08-Mar-2022 | Facts and Factors
As per a recently issued market research report by Facts & Factors, the global green hydrogen market was valued at roughly USD 0.8 Billion in 2021 and is predicted to grow to about USD 10.2 Billion by 2028, with a compound annual growth rate (CAGR) of approximately 55.2% over the projection period. The report analyzes the green hydrogen market’s drivers, restraints, opportunities, and challenges and the impact they have on consumption during the projection period.
Hydrogen is the most abundant and lightest element on the planet. It is a rich source of energy and significantly more efficient than other fuels, and has numerous industrial applications ranging from refinement to petrochemical products to steel manufacturing. Green hydrogen is created by electrolyzing water with regenerative energy sources. Water is separated into hydrogen and oxygen in an electrolyzer using an electric current, and grey hydrogen generated from fossil fuels (like natural gas) is separated. The physicochemical characteristics of hydrogen are unappreciated. Hydrogen is environmentally safe and may be stored & transformed into power or heat as needed. Green hydrogen is an important component of the energy equation, and hydrogen is viewed as a major potential renewable energy supply. It is one of the most significant circular carbon economy (CCE) ideas because it is produced using solar energy.
Green hydrogen is produced using an electrolysis process in which water is split into oxygen and hydrogen using power supplied from renewable sources. The decreasing cost of reusable power and electrolysis technology will result in increased demand for green hydrogen, boosting the global green hydrogen market growth. Several industries, including oil & gas, steel, utilities, and fertilizers, are turning to green hydrogen to balance the intermittent nature of reusable resources.
Browse in full “Green Hydrogen Market By Type (Solid Oxide Electrolyzer, Alkaline Electrolyzer, and Proton Exchange Membrane Electrolyzer), By Use (Transport, Power Generation, and Others) By Customer (Petrochemicals, Glass, Food & Beverages, Chemical, Medical, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” report at https://www.fnfresearch.com/green-hydrogen-market
Furthermore, this sort of hydrogen is widely employed as an energy alternative for decarbonizing the industrial, transportation, and chemical domains. Aside from these industrial applications, the advantage of keeping green hydrogen in existing gas pipes to power domestic appliances would result in a gradual growth in household demand for green hydrogen. However, green hydrogen is extremely difficult and costly to preserve and transport. Because it is highly combustible and has a poor volumetric density, it necessitates significant investment in pipelines and carriers. Furthermore, a lack of skilled personnel is a problem limiting the global market's expansion and growth.
The global green hydrogen market is segregated on the basis of type, use, customer, and region. By type, the market is divided into solid oxide electrolyzer, alkaline electrolyzer, and proton exchange membrane electrolyzer. The alkaline electrolyze segment has the largest market share by technology because of its higher operational time capacity and low capital cost. By use, the market is divided into transport, power generation, and others. Among these, the power generation category dominates the market by the application due to demand from the manufacturing industry for on-site electrolyze setup. By customer, the market is segmented into petrochemicals, glass, food & beverages, chemical, medical, and others. The chemical segment dominates the market because the chemical industry is a significant producer of hydrogen which is used both internally and externally.
The European region has the biggest share of the global green hydrogen market. During the forecast period, the European region is anticipated to grow at a rapid pace. This is due to the industry's solid, lengthy infrastructure and a wide range of possibilities. Furthermore, the cost of renewable generation is falling, which is yet another factor pushing its growth. Asia Pacific region is the green hydrogen market's fastest-expanding region. Due to its potential to create vast facilities for storing green hydrogen, Asia Pacific will be the fastest-expanding region in the global market. China may play a vital role in this region's economic progress.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 0.8 Billion |
Projected Market Size in 2028 |
USD 10.2 Billion |
CAGR Growth Rate |
55.2% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Green Hydrogen, Uniper SE, Nel ASA, Air Products and Chemicals Inc., Engie, Hydrogenics, Air Liquide, Toshiba Energy Systems & Solutions Corp, Linde, and Siemens. |
Key Segments |
Type, Use, Customer, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Purchase Options |
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Some of the main competitors dominating the global green hydrogen market are Green Hydrogen, Uniper SE, Nel ASA, Air Products and Chemicals, Inc., Engie, Hydrogenics, Air Liquide, Toshiba Energy Systems & Solutions Corp, Linde, and Siemens.
Recent Developments
- March 2020: The Fukushima Hydrogen Energy Research Field has been completed, according to the Toshiba Energy Systems & Solutions Corporation (Toshiba ESS), New Energy and Industrial Technology Development Organization (NEDO), Iwatani Corporation (FH2R), and Tohoku Electric Power Co., Inc. The plant has a 10 MW class production capacity and reusable power. It is thought to be the world's largest category. It would aid in the development of reasonable green hydrogen generation technology by maximizing the use of environmental assets.
- April 2020: Uniper SE and Siemens Gas & Power have established a collaboration to develop and implement green hydrogen production and usage projects based on renewable energy sources.
The global green hydrogen market is segmented into:
By Type
- Solid Oxide Electrolyzer
- Alkaline Electrolyzer
- Proton Exchange Membrane Electrolyzer
By Use
- Transport
- Power Generation
- Others
By Customer
- Petrochemicals
- Glass
- Food & Beverages
- Chemical
- Medical
- Others
Global Green Hydrogen Market: By Regional Segment Analysis
- North America
- The U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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