Meticulous Research®, a prominent global market
research firm, has recently published an insightful report titled, “Green
Hydrogen Market by Generation Process (PEM, Alkaline, Solid Oxide), Energy
Source (Wind, Hydropower), Application (Fueling, Feedstock), End User
(Transportation, Chemical Production, Power Generation), and Geography - Global
Forecast to 2030.”
This report forecasts that the green hydrogen market
will grow to $12.8 billion by 2030, exhibiting a remarkable CAGR of
40.9% during the forecast period. Key drivers of this growth include the
increasing demand for green hydrogen in fuel cell electric vehicles (FCEVs), a
surge in green hydrogen utilization in chemical production, and robust
government initiatives aimed at achieving net-zero emissions. However, high
production costs present a significant barrier to market expansion.
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On the flip side, growing investments in electrolysis
technology and the rising preference for green hydrogen due to its zero-carbon
footprint are expected to open new avenues for growth. Yet, the challenges
posed by complex and costly storage and transportation methods remain a major
concern for industry players. Notably, recent trends indicate a growing
reliance on water and electricity for green hydrogen production.
Market Segmentation Overview
The green hydrogen market is meticulously segmented by
various factors, including the generation process, energy source, application,
end user, and geographic location. This segmentation allows for a comprehensive
analysis of competitors and market dynamics at regional and country levels.
- Generation
Process: The market is divided into proton exchange membrane
electrolysis, alkaline electrolysis, and solid oxide electrolysis. In
2024, proton exchange membrane (PEM) electrolysis is expected to dominate,
driven by its ability to operate at high current densities and the growing
focus on fuel cell technologies.
- Energy
Source: The energy sources fueling green hydrogen production include
wind, solar, hydropower, and other renewable sources. The hydropower
segment is predicted to hold the largest market share in 2024, attributed
to the increasing demand for renewable energy and governmental support for
reducing fossil fuel dependency.
- Application:
The market applications encompass fueling, feedstock, heat processing, and
energy storage. The feedstock segment is expected to be the largest,
primarily due to the rising adoption of green hydrogen in chemical
production and its appeal as a zero-carbon energy source.
- End
User: The end-user categories include transportation, chemical
production, healthcare, and power generation. The chemical production
segment is projected to capture the largest market share, driven by the
increasing adoption of green hydrogen for sustainable chemical processes.
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Regional Insights
Geographically, the green hydrogen market is divided into
North America, Europe, Asia-Pacific, Latin America, and the Middle East &
Africa. North America is anticipated to lead the market in 2024, fueled by the
increasing adoption of clean energy solutions and government initiatives to
promote green hydrogen production. However, the Asia-Pacific region is set to
exhibit the highest growth rate, thanks to strategic partnerships and
investments in the clean hydrogen economy.
Key Market Players
The report includes a competitive landscape based on an
extensive assessment of the key growth strategies adopted by the leading market
participants in the green hydrogen market in the last three to four years. The
key players profiled in the green hydrogen market report are FuelCell Energy, Inc. (U.S.), Bloom Energy
Corporation (U.S.), Plug Power Inc. (U.S.), Air Products and
Chemicals, Inc. (U.S.), China Petrochemical Corporation. (China), L’AIR LIQUIDE
S.A. (France), Linde plc (Ireland), Green Hydrogen Systems A/S (Denmark), McPhy
Energy (France), ITM Power PLC (U.K.), Nel ASA (Norway), Ballard Power Systems
Inc. (Canada), ENGIE SA (France), Repsol S.A. (Spain), and Iberdrola, S.A.
(Spain).
These companies are actively investing in research and
development to advance green hydrogen technologies and expand their market
presence.
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