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The Global Green Hydrogen Market size is expected to rise around US$ 89,180 million by 2033 and is expanding at a CAGR of 54% from 2021 to 2030.
Green Hydrogen Market: Description
Green Hydrogen is defined as a critical enabler of the global transition to sustainable energy and net zero emissions economies. Green Hydrogen is emerging as one of the leading options for storing energy from renewables with hydrogen-based fuels which are potentially transporting energy from renewables over long distances i.e., from regions with abundant energy resources, to energy-hungry areas that are thousands of kilometers away.
Green hydrogen is the only type of hydrogen produced in a climate-neutral manner which makes it critical to reach net zero by 2050. It is also defined as hydrogen produced by splitting water into hydrogen and oxygen using renewable electricity. This is a very different pathway compared to both grey and blue.
Green Hydrogen Market: Overview
Green hydrogen is created when water is hydrolyzed with the help of electricity. They are derived from renewable energy sources, such as wind and solar energy. The global market projection reveals a healthy and astonishing rate of growth where the market is witnessing an increase in demand for green technologies, as well as government assistance for widespread implementation of zero-emission systems. The global green hydrogen market is making an investment in the development of procedures that can help in reduction of production costs and improve infrastructure as the need for hydrogen grows across numerous industries. The global green hydrogen market is estimated to increase by the end of the global forecast period, as a result of all of these factors, such as rising demand for renewable energy resources and government efforts.
Green Hydrogen Market: Key Trends
Rise in Industrialization
The global emission of harmful greenhouse gases is due to the widespread and major use of fossil fuels in conjunction with industrialization. Gases, such as carbon dioxide, methane, and nitrous oxide play a significant role in raising the temperature of the plant and causing climate change. As the global temperature has risen by one degree Celsius over the last century, environmentalists are requesting people to abandon the harmful use of fossil fuels as energy sources and instead of it demands the widespread use of green hydrogen. Emission control technologies are gaining traction in a variety of fields due to which the rising industrialization is driving the growth of green hydrogen market.
Technological Advancements
In the global hydrogen market, a variety of technologies are being used to produce hydrogen on a large scale. To meet the market demand, entire hydrogen quantum produced in the current scenario is primarily used in petroleum refineries, as well as in fertilizer manufacturing. The concept of green hydrogen adoption across various market segments is still nearing its peak and has had a positive rate of adoption and is used globally. As a result, technological advancements is creating great opportunities for the growth of green hydrogen market.
Restraints to the market growth include High Initial Costs. Hydrogen can be stored in different ways. The stored hydrogen is used to generate electricity, but because of the round-trip productivity, it is used at a lower rate than other storage technologies. In comparison to other fossil fuels, storing hydrogen energy is a relatively expensive process. Liquid hydrogen, thus has a higher density than gaseous hydrogen and is used as an energy transporter in processes, such as liquefaction. The method of operation employs to a mechanical plant with a highly complex working and functioning system. Thus, this increases the overall costs and as a result, high initial cost restricts the growth of green hydrogen market during the forecast period.
Green Hydrogen Market: Segmentation Analysis
Key Players:
Green Hydrogen Market by Technology:
Alkaline Electrolyzer
Solid Oxide Electrolyzer
Proton Exchange Membrane Electrolyzer
Alkaline Electrolyzer operates by transport of hydroxide ions i.e., negative ions through the electrolyte from the cathode to the anode with hydrogen i.e., positive ion being generated on the cathode side. Electrolyzers that use a liquid alkaline solution of sodium or potassium hydroxide as the electrolyte have been available for many years. New approaches that use solid alkaline exchange membranes (AEM) as the electrolyte are showing promise on the lab scale. While, the Solid oxide electrolyzers, uses a solid ceramic material as the electrolyte that selectively conducts negatively charged oxygen ions (O2-) at elevated temperatures and generate hydrogen in a slightly different way.
Green Hydrogen Market by Application:
Power Generation
Transport
Power Generation segment is expected to witness a significantly large revenue share during the forecast period because of the rising demand in green hydrogen. FCEVs are eco-friendlier, reliable, flexible to install and operate and requires less charging time and is expected to support the revenue growth of this segment.
