Newark, Sept. 11, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global green hydrogen market is expected to grow from USD 1.60 billion in 2022 to USD 28.08 billion by 2032, at a CAGR of 33.14% during the forecast period 2023-2032. The European region led the global green hydrogen market with the highest market share of 36.21% in 2022. The rising focus of the European countries to reduce greenhouse gas emissions is one of the key factors supporting the market's growth in the European region. Besides, the Asia Pacific region is expected to grow at the highest CAGR over the forecast period. The rising focus of the multiple countries to enhance the production of green hydrogen is boosting the growth of the market in the Asia Pacific region.
Green Hydrogen Market by Technology (Alkaline Electrolyzer, Polymer Electrolyte Membrane (PEM) Electrolyzer), Renewable Source (Wind Energy, Solar Energy, Others), End-Use Industry, Regions, and Global Forecast 2023-2032
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| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 1.60 Billion |
| Market Size in 2032 | USD 28.08 Billion |
| CAGR | 33.14 % |
| No. of Pages in Report | 232 |
| Segments Covered | Product Type, Application, End-User and Distribution Channel |
| Drivers | Increasing demand for power requirements |
| Opportunities | The growing adoption of energy-efficient technologies |
| Restraints | The high production prices and the low commercialization of green hydrogen |
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The key companies operating 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 Siemens, among others. The key players of the global green hydrogen market are majorly focusing on the adoption of various strategies such as joint venture, technological integration, collaboration, new product development, mergers & acquisitions, product innovations, and partnerships to gain a significant market share in the industry. For instance, 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 green hydrogen for the global market.
The technology segment is divided into alkaline electrolyzer and polymer electrolyte membrane (PEM) electrolyzer. The alkaline electrolyzer segment accounted for the largest market share of 49.23% in 2022. High efficiency and cheaper cost of the alkaline electrolyzer are some of the key factors which are responsible for the rising demand for the alkaline electrolyzer in the green hydrogen production market. The renewable source segment includes wind energy, solar energy, and others. The solar energy segment is anticipated to grow at the highest CAGR of 37.93% over the forecast period. Cost-effectiveness and easy availability of wind energy for green hydrogen production is driving the demand for wind energy. The end-use industry segment is divided into transport, chemical, petrochemical, power generation, industrial, and others. The transport segment dominated the global green hydrogen market and held the largest market share of 39.12% in 2022. The petrochemical and refinery industry uses a massive amount of hydrogen to desulfurize the fuels they produce. Therefore, green hydrogen offers various opportunities for the petrochemical and refinery companies over the forecast period.
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The global green hydrogen market is witnessing rapid growth over the past few years. Governments across the globe are supporting the research and development activities of green hydrogen and offering funding to start-ups to expand business and research in green hydrogen. In addition to this, the rising use of advanced technologies for green hydrogen production is further propels the market’s growth over the forecast period.
About the report:
The market is analyzed based on value (USD Billion) and volume (k units). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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