New York, US, April 05, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Green Hydrogen Market Research Report, by Technology Region, Location, and Application - Forecast Till 2030”, the global market for Green Hydrogen is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 57.41%. The reports anticipate the market acquiring a valuation of around USD 10.55 billion by the end of 2030. The reports further project that the market will be worth around USD 0.28 billion in 2021.
Green Hydrogen Market Overview:
Green hydrogen refers to the hydrogen produced by renewable energy or low-carbon power. Green hydrogen has substantially lower carbon emissions than grey hydrogen, generated by steam reforming of natural gas, which makes up the bulk of the hydrogen market. The global market for Green Hydrogen has displayed massive development in recent times. The growing demand for renewable energy resources is the main parameter supporting the market's development. Furthermore, the requirement to lower carbon emissions is also considered to be one of the crucial aspects supporting the expansion of the green hydrogen market.
Competitive Analysis
The listing of the prominent leaders across the global market for Green Hydrogen includes players such as:
- Loop Energy (Canada)
- Green Hydrogen Systems (Denmark)
- Plug Power (U.S.)
- Solena Group (U.S.)
- Fuelcell Energy (U.S.)
- H2X (Australia)
- Hydrogenics (Canada)
- Siemens Gas and Power GmbH & Co. K.G. (Germany)
- Ballard Power Systems (Canada)
- Engie (France)
- Nikola Motors (U.S.)
- FuelcellWorks (U.S.)
- Ergosup (France)
- Syzygy Plasmonics (U.S.)
- Among others.
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Market USP Covered
Green Hydrogen Market Drivers
The global market for Green Hydrogen has displayed massive development in recent times. The growing demand for renewable energy resources is the main parameter supporting the market's development. Furthermore, the requirement to lower carbon emissions is also considered to be one of the crucial aspects supporting the expansion of the market. The rise in awareness of hydrogen as a vital energy carrier and the utilization of nuclear & green hydrogen fuel will likely topositively impact the market's developmentt over the coming years. Moreover, the factors such as rising environmental issues, the need for green hydrogen, increasing search for alternative energy sources, and increased nuclear and green hydrogen fuel utilization are also projected to enhance the performance of the global market over the review era.
In addition, the parameters such as the rising adoption of renewable energy, alarmingly extensive use of fossil fuels, and rising urbanization are also projected to catalyze the development of the market over the review timeframe.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 10.55 billion |
| CAGR during 2022-2030 | 57.41% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Application, Location, and Region |
| Key Market Opportunities | The high initial cost of setting up a hydrogen infrastructure |
| Key Market Dynamics | A rise in environmental concerns to curb carbon emissions Switch to cleaner fuels to attain sustainable development |
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Green Hydrogen Market Restraints
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the lack of awareness regarding the benefits of green hydrogen.
COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Green Hydrogen market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Green Hydrogen Market Segment Analysis
Based on the technology, the alkaline electrolyzers segment secured the top spot across the global market for green hydrogen in the year 2021, mainly because the alkaline electrolyzers are the conventional electrolyzer technology utilized in green hydrogen projects. The alkaline electrolyzer deploys a liquid alkaline solution of potassium as its electrolyte and has more running hours than PEM electrolyzers.
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Among all the applications, the transport segment secured the top spot across the global green hydrogen market in 2021, mainly because it can be used in internal combustion engines or fuel cell technology for transportation.
Among the locations, the offshore segment secured the top spot across the global market for green hydrogen in 2021, given mainly to the offshore wind's production of green hydrogen emerges as a possible way to remove barriers to a carbon-free economy in Europe and beyond.
Green Hydrogen Market Regional Analysis
The global market for Green Hydrogen concrete is analyzed across five major geographies: North America, Latin America, the Middle East & Africa, Europe, and Asia-Pacific.
The MRFR analysis reports suggest that the North American region secured the top spot across the global Green Hydrogen market in 2021 with a maximum contribution of around USD 0.12208 billion. The main parameter supporting the development of the regional market is the implementation of clean energy targets. Furthermore, the rising end-market applications, such as green hydrogen being utilized as a fuel in fuel-cell powered vehicles.
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The European regional market for green hydrogen is anticipated to secure the second position globally, primarily ascribed to hydrogen as the primary energy source.
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