Selbyville, Delaware, Sept. 29, 2022 (GLOBE NEWSWIRE) --
The green hydrogen market is expected to record a valuation of USD 119 billion by 2030, according to a new research report by Global Market Insights Inc. Extensive investment across both private & public sectors to advance green hydrogen production technologies will boost the green hydrogen market trends. Robust research and development activities have enabled the introduction of innovative & efficient solutions for clean hydrogen production. There could be increased cooperation among major industry players to expand the production of hydrogen and other green fuel options.
Wind and solar power generation facilities are utilized to produce green hydrogen. Solar energy is among the most adopted renewable energy sources in developing regions. According to the IEA, the installed capacity for solar PV in Africa could be over 125 GW by 2030, representing a substantial portion of the total power generation capacity on the continent. This indicates a significant potential for clean hydrogen producers to help countries in and around the region move towards a greener future.
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The green hydrogen market from solid oxide technology segment is anticipated to reach USD 950 million by 2030. Shifting focus toward the adoption of high efficiency & low-cost solutions and a rising inclination toward the commercialization of electrolyser technologies will foster deployment of solid oxide technologies. Features like high current density, lesser requirement of auxiliary components and low maintenance in terms of electrode corrosion will drive the adoption of this technology.
Continuous government investments to increase the adoption of FCEVs and reduce carbon emissions could propel the demand for clean hydrogen in the transportation sector. Automotive companies are steadily shifting from conventional fossil fuels to green hydrogen to decarbonize rail, shipping, road, aviation transport activities.
For instance, in September 2022, Ashok Leyland Ltd estimated that hydrogen-powered truck & buses will emerge as a self-sufficient green solution with commercial viability over the next five years. The move will reduce tax on green hydrogen that could help eliminate import content, and its availability along long-haul corridors could create a positive business scenario for hydrogen-powered vehicle manufacturers.
Asia Pacific green hydrogen market size is projected to register a CAGR of over 60% through 2030. Robust investments are being made towards the development of new clean hydrogen projects. In 2022, Global private equity (PE) major KKR announced that it will invest USD 450 million in Hero Future Energies (HFE). The investment will support HFE’s efforts to expand renewable energy capabilities and capacity across technologies such as solar, wind, and green hydrogen. In addition, favourable government measures and initiatives to reduce carbon emissions across the region will stimulate the industry outlook.
Top participants operating in the green hydrogen market are Siemens Energy, Plug Power Inc., Air Liquide, Linde plc, Cummins Inc., Air Products Inc., Iberdrola, S.A., Hiringa Energy Limited, Engie, Lhyfe, GH2, CWP Global and ACME amongst others. These leaders are making business alliance with other related firms to support product development.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Green Hydrogen Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & sustainability landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Hydrogen manufacturing capacity, by company (2021)
3.6 Hydrogen consumption, by country (2021)
3.7 Upcoming green hydrogen demonstration projects
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Growing measures toward decarbonization
3.8.1.2 Government plans and investments toward hydrogen economy
3.8.1.3 North America & Europe
3.8.1.3.1 Favorable government initiatives for emission reduction
3.8.1.3.2 Ongoing investments, funding programs and grants for clean fuel adoption
3.8.1.4 Asia Pacific
3.8.1.4.1 Strategic alliances and large-scale investments for clean hydrogen economy
3.8.2 Industry pitfalls & challenges
3.8.2.1 High overall cost
3.9 Growth potential analysis
3.10 Porter's Analysis
3.11 Competitive landscape, 2021
3.12 PESTEL Analysis
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
