WASHINGTON, July 05, 2022 (GLOBE NEWSWIRE) -- The Global Green Hydrogen Market size was worth USD 800 million in 2021 and is projected to reach USD 8,702 million by 2028, growing at a CAGR of 48.19% during the forecast period (2022-2028). The growing demand for alternative energy resources is the primary reason driving the global green hydrogen market. Rising environmental concerns that emphasize the need to produce clean energy to reduce emissions will propel the market growth over the forecast period. Furthermore, the widespread use of hydrogen across multiple industries is likely to create immense opportunities for green hydrogen producers, explains Vantage Market Research.
Go through the Vantage Market Research exclusive report, titled “Green Hydrogen Market by Technology (Proton Exchange Membrane Electrolyser, Alkaline Electrolyser, Solid oxide Electrolyser) by Application (Power Generation, Transport, Others) by End-use Industry (Food & Beverages, Medical, Chemical, Petrochemicals, Glass, Others) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028.
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The outbreak of COVID-19 has affected various industries across the world. Governments around the world implemented strict lockdown measures and social distancing norms to contain the rapid spread of the pandemic. Repeated lockdowns from early 2020 to mid-2021 led to a number of issues, including low labor and employee availability, logistical challenges and a troubled supply chain, on the other hand, caused a number of issues for industry participants, including disrupted supply chains, logistical challenges in the export of finished goods, and employee recruitment from quarantine. Manufacturing facilities around the world were closed during the early stages of the pandemic. In addition, the post-pandemic economic crisis could significantly delay the commercial roll-out of green hydrogen. Small and medium scale companies are the backbone of technology providers and have seen a sharp drop in revenue in 2020 since the pandemic emerged. In addition, the outbreak resulted in a significant growth in the renewable energy market, resulting in a sustained increase in demand for energy. The renewable energy market grew rapidly in 2020 due to the increasing demand for energy from the industrial sectors. Hence, the market players faced several challenges as disruptions in the supply chain were witnessed. The market is rapidly returning to normal after the easing of lockdowns in most countries and is expected to pick up further. However, things will improve in the second half of 2022 as more supplies will be online. The impact of COVID-19 on market demand is considered while estimating the current and forecast market size and market growth trends for all regions and countries based on the following data points:
- COVID-19 Pandemic Impact Assessment
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Quarterly Market Revenue Forecast by Asia Pacific 2021 & 2022
- Short Term Dynamics
- Long Term Dynamics
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Green Hydrogen Market is predicted to grow at a CAGR of roughly 48.19% during the forecast period.
- The Green Hydrogen market was estimated to be worth roughly USD 800 million in 2021 and is expected to reach USD 8,702.02 Million by 2028; based on primary research.
- Based on type segment, the alkaline electrolyze segment has the largest market share by technology.
- On the basis of region, Europe is projected to dominate the worldwide Green Hydrogen market.
The report on Green Hydrogen Market highlights:
- Assessment of the market
- COVID Impact Analysis
- Premium Insights
- Global and Regional Dynamics
- Historic Data, Estimates and Forecast
- Competitive Landscape
- Company Profiles
Market Dynamics:
Drivers:
Advances in technology, including the widespread use of hydrogen to support market growth.
Many technologies and components from the hydrogen value chain that have been established in small-scale production are close to being ready for commercialization. According to the Hydrogen Council, the capital cost of electrolysis has declined by 60% since 2010 and is recognized for adopting technological advances in the supply chain. In addition, the cost of fuel cells has also dropped by 70% since 2006, as reported by the US DOE. However, some technologies have not yet been demonstrated on a large scale and are likely to create attractive avenues in the form of reduction in production costs.
Low variable renewable energy (VRE) electricity costs, likely to Support Green Hydrogen Movement
The cost of electricity is the primary cost driver for green hydrogen production and the past decade has seen a significant reduction in clean electricity produced from onshore wind plants and solar power projects. For example, the average contracted price of solar power was 250 USD/MWh in 2010, compared to 56 USD/MWh in 2018. Similarly, onshore wind power prices declined from USD 75 to USD 48/MWh in 2018 during the same period. Additionally, clean energy prices further declined in 2019 and 2020, reaching new record-low prices seen so far. The declining cost of clean electricity is expected to make green hydrogen production more economically attractive.
