in fuel-cell powered vehicles. California currently holds most of the U.S. market owing to aggressive decarbonization targets like eliminating gas or diesel-powered public transportation by 2040.
Further, the significant countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Europe's green hydrogen market accounts for the second-largest market share. In Europe, hydrogen serves as the primary energy source. With the European Green Deal, Europe aims to reduce greenhouse gas emissions and prepare its economy for a climate-neutral future. Further, the German green hydrogen market held the largest market share, and the U.K. green hydrogen market was the fastest-growing market in the European Region.
The Asia-Pacific Green Hydrogen Market is expected to grow at the fastest CAGR from 2022 to 2030. The fastest-growing Region is Asia-Pacific, and Japan and Australia are its two biggest contributors. The market is being driven by the increase in energy consumption and expansion, with an emphasis on the production of green energy in the area. For instance, Toshiba is constructing a green hydrogen plant in Japan with a 10 M.W. electrolyzer capacity to produce hydrogen for transportation systems. Moreover, China's green hydrogen market held the largest market share, and the Indian green hydrogen market was the fastest-growing market in the Asia-Pacific region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the green hydrogen market grow even more. Market participants are also taking various strategic initiatives to expand their global footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the green hydrogen industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the global green hydrogen industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the green hydrogen industry has provided hydrogen with some of the most significant benefits. The green hydrogen market major player such as Green Hydrogen Systems (Denmark), Solena Group (U.S.), H2X (Australia), Siemens Gas and Power GmbH & Co. K.G. (Germany), Engie (France), and others are working on expanding the market demand.
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Green Hydrogen Market Size was valued at USD 0.29 billion in 2021. The green hydrogen market industry is projected to grow from USD 0.45 billion in 2022 to USD 10.57 billion by 2030.
The global market is projected to grow at a CAGR of 57.45% during the forecast period, 2023-2030.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65579
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