Green Hydrogen Market: End User Industry Segment Analysis
Food & Beverages
Medical
Mobility
Industrial
Glass
Grid Injection
Petrochemicals
Power
Chemical
Others
Food & Beverages and Medicals are expected to drive revenue growth of the segment during the forecast period. The advantage of the end- use industry is that it increases the acceptability of grid-injections which is a low-value, low-investment shipping stone to support the early scaling of the green hydrogen market, to a significant extent.
Green Hydrogen Market by Renewable Source
Wind
Solar
Others
The wind segment is anticipated to garner substantial returns over the forecast period due to a sharp decline in the price of wind energy.
Green Hydrogen Market: Regional Analysis
The global green hydrogen market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Green Hydrogen Market had the largest revenue share in Europe in 2020. Europe is taking steps to become a preeminent producer of green hydrogen. Asia-Pacific is one of the fastest growing region in the green hydrogen market. Because of its ability to build large infrastructures for storing green hydrogen, it will be the fastest growing region in the global market. China will also play a significant role in the markets expansion in this region.
Report Scope:
Green Hydrogen Market Forecast Years: 2023-2033
Green Hydrogen Market 2023: US$ 1,830 million
Green Hydrogen Market 2033: US$ 89,180 million
Green Hydrogen Market CAGR: 54%
Key Segments: Technology, Application, Renewable Source, End-Use Industry, Region
Key Regions and Countries: North America, Europe Asia Pacific, Latin America, Middle East & Africa.
1. Global Green Hydrogen Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Green Hydrogen Market Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years 2020 to 2021
1.3.2. Projected Data Reporting Years 2023 to 2033
1.3.3. Reporting Data Parameters Value (US$ Million) & Volume (Tons)
1.4. Global Green Hydrogen Market Scope and Market Estimation
1.4.1. Global Green Hydrogen Overall Market Size (US$ Million) & (Tons), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Green Hydrogen Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Green Hydrogen Market Segmentation
1.5.1. Technology of Global Green Hydrogen Market
1.5.2. Renewable Source of Global Green Hydrogen Market
1.5.3. Application of Global Green Hydrogen Market
1.5.4. End-User of Global Green Hydrogen Market
1.5.5. Key Regions of Global Green Hydrogen Market
2. Global Green Hydrogen Market - Executive Summary
2.1. Global Green Hydrogen Market Summary & Snapshot
2.2. Global Green Hydrogen Market, By Technology (US$ Million) & (Tons)
2.3. Global Green Hydrogen Market, By Renewable Source (US$ Million) & (Tons)
2.4. Global Green Hydrogen Market, By Application (US$ Million) & (Tons)
2.5. Global Green Hydrogen Market, By End Use (US$ Million) & (Tons)
2.6. Global Green Hydrogen Market, By Geography (US$ Million) & (Tons)
2.7. Global Green Hydrogen Market Outlook & Future Opportunities
3. Green Hydrogen Market Trends, Outlook, and Factors Analysis
3.1. Global Green Hydrogen Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Green Hydrogen Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Market Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Increasing Demand for Green Globe Projects
3.2.1.2. Increasing environmental concerns
3.2.1.3. Reducing carbon emissions and provide care to planet
3.2.1.4. Driver 4
3.2.1.5. Driver 5
3.2.2. Restraints
3.2.2.1. High manufacturing cost
3.2.2.2. High maintenance cost
3.2.3. Opportunities
3.2.3.1. Research and development of procedures will reduce the cost of production
3.2.3.2. Rising demand for renewable energy resources
3.2.3.3. Government awareness and efforts and different schemes/subsidy
3.2.3.4. Opportunity 4
3.2.3.5. Opportunity 5
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porters Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Green Hydrogen Market
3.8. Technological Roadmap
3.9. Key Investment Pockets of Green Hydrogen Market
3.9.1. By Technology
3.9.2. By Renewable Source
3.9.3. By Application
3.9.4. By End Use
3.9.5. By Regions
4. Global Green Hydrogen Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Green Hydrogen Market, 2020 2021 (US$ Million) & (Tons)
