New York, June 20, 2023 (GLOBE NEWSWIRE) -- The Global Green Hydrogen Market value is set to increase from US$ 6.2 billion in 2023 to US$ 94 billion by 2033. Overall demand for green hydrogen globally will surge at 31.3% CAGR from 2023 to 2033.
Alkaline electrolyzer will remain the predominantly used technology for green hydrogen production. This is due to various advantages of this green hydrogen-producing technology. The target segment is likely to progress at a CAGR of 31.2% from 2023 to 2033.
Growing interest in clean energy sources due to rising environmental concerns is a key factor driving the green hydrogen industry. Similarly, increasing applications of green hydrogen in transportation and power generation sectors will boost sales.
Green hydrogen is growing in popularity due to its ability to reduce carbon emissions. It is emerging as an ideal candidate for meeting the increasing energy needs of the planet.
The use of green hydrogen is likely to increase at a stupendous pace over the next few years because it is a sustainable energy source.
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Rising shares of people are becoming conscious of hydrogen's potential as an energy source. This contributes to the projection that the global green hydrogen business will flourish over the forecast period.
Growing need for pure, green energy generation and lower emission levels is another factor driving the industry's expansion. Further, favorable government support and emergence of novel green hydrogen generation are likely to create lucrative opportunities for green hydrogen manufacturers.
Key Takeaways from the Green Hydrogen Market Report:
- Global green hydrogen demand is set to expand at 31.3% CAGR from 2023 to 2033.
- By technology, alkaline electrolyzer segment will progress at 31.2% through 2033.
- Based on distribution channel, the pipeline segment is forecast to exhibit a CAGR of 31.1%.
- The USA green hydrogen industry revenues will reach US$ 19.9 billion by 2033.
- Sales of green hydrogen in China are likely to rise at 32.5% CAGR over the next decade.
- The United Kingdom green hydrogen industry will cross a valuation of US$ 8.7 billion by 2033.
- Demand for green hydrogen in South Korea will surge at 31.8% CAGR during the projection period.
“Rising inclination towards sustainable initiatives has been noted in private, as well as government sectors. Decarbonization is a major agenda for several countries across the globe today. Manufacturers will find significant opportunity in creating novel methods to produce green hydrogen.” - says a Persistence Market Research (PMR) analyst.
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Competitive Analysis
Linde plc, Siemens Energy, Air Liquide, Cummins Inc., Air Product Inc., Uniper SE, Engie, Nel ASA, Bloom Energy, and Toshiba Energy Systems and Solutions Corporation are few of the top players operating in the green hydrogen market.
These companies are focusing on increasing their production capacities to meet rising demand for green energy from power generation and transportation sectors. They are also incorporating novel green hydrogen production technologies to gain a competitive edge in the market. For instance,
- In March 2023, to speed up the adoption of green energy, Uniper SE chose Plug to design the 100MW electrolyzer package for the Netherlands plant.
- In May 2022, Bloom Energy was selected by LSB Industries to build 10MW Solid Oxide Electrolyzer in order to produce Large-Scale Green Hydrogen. The initiative is anticipated to produce green hydrogen, which will assist in the annual production of 13,000 metric tonnes of zero-carbon ammonia.
More Insights Available:
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the green hydrogen market, presenting historical market data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals extensive growth in demand for green hydrogen based on technology (alkaline electrolyzer and polymer electrolyte membrane electrolyzer), application (power generation and transportation), and distribution channel (cargo and pipeline) across various regions.
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