Portland, OR, May 27, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global green hydrogen market was pegged at $0.17 billion in 2019, and is expected to reach $9.83 billion by 2028, growing at a CAGR of 54.7% from 2021 to 2028.
Rise in concern toward reducing carbon emissions and expansion of green hydrogen production technologies have boosted the growth of the global green hydrogen market. However, high capital cost of hydrogen energy storage hinders the market growth. On the contrary, favorable government policies encouraging electric vehicles are expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The green hydrogen market was slightly affected by the Covid-19 pandemic. The lockdown across several countries posed several challenges for industry participants such as logistical difficulties in end goods, disruption of supply chains, and recruitment of workforce during the pandemic.
- The pandemic, however, increased the energy demand from the industrial sectors, ensuring the rise in the renewable energy market.
The global green hydrogen market is segmented on the basis of technology, application, end-use industry, and region.
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Based on technology, the market is classified into proton exchange membrane electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. The alkaline electrolyzer segment held the lion’s share in 2019, accounting for more than half of the market. In addition, the segment is expected to register the highest CAGR of 54.8% during the forecast period.
On the basis of end-use industry, the market is divided into food & beverages, medical, chemical, petrochemicals, glass, and others. The petrochemicals segment is projected to portray the highest CAGR of 55.0% during the forecast period. Moreover, the segment held the largest share in 2019, contributing to more than two-fifths of the market.
The global green hydrogen market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe dominated in 2019, accounting for more than two-fifths of the total market share. However, the market across Asia-Pacific is expected to manifest the highest CAGR of 55.0% during the forecast period.
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The global green hydrogen market includes an in-depth analysis of the prime market players such as Enapter, Engie, Ballard Power Systems, Hydrogenics, Green Hydrogen Systems, Plug Power, Nikola Motors, Shell, SGH2 Energy Global LLC, and Siemens Gas and Power GmbH & Co. KG.
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