4.2. Global Green Hydrogen Market, By Technology, 2020 to 2021 (US$ Million) & (Tons)
4.3. Global Green Hydrogen Market, By Renewable Source, 2020 to 2021 (US$ Million) & (Tons)
4.4. Global Green Hydrogen Market, By Application, 2020 to 2021 (US$ Million) & (Tons)
4.5. Global Green Hydrogen Market, By End Use, 2020 to 2021 (US$ Million) & (Tons)
4.6. Global Green Hydrogen Market, By Region, 2020 to 2021 (US$ Million) & (Tons)
5. Global Green Hydrogen Market Estimates & Forecast Trend Analysis, by Technology
5.1. Global Green Hydrogen Market Share (%) Estimates and Forecasts, by Technology, 2023 & 2033
5.2. Global Green Hydrogen Market Size (US$ Million) & (Tons) Estimates and Forecasts, by Technology, 2023 to 2033
5.2.1. Solid oxide Electrolyzer
5.2.2. Proton Exchange Membrane Electrolyzer
5.2.3. Alkaline Electrolyzer
6. Global Green Hydrogen Market Estimates & Forecast Trend Analysis, by Renewable Source
6.1. Global Green Hydrogen Market Share (%) Estimates and Forecasts, by Renewable Source, 2023 & 2033
6.2. Global Green Hydrogen Market (US$ Million) & (Tons) Estimates and Forecasts, by Renewable Source, 2023 to 2033
6.2.1. Wind
6.2.2. Solar
6.2.3. Others
7. Global Green Hydrogen Market Estimates & Forecast Trend Analysis, by Application
7.1. Global Green Hydrogen Market Share (%) Estimates and Forecasts, by Application, 2023 & 2033
7.2. Global Green Hydrogen Market (US$ Million) & (Tons) Estimates and Forecasts, by Segment, 2023 to 2033
7.2.1. Transport
7.2.2. Power Generation
7.2.3. Others
Global Green Hydrogen Market Estimates & Forecast Trend Analysis, by End-User
7.3. Global Green Hydrogen Market Share (%) Estimates and Forecasts, by End-User, 2023 & 2033
7.4. Global Green Hydrogen Market (US$ Million) & (Tons) Estimates and Forecasts, by End-User, 2023 to 2033
7.4.1. Medical
7.4.2. Mobility
7.4.3. Grid Injection
7.4.4. Glass
7.4.5. Industrial
7.4.6. Petrochemicals
7.4.7. Food & Beverages
7.4.8. Chemical
7.4.9. Power
7.4.10. Others
8. Global Green Hydrogen Market Analysis and Forecast, by Region
8.1. Global Green Hydrogen Market Share (%) Estimates and Forecasts, by Region, 2023 & 2033
8.2. Global Green Hydrogen Market (US$ Million) & (Tons) Estimates and Forecasts, by Region, 2023 to 2033
8.2.1. North America
8.2.2. Europe
8.2.3. Asia Pacific
8.2.4. Middle East and Africa
8.2.5. Latin America
9. North America Green Hydrogen Market: Estimates & Forecast Trend Analysis
9.1. North America Green Hydrogen Market Assessments & Key Findings
9.2. North America Green Hydrogen Market Share (%) Estimates and Forecasts, 2023 & 2033
9.3. North America Green Hydrogen Market Size Estimates and Forecast (US$ Million) & (Tons) (2023 to 2033)
9.3.1. By Technology
9.3.2. By Renewable Source
9.3.3. By Application
9.3.4. By End Use
9.3.5. By Major Country
9.3.5.1. The U.S.
9.3.5.2. Canada
10. Europe Green Hydrogen Market: Estimates & Forecast Trend Analysis
10.1. Europe Green Hydrogen Market Assessments & Key Findings
10.2. Europe Green Hydrogen Market Share (%) Estimates and Forecasts, 2023 & 2033
10.3. Europe Green Hydrogen Market Size Estimates and Forecast (US$ Million) & (Tons) (2023 to 2033)
10.3.1. By Technology
10.3.2. By Renewable Source
10.3.3. By Application
10.3.4. By End Use
10.3.5. By Major Country
10.3.5.1. Germany
10.3.5.2. The U.K.
10.3.5.3. France
10.3.5.4. Italy
10.3.5.5. Spain
10.3.5.6. Rest of Europe (includes all other European countries)
