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Green Hydrogen Market to Grow Nearly 54% through 2030

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The global green hydrogen market size is forecasted to reach from US$ 1.83 billion in 2021 to US$ 89.18 billion by 2030 and is anticipated to grow at compounded annual growth rate (CAGR) of 54% from 2021 to 2030, as per reports by market research and consulting organization Precedence Research.

The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030. The green hydrogen market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit). The report offers exclusive insights to help companies make informed decision to sustain growth through the assessment period.

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Green hydrogen is created by using renewable energy sources rather than fossil fuels. There are many different colors that can be used to describe a colorless burning chemical. This can be a good and stable replacement for essential sources such as natural gas, coal, and oil in a wide range of applications. Green hydrogen is created when water is hydrolyzed with the help of electricity. These are derived from renewable energy sources such as wind and solar energy. The global market projection reveals a healthy and astonishing rate of growth. The market is seeing an increase in demand for green technologies, as well as government assistance for widespread implementation of zero-emission systems.

The global green hydrogen market is investing in the development of procedures that will help reduce production costs and improve infrastructure as the need for hydrogen grow across numerous industries. The global green hydrogen market is estimated to increase at a pace of by the end of the global forecast period as a result of all of these factors, such as rising demand for renewable energy resources and government efforts.

Scope of the Green Hydrogen Market

Report Coverage Details
Market Size in 2021 USD 1.83 Billion
Growth Rate From 2021 to 2030 CAGR of 54%
Revenue Projection by 2030 USD 89.18 Billion
Largest Market Europe
Fastest Growing Market Asia Pacific
Segments Covered Technology, Application, End User, Region

Competitive Landscape Analysis:

Some of the leading companies operating in the green hydrogen market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.

Major companies operating in this report are

  • NEL ASA
  • ITM Power
  • ENGIE
  • SEIMENS
  • Air Products Inc.
  • Messer Group GMBH
  • Plug Power Inc.
  • Cummins Inc.
  • Air LIQUIDE
  • LINDE

Market Dynamics:

Drivers

Rising industrialization

The global emission of harmful greenhouse gases is due to the widespread and alarming use of fossil fuels in conjunction with industrialization. Gases such as carbon dioxide, methane, and nitrous oxide play a significant role in raising the temperature of the plant and causing climate change. Because the global temperature has risen by one degree Celsius over the last century, environmentalists are urging people to abandon the harmful use of fossil fuels as energy sources and instead demand the widespread use of green hydrogen. Emission control technologies are gaining traction in a variety of fields. Thus, the rising industrialization is driving the growth of green hydrogen market.

Restraints

High initial costs

Hydrogen can be stored in one of three different ways. The stored hydrogen can be used to generate electricity, but due to the round-trip productivity, it is used at a lower rate than other storage technologies. Furthermore, in comparison to other fossil fuels, storing hydrogen energy is a relatively expensive process. Liquid hydrogen has a higher density than gaseous hydrogen and is used as an energy transporter in processes such as liquefaction. This method of operation employs a mechanical plant with a highly complex working and functioning system. Thus, this increases the overall costs. As a result, high initial costs restrict the growth of green hydrogen market during the forecast period.

Opportunities

Technological advancements

A variety of technologies are being used to produce hydrogen on a large scale. To meet market demand, the entire hydrogen quantum produced in the current scenario is primarily used in petroleum refineries, as well as fertilizer manufacturing. The concept of green hydrogen adoption across various market segments is still nearing its peak and has a positive rate of adoption and use globally. As a result, technological advancements is creating lucrative opportunities for the growth of green hydrogen market.

Challenges

Production of green hydrogen

The electrolysis, steam reforming, and fermentation are all typical methods for producing green hydrogen. All these processes involve challenges in every step. The challenges that are faced by key market players are related to commercialization and large-scale deployment of electrolysis process. Thus, all these challenges hinder the market growth.

Report Highlights

  • Due to its higher operating time capacity and low capital cost, the alkaline electrolyze segment holds the greatest market share by technology. Moreover, throughout the projection period, the category is expected to grow at a quicker rate.
  • Because of demand from the industrial sector for on-site electrolyze setup, the power generation segment led the market share by application in 2020.
  • The chemical industry is a major producer of by-product hydrogen, which is both consumed inside the industry and distributed for industrial use.

Regional Snapshot

Europe is the largest segment for green hydrogen market in terms of region. The Europe region is expected to have tremendous growth during the projection period. The strong, long-term infrastructure and a variety of options in this industry are credited with this. In addition, the cost of renewable energy generation is decreasing, which will be another factor driving its expansion.

