According to a new market research 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,’ the green hydrogen market is projected to reach $12.8 billion by
2030, at a CAGR of 40.9% during the forecast period.
Green hydrogen is a type of hydrogen generated by renewable energy or
low-carbon power. Green hydrogen is obtained from electrolysis, where
electricity is used to split water into hydrogen molecules. It is also produced
from renewable energy sources, such as wind, solar, and hydropower, that
generate no polluting emissions into the atmosphere, making it the cleanest and
most sustainable hydrogen. It is commonly used as fuel, in feedstock, and for
heat processing in industrial processes.
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The growth of this market is driven by the increasing demand for green
hydrogen in fuel cell electric vehicles (FCEVs), growing demand for green
hydrogen in chemical production, and rising government initiatives for net
zero-emission. However, the high cost of production restrains the growth of
this market. Furthermore, increasing investment by market players for the
development of electrolysis and the growing adoption of green hydrogen due to
its zero-carbon footprint is expected to create market growth opportunities.
However, the complex and expensive storage and transportation is a major
challenge for the players in this market. The latest trends in the green
hydrogen market are the increasing use of water and electricity for green
hydrogen production.
The green hydrogen market is segmented by generation process (proton
exchange membrane electrolysis, alkaline electrolysis, and solid oxide
electrolysis), energy source (Wind, solar, hydropower, and other energy
sources), application (fueling, feedstock, heat processing, energy storage, and
other applications), end user (transportation [shipping, aviation, cars,
railway, and trucks], chemical production, healthcare, steel production,
petroleum refinery, power generation, and other end users), and geography. The
study also evaluates industry competitors and analyses the market at the
regional and country levels.
Based on generation process, in 2023,
the proton exchange membrane electrolysis segment is expected to account for
the largest share of the green hydrogen market. The large market share of this
segment is attributed to the rising use of PEM due to being environmentally
friendly and more effective than existing alternatives, rapidly growing
low-carbon hydrogen production projects, and the increasing adoption of PEM
electrolysis due to its ability to operate at high current density. Also, this
segment is projected to register the highest CAGR during the forecast period.
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Based on energy source, in 2023,
the hydropower segment is expected to account for the largest share of the
green hydrogen market. The large market share of this segment is attributed to
the increasing adoption of renewable energy, rising global electricity
consumption, and the growing government initiatives to reduce the dependency on
fossil fuels for power generation. This segment is also projected to register
the highest CAGR during the forecast period.
Based on application, in 2023,
the feedstock segment is expected to account for the largest share of the green
hydrogen market. The large market share of this segment is attributed to the
growing government initiative for the use of green hydrogen due to its
zero-carbon footprint and the increasing adoption of green hydrogen for
chemical production.
However, the fueling segment is projected to register the highest CAGR
during the forecast period due to the increasing government initiative for
clean and flexible energy sources to support zero-carbon energy and increasing
adoption of green hydrogen due to being more powerful and energy efficient than
fossil fuels.
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Based on end user, in 2023,
the chemical production segment is expected to account for the largest share of
the green hydrogen market. The large market share of this segment is attributed
to the increasing demand for highly efficient energy sources for refineries,
the growing use of green hydrogen to produce sustainable methanol and ammonia,
and the increasing use of green methanol as a clean energy resource.
However, the transportation segment is projected to register the highest
CAGR during the forecast period due to the increasing adoption of fuel-cell
electric vehicles (FCEVs) and growing fueling solutions for a range of
transportation and motive power applications.
Based on geography, in
2023, North America is expected to account for the largest share of the green
hydrogen market. The large market share of North America is attributed to the
rising government initiative and investment in green hydrogen production to
reduce emissions and the increasing adoption of clean energy solutions for
sectors such as power.
However, the Asia-Pacific market is projected to register the highest
CAGR during the forecast period. The infrastructural growth in APAC, especially
in China, South Korea, India, Australia, Singapore, and Japan, the rapid growth
of regional economies, strong government initiatives, and the growing adoption
of green hydrogen in power generation offer growth opportunities for the
players operating in the green hydrogen market.
The key players operating in the green hydrogen market include 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).
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Scope of the report:
Green Hydrogen Market Assessment– by Generation
Process
- Proton
Exchange Membrane Electrolysis
- Alkaline
Electrolysis
- Solid
Oxide Electrolysis
Green Hydrogen Market Assessment–by Energy
Source
- Wind
- Solar
- Hydropower
- Other
Energy Sources
Green Hydrogen Market Assessment–by
Application
- Fueling
- Feedstock
- Heat
Processing
- Energy
Storage
- Other
Applications
Green Hydrogen Market Assessment–by End
User
- Transportation
- Shipping
- Aviation
- Cars
- Railway
- Trucks
- Chemical
Production
- Healthcare
- Steel
Production
- Petroleum
Refinery
- Power
Generation
- Other
End Users
Green Hydrogen Market Assessment–by Geography
- North
America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherland
- Poland
- Rest
of Europe
- Asia-Pacific
- Japan
- China
- India
- South
Korea
- Singapore
- Australia
& New Zealand
- Indonesia
- Rest
of Asia-Pacific
- Latin
America
- Middle
East & Africa
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