New York, USA, Nov. 23, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global green hydrogen market is anticipated to generate a revenue of $9,834.3 million and rise at a healthy CAGR of 54.7% throughout the estimated time period from 2021-2028.
As per our analysts, with the growing usage of green hydrogen as a clean energy source across various applications, the market is expected to see exponential growth over the forecast period. This is mainly because using green hydrogen can quickly ramp up or down to recoup the variable renewable energy (VRE) to offer better flexibility. Moreover, green hydrogen can save millions of tons of CO2 emissions annually and is a better alternative to fossil fuel. This factor is expected to bolster the growth of the global green hydrogen market during the forecast period. Besides, the increasing network of ambitious green hydrogen projects across the globe is further expected to foster the growth of the market over the estimated period. However, the high production cost and lack of dedicated infrastructure may slow down the growth of the market over the forecast period.
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Segments of the Market
The report has divided the market into various segments namely, type, application, end-user, and region.
- Type: Alkaline Electrolyzer Sub-Type to be Most Profitable
The alkaline electrolyzer sub-type is projected to generate a revenue of $5,108.7 million during the analysis period. This is mainly due to the higher efficiency of alkaline electrolyzer having the percentage of hydrogen gas as 99.5%. In addition, due to the generation of green hydrogen from the cathode side, and its working procedure is carried by transporting hydroxide ions, it has been available commercially for many years. This is the main factor expected to foster the growth of the green hydrogen market sub-segment during the analysis period.
- Application: Power Generation Sub-Segment to be Most lucrative
The power generation sub-segment is expected to garner $7,184.7 million during the forecast period. This is mainly because of the zero-emission of CO2 to the atmosphere by using green hydrogen as a source of energy. Moreover, the growing usage of green hydrogen in hydrogen-powered electricity turbines at the peak demand of electricity is the major factor expected to augment the growth of the market sub-segment during the forecast period.
Green Hydrogen Market to Experience Exponential Growth with the Growing Developments by Market Players - Analyst Review by Research Dive
- End-User: Petrochemical Sub-Segment to Have Largest Market Share
The petrochemical sub-segment is projected to generate a revenue of $4,053.3 million over the analysis period. This is major because of the increasing usage of green hydrogen in powering fuel cell vehicles such as electric vehicles and trucks. Moreover, the growing expansion of green hydrogen fuel stations and increasing motives of the electricity industry to achieve carbon neutrality are the major factors expected to upsurge the growth of the green hydrogen market sub-segment during the analysis timeframe.
- Region: Asia-Pacific Region Anticipated to Have the Vast Growth Opportunities
The Asia-Pacific region is expected to generate a revenue of $2,023.9 million and rise at a healthy CAGR of 55.2% during the forecast period. This is mainly due to the growing interest of investors, firm government support, and the feasibility of the technology in this region. Furthermore, the expansion of green hydrogen projects across many countries of this region is expected to aid regional growth of the market over the analysis period.
Covid-19 impact on the Market
With the outbreak of the Covid-19 pandemic, likewise several industries, the green hydrogen market has also experienced a negative impact. This is mainly due to the delay in the adoption and commercialization of green hydrogen. Due to the spontaneous spread of the virus, many countries were giving all prior focus on addressing the public health crisis worldwide. Because of this, there was a delay in the functioning of major projects that needed government investment and policies to generate an ample amount of capital. These were the factors affecting the growth of the green hydrogen market during the crisis. However, the innovative strategies by leading companies and increasing investment are expected to create significant growth opportunities for the market during the analysis period.
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10 Most Prominent Key Players in the Green Hydrogen Market Are -
- Plug Power, Inc.
- Engie
- Royal Dutch Shell plc.
- SGH2 Energy Global, LLC
- Siemens Energy Global GmbH & Co. KG. AG
- Enapter
- Green Hydrogen Systems
- Ballard Power Systems
- Next Hydrogen
- Air Liquide
These players are widely working on the development of new business strategies and tactics to acquire leading positions in the global industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in October 2021, IRENA, a leading intergovernmental organization to facilitate the adoption and sustainable use of renewable energy, has announced its partnership with IPHE, an international collaborative initiative for the development and deployment of hydrogen and fuel cell technologies. With this partnership, the two companies have aimed to strengthen their partnership by advancing the usage and production of green hydrogen globally.
Further, the report also presents other important aspects including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
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