According to a market report, published by Sheer Analytics and Insights, The global green hydrogen market was valued at $3.45 billion in 2021 and it is expected to reach $170.9 billion at a CAGR of 40.7% between 2022 and 2032. The widespread usage of renewable energy sources across a range of end-use sectors is what is driving the industry. Water is electrolyzed to create green hydrogen using sustainable energy sources including solar energy, wind energy, and other renewable energy sources. Additionally, it is predicted that the expansion of renewable energy will lower the cost of producing clean energy, which will favorably impact market growth over the upcoming years. Fossil fuels are the main source of hydrogen production at the moment. Typically, a rainbow analogy based on colors is used to describe various hydrogen-generating processes. Depending on the type of coal utilized, the hydrogen produced by coal gasification is referred to as brown or black hydrogen. Grey hydrogen is created when natural gas is used in the steam methane reformation (SMR) process to create hydrogen. The most important source to meet the current demand for hydrogen is this approach. Along with the expansion of the industries they focus on, the number of nations with policies that directly promote investment in hydrogen technology is rising.
Currently, there are about 50 goals, requirements, and policy incentives that directly support hydrogen, the bulk of which are geared toward transportation. Moreover, for instance, governments all across the world are setting up electric public transportation systems and building public infrastructure. A rise in the need for electrolyzes is also anticipated as the popularity of electric vehicles increases. Therefore, during the foreseeable period, these factors are likely to offer profitable chances for industry expansion. Additionally, through various specialized uses in the industrial, transportation, energy, and building sectors, hydrogen demand will increase at a moderate, constant rate through the year 2030. Production costs increased during the same period in areas with few renewable resources, such as much of Europe, Japan, or Korea. Since geographical limits restrict the production of green electricity for direct use and conversion to hydrogen, even locations with good renewable resources but heavily inhabited areas would import hydrogen. These major factors are expected to drive the growth of the market in the future.
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Furthermore, green hydrogen would be essential to the decarburization of Germany's economy, which is the largest in Europe. By adopting a double auction, the H2Global project seeks to expand the green hydrogen market on a worldwide scale. Under the plan, hydrogen or its derivatives are cheaply purchased on the global market and sold to the EU's highest bidder. Moreover, to advance environmental security and establish India as a center for the production and export of green hydrogen, the Indian government, unveiled the National Hydrogen Mission. This is the first pure green hydrogen plant in the nation that was built in Assam by the Indian company OIL (Oil India Limited). Hence, these would create more growth opportunities for the green hydrogen market during the forecast period.
On the other hand, some restraints are estimated to hamper the market growth in the future. For instance, Keeping and moving green hydrogen is very difficult and expensive. Because of its low volumetric density and highly combustible characteristics, pipelines and carriers must be highly invested in. Another problem impeding the expansion and growth of the global green hydrogen industry is a lack of competent labor.
Some new developments in the global green hydrogen market:
- On 21st August, 2022, Ohmium opens a gigafactory for green hydrogen electrolyzes. The clean fuel of the future, green hydrogen is independent of industry and will speed up India's shift to renewable energy.
- On 2nd May, 2022, to advance the green hydrogen policy, the union government intends to begin a comprehensive green hydrogen mission in two months. In fertilizer manufacturing and petroleum refining, the mission is anticipated to declare a green hydrogen purchasing obligation, similar to renewable buy responsibilities (RPO).
- On 7th July, 2022, Jakson Group started a new business with a focus on energy storage and green hydrogen. Investor interest in the sector has grown as a result of the possibility for West Asian and North African nations to serve as the world's top producers of green hydrogen.
According to the study, key players dominating the global green hydrogen market are Air Liquide (France), Air Products (U.S), Bloom Energy (U.S), Cummins (U.S), Enapter (Germany), Fortum (Finland), Green Hydrogen Systems (Denmark), Linde Plc (Ireland), Nikola Corporations (U.S), Nel (Norway), Plug Power (U.S), Shell Plc (U.K), Sofina (Belgium), Siemens Energy AG (Germany), Toshiba Energy Systems and Solutions (Japan), among others.
The Global Green Hydrogen Market Has Been Segmented Into:
The Global Green Hydrogen Market – by Technology Type:
- Alkaline Electrolyzer
- Polymer Electrolyte Membrane Electrolyzer
- Solid Oxide Electrolyzer
- Others
The Global Green Hydrogen Market – by Application Type:
- Power Generation
- Transportation
- Others
The Global Green Hydrogen Market – by Regions:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Others
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/green-hydrogen-market-21
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