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, often referred to simply as “green H2,” is a type of hydrogen fuel produced through a sustainable and environmentally friendly process, primarily using renewable energy sources. It is considered one of the cleanest forms of hydrogen production, as it generates no greenhouse gas emissions during its production process.
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Renewable Energy Sources: The use of renewable energy sources for the electricity needed in the electrolysis process is what distinguishes green hydrogen from other forms of hydrogen production. These renewable sources ensure that the production of green hydrogen is carbon-neutral and does not contribute to greenhouse gas emissions.
Production Process: Green hydrogen is produced through a process called electrolysis, in which water (H2O) is split into its constituent elements, hydrogen (H2) and oxygen (O2), using electricity. This electricity is typically generated from renewable sources such as wind, solar, or hydropower.
Electrolysis: Electrolysis involves passing an electric current through water, causing the water molecules to break apart into hydrogen and oxygen gases. The hydrogen gas is captured and stored for various applications.
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.
Rise in concern toward reducing carbon emissions and expansion of green hydrogen production technologies have boosted the growth of the green hydrogen market.
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.
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.
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.
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Environmental Benefits: Green hydrogen is considered a clean and sustainable energy carrier. It produces no carbon dioxide (CO2) or other harmful emissions during its production and use. As such, it has the potential to play a significant role in decarbonizing various sectors of the economy, such as transportation, industry, and power generation.
Applications: Green hydrogen has a wide range of applications, including:
Transportation: It can be used as a clean fuel for fuel cell electric vehicles (FCEVs), replacing fossil fuels.
Industry: Green hydrogen can be used in industrial processes, such as chemical manufacturing and refining, as a clean source of high-temperature heat and as a feedstock for various chemical reactions.
Energy Storage: Hydrogen can be stored and used as a means of energy storage, helping to balance the intermittent nature of renewable energy sources like wind and solar.
Power Generation: Hydrogen can be used in gas turbines and fuel cells to generate electricity.
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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