Wilmington, Delaware, United States, June 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Hydrogen-based Renewable Energy Market size was valued at US$ 776.3 Mn in 2022. It is projected to advance at a CAGR of 49.7% from 2023 to 2031.
Recent market trends indicate rapid increase in efforts toward decarbonizing of numerous sectors, such as transportation, manufacturing, chemicals, and iron and steel. This is spurring R&D activities in hydrogen-based renewable energy generation. Considerable adoption of hydrogen for the storage of energy from renewables, such as solar photovoltaics and wind, is likely to accelerate market development.
Rapid increase in need for clean, secure, and affordable energy for transport and power sectors is expected to augment market size. Surge in demand for hydrogen that is produced cost-effectively and at scale in range of industrial applications presents significant growth opportunities for market players.
For instance, rise in use of hydrogen produced using renewable electricity in production of ammonia is anticipated to expand market outlook in the next few years. Steady advancement in methods used to produce hydrogen and continuous improvements in hydrogen storage infrastructure in several countries are augmenting market growth.
Download Sample Copy with Graphs & List of Figures:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=85639
Key Findings of Study
- Consistent Development of Alkaline Electrolyte Cell (AEC) Technology: Significant developments in hydrogen generation technology has enabled producers to scale the production of green hydrogen. Surge in utilization of alkaline electrolyte cell (AEC) technology is anticipated to offer considereable revenue opportunities for companies in the market in the next few years. High energy conversion efficiency is a key advantage of the technology. Extensive adoption of AEC for storage of hydrogen-based renewable energy is expected to propel the market.
- Considerable Demand for Clean Energy Sources in Multiple Industries: Rise in usage of renewable energy resources for the generation of hydrogen is expected to propel market development. Significant increment in the global primary energy demand is likely to strengthen advancements in hydrogen production technologies. Per an estimate, demand for primary energy around the globe is likely to increase by 1.3% every year until 2040. Considerable demand for hydrogen-based renewable energy technologies, such as hydrogen fuel cell in the automotive industry, is expected to bolster the hydrogen-based renewable energy industry outlook.
Key Growth Drivers: Hydrogen-based Renewable Energy Market
- Steady government initiatives and efforts by industry stakeholders to boost the adoption of low-carbon technologies and rise in demand for renewable sources of energy globally are key factors driving the hydrogen-based renewable energy market.
- Surge in usage of hydrogen and hydrogen-based for storing energy from renewables is expected to drive market evolution. Rapid advancements in methods of hydrogen production from renewable resources are expected to fuel market development in the near future.
- Pressing need to accelerate decarbonizing of the transportation sector is likely to drive R&D activities in the hydrogen-based renewable energy industry
Buy this Premium Research Report | Immediate Delivery Available:
https://www.transparencymarketresearch.com/checkout.php?rep_id=85639<ype=S
Regional Growth Dynamics
- The market in Europe is anticipated to account for major share from 2023 to 2031. Consistent investment made by countries in the European Union in the development of hydrogen economy and rise in installation of renewable hydrogen electrolyzers are anticipated to propel the market in Europe. Considerable focus on improving hydrogen production, storage, and transportation infrastructure in Denmark, Germany, and the Netherlands is likely to augment the market size in the region.
- The market in Asia Pacific is anticipated to witness significant revenue growth due to surge in production of green hydrogen, such as in Australia. Significant investments in hydrogen fuel cell technology and fuel cell vehicles in Japan in the past few years have augmented growth of the market in Asia Pacific. China is expected to contribute significant revenues to the market in Asia due to surge in adoption in accelerating clean energy transitions.
Competition Landscape
The business landscape is consolidated, with presence of small number of large-scale manufactures holding majority stake in the hydrogen-based renewable energy market. Leading players are making sizable investments in R&D activities to develop advanced hydrogen production methods to increase market share.
Prominent companies in the hydrogen-based renewable energy market are
- HyDeal
- ITM Power PLC
- Ballard Power Systems
- Linde
- Air Products and Chemicals, Inc.
- Green Hydrogen Systems
- Nel Hydrogen
- Plug Power Inc.
- Iberdrola S.A
Expand operations in the future – To get requisite details, ask for a Custom Report:
https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=85639
Hydrogen-based Renewable Energy Market Segmentation
Technology
- Alkaline Electrolyte Cell (AEC)
- Polymer Electrolyte Membrane (PEM)
- Solid Oxide Electrolyzer (SOE)
- Anion Exchange Membrane
Application
- Transportation
- Chemical & Petrochemical
- Petroleum Refinery
- Steel
- Mining
- Power Generation
- Heat Generation
- Others
Region
- Latin America
- Middle East & Africa
- Asia Pacific
- North America
- Europe
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
