New York, US, June 20, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Green Hydrogen Industry Analysis by Technology, Application (Transport, Power Generation, Industries,and Heating), Location (Onshore and Offshore), and Region - Forecast till 2030” valuation is poised to reach USD 10.22 Billion by 2030, registering an 57.41% CAGR throughout the forecast period (2020–2030).
Green Hydrogen Industry Overview
The rise in environmental concerns that emphasize the requirement for the generation of clean energy to reduce emissions will boost market growth over the forecast period.
Green Hydrogen Industry Report Scope:
| Report Metric | Details |
| Market Size | USD 10.22 Billion |
| CAGR | 57.41% |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Green Hydrogen Systems (Denmark), Solena Group (US), H2X (Australia), Siemens Gas and Power GmbH & Co. KG (Germany), Engie (France), FuelcellWorks (US), Plug Power (US), Fuelcell Energy (US), Hydrogenics (Canada), Ballard Power Systems (Canada), Nikola Motors (US), Ergosup (France), Loop Energy (Canada) and Syzygy Plasmonics (US) |
| Key Market Opportunities | Increasing Adoption in Wind Farms to offer Robust Opportunities |
| Key Market Drivers | Rise in Environmental Concerns to Boost Green Hydrogen Market Growth |
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Drivers
Increasing Adoption in Wind Farms to offer Robust Opportunities
The increasing adoption of green hydrogen in wind farms will offer robust opportunities for the market over the forecast period. The offshore and onshore wind farms are common. Offshore plants produce consistently throughout the year, unlike onshore facilities. Since the 1970s, the cost of wind energy has decreased by 50%. Wind power's acceptance as a green hydrogen source has risen as a result of this factor. Offshore & onshore wind farms are now being used to generate electricity for the production of green hydrogen.
High Cost to act as Market Challenge
The high cost of the green hydrogen solutions and shortage of transportation infrastructure may act as market restraints over the forecast period.
Green Hydrogen Market Segments
The green hydrogen market is segmented into location, technology, and application.
Based on technology, alkaline electrolyzers will dominate the market in the forecast period.
Based on application, power generation will lead the market in the forecast period.
Based on location, onshore segment will have the lions share in the market in the forecast period.
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Green Hydrogen Industry Regional Analysis
Europe to Sway Green Hydrogen Industry
During the forecast period, Europe will sway the green market. Strong sustainable infrastructure, the presence of several opportunities, the reduction in the cost of renewable energy generation, the presence of several green hydrogen projects, supply of hydrogen in ample, the presence of several green hydrogen makers and their products, booming power industry & mobility, and the growing need for zero-emission energy in various end-user industries such as power generation, electric vehicles, petrochemicals, and oil and gas are all contributing to the growth.
Germany has the maximum market share due to the presence of both supportive policies & regulations especially for green hydrogen as well as funds available for demonstration and research projects in the country. Because of its proclivity for sustainable schemes and the construction of hydrogen plants, Europe is likely to head the green hydrogen market. Low renewable energy costs, as well as customer and corporate subsidies, may bode well for this market. Denmark's government recently signed a contract with the H2 Energy Europe for the large-scale development of green hydrogen. The retrofitting of novel systems for the intake of green hydrogen has the potential to increase demand in the region. The European region is expected to grow rapidly during the forecast period. This is owing to the industry's long-standing, solid infrastructure as well as its diverse range of options. In addition, the price of renewable energy is decreasing, which is another factor driving its growth.
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North America to Have Favorable Growth in Green Hydrogen Industry
In terms of revenue, North America is the second-best region in the market. Green hydrogen market growth is fueled by rising energy consumption & power demand, as well as a constantly growing population and rapid urbanization and industrialization. Furthermore, the growing use of renewable energy resources both in residential & commercial areas, fueled by rising consumer purchasing power, as well as regulatory changes, are major factors driving the green hydrogen market share upward. In addition, regional market growth is influenced by growing production capacities & green hydrogen manufacturers. Because of its ability to build massive infrastructures for storing green hydrogen, North America will have a favorable market growth. The US will play a significant role in the market's growth in this region.
North America's market is expected to grow at a rapid pace over the forecast period, with the United States and Canada leading the region thanks to the clean energy policies’ implementation. California has the majority of the market share in the United States, with growth fueled by aggressive de-carbonization goals like phasing out gas/diesel-powered public buses via 2040. The federal governments of the countries provide significant support to the North American green hydrogen market. Countries such as the United States and Canada provide significant funding for the pilot scale projects in this area. These funds are predicted to aid in the advancement of green hydrogen technology research and development. Air Liquide is constructing PEM electrolyzer in a large-scale with a capacity of 20 MW in Canada, which will produce green hydrogen using hydropower. Such developments, as well as projects in the pipeline in Canada, will help the region's market grow significantly.
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COVID-19 Analysis
The green hydrogen sector was unaffected by the COVID-19 disruption. Coronavirus-related lockdowns, on the other hand, caused a slew of problems for industry participants, including difficulties recruiting staff from the quarantine, challenges related to logistics in shipping finished goods, and supply chain disruptions. Furthermore, the outbreak resulted in a significant rise in the market of renewable energy, resulting in an ongoing increase in energy demand. Due to increased energy demand from industrial sectors, the renewable energy market grew steadily in 2020. Following the relaxation of lockdowns in maximum countries, the market is quickly returning to normal and is expected to pick up even more.
Green Hydrogen Market Competitive Analysis
Dominant Key Players on Green Hydrogen Industry Covered are:
- Green Hydrogen Systems (Denmark)
- Solena Group (US)
- H2X (Australia)
- Siemens Gas and Power GmbH & Co. KG (Germany)
- Engie (France)
- FuelcellWorks (US)
- Plug Power (US)
- Fuelcell Energy (US)
- Hydrogenics (Canada)
- Ballard Power Systems (Canada)
- Nikola Motors (US)
- Ergosup (France)
- Loop Energy (Canada)
- Syzygy Plasmonics (US)
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