Green Hydrogen Market To Grow At A CAGR Of 57.41% By 2030

Green Hydrogen Industry Insights:

Green Hydrogen Market share is expected to reach USD 10.55 billion in valuation, representing a compound annual growth rate of a CAGR of 57.41%.

MRFR’s report on the green hydrogen market focuses on installation of solar panels and its potential due to rise of renewable energy projects during the forecast period (2023-2030). The COVID-19 pandemic and its implications are explored in depth in the market.

Market Scope:

The global green hydrogen market is driven by decarbonization initiatives undertaken by governments to lower emission levels and forecast of high energy consumption owing to expanding population and boom in manufacturing. Green hydrogen is a light fuel developed through electrolysis and prevent carbon emission levels by extracting energy through sustainable methods.

Favorable government policies and influx of funds into research and development of production of green hydrogen at economical rates can drive market growth. For instance, Germany has approved nearly 11 green hydrogen projects in 2019.

But huge storage and transportation costs of green hydrogen can impede market growth.

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Key Players:

• Green Hydrogen Systems (Denmark)
• Solena Group (US)
• H2X (Australia)
• Siemens Gas and Power GmbH & Co. KG (Germany)
• Engie (France)
• FuelcellWorks (US)
• Plug Power (US)
• Fuelcell Energy (US)
• Hydrogenics (Canada)
• Ballard Power Systems (Canada)
• Nikola Motors (US)
• Ergosup (France)
• Loop Energy (Canada)
• Syzygy Plasmonics (US)

Green Hydrogen Market Drivers:

Renewable Energy Transition: The global shift towards renewable energy sources, such as wind and solar power, has created a growing demand for energy storage solutions. Green hydrogen, produced through electrolysis using renewable electricity, offers a means to store and utilize surplus energy, thereby supporting the integration of intermittent renewable sources into the grid.

Decarbonization Initiatives: As countries strive to reduce greenhouse gas emissions and combat climate change, green hydrogen has emerged as a key solution. It is considered a clean energy carrier since its production does not release carbon dioxide (CO2) when generated from renewable sources. Industries like transportation, heavy-duty vehicles, and industrial processes can utilize green hydrogen to replace fossil fuels and reduce their carbon footprint.

COVID-19 Impact Analysis:

The COVID-19 pandemic has negatively affected the green hydrogen market owing to delays in construction and installation of units and facilities. Huge demand for power due to remote working and movement restriction orders passed by governments can bode well for the market. Renewable energy targets pursued by countries to lower emission levels and reduce reliance on fossil fuels can propel market growth during the assessment period.

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Regional Analysis:

Europe to Dominate Global Market Growth

Europe is set to dominate the global green hydrogen market owing to investments by European governments and efforts to curtail emission levels caused by robust manufacturing practices. Investments in renewable energy projects and development of sustainable infrastructure can boost market growth. Low costs of renewable energy generation and inclination of customers towards the new energy source can be beneficial to the market.

Segmentation Analysis:

Onshore Segment to Lead in Market Share

The onshore segment is set to take the lead in the green hydrogen market owing to production of green hydrogen by use of solar energy and wind energy parks. Dipping prices of components and surging prices of electricity can drive segment growth.

Proton Exchange Membrane Electrolyzer to Dominate Market Demand

The PEM technology is expected to dominate market demand over the forecast period due to specialty plastic offering higher flexibility compared to alkaline technology. Low gas permeability and thickness of PEM electrolyzers can drive the segment growth in the market.

Industry News:

Mauritania’s Ministry of Petroleum, Mines and Energy has signed a memorandum of understanding (MoU) with Chariot Ltd., an African firm, for developing a 10 GW hydrogen project.

Competitive Analysis:

Messer Group GMBH (Germany), Toshiba Corporation (Japan), SEIMENS (Germany), UNIPER SE (Germany), Air Products Inc. (US), LINDE (UK), MC PHY Energy (France), Air LIQUIDE (France), NEL ASA (Norway), ITM Power (UK), ENGIE (France), Cummins Inc. (US), and Plug Power Inc. (US) are key players in the global green hydrogen market. Mergers and acquisitions are prime strategies pursued by players to gain the edge in the competition.

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Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.

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