Green Hydrogen Market Size to Reach USD 103.1 Billion by 2032 | CAGR 38.6% | DataHorizzon Research

Fort Collins, Colorado, Sept. 20, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Green Hydrogen Market Size, Growth, Share, Statistics Report, By Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer), By Renewable Sources, By Distribution Channel, By Application, By Region Forecasts, 2023-2032.” 

According to DataHorizzon Research, The green hydrogen market size was valued at USD 3.9 Billion in 2022 and is projected to arrive at USD 103.1 Billion by 2032 with a CAGR of 38.6%. The report comprehensively analyzes the market conditions at global and regional levels in the energy sector. It also highlights the collaborative strategies between key players and their overall impact on the global market.

Green hydrogen is crucial in decarbonizing sectors that are difficult to electrify directly, such as heavy industry, shipping, and aviation. The Paris Agreement 2021 climate goals emphasize reducing carbon emissions, and green hydrogen is perceived to be the critical solution to achieve sustainability goals by replacing fossil fuels with a clean energy carrier. Additionally, the global green hydrogen market is driven by several factors contributing to its growing adoption and investment. Some of the major growth aspects include energy storage, grid balancing, decarbonization, climate goals, renewable energy integration, technological advancements, cost reduction, and industry and government support.

Green hydrogen offers a potential solution by enabling the storage and long-term use of surplus renewable energy during periods of excess generation. Integrating renewable energy with green hydrogen enhances grid flexibility and supports the overall growth of renewable energy deployment. Additionally, green hydrogen can be stored for long periods and used as an energy carrier when needed. It provides a means to store and transport energy over long distances, bridging the gap between intermittent renewable energy supply and demand. This capability makes green hydrogen valuable for grid balancing, reducing reliance on fossil fuel-based backup power generation, and improving the overall reliability and stability of the energy system.

Governments worldwide recognize the potential of green hydrogen and implement supportive policies, regulations, and financial incentives to accelerate its adoption. Many countries have established hydrogen strategies and investment plans to support the development of green hydrogen infrastructure, R&D activities, and market deployment. The private industries also invest in green hydrogen projects, form partnerships, and explore various applications to capitalize on emerging market opportunities.

The significant advancements in electrolysis technology have ultimately resulted in increased efficiency and reduced costs of green hydrogen production. As the costs of renewable energy continue to decline, the cost competitiveness of green hydrogen is improving. Ongoing research and development efforts are focused on scaling up electrolyzer technology, improving its efficiency, and driving down the overall production costs of green hydrogen.

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Report Snapshot:

Segmentation Overview:

The global green hydrogen market has been segmented as technology, renewable sources, distribution channel, and region. The alkaline electrolyzer is the common technology for the production of green hydrogen. It also accounts for a leading segment share for technology. Power generation accounts for a significant share of the global scenario for the application segment. The renewable sources segment is highly dominated by solar energy and is expected to retain a dominant position in the forthcoming years.

Europe accounts for a substantial market share and is projected to remain dominant in the forthcoming years. Denmark and Switzerland are the leading regions for the European market. These countries have well-established energy infrastructure with high production and distribution capacities. On the other hand, Asia Pacific is the fastest-growing energy project market due to the availability of renewable sources and a major focus on hydrogen-driven energy projects.

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Green Hydrogen Market Report Highlights:

• The global green hydrogen market is projected to value at USD 103.1 billion at a CAGR of 38.6% by 2032.

• The green hydrogen market is significantly driven by the collaborative strategies between industry stakeholders and research institutions.

• Alkaline electrolyzer is leading in the technology segment owing to its popularity.

• Solar energy accounted for a significant share of the renewable energy sector.

• Europe is the leading region for the green hydrogen market based on effective distribution of energy for commercial, and residential.

• Some of the prominent players in the green hydrogen market report include NEL ASA, Air LIQUIDE, ITM Power, ENGIE, SEIMENS, Air Products Inc., LINDE, Messer Group GMBH, Plug Power Inc., Cummins Inc.,

Key Developments in the Industry:

• India has adopted a green and clean energy policy in 2023. The Union Government approved the National Green Hydrogen Mission (NGHM) in January this year. Under this objective, India aims to become a leader in production and export for green hydrogen by 2030.

• REC Ltd has recently expanded its portfolio to operate in green hydrogen project in Oman, Bhutan, Nepal, Bangladesh, and Sri Lanka. Through this expansion, the company plans to promote its investment outside India. 

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Green Hydrogen Market Report Segmentation:

Green Hydrogen Market, By Technology (2023-2032)

• Proton Exchange Membrane Electrolyzer
• Alkaline Electrolyzer
• Solid Oxide Electrolyzer

Green Hydrogen Market, By Renewable Sources (2023-2032)

• Solar Energy
• Wind Energy
• Others

Green Hydrogen Market, By Distribution Channel (2023-2032)

• Pipeline
• Cargo

Green Hydrogen Market, By Application (2023-2032)

• Power Generation
• Transportation
• Industry Energy
• Industry Feedstock
• Building Heat & Power
• Others

Green Hydrogen Market, By Region (2023-2032)

• North America
  • U.S.
  • Canada

• Europe
  • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific

• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa

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