SAN FRANCISCO, U.S., Jan. 17, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Green Hydrogen Market Size, Share, Trend Analysis Report By Type (Solid Oxide Electrolyzer, Alkaline Electrolyzer, and Proton Exchange Membrane Electrolyzer), By Use (Transport, Power Generation, and Others) By Customer (Petrochemicals, Glass, Food & Beverages, Chemical, Medical, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” in its research database.
The report analyzes the Green Hydrogen market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global Green Hydrogen market.
Green Hydrogen Industry Market Synopsis:
Green hydrogen is created by electrolyzing water with regenerative energy sources. Water is separated into hydrogen and oxygen in an electrolyzer using an electric current, and grey hydrogen generated from fossil fuels (like natural gas) is separated. The physicochemical characteristics of hydrogen are unappreciated. Hydrogen is environmentally safe and may be stored and transformed into power or heat as needed.
Green hydrogen is an important component of the energy equation, and hydrogen is viewed as a major potential renewable energy supply. It is one of the most significant circular carbon economy (CCE) ideas because it is produced using solar energy. It is produced by utilizing renewable energy sources as opposed to the carbon-based energy present in natural gas and other fossil fuels.
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Key Insights from Primary Research
- As per the analysis, the green hydrogen market is likely to grow above a CAGR of around 55.2% between 2022 and 2028.
- The Green Hydrogen market size was worth around US$ 0.8 billion in 2021 and is estimated to hit approximately US$ 10.2 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Green hydrogen's numerous and cost-effective applications are propelling global revenue growth.
- The alkaline electrolyze segment has the largest market share by technology because of its higher operational time capacity and low capital cost on the basis of type segment analysis.
- The chemical segment dominates the market because the chemical industry is a significant producer of hydrogen which is used both internally and externally on the basis of customer segment analysis.
- On the basis of region, the Europe is found to be dominating the green hydrogen market
Green Hydrogen Market: Growth Drivers
The growing popularity of Green Globe Projects are boost the market’s growth
Green hydrogen is produced using an electrolysis process in which water is split into oxygen and hydrogen using power supplied from renewable sources. The decreasing cost of reusable power and electrolysis technology will result in increased demand for green hydrogen, boosting global green hydrogen market sales growth.
Several industries, including oil & gas, steel, utilities, and fertilizers, are turning to green hydrogen to balance the intermittent nature of reusable resources. Furthermore, this sort of hydrogen is widely employed as an energy alternative for decarbonizing the industrial, transportation, and chemical domains. Aside from these industrial applications, the advantage of keeping green hydrogen in existing gas pipes to power domestic appliances would result in a gradual growth in household demand for green hydrogen. It turns renewable energy into a carrier like ammonia, which may then be used in fuel cells to power anything that runs on electricity, like electronic devices and electric vehicles. Green hydrogen's numerous and cost-effective applications are propelling global revenue growth.
Restraints
Relatively high operational expenses may limit the market’s growth
Green hydrogen is extremely difficult and costly to preserve and transport. Because it is highly combustible and has a poor volumetric density, it necessitates significant investment in pipelines and carriers. Furthermore, a lack of skilled personnel is a problem limiting the global green hydrogen market's expansion and growth.
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Competitive Players
The report contains qualitative and quantitative research on the global Green Hydrogen Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness.
The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.
Some of the main players in the global Green Hydrogen market include;
- Green Hydrogen
- Uniper SE
- Nel ASA
- Air Products and Chemicals Inc.
- Engie
- Hydrogenics
- Air Liquide
- Toshiba Energy Systems & Solutions Corp
- Linde
- Siemens
Browse the full “Green Hydrogen Market By Type (Solid Oxide Electrolyzer, Alkaline Electrolyzer, and Proton Exchange Membrane Electrolyzer), By Use (Transport, Power Generation, and Others) By Customer (Petrochemicals, Glass, Food & Beverages, Chemical, Medical, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” Report at https://www.fnfresearch.com/green-hydrogen-market
Green Hydrogen Market: Segmentation Analysis
The global green hydrogen market is segregated on the basis of type, use, customer, and region.
By Type Segment Analysis
- Solid Oxide Electrolyzer
- Alkaline Electrolyzer
- Proton Exchange Membrane Electrolyzer
By type, the market is divided into solid oxide electrolyzer, alkaline electrolyzer, and proton exchange membrane electrolyzer. The alkaline electrolyze segment has the largest market share by technology because of its higher operational time capacity and low capital cost. Furthermore, the category is predicted to develop at a faster rate throughout the projection period.
By Use Segment Analysis
- Transport
- Power Generation
- Others
By use, the market is divided into transport, power generation, and others. Among these, the power generation category dominates the market by the application due to demand from the manufacturing industry for on-site electrolyze setup.
By Customer Segment Analysis
- Petrochemicals
- Glass
- Food & Beverages
- Chemical
- Medical
- Others
By customer, the market is segmented into petrochemicals, glass, food & beverages, chemical, medical, and others. The chemical segment dominates the market because the chemical industry is a significant producer of hydrogen which is used both internally and externally.
Regional Insights:
The European region has the biggest share of the global green hydrogen market. During the forecast period, the European region is anticipated to grow at a rapid pace. This is due to the industry's solid, lengthy infrastructure and a wide range of possibilities. Furthermore, the cost of renewable generation is falling, which is yet another factor pushing its growth.
The European Clean Hydrogen Alliance was reported in March 2020 as part of Europe's new industrial strategy, and it was inaugurated on July 8, 2020, at the very same time as the EU hydrogen strategy. Major European automotive manufacturers such as Ducati, Porsche, Audi, and BMW are concentrating on the downsizing idea of car engines and creating fuel-efficient and lightweight engines, which will promote the expansion of the green hydrogen market.
Asia Pacific region is the green hydrogen market's fastest-expanding region. Due to its potential to create vast facilities for storing green hydrogen, Asia Pacific will be the fastest-expanding region in the global market. China may play a vital role in this region's economic progress.
By Region
- North America
- Europe
- Asia Pacific
- The Middle East & Africa
- Latin America
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Recent Industry Developments:
- March 2020: The Fukushima Hydrogen Energy Research Field has been completed, according to the Toshiba Energy Systems & Solutions Corporation (Toshiba ESS), New Energy and Industrial Technology Development Organization (NEDO), Iwatani Corporation (FH2R), and Tohoku Electric Power Co., Inc. The plant has a 10 MW class production capacity and reusable power. It is thought to be the world's largest category. It would aid in the development of reasonable green hydrogen generation technology by maximizing the use of environmental assets.
- April 2020: Uniper SE and Siemens Gas & Power have established a collaboration to develop and implement green hydrogen production and usage projects based on renewable energy sources.
Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 0.8 Billion |
| Projected Market Size in 2028 | USD 10.2 Billion |
| CAGR Growth Rate | 55.2% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Green Hydrogen, Uniper SE, Nel ASA, Air Products and Chemicals Inc., Engie, Hydrogenics, Air Liquide, Toshiba Energy Systems & Solutions Corp, Linde, and Siemens. |
| Key Segments | Type, Use, Customer, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Type, Use, Customer, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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