Asia-Pacific region is the fastest growing region in the green hydrogen market. Due to its ability to build large infrastructures for storing green hydrogen, Asia-Pacific will be the fastest growing region in the global market. China will play a significant role in the market’s expansion in this region.

Segments Covered in the Report

By Technology

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

By Application

  • Power Generation
  • Transport
  • Others

By End Use Industry

  • Food & Beverages
  • Medical
  • Chemical
  • Petrochemicals
  • Glass
  • Others

Regional Segmentation

– North America (U.S. and Canada)

 – Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

 – Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

 – Latin America (Brazil and Rest of Latin America)

– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Why should you invest in this report?

If you are aiming to enter the global green hydrogen market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for green hydrogen are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Green Hydrogen Market 

5.1. COVID-19 Landscape: Green Hydrogen Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Green Hydrogen Market, By Technology

8.1. Green Hydrogen Market, by Technology Type, 2021-2030

8.1.1. Proton Exchange Membrane Electrolyzer

8.1.1.1. Market Revenue and Forecast (2019-2030)

8.1.2. Alkaline Electrolyzer

8.1.2.1. Market Revenue and Forecast (2019-2030)

8.1.3. Solid Oxide Electrolyzer

8.1.3.1. Market Revenue and Forecast (2019-2030)

Chapter 9. Global Green Hydrogen Market, By Application

9.1. Green Hydrogen Market, by Application, 2021-2030

9.1.1. Power Generation

9.1.1.1. Market Revenue and Forecast (2019-2030)

9.1.2. Transport

9.1.2.1. Market Revenue and Forecast (2019-2030)

9.1.3. Others

9.1.3.1. Market Revenue and Forecast (2019-2030)

Chapter 10. Global Green Hydrogen Market, By End Use 

10.1. Green Hydrogen Market, by End Use, 2021-2030

10.1.1. Food & Beverages

10.1.1.1. Market Revenue and Forecast (2019-2030)

10.1.2. Medical

10.1.2.1. Market Revenue and Forecast (2019-2030)

10.1.3. Chemical

10.1.3.1. Market Revenue and Forecast (2019-2030)

10.1.4. Petrochemicals

10.1.4.1. Market Revenue and Forecast (2019-2030)

10.1.5. Glass

10.1.5.1. Market Revenue and Forecast (2019-2030)

10.1.6. Others

10.1.6.1. Market Revenue and Forecast (2019-2030)

Chapter 11. Global Green Hydrogen Market, Regional Estimates and Trend Forecast

11.1. North America

11.1.1. Market Revenue and Forecast, by Technology (2019-2030)

11.1.2. Market Revenue and Forecast, by Application (2019-2030)

11.1.3. Market Revenue and Forecast, by End Use (2019-2030)

11.1.4. U.S.

11.1.4.1. Market Revenue and Forecast, by Technology (2019-2030)

11.1.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.1.4.3. Market Revenue and Forecast, by End Use (2019-2030)

11.1.5. Rest of North America

11.1.5.1. Market Revenue and Forecast, by Technology (2019-2030)

11.1.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.1.5.3. Market Revenue and Forecast, by End Use (2019-2030)

11.2. Europe

11.2.1. Market Revenue and Forecast, by Technology (2019-2030)

11.2.2. Market Revenue and Forecast, by Application (2019-2030)

11.2.3. Market Revenue and Forecast, by End Use (2019-2030)

11.2.4. UK

11.2.4.1. Market Revenue and Forecast, by Technology (2019-2030)

11.2.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.2.4.3. Market Revenue and Forecast, by End Use (2019-2030)

11.2.5. Germany

11.2.5.1. Market Revenue and Forecast, by Technology (2019-2030)

11.2.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.2.5.3. Market Revenue and Forecast, by End Use (2019-2030)

11.2.6. France

11.2.6.1. Market Revenue and Forecast, by Technology (2019-2030)

11.2.6.2. Market Revenue and Forecast, by Application (2019-2030)

11.2.6.3. Market Revenue and Forecast, by End Use (2019-2030)

11.2.7. Rest of Europe

11.2.7.1. Market Revenue and Forecast, by Technology (2019-2030)

11.2.7.2. Market Revenue and Forecast, by Application (2019-2030)

11.2.7.3. Market Revenue and Forecast, by End Use (2019-2030)

11.3. APAC

11.3.1. Market Revenue and Forecast, by Technology (2019-2030)

11.3.2. Market Revenue and Forecast, by Application (2019-2030)

11.3.3. Market Revenue and Forecast, by End Use (2019-2030)

11.3.4. India

11.3.4.1. Market Revenue and Forecast, by Technology (2019-2030)

11.3.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.3.4.3. Market Revenue and Forecast, by End Use (2019-2030)

