London, Jan. 11, 2022 (GLOBE NEWSWIRE) -- The global green hydrogen market size was valued at US$ 1.83 billion in 2021. Green hydrogen is created by using renewable energy sources rather than fossil fuels. There are many different colors that can be used to describe a colorless burning chemical. This can be a good and stable replacement for essential sources such as natural gas, coal, and oil in a wide range of applications. Green hydrogen is created when water is hydrolyzed with the help of electricity. These are derived from renewable energy sources such as wind and solar energy. The global market projection reveals a healthy and astonishing rate of growth. The market is seeing an increase in demand for green technologies, as well as government assistance for widespread implementation of zero-emission systems.
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The global green hydrogen market is investing in the development of procedures that will help reduce production costs and improve infrastructure as the need for hydrogen grow across numerous industries. The global green hydrogen market is estimated to increase at a pace of by the end of the global forecast period as a result of all of these factors, such as rising demand for renewable energy resources and government efforts.
Report Scope of the Green Hydrogen Market
| Report Highlights | Details |
| Market Size in 2021 | US$ 1.83 Billion |
| Growth Rate | CAGR of 54% From 2021 to 2030 |
| Largest Market in 2020 | Europe |
| Base Year | 2021 |
| Forecast Year | 2021 to 2030 |
| Companies Covered | NEL ASA, SEIMENS, ITM Power, ENGIE, Air Products Inc., Messer Group GMBH, Air LIQUIDE, Plug Power Inc., Cummins Inc., LINDE |
Regional Snapshot
Europe is the largest segment for green hydrogen market in terms of region. The Europe region is expected to have tremendous growth during the projection period. The strong, long-term infrastructure and a variety of options in this industry are credited with this. In addition, the cost of renewable energy generation is decreasing, which will be another factor driving its expansion.
Asia-Pacific region is the fastest growing region in the green hydrogen market. Due to its ability to build large infrastructures for storing green hydrogen, Asia-Pacific will be the fastest growing region in the global market. China will play a significant role in the market’s expansion in this region.
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Drivers
Rising industrialization
The global emission of harmful greenhouse gases is due to the widespread and alarming use of fossil fuels in conjunction with industrialization. Gases such as carbon dioxide, methane, and nitrous oxide play a significant role in raising the temperature of the plant and causing climate change. Because the global temperature has risen by one degree Celsius over the last century, environmentalists are urging people to abandon the harmful use of fossil fuels as energy sources and instead demand the widespread use of green hydrogen. Emission control technologies are gaining traction in a variety of fields. Thus, the rising industrialization is driving the growth of green hydrogen market.
Restraints
High initial costs
Hydrogen can be stored in one of three different ways. The stored hydrogen can be used to generate electricity, but due to the round-trip productivity, it is used at a lower rate than other storage technologies. Furthermore, in comparison to other fossil fuels, storing hydrogen energy is a relatively expensive process. Liquid hydrogen has a higher density than gaseous hydrogen and is used as an energy transporter in processes such as liquefaction. This method of operation employs a mechanical plant with a highly complex working and functioning system. Thus, this increases the overall costs. As a result, high initial costs restrict the growth of green hydrogen market during the forecast period.
Opportunities
Technological advancements
A variety of technologies are being used to produce hydrogen on a large scale. To meet market demand, the entire hydrogen quantum produced in the current scenario is primarily used in petroleum refineries, as well as fertilizer manufacturing. The concept of green hydrogen adoption across various market segments is still nearing its peak and has a positive rate of adoption and use globally. As a result, technological advancements is creating lucrative opportunities for the growth of green hydrogen market.
Challenges
Production of green hydrogen
The electrolysis, steam reforming, and fermentation are all typical methods for producing green hydrogen. All these processes involve challenges in every step. The challenges that are faced by key market players are related to commercialization and large-scale deployment of electrolysis process. Thus, all these challenges hinder the market growth.
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Report Highlights
- Due to its higher operating time capacity and low capital cost, the alkaline electrolyze segment holds the greatest market share by technology. Moreover, throughout the projection period, the category is expected to grow at a quicker rate.
- Because of demand from the industrial sector for on-site electrolyze setup, the power generation segment led the market share by application in 2020.
- The chemical industry is a major producer of by-product hydrogen, which is both consumed inside the industry and distributed for industrial use.
Segments Covered in the Report
By Technology
- Proton Exchange Membrane Electrolyzer
- Alkaline Electrolyzer
- Solid Oxide Electrolyzer
By Application
- Power Generation
- Transport
- Others
By End Use Industry
- Food & Beverages
- Medical
- Chemical
- Petrochemicals
- Glass
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Rest of the World
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