The global green hydrogen market size was valued at USD 4.00
billion in 2022 and is expected to hit over USD 350.16 billion by 2033, poised
to grow at a CAGR of 60.18% from 2023 to 2033.
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 market’s 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. Objectives
of the Study
1.2. Green Hydrogen Market Definition & Description
1.3. Global
Green Hydrogen Market Scope and Market Estimation
1.3.1. Global
Green Hydrogen Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast
(2023-2033)
1.3.2. Global
Green Hydrogen Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019-2033
1.4. Market
Segmentation
1.4.1. By
Technology of Global Green Hydrogen Market
1.4.2. By
Application of Global Green Hydrogen Market
1.4.3. End
User Industry Segment Analysis of Global Green Hydrogen Market
1.4.4. By
Renewable Source of Global Green Hydrogen Market
1.4.5. By Region
of Global Green Hydrogen Market
2.
Executive
Summary
2.1. Global
Green Hydrogen Market Industry
Trends under COVID-19 Outbreak
2.1.1. Global
COVID-19 Status Overview
2.1.2. Influence
of COVID-19 Outbreak on Global Green
Hydrogen Market Industry Development
2.2. Market
Dynamics
2.2.1. Drivers
2.2.2. Limitations
2.2.3. Opportunities
2.2.4. Impact
Analysis of Drivers and Restraints
2.3. Pricing
Trends Analysis & Average Selling Prices (ASPs)
2.4. Key
Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.
2.5. Porter’s
Five Forces Analysis
2.5.1. Bargaining
Power of Suppliers
2.5.2. Bargaining
Power of Buyers
2.5.3. Threat
of Substitutes
2.5.4. Threat
of New Entrants
2.5.5. Competitive
Rivalry
2.6. Value
Chain / Ecosystem Analysis
2.7. PEST
Analysis
2.8. Russia-Ukraine
War Impacts Analysis
2.9. Economic
Downturn Analysis
2.10. Market
Investment Opportunity Analysis (Top Investment Pockets), By Segments & By
Region
3.
Global
Green Hydrogen Market Estimates &
Historical Trend Analysis (2020 - 2022)
4.
Global
Green Hydrogen Market Estimates &
Forecast Trend Analysis, By Technology
4.1. Global
Green Hydrogen Market Revenue (US$ Mn) Estimates and Forecasts, By Technology, 2023
to 2033
4.1.1. Alkaline
Electrolyzer
4.1.2. Solid
Oxide Electrolyzer
4.1.3. Proton
Exchange Membrane Electrolyzer
5.
Global
Green Hydrogen Market Estimates &
Forecast Trend Analysis, By Application
5.1. Global
Green Hydrogen Market Revenue (US$ Mn) Estimates and Forecasts, By Application,
2023 to 2033
5.1.1. Power
Generation
5.1.2. Transport
6.
Global
Green Hydrogen Market Estimates &
Forecast Trend Analysis, End User Industry Segment Analysis
6.1. Global
Green Hydrogen Market Revenue (US$ Mn) Estimates and Forecasts, End User
Industry Segment Analysis, 2023 to 2033
6.1.1. Food
& Beverages
6.1.2. Medical
6.1.3. Mobility
6.1.4. Industrial
6.1.5. Glass
6.1.6. Grid
Injection
6.1.7. Petrochemicals
6.1.8. Power
6.1.9. Chemical
6.1.10. Others
7.
Global
Green Hydrogen Market Estimates &
Forecast Trend Analysis, By Renewable Source
7.1. Global
Green Hydrogen Market Revenue (US$ Mn) Estimates and Forecasts, By Renewable
Source, 2023 to 2033
7.1.1. Wind
7.1.2. Solar
7.1.3. Others
8.
Global
Green Hydrogen Market Estimates &
Forecast Trend Analysis, By Region
8.1. Global
Green Hydrogen Market Revenue (US$ Mn) Estimates and Forecasts, By Region, 2023
to 2033
8.1.1. North
America
8.1.2. Europe
8.1.3. Asia
Pacific
8.1.4. Middle
East & Africa
8.1.5. South
America
9.
North
America Green Hydrogen Market: Estimates
& Forecast Trend Analysis
9.1. North
America Green Hydrogen Market Assessments & Key Findings
9.1.1. North
America Green Hydrogen Market Introduction
9.1.2. North America
Green Hydrogen Market Size Estimates and Forecast (US$ Million) (2023 to 2033)
9.1.2.1. By Technology
9.1.2.2. By Application
9.1.2.3. End User Industry Segment Analysis
9.1.2.4. By Renewable Source
9.1.2.5. By
Country
9.1.2.5.1. The
U.S.
9.1.2.5.2. Canada
9.1.2.5.3. Mexico
10. Europe Green Hydrogen Market: Estimates &
Forecast Trend Analysis
10.1. Europe
Green Hydrogen Market Assessments & Key Findings
10.1.1. Europe
Green Hydrogen Market Introduction
10.1.2. Europe
Green Hydrogen Market Size Estimates and Forecast (US$ Million) (2023 to 2033)
10.1.2.1. By Technology
10.1.2.2. By Application
10.1.2.3. End User Industry Segment Analysis
10.1.2.4. By Renewable Source
10.1.2.5. By
Country
10.1.2.5.1.
Germany
10.1.2.5.2.
U.K.
10.1.2.5.3.
