Europe held the Largest Share of the Green Hydrogen Market in 2021
According to Custom Market Insights (CMI), The Global Green Hydrogen Market size was estimated at USD 1.8 billion in 2021 and is anticipated to reach around USD 90 billion by 2030, growing at a CAGR of roughly 55% between 2022 and 2030. Our research report offers a 360-degree view of the Green Hydrogen market’s drivers and restraints, coupled with their impact on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Green Hydrogen market.
Green Hydrogen Market: Overview
Green hydrogen is produced exclusively from sustainable resources. Grey hydrogen, which makes up 95% of the market and is produced by steam-forming natural gas, has substantially less CO2 than green hydrogen.
Using green hydrogen as a bridge, the green electricity or power can be transformed into transportation fuel or used as a feedstock in industrial applications. For example, market participants will be able to incorporate wind energy into the fuel tank of a container ship thanks to green hydrogen and its derivative fuels, such as green ammonia. The decarbonization capability of renewable energy sources could thus be significantly increased by hydrogen.
Browse the full “Green Hydrogen Market Size, Trends and Insights By Technology (Polymer Electrolyte Membrane (PEM) Electrolyzer, Alkaline Electrolyzer), By Application (Transportation, Power Generation, Others), By Distribution Channel (Cargo, Pipeline), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032″ report at https://www.custommarketinsights.com/report/green-hydrogen-market/
Growth Factors
The demand for green hydrogen has increased significantly in recent years due to its capacity to reduce carbon emissions. It also aids in meeting the growing needs of the world. Its use is anticipated to increase because it is a long-term energy source. As more people become aware of the advantages of using hydrogen as an energy carrier, the global market for green hydrogen is anticipated to grow. Additionally, the business is driven by a rise in environmental concerns, emphasizing the necessity of producing clean energy to cut emissions.
Additionally, as the use of nuclear and green hydrogen fuels rises, the green hydrogen industry is expanding. However, the primary factors restricting the expansion of the hydrogen industry are the initial investment necessary to build up the infrastructure and the prohibitive maintenance expenses.
Segmental Overview
The market for Green Hydrogen is segmented into technology, application, and distribution channel. Based on technology, Alkaline electrolyzers accounted for the most significant revenue share of over 60% in 2021 since they are the conventional electrolyzer technology used in green hydrogen projects. The alkaline electrolyzer has a more extended operating period than PEM electrolyzers and uses sodium hydroxide or potassium hydroxide as its electrolyte. In contrast to PEM electrolyzers, which operate at temperatures between 70 and 90 degrees Celsius, alkaline electrolyzers have lower power and current densities and a more comprehensive operating temperature range of 100 to 105 degrees Celsius. Alkaline electrolyzes are also anticipated to rise in popularity since they are more readily available and less expensive than PEM electrolyzers.
In terms of revenue, the pipeline sector held around 60% of the global market for green hydrogen in 2021. Transporting green hydrogen is possible in various ways, including as a gas in high-pressure containers, a liquid in thermally insulated containers, a processed form such as methanol or ammonia, or a chemical carrier medium.
Regional Overview
Due to large expenditures made by European economies in the pursuit of an energy transition toward a clean hydrogen-based economy over the ensuing years, Europe accounted for a sizable revenue share in 2021. For instance, the U.K. government revealed a USD 14.8 billion investment plan in August 2019 for a project that is anticipated to utilize 4 GW of offshore wind to produce green hydrogen by 2030.
Due to the adoption of clean energy policies, North America is predicted to see a significant CAGR throughout the forecast period, with the U.S. and Canada gradually growing the green hydrogen industry. California currently controls most of the U.S. market thanks to aggressive decarbonization goals like eliminating gas or diesel-powered public transportation by 2040.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 1.8 Billion |
| Projected Market Size in 2030 | USD 90 Billion |
| Market Size in 2022 | USD 11.6 Billion |
| CAGR Growth Rate | 55% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Siemens Energy AG, ITM Power PLC, Reliance Industries Limited, Air Products, and Chemicals. Inc, Linde plc, SGH2 Energy, Ballard Power Systems, Air Liquide, SRI Energy Inc, Green Hydrogen Systems, Nel ASA, Iberdrola S.A, Plug Power Inc, and Others |
| Key Segment | By Technology, Application, Distribution Channel, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfill your requirements for research. |
Competitive Landscape
In the market, there is a great rivalry to lower manufacturing costs, create innovative process technology, expand, and promote the consumption of green hydrogen in end-use sectors. Therefore, the leading market players seek to enhance their market shares by applying various tactics in response to such changes in the industry.
- 2022: According to an estimate by Ashok Leyland Ltd, commercially viable hydrogen-powered trucks and buses will become a self-sufficient green option within the next five years. The decision will lower the tax on green hydrogen, which could assist in eliminating import content. In addition, the availability of green hydrogen along long-haul corridors may benefit producers of hydrogen-powered vehicles.
- 2022: The most significant global PE firm, KKR, has disclosed plans to invest USD 450 million in Hero Future Energies. The investment will help HFE in its attempts to increase its capacity and capabilities for renewable energy sources such as wind, solar, and green hydrogen.
Prominent Players
- Siemens Energy AG
- ITM Power PLC
- Reliance Industries Limited
- Air Products and Chemicals. Inc
- Linde plc
- SGH2 Energy
- Ballard Power Systems
- Air Liquide
- SRI Energy Inc
- Green Hydrogen Systems
- Nel ASA
- Iberdrola S.A
- Plug Power Inc
The global Green Hydrogen market is segmented as follows:
By Technology
- Polymer Electrolyte Membrane (PEM) Electrolyzer
- Alkaline Electrolyzer
By Application
- Transportation
- Power Generation
- Others
By Distribution Channel
- Cargo
- Pipeline
On the basis of Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America