WASHINGTON, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research analyses that the Green Hydrogen Market was valued at $374.17 million in 2021 and is expected to reach the value of $8702.02 million by 2028, at a CAGR of 48.19% during the forecast period of 2022-2028. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Vantage team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Green Hydrogen Market from Vantage, this research helps businesses thrive by offering in-depth market analyses and insights. The Green Hydrogen report gives market definition in the form of market driving factors and market restraints which aids in estimating the requirement of particular product where several aspects have to be considered. This Green Hydrogen report has been prepared by making sure that the key factors of the Green Hydrogen industry are understood well to provide the market report that has complete overview of the market, covering various aspects such as product definition, market segmentation based on various parameters, and the prevailing vendor landscape. The data and information included in this report helps Green Hydrogen industry take sound decisions and plan about the advertising and sales promotion strategy more successfully.
The growing demand for alternative energy resources is the primary reason driving the global green hydrogen market. Rising environmental concerns that emphasize the need to produce clean energy to reduce emissions will propel the market growth over the forecast period. Furthermore, the widespread use of hydrogen across multiple industries is likely to create immense opportunities for green hydrogen producers, explains Vantage Market Research.
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List of Prominent Players in the Green Hydrogen Market:
- Siemens Energy AG
- Toshiba Energy Systems & Solutions Corporation
- Nel ASA
- Linde
- Cummins Inc.
- H&R Ölwerke Schindler GmbH
- Wind to Gas Energy GmbH & Co. KG
- Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd.
- Air Liquide
- Air Products and Chemicals, Inc.
What is Green Hydrogen? How Big is Green Hydrogen Market Size?
Market Dynamics:
Drivers:
Advances in technology, including the widespread use of hydrogen to support market growth.
Many technologies and components from the hydrogen value chain that have been established in small-scale production are close to being ready for commercialization. According to the Hydrogen Council, the capital cost of electrolysis has declined by 60% since 2010 and is recognized for adopting technological advances in the supply chain. In addition, the cost of fuel cells has also dropped by 70% since 2006, as reported by the US DOE. However, some technologies have not yet been demonstrated on a large scale and are likely to create attractive avenues in the form of reduction in production costs.
Low variable renewable energy (VRE) electricity costs, likely to Support Green Hydrogen Movement
The cost of electricity is the primary cost driver for green hydrogen production and the past decade has seen a significant reduction in clean electricity produced from onshore wind plants and solar power projects. For example, the average contracted price of solar power was 250 USD/MWh in 2010, compared to 56 USD/MWh in 2018. Similarly, onshore wind power prices declined from USD 75 to USD 48/MWh in 2018 during the same period. Additionally, clean energy prices further declined in 2019 and 2020, reaching new record-low prices seen so far. The declining cost of clean electricity is expected to make green hydrogen production more economically attractive.
Transition to Clean Energy and Decarbonization to Stimulate Green Hydrogen Demand
By 2020, 70% of the world's clean energy investment is funded by governments through policies such as subsidies or taxes or direct government finance. Clean hydrogen is one of the main elements that stimulates the process of decarbonizing through long-distance transport, especially by adopting hydrogen-derived fuels. Therefore, the ambitious targets and plans announced by many governments towards carbon neutrality and decarbonization are likely to attract huge investments and boost the consumption of clean hydrogen. For example, the European Union (EU) is aiming to become climate neutral by 2050 and is pursuing an economy with a net-zero through European Green Deal projects. China has also announced ambitious targets towards carbon reduction as part of the Paris Agreement. In addition, around 40 governments around the world have either adopted or plan to implement a price on carbon through cap-and-trade programs and direct taxes on fossil fuels.
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Key Findings:
- The Alkaline Electrolyzer segment held a market share of around 51.39% in 2020. This is owing to its low capital cost and higher operating time capacity.
- The power generation segment held a market is projected to grow at a CAGR of over 50% over the forecast period. This share is due to the increasing demand from the industrial sector for on-site electrolyzer setup.
- The chemical segment is projected to grow at a CAGR of over 38.91% over the forecast period. Chemical industry is s a major producer of by-product hydrogen. For instance, Chlor-alkali electrolysis is a process used by chemicals manufacturers to generate chlorine in large commercial quantities which yields caustic soda and hydrogen as by-products. As much as 0.27 million tons of hydrogen is generated by the Chlor-alkali sector every year, and it is typically of the highest purity.
- Asia Pacific is expected to expand at a CAGR over 52.74% from 2021 to 2028. This surge is attributed to the increasing government policies in economies to accelerate the adoption of Green Hydrogen.
The report on Green Hydrogen Market highlights:
- Assessment of the market
- COVID Impact Analysis
- Premium Insights
- Global and Regional Dynamics
- Historic Data, Estimates and Forecast
- Competitive Landscape
- Company Profiles
Green Hydrogen Market: Technology Segment Analysis
- Proton Exchange Membrane Electrolyzer
- Alkaline Electrolyzer
- Solid oxide Electrolyzer
Green Hydrogen Market: Application Segment Analysis
- Power Generation
- Transport
Green Hydrogen Market: End-use Industry Segment Analysis
- Food & Beverages
- Medical
- Chemical
- Petrochemicals
- Glass
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Regional Analysis:
Europe is Likely to Dominate the Global Green Hydrogen Market
The European region holds the largest share of the global green hydrogen market. During the forecast period, the European region is expected to grow at a rapid pace. This is due to the industry's solid, long infrastructure and a wide range of possibilities. In addition, the cost of renewable production is falling, which is another factor driving its growth. Furthermore, heavy investment in R&D in the hydrogen industry is expected to fuel the growth of the green hydrogen market in Europe. For example, the European Union has partnered with Hydrogen Europe Research, an international non-profit consortium consisting of 91 universities and research and technology organizations from 26 countries. This partnership is expected to create a conducive business environment for the green hydrogen movement in the region.
The Green Hydrogen market in Asia Pacific and North America is expected to witness substantial growth during the forecast period. It is recognized for its growing green energy initiatives in countries such as the US, China, Japan and India.
Recent Developments in the Industry:
1. In June 2022, Siemens Energy is working to develop green hydrogen as a fuel for the aviation industry, focusing on making it affordable for companies.
2. In June 2022, the country of Tunisia announced its commitment to develop a green hydrogen program with the assistance of the German Ministry of Economic Cooperation and Development. The medium-term objective of the program is to produce green ammonia and reduce the import of fertilizers.
3. In June 2022, Air Products and Gunvor Petroleum Rotterdam signed an agreement to jointly develop an import terminal to supply green hydrogen to the Netherlands.
Browse market data Tables and Figures spread through 151 Pages and in-depth TOC on Green Hydrogen Market Forecast Report (2022-2028).
Some of The Key Questions from Our Customers Are:
- Which are the top companies in the market?
- How will the market change in the next years?
- What are the drivers and restraints of the market?
- Which regional market will show the highest growth?
- What will be the CAGR and size of the market throughout the forecast period?
- Which area offers the most significant benefit for the world market?
- What are the threats to business and the impact of the current scenario on growth and market perception?
- What are the likely advanced scenarios and maximum incentive to see movement by application, type, and region?
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 374.17 Million |
| Revenue Forecast by 2028 | USD 8,702.02 Million |
| CAGR | 48.19% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Siemens Energy AG, Toshiba Energy Systems & Solutions Corporation, Nel ASA, Linde, Cummins Inc., H&R Ölwerke Schindler GmbH, Wind to Gas Energy GmbH & Co. KG, Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd., Air Liquide, Air Products and Chemicals, Inc. |
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