France
10.1.2.5.4.
Italy
10.1.2.5.5.
Spain
10.1.2.5.6.
Russia
10.1.2.5.7.
Rest of Europe
11. Asia Pacific Green Hydrogen Market: Estimates &
Forecast Trend Analysis
11.1. Asia
Pacific Market Assessments & Key Findings
11.1.1. Asia
Pacific Green Hydrogen Market Introduction
11.1.2. Asia
Pacific Green Hydrogen Market Size Estimates and Forecast (US$ Million) (2023
to 2033)
11.1.2.1. By Technology
11.1.2.2. By Application
11.1.2.3. End User Industry Segment Analysis
11.1.2.4. By Renewable Source
11.1.2.5. By
Country
11.1.2.5.1.
China
11.1.2.5.2.
Japan
11.1.2.5.3.
India
11.1.2.5.4.
Australia
11.1.2.5.5.
South Korea
11.1.2.5.6.
ASEAN
11.1.2.5.7.
Rest of Asia Pacific
12. Middle East & Africa Green Hydrogen Market: Estimates &
Forecast Trend Analysis
12.1. Middle
East & Africa Market Assessments & Key Findings
12.1.1. Middle
East & Africa Green Hydrogen Market
Introduction
12.1.2. Middle
East & Africa Green Hydrogen Market Size Estimates and Forecast
(US$ Million) (2023 to 2033)
12.1.2.1. By Technology
12.1.2.2. By Application
12.1.2.3. End User Industry Segment Analysis
12.1.2.4. By Renewable Source
12.1.2.5. By
Country
12.1.2.5.1. U.A.E.
12.1.2.5.2. Saudi
Arabia
12.1.2.5.3. Egypt
12.1.2.5.4. South
Africa
12.1.2.5.5. Rest
of Middle East & Africa
13. South America Green Hydrogen Market: Estimates &
Forecast Trend Analysis
13.1. South
America Market Assessments & Key Findings
13.1.1. South
America Green Hydrogen Market Introduction
13.1.2. South
America Green Hydrogen Market Size Estimates and Forecast (US$ Million) (2023
to 2033)
13.1.2.1. By Technology
13.1.2.2. By Application
13.1.2.3. End User Industry Segment Analysis
13.1.2.4. By Renewable Source
13.1.2.5. By
Country
13.1.2.5.1. Brazil
13.1.2.5.2. Argentina
13.1.2.5.3. Colombia
13.1.2.5.4. Rest
of South America
14. Competition Landscape
14.1. Global
Green Hydrogen Market Competition Matrix & Benchmarking, by Leading Players
/ Innovators / Emerging Players / New Entrants
14.2. Global
Green Hydrogen Market Concentration & Company Market Shares (%) Analysis,
2022
15. Company Profiles
15.1. Cummins Inc.
15.1.1. Company
Overview & Key Stats
15.1.2. Financial
Performance & KPIs
15.1.3. Product
Portfolio
15.1.4. Business
Strategy & Recent Developments
* Similar details would be provided for all the
players mentioned below
15.2. Siemens Energy AG
15.3. ITM Power
15.4. Nel ASA
15.5. Guangdong Nation-Synergy Hydrogen Power Technologies
Co.
15.6. Linde Plc
15.7. Messer Group GMBH
15.8. Air Products and Chemicals
15.9. Wind to Gas Energy GmbH & Co. KG
15.10. Toshiba Energy Systems & Solutions Corporation,
H&R Olwerke Schindler GmbH
15.11. Air Liquide
15.12. Plug Power Inc
15.13. Uniper
15.14. GreenHydrogen
15.15. Hydrogenex
15.16. ERGOSUP
15.17. Ballard Power Systems
15.18. ENGIE Group
15.19. Green Hydrogen Systems
15.20. Nikola Corporation
15.21. Solena Group
15.22. Enapter S.r.l
15.23. Loop Energy Inc
15.24. Tianjin Mainland Hydrogen Equipment Co. Ltd.
15.25. Others**
16. Research Methodology
16.1. External
Transportations / Databases
16.2. Internal
Proprietary Database
16.3. Primary
Research
16.4. Secondary
Research
16.5. Assumptions
16.6. Limitations
16.7. Report
FAQs
17. Research Findings & Conclusion
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
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Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
The global green hydrogen market size was valued at USD 4.00 billion in 2022 and is expected to hit over USD 350.16 billion by 2033, poised to grow at a CAGR of 60.18% from 2023 to 2033.
The global emission of harmful greenhouse gases is due to the widespread and major use of fossil fuels in conjunction with industrialization.
Some of the major players operating within the market are Cummins Inc., Siemens Energy AG,ITM Power, Nel ASA,Guangdong Nation-Synergy Hydrogen Power Technologies Co., Ltd,Linde Plc, Messer Group GMBH,Air Products and Chemicals,Inc.,Wind to Gas Energy GmbH & Co. KG,Toshiba Energy Systems & Solutions Corporation, H&R Olwerke Schindler GmbH,Air Liquide,Plug Power Inc,Uniper,GreenHydrogen, Hydrogenex, ERGOSUP,Ballard Power Systems,ENGIE Group,Green Hydrogen Systems,Nikola Corporation,Solena Group,Enapter S.r.l,Loop Energy Inc,Tianjin Mainland Hydrogen Equipment Co. Ltd.
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.
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