Newark, May 09, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global green hydrogen market is expected to grow from USD 905.12 Million in 2020 to USD 10244.98 Million by 2030, at a CAGR of 33.14% during the forecast period 2021-2030.
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The green hydrogen industry holds a lot of potential in the upcoming years. The declining cost of renewable energy and electrolysis technology indicates that green hydrogen is the next best investment in the market. Green hydrogen energy presents promising opportunities for the many end-use sectors. Many industries such as oil and gas, fertilizer, large utilities, and industries from steel to aluminum focus on green hydrogen. It is one of the most potential renewable energy sources as these are some of the most energy-intensive sectors.
The green hydrogen is produced through the electrolysis of water by splitting the water into hydrogen and oxygen using renewable energy sources such as wind energy and solar energy. Two major electrolysis technologies are used in the production of green hydrogen; one technology is alkaline water (ALK), and the other is polymer electrolyte membrane (PEM) electrolyzer. Alkaline water (ALK) is the most basic and widely utilized technology in the green hydrogen market. Hydrogen is the most abundant and lightest element present on the earth and has a wide range of applications in multiple industries, from refining, petrochemical, and chemical to mobility industry.
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The green hydrogen market is experiencing high growth, owing to rising government and private companies’ initiatives to produce green hydrogen. Furthermore, the declining cost of electrolyzers is estimated to propel the market’s growth in the upcoming years. The increasing demands for energy, is further fuels the demand for green hydrogen. The rising energy demand is mainly due to increasing industrial activities in both developed and developing countries worldwide. The high cost of green hydrogen production and the short supply of the big electrolyzers in the market are key factors that could hinder the market growth over the forecast period. Increasing huge investment in green hydrogen technology by various countries across the globe is anticipated to offer various growth opportunities over the forecast period.
Major players in the global green hydrogen market are Air Products and Chemicals, Inc., Linde, Cummins and Enbridge Gas, Toshiba Energy Systems & Solutions Corp., Uniper SE, Air Liquide, Hydrogenics, H&R Olwerke Schindler, Nel ASA, and Siemensamong others. The major players operating in the global green hydrogen market are primarily implementing the in strategies such as research and development activities, geographical expansion, mergers & acquisitions, and forming a joint venture to gain a significant market share in the green hydrogen industry.
• In October 2021, Air Products and Chemicals, Inc. announced the partnership with NEOM and ACWA Power to set up the facility in NEOM Powered by renewable energy with an investment of USD 5 Billion for the production and export of the green hydrogen for the global market.
• In September 2021, Air Liquide announced the partnership with the TotalEnergies to cooperate the development of the green hydrogen and carbon capture technologies in the France.
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The alkaline electrolyzer segment is accounted for the largest market share and valued at USD 314.98 million the year 2020
The technology segment is divided into alkaline electrolyzer and polymer electrolyte membrane (PEM) electrolyzer. The alkaline electrolyzer segment is accounted for the largest market share and valued at USD 314.98 million in the year 2020. The cheaper cost and high operating hours of the alkaline electrolyzer make them one of the most used electrolyzers to produce green hydrogen.
The wind energy segment held the highest market share of 52.69% in the year 2020
The renewable source segment includes wind energy, solar energy, and others. The wind energy segment held the highest market share of 52.69% in the year 2020. Both onshore and offshore wind energy plants are being utilized for power generation to produce green hydrogen. Wind energy is one of the most cost-effective options to generate the energy for the production of green hydrogen, boosting the adoption of wind energy.
The petrochemical segment is estimated to grow at the highest CAGR of 35.65% over the forecast period
The end-use industry segment is divided into transport, chemical, petrochemical, power generation, industrial, and others. The petrochemical segment is estimated to grow at the highest CAGR of 35.65% over the forecast period. The petroleum and refinery companies require a huge amount of hydrogen to convert the low-grade crude oil into low-emission fuels. The rising use of green hydrogen to produce petroleum products in the petrochemical industry is propelling the growth of green hydrogen.
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Regional Segment Analysis of the Green hydrogen Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The European region dominated the global green hydrogen market and was valued at USD 421.60 million in 2020. The European region aims to increase the share in renewable energy, and this aim is to translate into the rising investment in the production of green hydrogen. In addition to this, the presence of a large number of companies in the European region further boosts the market’s growth. The North America region held a substantial market share in the global green hydrogen market. Increasing implementation of stricter policies to reduce greenhouse gas emissions and raising awareness about clean energy in countries such as the U.S. and Canada are contributing to the growth of the market in the North America region.
About the report:
The global green hydrogen market is analyzed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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