According to a new market research report titled, ‘Green Hydrogen Market by Generation Process (PEM, Alkaline, Solid Oxide), Energy Source (Wind, Hydropower), Application (Fueling, Feedstock), End User (Transportation, Chemical Production, Power Generation), and Geography - Global Forecast to 2030,’ the green hydrogen market is projected to reach $12.8 billion by 2030, at a CAGR of 40.9% during the forecast period.
Green hydrogen is a type of hydrogen generated by renewable energy or low-carbon power. Green hydrogen is obtained from electrolysis, where electricity is used to split water into hydrogen molecules. It is also produced from renewable energy sources, such as wind, solar, and hydropower, that generate no polluting emissions into the atmosphere, making it the cleanest and most sustainable hydrogen. It is commonly used as fuel, in feedstock, and for heat processing in industrial processes.
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The growth of this market is driven by the increasing demand for green hydrogen in fuel cell electric vehicles (FCEVs), growing demand for green hydrogen in chemical production, and rising government initiatives for net zero-emission. However, the high cost of production restrains the growth of this market. Furthermore, increasing investment by market players for the development of electrolysis and the growing adoption of green hydrogen due to its zero-carbon footprint is expected to create market growth opportunities. However, the complex and expensive storage and transportation is a major challenge for the players in this market. The latest trends in the green hydrogen market are the increasing use of water and electricity for green hydrogen production.
The green hydrogen market is segmented by generation process (proton exchange membrane electrolysis, alkaline electrolysis, and solid oxide electrolysis), energy source (Wind, solar, hydropower, and other energy sources), application (fueling, feedstock, heat processing, energy storage, and other applications), end user (transportation [shipping, aviation, cars, railway, and trucks], chemical production, healthcare, steel production, petroleum refinery, power generation, and other end users), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on generation process, in 2023, the proton exchange membrane electrolysis segment is expected to account for the largest share of the green hydrogen market. The large market share of this segment is attributed to the rising use of PEM due to being environmentally friendly and more effective than existing alternatives, rapidly growing low-carbon hydrogen production projects, and the increasing adoption of PEM electrolysis due to its ability to operate at high current density. Also, this segment is projected to register the highest CAGR during the forecast period.
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Based on energy source, in 2023, the hydropower segment is expected to account for the largest share of the green hydrogen market. The large market share of this segment is attributed to the increasing adoption of renewable energy, rising global electricity consumption, and the growing government initiatives to reduce the dependency on fossil fuels for power generation. This segment is also projected to register the highest CAGR during the forecast period.
Based on application, in 2023, the feedstock segment is expected to account for the largest share of the green hydrogen market. The large market share of this segment is attributed to the growing government initiative for the use of green hydrogen due to its zero-carbon footprint and the increasing adoption of green hydrogen for chemical production.
However, the fueling segment is projected to register the highest CAGR during the forecast period due to the increasing government initiative for clean and flexible energy sources to support zero-carbon energy and increasing adoption of green hydrogen due to being more powerful and energy efficient than fossil fuels.
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Based on end user, in 2023, the chemical production segment is expected to account for the largest share of the green hydrogen market. The large market share of this segment is attributed to the increasing demand for highly efficient energy sources for refineries, the growing use of green hydrogen to produce sustainable methanol and ammonia, and the increasing use of green methanol as a clean energy resource.
However, the transportation segment is projected to register the highest CAGR during the forecast period due to the increasing adoption of fuel-cell electric vehicles (FCEVs) and growing fueling solutions for a range of transportation and motive power applications.
Based on geography, in 2023, North America is expected to account for the largest share of the green hydrogen market. The large market share of North America is attributed to the rising government initiative and investment in green hydrogen production to reduce emissions and the increasing adoption of clean energy solutions for sectors such as power.
However, the Asia-Pacific market is projected to register the highest CAGR during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, India, Australia, Singapore, and Japan, the rapid growth of regional economies, strong government initiatives, and the growing adoption of green hydrogen in power generation offer growth opportunities for the players operating in the green hydrogen market.
The key players operating in the green hydrogen market include FuelCell Energy, Inc. (U.S.), Bloom Energy Corporation (U.S.), Plug Power Inc. (U.S.), Air Products and Chemicals, Inc. (U.S.), China Petrochemical Corporation. (China), L’AIR LIQUIDE S.A. (France), Linde plc (Ireland), Green Hydrogen Systems A/S (Denmark), McPhy Energy (France), ITM Power PLC (U.K.), Nel ASA (Norway), Ballard Power Systems Inc. (Canada), ENGIE SA (France), Repsol S.A. (Spain), and Iberdrola, S.A. (Spain).
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Scope of the report:
Green Hydrogen Market Assessment– by Generation Process
• Proton Exchange Membrane Electrolysis
• Alkaline Electrolysis
• Solid Oxide Electrolysis
Green Hydrogen Market Assessment–by Energy Source
• Wind
• Solar
• Hydropower
• Other Energy Sources
Green Hydrogen Market Assessment–by Application
• Fueling
• Feedstock
• Heat Processing
• Energy Storage
• Other Applications
Green Hydrogen Market Assessment–by End User
• Transportation
o Shipping
o Aviation
o Cars
o Railway
o Trucks
• Chemical Production
• Healthcare
• Steel Production
• Petroleum Refinery
• Power Generation
• Other End Users
Green Hydrogen Market Assessment–by Geography
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Netherland
o Poland
o Rest of Europe
• Asia-Pacific
o Japan
o China
o India
o South Korea
o Singapore
o Australia & New Zealand
o Indonesia
o Rest of Asia-Pacific
• Latin America
• Middle East & Africa
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