Transition to Clean Energy and Decarbonization to Stimulate Green Hydrogen Demand
By 2020, 70% of the world's clean energy investment is funded by governments through policies such as subsidies or taxes or direct government finance. Clean hydrogen is one of the main elements that stimulates the process of decarbonizing through long-distance transport, especially by adopting hydrogen-derived fuels. Therefore, the ambitious targets and plans announced by many governments towards carbon neutrality and decarbonization are likely to attract huge investments and boost the consumption of clean hydrogen. For example, the European Union (EU) is aiming to become climate neutral by 2050 and is pursuing an economy with a net-zero through European Green Deal projects. China has also announced ambitious targets towards carbon reduction as part of the Paris Agreement. In addition, around 40 governments around the world have either adopted or plan to implement a price on carbon through cap-and-trade programs and direct taxes on fossil fuels.
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Regional Analysis:
Europe is Likely to Dominate the Global Green Hydrogen Market
The European region holds the largest share of the global green hydrogen market. During the forecast period, the European region is expected to grow at a rapid pace. This is due to the industry's solid, long infrastructure and a wide range of possibilities. In addition, the cost of renewable production is falling, which is another factor driving its growth. Furthermore, heavy investment in R&D in the hydrogen industry is expected to fuel the growth of the green hydrogen market in Europe. For example, the European Union has partnered with Hydrogen Europe Research, an international non-profit consortium consisting of 91 universities and research and technology organizations from 26 countries. This partnership is expected to create a conducive business environment for the green hydrogen movement in the region.
The Green Hydrogen market in Asia Pacific and North America is expected to witness substantial growth during the forecast period. It is recognized for its growing green energy initiatives in countries such as the US, China, Japan and India.
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List of Prominent Players in the Green Hydrogen Market:
- Siemens Energy AG
- Toshiba Energy Systems & Solutions Corporation
- Nel ASA
- Linde
- Cummins Inc.
- H&R Ölwerke Schindler GmbH
- Wind to Gas Energy GmbH & Co. KG
- Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd.
- Air Liquide
- Air Products and Chemicals, Inc.
Recent Developments in the Industry:
1. In June 2022, Siemens Energy is working to develop green hydrogen as a fuel for the aviation industry, focusing on making it affordable for companies.
2. In June 2022, the country of Tunisia announced its commitment to develop a green hydrogen program with the assistance of the German Ministry of Economic Cooperation and Development. The medium-term objective of the program is to produce green ammonia and reduce the import of fertilizers.
3. In June 2022, Air Products and Gunvor Petroleum Rotterdam signed an agreement to jointly develop an import terminal to supply green hydrogen to the Netherlands.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Green Hydrogen Market?
- How will the Green Hydrogen Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Green Hydrogen Market?
- What is the Green Hydrogen market drivers and restrictions?
- What will be the CAGR and size of the Green Hydrogen Market throughout the forecast period?
This market titled “Green Hydrogen Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Forecast For 2028 | USD 8,702.02 Million |
| Expected CAGR Growth | CAGR 48.19% From 2021 - 2028 |
| Base Year | 2020 |
| Historic Years | 2016 - 2019 |
| Forecast Years | 2021 - 2028 |
| Segments Covered | Technology: - Alkaline Electrolyser, Proton Exchange Membrane Electrolyser, and Solid Oxide Electrolyser End-Use Industry: - Medical, Glass, Chemical, Food & Beverages, Petrochemicals, and Others Application: - Transport, Power Generation, and Others |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2021 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Table of Content –
- Chapter No. 1: Introduction
- Report Scope
- Objectives of the Study
- USP & Key Offerings
- Target Audience
- Vantage Market Research Report Guidance/Walk-through
- Chapter No. 2: Premium Insights
- Market Snapshot
- Top Investment Pockets
- Market Attractiveness Analysis, By Technology
- Market Attractiveness Analysis, By Application
- Market Attractiveness Analysis, By End-use Industry
- Market Attractiveness Analysis, By Europe
- Insights from Primary Respondents
- Chapter No. 3: Key Market Dynamics
- Introduction
- Market Drivers
- Market Restraints
- Market Opportunities
- Porter’s Five Forces Analysis
- PEST Analysis
- Table of Content to Continue…
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