Overview and Scope
Green hydrogen gas is created by dividing water into hydrogen and oxygen using an electrolyzer that can be powered by renewable energy sources. Green hydrogen is environmentally friendly and can be stored and converted back to energy or heat when required.
Sizing and Forecast
The green hydrogen market size has grown exponentially in recent years. It will grow from $1.59 billion in 2023 to $2.47 billion in 2024 at a compound annual growth rate (CAGR) of 55.7%. The growth in the historic period can be attributed to emerging markets growth, low interest rate environment, high environment impact of conventional power generation sources and increased demand from the chemical industry. .
The green hydrogen market size is expected to see exponential growth in the next few years. It will grow to $11.74 billion in 2028 at a compound annual growth rate (CAGR) of 47.6%. The growth in the forecast period can be attributed to faster economic growth, government initiatives, global population growth and urbanization, rising investment for renewable power generation, focus on reducing foreign oil dependence, growing demand from end-use industries and global collaborations for environmental protection. Major trends in the forecast period include implementing ai technology to increase operational efficiency, offering iot-related advisory solutions to increase operational efficiency, implementing digital twin technology solutions to reduce the risks, implementing smart meters to accurately measure the flow rate and concentration of hydrogen gas, increasing investments to capitalize on the growing demand and focusing on growth strategies and formulate a collaborative approach to grow market share..
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The green hydrogen market covered in this report is segmented –
1) By Technology: Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer, Solid Oxide Electrolyzer
2) By Application: Power Generation, Transport, Other Applications
3) By End User Industry: Petrochemicals, Food And Beverages, Medical, Chemical, Glass, Other End-Use Industries
Europe was the largest region in the green hydrogen market in 2023. The regions covered in the green hydrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing environmental concerns are expected to propel the growth of the green hydrogen market in the forecast period. Green hydrogen is a hydrogen-based fuel that is made by electrolyzing water with electricity supplied by low-carbon sources. It will help in reducing carbon emissions and provide care to our planet. For instance, the International Energy Agency (IEA) aims to bring global energy-related carbon dioxide emissions to net zero by 2050. Fossil fuels are one of the main contributors to poor air quality and they account for 80% of all the energy worldwide. Additionally, IEA estimates that by 2050 around 1.77 million premature deaths will occur due to indoor air pollution, and around 4.97 million premature deaths will occur due to outdoor air pollution. According to the World Health Organization, an estimated 4.2 to 7 million people die from air pollution worldwide every year, and nine out of ten people breathe air that contains high levels of pollutants. Therefore, increasing environmental concerns drive the growth of the green hydrogen market.
Key Industry Players
Major companies operating in the green hydrogen market report are Linde, Siemens Energy AG, Air Liquide, Air Products and Chemicals Inc., Royal Dutch Shell plc, Toshiba Energy Systems & Solutions Corporation, Engie, Ballard Power Systems, Cummins Inc., Green Hydrogen Systems, Larsen & Toubro (L&T), Engie Renewables, ATCO Australia, ITOCHU Corporation, Sojitz Corp, Shell, ReNew Power, Sinopec, RES, Octopus, OMV AG, TotalEnergies, Air Liquide, Ineos, Axpo, ABB, Enel Green Power, Saras Group, Macquarie Green Investment Group, Hidroelectrica, PKN Orlen SA, Grupa Azoty S.A, Mitsubishi Power, Entergy Corporation, Enapter, Nikola Motors, Plug Power, SGH2 Energy Global LLC, Siemens Gas and Power GmbH & Co. KG, Air Products Canada, Hydrogenics, Quadrogen Power Systems Inc, Casa dos Ventos, Enegix Energy, Matthes company, Dii Desert Energy, Bluenergy Revolution, Cheranna Energy, HDF Energy
The green hydrogen market report table of contents includes:
1. Executive Summary
2. Green Hydrogen Market Characteristics
3. Green Hydrogen Market Trends And Strategies
4. Green Hydrogen Market – Macro Economic Scenario
5. Global Green Hydrogen Market Size and Growth
…..
32. Global Green Hydrogen Market Competitive Benchmarking
33. Global Green Hydrogen Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Green Hydrogen Market
35. Green Hydrogen Market Future Outlook and Potential Analysis
36. Appendix
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