Global Green Hydrogen Market to Reach $108.64 Billion by 2031 – Exclusive DeepTech M-A-P™ Analysis by BIS Research

Research Reports

Jan 18, 2023

Green hydrogen has a moderate to high impact on the industrial feedstock sector, as green hydrogen is used in the production of ammonia, methanol, steel, and other industrial products.

BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Green Hydrogen Market – A Global and Regional Analysis.

According to this study, the global green hydrogen market was valued at $227.7 million in 2021 and is projected to reach $108.6 billion by 2031.

The following factors are responsible for the increase in demand for green hydrogen:

Increasing awareness regarding green hydrogen
Low variable renewable energy (VRE) electricity cost

The detailed study is a compilation of 112 market data tables and 28 figures spread through 223 pages.

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Analyst’s Take on the Market Projection

According to Sachin Singh, Lead Analyst, BIS Research, “While the global market for green hydrogen remains nascent, it could play a more prominent role in the energy transition. The modular nature of electrolysis and fuel cells combined with the widespread availability of zero-carbon renewable energy resources makes green hydrogen a particularly interesting option for bringing sustainable hydrogen solutions to developing countries. Green hydrogen is the only known clean energy molecule that can be produced at any scale and in almost any location on Earth, a characteristic that is not comparable to other fuels”.

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Oil & Gas and Mobility to be the Leading End-User Segment for the Green Hydrogen Market

Green hydrogen is used in various applications, such as oil and gas, industrial feedstock, mobility, and power generation, where it acts as an energy carrier. According to the latest study from BIS Research, the oil and gas industry as well as the mobility sector is expected to be one of the prominent end-users of green hydrogen, in which different refining processes, such as hydrocracking, hydroisomerization, hydrodealkylation, and hydrodesulfurization, are included.

The demand for green hydrogen in the oil and gas end-user industry was mainly attributed to the growing need to reduce sulfur dioxide emissions and remove of sulfur. The growing use of green hydrogen in the production of ammonia can power household cleaning and fertilize plants. Moreover, it could become an important zero-emission energy carrier for moving clean energy around the world economically.

Major Existing Industry Leaders in the Green Hydrogen Market

The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are

Linde
Air Liquide
Air Products Inc.
ENGIE
Uniper SE
Siemens Energy
Green Hydrogen
Cummins Inc.
Toshiba Energy Systems & Solutions Corporation
Nel ASA
SGH2 Energy Global, LLC
PLUG POWER INC.
Aker Horizons
HY2GEN AG
Fusion-Fue

Recent Developments in the Global Green Hydrogen Market

In August 2022, Linde inaugurated the world’s first hydrogen refueling system for passenger trains in Bremervorde, Germany. The company’s hydrogen refueling system has been designed and constructed with the ability to integrate future on-site green hydrogen generation.
In March 2022, Air Liquide received support from the French State, subject to final validation by the European Commission, to launch its Air Liquide Normand’Hy large-scale renewable hydrogen production project. This electrolyzer of an initial 200 MW capacity, which should notably provide renewable hydrogen to TotalEnergies’ Normandy refinery and will use Siemens Energy technology.
In November 2022, Air Products and Associated British Ports (ABP) partnered to bring the first large-scale, green hydrogen production facility to the U.K. The facility would import green ammonia from production locations operated by Air Products and its partners around the world. This would be used to produce green hydrogen, which would decarbonize hard-to-abate sectors such as transport and industry.

Want to learn more about the latest trends in next-generation fuel? Speak to our analysts

Exclusive DeepTech™ MAP Analysis for Advanced Materials, Chemicals, and Fuels by BIS Research:

Green Methanol Market

Water Electrolysis Market

Green Ammonia Market

About BIS Research:

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.

Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.

BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.

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