The global green hydrogen market is anticipated to expand at substantial CAGR of 54.5% during the forecast period, between 2021 and 2028. Hydrogen energy is versatile that can be used as gas or in liquid form, and can be converted into electricity or fuel. Green Hydrogen is a hydrogen-produced fuel that is obtained from electrolysis of water or splitting water with electricity generated by low-carbon power sources such as wind, solar, and other sources. Moreover, green hydrogen can be used as a natural gas and burn it in thermal power or district heating plants.
Furthermore, it is directly used as a power fuel cells in cars and ships and stabilize electricity and heat supply by ensuring availability in sufficient quantity related to power fluctuations. Moreover, green hydrogen is highly adopted by various industries such as in ammonia production, food processing, oil refining, chemical and fertilizer production, steel manufacturing, metallurgy and other industries. Additionally, green hydrogen can be used in the industry and stored in existing gas pipeline to power household appliances.
Market Trends, Drivers, Restraints, and Opportunities:
- Global trend of net-zero emission by 2050 is boosting the growth of green hydrogen market.
- Growing demand for fuel cell electric vehicles and low variable costs of electricity are driving the market growth.
- Ongoing technological advancement and reduction in the price of electrolyzes helps in fueling the growth of the market.
- Lack of transportation infrastructure and sustainability management and high costs of green hydrogen are restricting the market growth.
- High cost associated with initial investment for setting-up production plants and underdeveloped market are hindering the growth of the market.
- Increasing investments and support by government toward encouraging adoption of green hydrogen as well as infrastructure development can further create opportunities for the market.
- Favorable policies and regulatory framework for green hydrogen and growing large capacity green hydrogen projects are expected to help in generating opportunities for the market.
Scope of Green Hydrogen Market Report
The report on green hydrogen market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes
|
Details
|
Report Title
|
Green Hydrogen market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
Base Year
|
2020
|
Historic Data
|
2018–2019
|
Forecast Period
|
2021–2028
|
Segmentation
|
Renewable Sources (Wind, Solar, and Others), Technology (Alkaline Electrolysis, PEM (Proton Exchange Membrane) Electrolysis, and Solid Oxide Electrolysis), Applications (Power Generation, Transport, and Others), and End-users (Chemical, Food, Glass, Medical, Mobility, Petrochemicals, Others)
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
Key Players Covered in the Report
|
ACWA POWER, Air Liquid, Air Products Inc, Cummins Inc, EDF, Enel Green Power S.p.A, H&R GROUP, Hamburg, Iberdrola, S.A., Nel ASA, Siemens Energy, The State of Atomic Corporation ROSATOM, and Toshiba Energy System & Solution Corporation
|
Green Hydrogen Market Segment Insights:
Solar segment is projected to hold significant market share
In terms of renewable sources, the market can be divided into solar, wing, and other renewable sources.
The solar renewable segment held an extensive share of the market in 2020 and is estimated to grow significantly during the forecasted period owing to low-cost energy source in comparison with other type of renewable energy sources. Growing investment in the production of green hydrogen through solar power, as solar power can effectively run electrolyzes to convert water into hydrogen. Additionally, companies all around the world found solar energy as a profitable opportunity to generates green hydrogen directly from solar panels.
Alkaline electrolysis segment held substantial market share in 2020
Based on technology, the green hydrogen market can be fragmented into alkaline electrolysis, PEM electrolysis, and solid oxide electrolysis.
The alkaline electrolysis segment constituted a significant market share in 2020 and is projected to expand at a rapid rate during the forecast period. The growth of alkaline electrolysis is attributed to its high operating hours’ capacity with the temperature range of 100°C-105°, and are available at inexpensive price as compared to PEM electrolysis as it can operate at a range of 70–90-degree Celsius. Furthermore, the alkaline electrolysis produces highly pure green hydrogen, therefore, it is widely preferred technology for producing green hydrogen worldwide.
Power generation segment is estimated to grow at a rapid pace
On the basis of applications, the market can be segregated into power generation, transport, and others.
The power generation segment is expected to hold a majority of the market share during the forecast period due to growing demand from various industrial sectors such as automotive and electronics for on-site setting-up of electrolyzes that helps to increase their manufacturing and production as per the consumer’s demand.
Mobility segment is predicted to hold considerable market share
In terms of end-users, the green hydrogen market can be segregated into chemical, food, glass, medical, mobility, petrochemicals, and others.
The mobility segment is expected to hold a considerable share of the market during the forecast period due to increasing demand for vehicles that can require hydrogen as its fuel cells or in the internal combustion engines. Moreover, growing demand and adoption of electric vehicles, which includes aircraft, trains, lorries, buses, mining vehicles, maritime, and others and electronic devices including power semiconductor are also increasing the demand for green hydrogen in automobile industry.
Europe expected to grow at a significant rate during the forecast period
Based on regions, the market can be fragmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Europe constituted a significant share of the market in 2020 due to mergers and acquisitions conducted by key market players. The market in Europe is projected to expand at a significant CAGR during the forecast period due to presence of major automotive manufacturers such as Audi, BMW, Ducati, and Porsche. These players are focusing toward the adoption of fuel-efficient engines, and manufacturing lightweight materials for automotive products. Moreover, growing mobility and power industry are aiding in the expansion of the Europe green hydrogen market.
Segments
By Renewable Sources
By Technology
- Alkaline Electrolysis
- PEM (Proton Exchange Membrane) Electrolysis
- Solid Oxide Electrolysis
By Applications
- Power Generation
- Transport
- Others
By End-users
- Chemical
- Food
- Glass
- Medical
- Mobility
- Petrochemicals
- Others
By Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
By Key Players
- ACWA POWER
- Air Liquid
- Air Products Inc
- Cummins Inc
- EDF
- Enel Green Power S.p.A
- H&R GROUP
- Hamburg
- Iberdrola, S.A.
- Nel ASA
- Siemens Energy
- The State of Atomic Corporation ROSATOM
- Toshiba Energy System & Solution Corporation
Competitive Landscape
Key players in the market include ACWA POWER, Air Liquid, Air Products Inc, Cummins Inc, EDF, Enel Green Power S.p.A, H&R GROUP, Hamburg, Iberdrola, S.A., Nel ASA, Siemens Energy, The State of Atomic Corporation ROSATOM, and Toshiba Energy System & Solution Corporation. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.