New York, United States , April 19, 2023 (GLOBE NEWSWIRE) -- The Global Green Hydrogen Market size is to grow from USD 716.43 Million in 2022 to USD 59,987.38 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 55.7% during the forecast period. The drivers for the green hydrogen market include declining costs of renewable energy, increased investments in research and development, supportive policies and regulations, and growing demand for decarbonization solutions.
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Green hydrogen is a form of hydrogen produced from renewable energy sources, such as wind, solar, or hydropower, through a process called electrolysis. Electrolysis involves using electricity to split water into hydrogen and oxygen, with no greenhouse gas emissions. Green hydrogen is considered a clean and sustainable energy carrier that can be used in various sectors, including transportation, industrial processes, and energy storage. It has the potential to reduce carbon emissions and contribute to decarbonization efforts, as it can be produced using renewable energy, and when used as a fuel, it only produces water vapor as a by-product, making it an attractive option for a low-carbon future.
Browse key industry insights spread across 210 pages with 123 market data tables and figures & charts from the report on "Global Green Hydrogen Market Size, Share, and COVID-19 Impact Analysis, By Technology (Alkaline Electrolysis and PEM Electrolysis), By Renewable Source ( Wind Energy, Solar Energy, and Others), By End-User (Chemical, Power, Grid Injection, Industrial, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032 ” Get Detailed Report Description Here:
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The alkaline electrolysis segment is expected to grow at a higher CAGR of 61.2% over the forecast period
The global green hydrogen market is categorized based on the technology of alkaline electrolysis and PEM electrolysis. Alkaline electrolysis is currently considered the fastest-growing segment due to its established technology, lower capital costs, adaptability to intermittent renewable energy sources, and suitability for large-scale hydrogen production. Investments, innovations, and improvements in alkaline electrolysis technology are driving its growth, making it a promising option for hydrogen production. As a result, the alkaline electrolysis segment is expected to exhibit a higher growth rate in the green hydrogen market, contributing significantly to the overall expansion of the industry.
The power industry dominated the market with around 32.5% revenue share in 2022
Based on the end-use, the global green hydrogen market is segmented into chemical, power, grid injection, industrial, and others. The power industry accounted for the largest share in the market due to increasing demand for green hydrogen as a sustainable energy carrier has spurred investments in renewable power sources such as solar, wind, and hydropower, which are used to generate electricity for electrolysis. Additionally, advancements in renewable energy technologies and decreasing costs have made green hydrogen production from renewable power sources more economically viable. Furthermore, supportive government policies, incentives, and ambitious renewable energy targets are driving the growth of the power segment in the green hydrogen market.
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The Asia-Pacific segment is expected to grow at a higher CAGR of 63.4% over the forecast period
The Asia-Pacific region is poised to be the fastest-growing market for green hydrogen due to several key factors. Firstly, the region is witnessing rapid industrialization and urbanization, leading to surging demand for clean energy and sustainable solutions. Secondly, supportive government policies, incentives, and ambitious renewable energy targets in countries like China, Japan, South Korea, and Australia are driving investments in green hydrogen infrastructure and projects. Moreover, Asia-Pacific is rich in renewable energy resources such as solar, wind, and hydropower, providing abundant and accessible sources for green hydrogen production. Additionally, the region's growing focus on decarbonization and reducing greenhouse gas emissions is fueling the demand for green hydrogen. As a result, the Asia-Pacific region is expected to be the fastest-growing market for green hydrogen, with significant growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. The key players in the global green hydrogen market include Siemens Energy, Nel ASA, ITM Power, Ballard Power Systems, Plug Power, McPhy Energy, Hydrogenics Corporation, Air Products and Chemicals, Inc., Linde PLC, ENGIE, Mitsubishi Power, Enapter, Snam S.P.A., Cummins Inc., Green Hydrogen Systems and others.
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