The green hydrogen market size was more than USD 3.0 billion in 2022 and it is expected to grow at a rate of over 50% from 2023 to 2032.
Green hydrogen is a type of hydrogen produced through the electrolysis of water using renewable energy sources. The process of electrolysis splits water molecules into hydrogen and oxygen atoms using an electric current. The hydrogen produced can be used in a variety of ways, including as a fuel for vehicles or as a way to store energy.
A key advantage of green hydrogen is that it does not produce greenhouse gas emissions when used. This is in contrast to traditional hydrogen, which is produced from natural gas and emits carbon dioxide when burned. Green hydrogen can therefore help to reduce greenhouse gas emissions and combat climate change.
Green Hydrogen Market Trends
In the past decade, there has been a growing interest in green hydrogen technology. This is due to the many potential benefits that this technology can offer. Some of the key trends in green hydrogen technology include:
- Increased Efficiency: One of the main trends in green hydrogen technology is the increased efficiency of electrolyzers. This is important because it means that more hydrogen can be produced from renewable energy sources.
- Cost reductions: Another trend is the reduction in the cost of green hydrogen technology. This is due to the improved efficiency of electrolyzers and the development of new technologies.
- Improved Storage: Another trend is the improved storage of green hydrogen. This is due to the development of new storage technologies, such as metal hydrides.
- Increased Use: Another trend is the increased use of green hydrogen. This is due to the many potential applications of green hydrogen, such as in fuel cells and as a chemical feedstock.
- Increased Investment: Another trend is the increased investment in green hydrogen technology. This is due to the growing interest in this technology and the potential benefits it can offer.
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Green Hydrogen Market Drivers
There are many factors that are driving the green hydrogen market. One of the most important drivers is the need to decarbonize the economy and move to cleaner energy sources. Hydrogen is seen as a key part of this transition, as it can be used in a variety of ways to replace fossil fuels. For example, it can be used as a fuel for transportation, as a way to store energy, and as a feedstock for various industrial processes.
Another key driver of the green hydrogen market is the falling cost of production. Thanks to advances in technology, it is now possible to produce hydrogen more cheaply and efficiently than ever before. This is making it increasingly competitive with other energy sources, such as natural gas.
Finally, there is growing political support for green hydrogen. Many countries are now committing to hydrogen targets as part of their climate change mitigation plans. This is providing a boost to the market and is helping to drive investment in the sector.
Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Green Hydrogen Market Segments
The Green Hydrogen market has been segmented into technology, distribution channel, source, end-use, and region.
Green Hydrogen Market by Technology
By technology, the market is classified into proton exchange membrane (PEM) electrolyzer, alkaline electrolyzer, and others. The alkaline electrolyzer segment accounted for the majority of the green hydrogen market share in 2022, and the proton exchange membrane (PEM) electrolyzer segment is expected to be the fastest-growing segment during the forecast period. In addition, the alkaline electrolyzers are significantly less expensive than PEM electrolyzers. As a result, this type of electrolyzer is commonly used for on-site green hydrogen production. The main benefit of alkaline electrolyzers is that they can sustain greater megawatt (MW) range stacks, resulting in increased capacity and a more stable working environment for them.
Green Hydrogen Market by End-Use
By end-use, the market is divided into power generation, chemical feedstock, transportation, and others. The chemical feedstock segment is further divided into green ammonia, methanol, and others. The chemical feedstock segment is anticipated to account for the largest market share in 2022, and the transportation segment is expected to be the fastest-growing segment during the forecast period. The transportation sector is anticipated to increase significantly over the forecasted period. Hydrogen’s role as a fuel for the transport sector can extend beyond road transport to shipping and aviation. Shipping and aviation sectors use heavy fuel oil and jet fuel, respectively. Moreover, there are few alternatives to decarbonize these sectors, which are less readily available and more expensive than conventional fuels. Hence, hydrogen or hydrogen-based compounds can significantly decarbonize shipping and aviation.
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Major Players in the Green Hydrogen Market
The key players in the Green Hydrogen Market are Nel Hydrogen, McPhy Energy, ITM Power Plc, Hydrogenics (Cummins), Plug Power, John Cockerill, Air Liquide, Linde, PowerCell, Ballard Power Systems, FuelCell Energy, Air Products and Chemicals, and Royal Dutch Shell among others.
Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
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