Jersey City, NJ, April 24, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Green Hydrogen Market Size, Share & Trends Analysis Report by Application (Oil and Gas, Industrial Feedstock, Mobility, Power Generation) And Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, Anion Exchange Membrane, And Solid Oxide Electrolyzer)- Market Outlook and Industry Analysis 2031"
According to company's newest research, the global green hydrogen market size was valued at US$ 692.15 Million in 2022, and it is expected to reach US$ 42.40 Billion in 2031, record a promising CAGR of 58.11% from 2023 to 2031.
The green hydrogen sector recently grew as nuclear and green hydrogen fuel utilization increased. The use of green hydrogen has been growing due to the rising adoption of sustainable energy in recent years to lessen the environmental load.
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Water is electrolyzed to create green hydrogen using electricity provided by renewable energy sources like solar or wind energy. The desire for the hydrogen economy is anticipated to be driven by supportive federal policies promoting it and the growing environmental risks of rising carbon emissions from fossil fuels. This tendency will likely offer the sector a potential growth environment. Because more people are becoming aware of using hydrogen as a fuel, the global market for green hydrogen is expanding.
The advantage of using hydrogen as a fuel carrier is that it only generates water and heat when coupled with oxygen. Using hydrogen fuel cells results in zero greenhouse gas emissions. Escalating environmental challenges have recently propelled the sector. The need for green hydrogen and its market expansion is driven by the industrial and developing world's increasing search for new energy sources.
Recent Developments:
- In June 2022-A joint venture between Siemens Energy and Air Liquide was established for manufacturing large-scale renewable hydrogen electrolyzes in Europe. By fostering a European ecosystem for electrolysis and hydrogen sources, this alliance will likely make Europe's sustainable hydrogen economy possible. Production is anticipated to start in the second half of 2023 and build up to a three-gigawatt annual production capacity by 2025. In the joint venture, Siemens Energy would own 74.9%, with Air Liquide presumably holding 25.1%.
- In November 2020-The, the Adani Group announced intentions to invest US$ 70 billion in green energy, and it is anticipated that this investment will be crucial to India's shift to green energy.
Major Prominent Players in the Green Hydrogen Industry:
- Linde
- Air Liquide
- Air Products Inc.
- ENGIE
- Uniper SE
- Siemens Energy
- Cummins Inc
- Toshiba Energy Systems & Solutions Corporation
- Nel ASA
- SGH2 Energy Global LLC
- PLUG POWER INC
- Aker Horizons
- HY2GEN AG
- Fusion-Fuel
- Loop Energy Inc
- Ergosup
- Ballard Power Systems
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Green Hydrogen Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 692.15 million |
| Revenue forecast in 2031 | USD 42.40 billion |
| Growth rate CAGR | CAGR of 58.11% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Million, Volume in Kilotons and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments covered | Technology and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
Market Dynamics:
Drivers-
The market for green hydrogen will experience an increase in revenue as regulations and laws supporting green hydrogen in the energy sector increase. In addition, the environmental impacts of rising carbon pollution from the usage of fossil fuels are intensifying. The demand for green hydrogen has increased significantly in recent years due to its capacity to reduce carbon emissions. It also aids in meeting the growing needs of the world. Its use is anticipated to increase because it is a long-term energy source. As more people become aware of the benefits of using hydrogen as an energy carrier, the global market for green hydrogen is anticipated to grow. Additionally, increasing environmental concerns drive the sector and highlight the need for sustainable energy production.
Challenges:
Green hydrogen must be shipped and stored, which is both difficult and expensive. Because of its high volatile matter and low volume density, it demands considerable investment in pipelines and carriers. A lack of qualified labor is another obstacle to the global market's expansion and growth. The prime challenge is the need for more awareness regarding bio-based products in developing countries, which is predicted to reduce the development of the Green Hydrogen market.
Regional Trends:
The North American green hydrogen market is expected to register a significant market share in revenue and is projected to grow at a high CAGR soon. The green hydrogen market is steadily expanding in the United States and Canada. Due to aggressive decarbonization targets, such as the abolition of gas- or petrol-engine public transit, California now controls most of the U.S. market. Besides, Europe had a substantial share in the market due to significant investments made by European nations in their efforts to migrate to a clean, hydrogen-based economy.
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Segmentation of Green Hydrogen Market-
By Application-
- Oil and Gas
- Hydrocracking
- Hydroisomerization
- Hydrodealkylation
- Hydrodesulfurization
- Industrial Feedstock
- Ammonia
- Methanol
- Steel
- Others
- Mobility
- Power Generation
- Others
By Technology-
- Proton Exchange Membrane Electrolyzer
- Alkaline Electrolyzer
- Anion Exchange Membrane
- Solid Oxide Electrolyzer
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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