Market Overview:
Global Green Hydrogen Market Size Was Valued at USD 4.06 Billion In 2022 And Is Projected to Reach USD 32.68 Billion By 2030, Growing at A CAGR of 28% From 2023 To 2030.
Green hydrogen is produced through electrolysis, using renewable energy sources like wind or solar power to split water into hydrogen and oxygen. This environmentally friendly and sustainable method, unlike conventional methods based on fossil fuels, reduces greenhouse gas emissions and aligns with the global shift towards cleaner and more sustainable energy solutions.
Green hydrogen is a versatile and eco-friendly energy carrier used in various sectors, including transportation, steel, and chemical manufacturing. It powers vehicles using hydrogen fuel cells, offering a cleaner alternative to traditional gasoline and diesel engines. Green hydrogen can also be integrated into natural gas infrastructure for heating and power generation, expanding its application in energy-intensive industries.
The demand for green hydrogen has surged due to global decarbonization and renewable energy transition. Governments and industries are investing in research and development to make it more cost-effective and scalable. Advancements in electrolysis efficiency and cost reduction are happening. Collaborations among governments, energy companies, and technology providers are growing, establishing green hydrogen as a key player in the clean energy landscape. Green hydrogen is poised to play a crucial role in the ongoing energy transition.
Major Industry Participants in the Green Hydrogen Market
- Siemens Energy
- Nel ASA
- Plug Power Inc.
- ITM Power PLC
- McPhy Energy S.A.
- Ballard Power Systems
- Cummins Inc.
- Linde plc
- ENGIE SA
- Kawasaki Heavy Industries, Ltd.
Market Dynamics and Contributing
The global awareness of lowering carbon emissions and achieving sustainable energy solutions is one of the major factors driving the green hydrogen market's momentum. The market's expansion is largely supported by government programs and regulations that encourage the use of renewable energy sources. Improvements in electrolysis technology and a greater emphasis on creating productive and economical production processes drive the market's growth. With more money going toward R&D, industry players collaborating, and green hydrogen being integrated into heavy industries and transportation, there are plenty of opportunities in the market.
The market faces some obstacles, such as the high upfront costs of setting up infrastructure for the production of green hydrogen. Market expansion may also be hampered by limited scalability and sporadic issues with the supply chain, such as the availability of renewable energy sources. Notwithstanding these obstacles, the growing emphasis on sustainability around the world and the continuous transition to clean energy are expected to propel the green hydrogen market to significant growth shortly.
Key Insights in the Green Hydrogen Market Report
- By Application, the Transport segment is expected to have the maximum market share in Green Hydrogen during the projected period. Hydrogen fuel cells outperform gasoline-fueled internal combustion engines in transportation, contributing to 29% of greenhouse gas emissions and further exacerbating climate change.
- By Animal Type, the Alkaline Electrolyzer segment is expected to dominate the Green Hydrogen market due to its high operating hours and lower cost compared to PEM electrolyzers. This widely recognized and widely developed technology produces electrolytic hydrogen, a key component in commercial power generation since the early 20th century.
- By region, North America is expected to dominate the Green Hydrogen market, during the projected period. due to the adoption of hydrogen fuel cell electric vehicles, with the US Department of Energy working to improve fuel efficiency.
Significant Industry Development
- In November 2023, Siemens Energy acquired a majority stake in Sunfire, a German electrolysis solutions provider. This acquisition strengthens Siemens Energy's green hydrogen offerings and expands its electrolyzer capacity.
- In December 2023, Plug Power, a leading hydrogen fuel cell solutions provider, acquired Hyzon Motors, a fuel cell truck manufacturer.
Green Hydrogen Market Segmentation
By Technology
- PEM
- Alkaline Electrolyzer
- Solid Oxide Electrolyzer
By Application
- Power Generation
- Transport
For this report, Introspective Market Research has segmented the Green Hydrogen Market based on region.
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
- Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
- Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
• Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
• Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
• South America
- Brazil
- Argentina
- Rest of SA
