Global Green Hydrogen Market to Register CAGR of over 20% until 2027

Growing demand for green hydrogen in fuel cell electric vehicle and low variable renewable energy electricity costs are the major drivers of the Global Green Hydrogen market.

According to TechSci Research report, “Green Hydrogen Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the Global Green Hydrogen Market over 20% during the forecast period. Green hydrogen is hydrogen that is generated entirely by renewable energy. It has lower carbon emissions than grey hydrogen, which is produced by steam reforming of natural gas. Green hydrogen does not emit greenhouse gases such as carbon dioxide or methane.

The Paris Agreement of 2016 set an aspirational goal of limiting global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit). To achieve this objective, global emissions will have to be cut by around 45 percent from 2010 levels by 2030, with net-zero emissions by 2050. Also, worldwide CO2 emissions must be drastically reduced. Green hydrogen production is one of the most common low-carbon alternatives being examined on a wide scale. At present, green hydrogen is more expensive to produce than blue hydrogen, but this is predicted to change in the 2030s. Increasing global awareness of lowering of carbon footprint is expected to drive the market for green hydrogen.

The cost of energy is a primary driver for green hydrogen. In the recent decade, the cost of electricity generated by solar PV and onshore wind farms has dropped dramatically. The production of green hydrogen is becoming more economically appealing as solar photovoltaic, and wind electricity costs continue to fall, which is anticipated to drive the market in the coming years.

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The Global Green Hydrogen Market segmentation is based on Technology, Renewable Source, End Use Industry, and regional distribution.

Based on Technology, the market is further fragmented into alkaline electrolyzer, proton exchange membrane electrolyzer and solid oxide electrolyzer. Alkaline Electrolyzer segment dominated the market in 2021 with an overall market share of around 69.40%. This can be ascribed to the growing demand from fuel cell electric vehicles.

Based on Renewable source the market is further divided into Wind, Solar PV and others. The Solar PV segment dominated the market in 2021 on account of the widespread use of solar panels in different industries.

Some of the major companies operating in the Global Green Hydrogen Market include:

·         Ballard Power Systems Inc.

·         ENAPTER s.r.l.

·         Engie SA

·         Green Hydrogen Systems

·         Plug Power Inc

·         SGH2 Energy Global LLC

·         Siemens Energy AG

·         Toshiba Energy Systems and Solutions Corp

·         Linde Plc

·         Air Liquide

·         Cummins Inc

·         Royal Dutch Shell Plc

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Various digital technologies are also becoming a part of the Global Green Hydrogen Market by providing optimization and automation of systems through enhanced data management and analytics. For instance, Artificial IoT- a combination of artificial intelligence and internet of things technology can provide fast anomaly detection through intelligent alarms, sensors on the system for monitoring KPIs, system status, and cloud-based remote monitoring beyond the control room. Individual governments are launching many schemes and investing in many initiatives to ensure the adoption of green hydrogen in the energy system. said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.

Green Hydrogen Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Technology (Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer, Solid Oxide Electrolyzer), By Renewable Source (Wind, Solar PV, Others), By End Use Industry (Power Generation, Automotive, Chemicals & Petrochemicals, Others), By Region”, has evaluated the future growth potential of Global Green Hydrogen Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Green Hydrogen Market.

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