Wilmington, Delaware, United States, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The green hydrogen industry is anticipated to advance at a CAGR of 51.6% from 2022 to 2031, as per the market outlook by TMR.
Green hydrogen is utilized in a wide range of applications, such as chemical, transportation, steel, petrochemical, and domestic purposes. Green hydrogen producers are anticipated to witness increase in product demand from the chemical industry. This can be ascribed to a rise in the usage of green hydrogen in this industry owing to increase in development of advanced solutions that help in the shift toward a circular and sustainable economy. The market is also being driven by increase in R&D activities in order to produce hydrogen green steel.
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Green Hydrogen Market: Key Findings
- Government authorities in developed and developing countries across the globe are taking initiatives to promote the production and usage of renewable energy. Moreover, green H2 is gaining impetus as numerous regulatory bodies across the world increase efforts to promote the adoption of renewable sources of energy across several sectors. For instance, the European Green Deal is a set of policy initiatives by the European Union (EU) that has categorized hydrogen as a prominent source of energy to achieve a clean and circular economy. Moreover, the EU has released a detailed hydrogen strategy in 2020, which includes action plans to promote a targeted and fast development of green hydrogen production capacities. These factors are likely to present significant opportunities for growth in the global market.
- The Government of Germany is likely to provide financial support of about 900 million euros (US$1 Bn) for the H2Global project, which is focused on green hydrogen. This scheme intends to fuel the global market for green hydrogen by utilizing a double auction. The project focuses on purchasing hydrogen or hydrogen derivatives from the global market and selling them to the highest bidder from the EU.
- Several emerging economies are introducing green hydrogen projects. The World Bank Group is providing assistance to these countries on various aspects, such as technical guidance for short-term policies, and financial and regulatory frameworks. The group is also helping countries integrate risk mitigation and improve their credit profiles in order to encourage private capital investments. Moreover, developing countries are receiving guidance that can help them create local green jobs. These factors are anticipated to bolster the global green hydrogen market during the forecast period.
Growth Drivers
- Increase in focus of government bodies in developed and developing countries on promoting usage of net-zero energy systems is augmenting market growth
- Rise in demand for renewable sources of energy across the globe is fueling market demand
- Increase in usage of green hydrogen fuel is projected to drive industry growth during the forecast period
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Regional Analysis
Europe held 58.7% share of the global industry in 2021. The green hydrogen market in Europe is estimated to expand at a substantial pace in the next few years owing to increase in focus of regional governments on the development of clean technologies, such as wind and solar, for power generation.
Competition Landscape
- Companies are adopting strategies of joint ventures and partnerships in order to strengthen their production capabilities
- They are investing heavily in R&D activities in order to develop products with improved quality
Green Hydrogen Market: Key Players
- Reliance Industries Limited
- Siemens Energy AG
- Air Products and Chemicals. Inc
- ITM Power PLC
- Linde plc
- Ballard Power Systems
- SRI Energy, Inc
- Air Liquide
- Green Hydrogen Systems
- Nel ASA
- Plug Power Inc
- Iberdrola, S.A
- SGH2 Energy
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Green Hydrogen Market Segmentation
Type
- Polymer Electrolyte Membrane Electrolyzes
- Alkaline Electrolyzes
- Solid Oxide Electrolyzes
Source
- Solar
- Wind
End-user
- Transportation
- Chemical
- Petrochemical
- Steel
- Domestic
- Others
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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