11. Asia Pacific Green Hydrogen Market: Estimates & Forecast Trend Analysis
11.1. Asia Pacific Green Hydrogen Market Assessments & Key Findings
11.2. Asia Pacific Green Hydrogen Market Share (%) Estimates and Forecasts, 2023 & 2033
11.3. Asia Pacific Green Hydrogen Market Size Estimates and Forecast (US$ Million) & (Tons) (2023 to 2033)
11.3.1. By Technology
11.3.2. By Renewable Source
11.3.3. By Application
11.3.4. By End Use
11.3.5. By Major Country
11.3.5.1. China
11.3.5.2. Japan
11.3.5.3. India
11.3.5.4. ASEAN
11.3.5.5. South Korea
11.3.5.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
12. Middle East & Africa Green Hydrogen Market: Estimates & Forecast Trend Analysis
12.1. Middle East & Africa Green Hydrogen Market Assessments & Key Findings
12.2. Middle East & Africa Green Hydrogen Market Share (%) Estimates and Forecasts, 2023 & 2033
12.3. Middle East & Africa Green Hydrogen Market Size Estimates and Forecast (US$ Million) & (Tons) (2023 to 2033)
12.3.1. By Technology
12.3.2. By Renewable Source
12.3.3. By Application
12.3.4. By End Use
12.3.5. By Major Country
12.3.5.1. GCC
12.3.5.2. South Africa
12.3.5.3. Egypt
12.3.5.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
13. Latin America Green Hydrogen Market: Estimates & Forecast Trend Analysis
13.1. Latin America Market Assessments & Key Findings
13.2. Latin America Green Hydrogen Market Share (%) Estimates and Forecasts, 2023 & 2033
13.3. Latin America Green Hydrogen Market Size Estimates and Forecast (US$ Million) & (Tons) (2023 to 2033)
13.3.1. By Technology
13.3.2. By Renewable Source
13.3.3. By Application
13.3.4. By End Use
13.3.5. By Major Country
13.3.5.1. Brazil
13.3.5.2. Mexico
13.3.5.3. Rest of Latin America (includes all other Latin America countries)
14. Competitive Landscape
14.1. Market Revenue Share Analysis (%), by Major Players (2021)
14.2. Market Competition Matrix, by Leading Players
14.3. List of Emerging, Prominent and Leading Players
14.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, etc.
15. Company Profiles
15.1. Cummins Inc.
15.1.1. Company Overview & Insights
15.1.2. Financial Performance
15.1.3. Product / Service Portfolio
15.1.4. Geographical Footprint & Share
15.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
15.2. Cummins Inc.
15.3. Siemens Energy AG
15.4. ITM Power
15.5. Nel ASA
15.6. Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd
15.7. Linde Plc
15.8. Messer Group GMBH
15.9. Air Products and Chemicals, Inc.
15.10. Wind to Gas Energy GmbH & Co. KG
15.11. Toshiba Energy Systems & Solutions Corporation
15.12. H&R Olwerke Schindler GmbH
15.13. Air Liquide
15.14. Plug Power Inc.
15.15. Uniper
15.16. GreenHydrogen
15.17. Hydrogenex
15.18. ERGOSUP
15.19. Ballard Power Systems
15.20. ENGIE Group
15.21. Green Hydrogen Systems
15.22. Nikola Corporation.
15.23. Solena Group
15.24. Enapter S.r.l.
15.25. Loop Energy Inc.
15.26. Tianjin Mainland Hydrogen Equipment Co. Ltd.
15.27. Others
16. Assumptions and Research Methodology
16.1. Data Mining
16.2. Secondary Research
16.3. Primary Research
16.4. Subject Matter Expert Advice
16.5. Quality Check
16.6. Final Review
16.7. Data Triangulation
16.8. Bottom-Up Approach
16.9. Top Down Approach
16.10. Research Flow
16.11. Key Insights from Industry Experts
16.12. Data Sources
16.13. Assumptions
16.14. Limitations
17. Conclusions and Recommendations
17.1. Key Research Findings and Conclusion
17.2. Key Insights & Recommendations from Analysts