Pune, India, March 04, 2021 (GLOBE NEWSWIRE) -- Hydrogen is regarded as the key future clean energy resource, and green hydrogen is a major feature of the energy equation. Due to its production involving solar energy, green hydrogen is considered one of the key circular carbon economy (CCE) approaches. Hydrogen is produced via renewable means; unlike carbon-based energy generated in natural gas and other fossil fuels, green hydrogen is less pro-environment.
Also, green hydrogen is the power source for fuel cell electric vehicles. Therefore, governments across the globe are increasingly taking up initiatives to produce green hydrogen to meet the growing demand for renewable energy, counter climate change, and sustain the planet. Some countries are quickly moving away from hydrocarbon fuels.
Especially European countries are making substantial investments in initiatives aimed to establish green hydrogen as a €100 BN industry by 2050. In 2020, EIT InnoEnergy, a renewable energy investment hub, unveiled the European Green Hydrogen Acceleration Centre (EGHAC) to accelerate technological and infrastructure developments in green hydrogen.
Today, many industry players are striving to develop a breakthrough electrolyzer technology to replace rare earth materials with inexpensive earth-abundant materials. Such initiatives are estimated to positively impact the growth of the green hydrogen market.
According to Market Research Future (MRFR), the global green hydrogen market is poised to expand at 13.2% CAGR during the review period (2020 to 2026).
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The COVID-19 disruption did not affect much to the green hydrogen industry. Of course, industry players faced several challenges due to the coronavirus-driven lockdowns, such as disrupted supply chains, logistic issues in delivering end products, and attracting workers from quarantines.
However, the pandemic reassured a robust rise in the renewable energy market, increasing the energy demand continually. Due to the increased energy demand from the industrial sectors, the renewable energy market kept growing steadily throughout 2020. The green hydrogen market is rapidly returning to normal and is projected to pick up further, following lockdown mandates get relaxed in many countries.
Overview
The green hydrogen market outlook appears promising mainly due to the environmental implication of burning fossil fuels. Moreover, the growing energy consumption worldwide fuels efforts to explore new sustainable energy resources. Additionally, the increasing pressure to control continually rising carbon footprint in emerging markets presents untapped opportunities for green hydrogen uses.
Rising government focus on substantiating green hydrogen output by increasing green hydrogen generation capacities offer significant market growth opportunities. Favorable policy reforms and government mandates, and increasing renewable power generation, Influence the green hydrogen market size.
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Industry Trends
Green hydrogen data center solution is a major trend in the industry currently. Using advanced Artificial Intelligence (AI) technologies to optimize energy consumption, these data centers exploit the electricity produced by green hydrogen. Data centers with heavy power-consuming workloads can be shifted to green hydrogen production centers.
Growing ecological concerns push the market growth, promoting the need for renewable/clean energy generation to reduce pollution levels. Moreover, the rising nuclear and green hydrogen generation boosts the green hydrogen market size. On the other hand, high initial investment requirements for setting up hydrogen infrastructure and prohibitive costs associated with maintenance are the major factors restricting the market growth.
Segmentation
The green hydrogen market analysis is segmented into technology, application, end-use industry, and region.
The technology segment is sub-segmented into proton exchange membrane electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. Among these, the alkaline electrolyzer segment holds the largest market share due to the technology's higher operating period capability and low capital cost. The segment is assessed to post a higher growth rate during the study period.
The application segment is sub-segmented into power generation, heating, transport, and others. The end-use industry segment is sub-segmented into food & beverages, medical, chemical, petrochemicals, electronics, glass, mining, and others.
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Regional Segmentation
It is observed that Europe has consistently been dominating the global green hydrogen market. The market growth is supported by a large number of green hydrogen projects in the region. The region stresses renewable energy generation and has abundant hydrogen sources.
Europe also provides stored hydrogen to North Africa and other regions through interconnections, which impacts the green hydrogen market growth positively. Additionally, increasing clean hydrogen production and leading electrolyzer manufacturing industry in the region boost the green hydrogen market size. The European green hydrogen market is expected to maintain its market position throughout the forecast period.
North America holds the second-best position in the global green hydrogen market in terms of revenue. Increased energy consumption and power demand, alongside the continually growing population and rapid urbanization & industrialization, drive green hydrogen market growth.
Moreover, the increasing deployment of renewable energy resources in residential & commercial areas led by the increasing consumer purchasing power and regulatory change are major factors scaling the green hydrogen market share. Also, growing production capacities and green hydrogen manufacturers in the region influence the regional market growth.
The Asia Pacific region accounts for a sizable share in the global green hydrogen market. The market is driven by the escalating demand for energy and the rising focus on green energy generation in the region. As traditional power resources are failing to meet the rising energy requirements, the focus is rapidly shifting towards alternative energy resources. Major policy reforms to increase green energy production and large-scale green hydrogen projects in countries such as Australia and Japan substantiate the region's green hydrogen market share.
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Competitive Analysis
The green hydrogen market is witnessing several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches. Leading industry players make strategic investments in research and development activities and foster their expansion plans.
For instance, recently, on Feb.26, 2021, French cybersecurity and cloud computing specialist Atos SE announced its partnership with HDF Energy, a leading hydrogen-to-power plants developer, to develop an end-to-end, long-term solution for green hydrogen supply to data centers. This partnership would enable HDF Energy to deliver a power plant that provides predictable and firm electricity, using cells powered by green hydrogen derived from solar photovoltaic (PV) or wind farms.
List of the key players involved in the Green Hydrogen Market are
- Solena Group (US)
- Green Hydrogen Systems (Denmark)
- H2X (Australia)
- Engie (France)
- Siemens Gas and Power GmbH & Co. KG (Germany)
- FuelcellWorks (US)
- Fuelcell Energy (US)
- Plug Power (US)
- Hydrogenics (Canada)
- Nikola Motors (US)
- Ballard Power Systems (Canada)
- Ergosup (France)
- Syzygy Plasmonics (US), and
- Loop Energy (Canada), among others.
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