The global green hydrogen market size was valued at $0.3 billion in 2020, and is projected to reach $9.8 billion by 2028, growing at a CAGR of 54.7% from 2021 to 2028. Green hydrogen is a type of hydrogen fuel that is produced using renewable energy sources, such as solar, wind, or hydroelectric power. Green hydrogen is produced through a process called electrolysis, which involves passing an electric current through water to split it into hydrogen and oxygen. The resulting hydrogen gas can be compressed and stored for use as a fuel source.
Green hydrogen has the potential to play an important role in the transition to a more sustainable energy system, as it can provide a low-carbon alternative to fossil fuels. However, the widespread adoption of green hydrogen will depend on the availability of low-cost renewable energy sources, as well as the development of efficient and cost-effective electrolysis technologies.
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Unlike conventional hydrogen production, which is typically derived from natural gas through a process called steam methane reforming, green hydrogen does not produce carbon emissions or other harmful pollutants. This makes it an attractive option for industries and applications where reducing carbon emissions is a priority, such as transportation, industrial processes, and power generation.
Some of the key players operating in the global green hydrogen market are Ballard Power Systems, Enapter, Engie, Green Hydrogen Systems, Hydrogenics, Nikola Motors, Plug Power, SGH2 Energy Global LLC, Shell, and Siemens Gas and Power GmbH & Co. KG.
Countries such as the U.S., China, and India are emerging as investment centric hubs due to wide scope of green hydrogen in the manufacturing sector.
While the production of green hydrogen is still in its early stages and currently more expensive than conventional hydrogen production, there is growing interest and investment in the technology, with many governments, companies, and research institutions working to develop and scale up the use of green hydrogen in the coming years.
Rise in concern toward reducing carbon emissions and expansion of green hydrogen production technologies have boosted the growth of the green hydrogen market.
Green hydrogen is generated by the electrolysis of water using renewable energy sources such as wind or solar energy.
Presence of favorable government policies encouraging hydrogen economies, as well as environmental concerns about rising carbon emissions from fossil fuel use, are expected to fuel demand for hydrogen.
On the basis of end-use industry, the market is divided into food & beverages, medical, chemical, petrochemicals, glass, and others. The petrochemicals segment is projected to portray the highest CAGR of 55.0% during the forecast period.
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Based on technology, the market is classified into proton exchange membrane electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. The alkaline electrolyzer segment held the lion’s share in 2019, accounting for more than half of the market. In addition, the segment is expected to register the highest CAGR of 54.8% during the forecast period.
By application, the power generation segment held the highest share in 2020, accounting for nearly two-thirds of the global green hydrogen market, and is expected to maintain its lead position during the forecast period. Moreover, the segment is also expected to witness the largest CAGR of 54.9% from 2021 to 2028.
Electrolyzers are getting highly demanded for power generation as a clean energy source, which in turn, propels the growth of the segment.
By region, the green hydrogen market is dominated by Europe. The area has extensive oil & gas infrastructure, which has enormous potential to be transformed into hydrogen production, storage, and transportation infrastructure while also creating jobs.
The green hydrogen market was slightly affected by the Covid-19 pandemic. The lockdown across several countries posed several challenges for industry participants such as logistical difficulties in end goods, disruption of supply chains, and recruitment of workforce during the pandemic.
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However, the market recovered in the third and fourth quarter, majorly in North America and Europe regions. And with relaxed restrictions the market is expected to recoup rapidly in other regions.
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