New York, USA, Oct. 10, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global green hydrogen market is projected to garner a revenue of $9,834.3 million and grow at 54.7% CAGR over the forecast period from 2021-2028. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: Increasing carbon emissions from transport and industrial sectors along with the growing popularity of using hydrogen as a clean fuel for power generation are the main factors to drive the growth of the global green hydrogen market during the forecast period. Moreover, green hydrogen generated from renewable energy sources can be stored for longer durations and consists of three times as much energy as the fossil fuels which is predicted to further boost the market growth by 2028.
Opportunities: Rising investments in green hydrogen projects by governments and prominent market players to reduce carbon emissions is the major factor to offer abundant growth opportunities for the global green hydrogen market during the analysis years.
Restraints: High production costs of green hydrogen is the major hampering factor for the market growth.
Covid-19 Impact on the Market
The global green hydrogen market has been adversely impacted by the covid-19 pandemic mainly due to delayed commercialization of clean hydrogen and its adoption. Since green hydrogen projects require huge investments by governments and the outbreak of the covid-19 catastrophic caused worldwide economic slowdown, most of these investments were postponed and rather used for supporting healthcare institutions. However, as the virus spread is slowing down and lockdowns have eased out, several significant market players are coming forward with innovative product launches and investments to help the market revive its growth rate post the pandemic times.
Segments of the Market
As per the report, the global green hydrogen market has been divided into multiple segments based on type, application, end-use, and regional analysis.
Type: Alkaline Electrolyzer Sub-segment to be Highly Dominant
The alkaline electrolyzer sub-segment is estimated to hold a dominant market share and gather a revenue of $5,108.7 million during the analysis timeframe because alkaline electrolyzers are 70% more efficient with purity of hydrogen gas 99.5% and are extensively used to produce electrolyte hydrogen. Moreover, alkaline extrolyzers have been are easily available commercially which is yet another driving factor for the sub-segment’s growth by 2028.
Application: Power Generation Sub-segment to be Highly Progressive
The power generation sub-segment of the global green hydrogen market is anticipated to have the fastest growth rate and garner a revenue of $7,184.7 million during the 2021-2028 analysis timeframe because power generated using green hydrogen is considered as a clean energy source that greatly reduces carbon emissions. The process of power generation from green hydrogen is carried out by splitting water into hydrogen and oxygen using electrolyzer and renewable energy sources like solar and wind energy. These factors are expected to bolster the sub-segment’s growth by 2028.
End-use: Petrochemical Sub-segment to be Most Beneficial
The petrochemical sub-segment is predicted to have a noteworthy growth rate and register a revenue of $4,053.3 million by 2028 because the petrochemical sector uses green hydrogen to power fuel cell vehicles like EVs and trucks. Moreover, the green hydrogen used by petrochemical industries release no tailpipe emissions and helps in achieving carbon neutrality. These factors are projected to propel the sub-segment’s growth by 2028.
Region: Market in the Europe Region to Be Most Lucrative
The green hydrogen market in the Europe region is estimated to witness ample growth opportunities and grow at 54.9% CAGR by 2028 due to rapid expansion of low or zero-carbon hydrogen projects and the growing focus on expanding he capacity of electrolyzers from 10megawatts to 100megawatts across the region. Moreover, several petroleum organizations, like Shell, are aiming to produce liquified renewable natural gas (bio-LNG) and sustainable aviation fuel (SAV) in the upcoming years which is anticipated to further uplift the market growth in the Europe region by 2028.
Post COVID-19 Impact Insights on Green Hydrogen Market. Ask an Analyst or Schedule a call
Key Market Players
Some key green hydrogen market players include
- Royal Dutch Shell plc.
- Green Hydrogen Systems
- Ballard Power Systems
- SGH2 Energy Global
- LLC
- Air Liquide
- Engie
- Siemens Energy Global GmbH & Co. KG. AG
- Plug Power, Inc.
- Next Hydrogen
- Enapter
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in March 2021, the Adani Group, an Indian multinational conglomerate, announced it partnership with Maire Tecnimont, an Italian construction engineering company, to develop green hydrogen projects in India and strengthen its footprint in the competitive market.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Green Hydrogen Market:
- Why Has Green Hydrogen Become Imperative to Reduce the Global Carbon Dioxide Emissions?
- Green Hydrogen Market to Experience Exponential Growth with the Growing Developments by Market Players
