Green Hydrogen Global Market Size, Share, By Technology, By Application, By Distribution Channel, By End User, By Region and Segment Forecast 2024-2033 | Linde, Siemens Energy AG, Air Liquide, Cummins Inc., ATCO Australia

Green Hydrogen Market

The Green Hydrogen by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Green Hydrogen, 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..

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.

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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

Scaling up of technologies is an emerging trend in the green hydrogen market. Advanced analytics is used in the green hydrogen market, it can transform data into business intelligence with actionable insights. Analytics can provide corrective action recommendations to maximize yields for green hydrogen, churning, and learning through data from plants, tanks, and pipes. By forecasting the failures, energy losses can also be prevented. Kaiserwetter is one such company that is using analytics to address several green hydrogen challenges. Analytics can also be useful in providing blockchain solutions that can help in green hydrogen tracking. For instance, in February 2021, Acciona, a Spanish firm that develops and manages infrastructure and renewable energy, developed GreenH2chain, a blockchain-based platform that allows clients from all over the world to verify and visualize the complete green hydrogen value chain in real-time.

The green hydrogen market report table of contents includes:
1. Executive Summary