11.3.5. China

11.3.5.1. Market Revenue and Forecast, by Technology (2019-2030)

11.3.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.3.5.3. Market Revenue and Forecast, by End Use (2019-2030)

11.3.6. Japan

11.3.6.1. Market Revenue and Forecast, by Technology (2019-2030)

11.3.6.2. Market Revenue and Forecast, by Application (2019-2030)

11.3.6.3. Market Revenue and Forecast, by End Use (2019-2030)

11.3.7. Rest of APAC

11.3.7.1. Market Revenue and Forecast, by Technology (2019-2030)

11.3.7.2. Market Revenue and Forecast, by Application (2019-2030)

11.3.7.3. Market Revenue and Forecast, by End Use (2019-2030)

11.4. MEA

11.4.1. Market Revenue and Forecast, by Technology (2019-2030)

11.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.4.3. Market Revenue and Forecast, by End Use (2019-2030)

11.4.4. GCC

11.4.4.1. Market Revenue and Forecast, by Technology (2019-2030)

11.4.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.4.4.3. Market Revenue and Forecast, by End Use (2019-2030)

11.4.5. North Africa

11.4.5.1. Market Revenue and Forecast, by Technology (2019-2030)

11.4.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.4.5.3. Market Revenue and Forecast, by End Use (2019-2030)

11.4.6. South Africa

11.4.6.1. Market Revenue and Forecast, by Technology (2019-2030)

11.4.6.2. Market Revenue and Forecast, by Application (2019-2030)

11.4.6.3. Market Revenue and Forecast, by End Use (2019-2030)

11.4.7. Rest of MEA

11.4.7.1. Market Revenue and Forecast, by Technology (2019-2030)

11.4.7.2. Market Revenue and Forecast, by Application (2019-2030)

11.4.7.3. Market Revenue and Forecast, by End Use (2019-2030)

11.5. Latin America

11.5.1. Market Revenue and Forecast, by Technology (2019-2030)

11.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.5.3. Market Revenue and Forecast, by End Use (2019-2030)

11.5.4. Brazil

11.5.4.1. Market Revenue and Forecast, by Technology (2019-2030)

11.5.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.5.4.3. Market Revenue and Forecast, by End Use (2019-2030)

11.5.5. Rest of LATAM

11.5.5.1. Market Revenue and Forecast, by Technology (2019-2030)

11.5.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.5.5.3. Market Revenue and Forecast, by End Use (2019-2030)

Chapter 12. Company Profiles

12.1. NEL ASA

12.1.1. Company Overview

12.1.2. Product Offerings

12.1.3. Financial Performance

12.1.4. Recent Initiatives

12.2. ITM Power

12.2.1. Company Overview

12.2.2. Product Offerings

12.2.3. Financial Performance

12.2.4. Recent Initiatives

12.3. ENGIE

12.3.1. Company Overview

12.3.2. Product Offerings

12.3.3. Financial Performance

12.3.4. Recent Initiatives

12.4. SEIMENS

12.4.1. Company Overview

12.4.2. Product Offerings

12.4.3. Financial Performance

12.4.4. Recent Initiatives

12.5. Air Products Inc.

12.5.1. Company Overview

12.5.2. Product Offerings

12.5.3. Financial Performance

12.5.4. Recent Initiatives

12.6. Messer Group GMBH

12.6.1. Company Overview

12.6.2. Product Offerings

12.6.3. Financial Performance

12.6.4. Recent Initiatives

12.7. Plug Power Inc.

12.7.1. Company Overview

12.7.2. Product Offerings

12.7.3. Financial Performance

12.7.4. Recent Initiatives

12.8. Cummins Inc.

12.8.1. Company Overview

12.8.2. Product Offerings

12.8.3. Financial Performance

12.8.4. Recent Initiatives

12.9. Air LIQUIDE

12.9.1. Company Overview

12.9.2. Product Offerings

12.9.3. Financial Performance

12.9.4. Recent Initiatives

12.10. LINDE

12.10.1. Company Overview

12.10.2. Product Offerings

12.10.3. Financial Performance

12.10.4. Recent Initiatives

Chapter 13. Research Methodology

13.1. Primary Research

13.2. Secondary Research

13.3. Assumptions

Chapter 14. Appendix

14.1. About Us

14.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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