CHICAGO, May 25, 2022 (GLOBE NEWSWIRE) -- The Green Hydrogen Market Size was valued at USD 444 million in 2021. The mobility industry is developing vehicles that would utilize hydrogen directly in fuel cells or in internal combustion engines. Hydrogen based forklifts have already been developed and are being utilized in a few industries across Europe, APAC and North American regions. The countries are planning to more than double the number of such hydrogen-based vehicles by 2030.
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Increasing investments by the government in establishing green hydrogen ecosystems
The governments of many developed countries are coming forward in developing infrastructure for green hydrogen. This is majorly happening in Europe followed by Asia. The development of infrastructure will facilitate manufacturers to expand their reach and capacity, which will assist them in lowering the price of green hydrogen. The involvement of the governments of the respective countries is very crucial for developing an ecosystem that accepts green hydrogen as an alternate fuel.
Report Scope of the Green Hydrogen Market
| Report Highlights | Details |
| Market Size in 2021 | USD$ 444 million |
| Growth Rate | CAGR of 58.0% from 2021 to 2026 |
| Largest Market Share | Europe |
| Forecast Year | 2021 to 2026 |
| Companies Covered | Siemens Energy AG (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Nel ASA (Norway), Linde (Ireland), Cummins Inc. (US), H&R Ölwerke Schindler GmbH (Germany), Wind to Gas Energy GmbH & Co. KG (Germany), Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd. (China), Air Liquide (France), and Air Products and Chemicals, Inc. (US). |
Regional Snapshot
Europe is the largest market in terms of manufacturing and supplying green hydrogen. In terms of volume, it accounts for a share of 58.0% of the global green hydrogen market in 2020, followed by APAC at 27%.
Europe has been investing heavily in the green hydrogen projects. The European Hydrogen Backbone project is underway to develop nearly 40,000 km of dedicated hydrogen pipeline. This is boosting the investment in green hydrogen in the region. Major automotive manufacturers in the European region, such as Porsche, Ducati, BMW, and Audi, are focusing on the downsizing concept of car engines and manufacturing lightweight and fuel-efficient engines, which will also drive up the growth of the green hydrogen market. The European Union Automotive Fuel Economy (UNEP) standard has challenged automotive OEMs to decrease carbon emissions by using lightweight materials, which is further driving the market in this region.
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Drivers
Increasing use of green hydrogen in the mobility industry. As the world is moving towards net zero emission goals, it is getting ready to change the way it moves.
Restraint for global green hydrogen market
High initial cost in establishing green hydrogen plant is a major market restraint. The initial cost involved with the production of green hydrogen is very high, while the lack of infrastructure to transport and store it poses an additional challenge. The fixed cost required to set up the production plant is only half the challenge while transportation of green hydrogen pose additional economical and safety challenges. On average green hydrogen costs nearly 2–3 times more than grey hydrogen. Application technology adds to the costs. Fuel cells cost nearly 1.5 to 2 times more than their fossil fuel counterparts. Even as synthetic fuel, the cost is nearly 5–7 times more than fossil jet fuel.
Opportunity for global green hydrogen market
Increasing investments by the government in establishing green hydrogen ecosystems. The governments of many developed countries are coming forward in developing infrastructure for green hydrogen. This is majorly happening in Europe followed by Asia. The development of infrastructure will facilitate manufacturers to expand their reach and capacity, which will assist them in lowering the price of green hydrogen. The involvement of the governments of the respective countries is very crucial for developing an ecosystem that accepts green hydrogen as an alternate fuel.
Challenge for global green hydrogen market
Lack of transportation infrastructure. In the present scenario, hydrogen is produced at locations where it is to be used. The lack of need for transportation has hence left the hydrogen market unexplored. Less than 8,000 km of pipeline has been installed worldwide, with 2,600 km in the US alone. With its European Hydrogen Backbone (EHB) initiative, Europe plans to install 39,700 km of hydrogen pipeline by 2040. Nearly 69% of this will be repurposed natural gas lines, and the rest will be newly established. Even after these, the infrastructure seems very small compared to more than 3 million km of natural gas line in operation today.
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Related Reports:
- CNG, RNG, and Hydrogen Tanks Market Research Report 2021 - 2026
- Green & Bio-Solvents Market Research Report 2021 – 2026
Segments Covered in the Report
By Technology:
- Alkaline Electrolysis
- PEM Electrolysis
By Renewable Source:
- Wind Energy
- Solar Energy
- Others (geothermal, hydropower, and hybrid of wind & solar)
By End-Use Industry:
- Mobility
- Chemical
- Power
- Grid Injection
- Industrial
- Others (CHP+Domestic Heat)
By Region:
- North America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America
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