Green Hydrogen Market Research Report 2024
Green Hydrogen Market Size By Source (Solar Power, Wind Power, Hydroelectric Power, Geothermal Power, Biomass, Tidal Power, Wave Power, Waste-To-Energy), By Technology (Alkaline Electrolyzer, Polymer Electrolyte Membrane (PEM) Electrolyzer), By Application (Transport, Power), By End-Use (Medical, Food & Beverages, Industrial, Household), By Feedstock (Chemicals, Products), By Distribution Channel (Pipeline, Cargo), Region Global Market Analysis And Forecast, 2024- 2032
Green Hydrogen Market Synopsis
Green Hydrogen Market Size Was Valued at USD 4.00 Billion in 2023 and is Projected to Reach USD 89.33 Billion by 2032, Growing at a CAGR of 41.21% From 2024-2032.
Green hydrogen is defined as hydrogen produced by splitting water into hydrogen and oxygen using renewable electricity. The process involves splitting water molecules into hydrogen and oxygen through the use of electricity, with the hydrogen being captured and used as a fuel source.
Green hydrogen is a clean and sustainable fuel source. It produces no carbon emissions during its production or use, that makes it an attractive alternative to fossil fuels for a wide range of applications.Green hydrogen can be used as a fuel source in a variety of sectors, including transportation, power generation, and industrial processes.In transportation, Green hydrogen can be used as a fuel source for fuel cell vehicles (FCVs). These vehicles use hydrogen and oxygen to produce electricity through a chemical reaction, which powers an electric motor. FCVs emit only water vapour as a by-product, making them a zero-emission transportation option.In power generation, green hydrogen can be used as a fuel source in gas turbines or as a storage medium for intermittent renewable energy sources such as wind and solar power. In industrial processes, green hydrogen can be used as a feedstock for chemical production or as a reducing agent in metal refining. Green hydrogen represents a promising and sustainable alternative to fossil fuels, with the potential to play a significant role in the transition to a low-carbon economy.
Top Key Players Covered Are:
"Air Liquide (France), Siemens Energy (Germany), Linde (Ireland), Nel ASA (Norway), Hydrogenics Corporation (Canada), McPhy Energy (France), Plug Power (USA), Ballard Power Systems (Canada), Engie (France), ITM Power (UK), FuelCell Energy (USA), PowerCell Sweden AB (Sweden), Hexagon Composites (Norway), Green Hydrogen Systems (Denmark), Acciona (Spain), Enapter AG (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Doosan Fuel Cell (South Korea), H2V INDUSTRY (France), Solena Group (USA)".
Green Hydrogen Market Trend Analysis
Increasing Demand In Various Sectors
Green hydrogen is a clean alternative to other harmful & unnatural renewable energy source for various industries. Therefore, the demand for green hydrogen is increasing nowadays. the factors which are increasing the demand for green hydrogen are,
- The transition to a low-carbon economy is a major driver of demand for green hydrogen. As companies aim to reduce their carbon footprint and achieve net-zero emissions, the demand for green hydrogen is expected to grow.
- Green hydrogen can be used as a means of storing renewable energy generated from sources such as wind and solar power. This is particularly important as these sources of energy are intermittent, and energy storage is needed to ensure a stable supply of energy. Green hydrogen can be stored and transported, making it a versatile energy storage solution.
- It is also used as a feedstock in various industrial processes, including chemical production and metal refining. Green hydrogen is a clean and sustainable alternative to fossil fuel-based feedstocks, and demand for green hydrogen in these industries is expected to grow as companies aim to reduce their carbon footprint.
- Governments around the world are implementing policies and incentives to promote the development and use of green hydrogen. This includes subsidies for green hydrogen production and deployment, tax incentives for investments in green hydrogen projects, and regulations to limit greenhouse gas emissions.
Overall, the increasing demand for green hydrogen is being driven by a combination of factors, mentioned above which will drive the market in the forecast period.
International Trade Of Green Hydrogen
- International trade presents a significant opportunity for the green hydrogen market, as countries with abundant renewable energy resources can export green hydrogen to countries with less favourable conditions.
- Countries with less favourable conditions for renewable energy generation, such as those with limited land area or low levels of sunlight, can import green hydrogen produced from renewable sources in other countries.
- International trade in green hydrogen can help countries reduce their dependence on fossil fuels and increase their energy security. This is particularly important for countries that rely heavily on energy imports.
- Green hydrogen has the potential to create new business opportunities and promote economic growth in countries that can produce and export it. International trade in green hydrogen can also create jobs in the production, transport, and distribution of green hydrogen.
- Green hydrogen can play a significant role in reducing greenhouse gas emissions and mitigating the impacts of climate change. International trade in green hydrogen can help countries achieve their emissions reduction targets and contribute to global efforts to address climate change.
The development of international trade in green hydrogen can drive technological innovation and the adoption of new, more efficient production and transport methods.
Segmentation Analysis Of The Green Hydrogen Market
Green hydrogen market segments cover the application, end-use, feedstock, technology, source, and distribution channel. By end use, the industrial segment is expected to dominate the market forecast period.
- Nowadays, the industrial segment is dominating the green hydrogen market, with applications in industries such as steel and chemical production. This is due to the significant carbon emissions generated by these industries and the need for decarbonization to meet global emissions reduction targets.
- Green hydrogen can be used as a feedstock in these industries, replacing fossil fuels and reducing carbon emissions. Additionally, the energy storage segment is also expected to grow rapidly, driven by the increasing penetration of intermittent renewable energy sources in the power grid.
- Overall, while the industrial segment is currently dominating the green hydrogen market, other segments are expected to grow rapidly in the future as the technology and infrastructure for green hydrogen production and use continue to advance.
Regional Analysis Of The Green Hydrogen Market
Europe is expected to dominate the market over the forecast period.
- There is a large number of green hydrogen manufacturers in Europe region. Europe is investing heavily in the development of green hydrogen. Member states are also investing in hydrogen infrastructure and research and development.
- The EU has also introduced a number of policies and regulations to support the development of green hydrogen, including a carbon border adjustment mechanism and a hydrogen strategy.
- The European Clean Hydrogen Alliance brings together companies, governments, and other stakeholders to develop a hydrogen economy in Europe, while the European Hydrogen Backbone initiative aims to develop a network of hydrogen pipelines across Europe.
- Europe is home to a number of research institutions and companies that are developing new technologies and processes to produce and use green hydrogen.
Therefore, on the basis of these factors Europe will be dominating the green hydrogen market in the forecast period.
Source: Statista
Globally, 469 hydrogen projects have been announced to be developed between 2021 and 2030, of which 43 are green hydrogen projects. The majority of hydrogen activity will be located in Europe, at 261 hydrogen projects. Many European countries have been invested in finding non-carbon-intensive alternatives for industrial and transportation usage in line with the European Union’s Green Deal and an effort to strengthen the local value chain.
Covid-19 Impact Analysis On Green Hydrogen Market
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- The pandemic has caused disruptions in the supply chain for green hydrogen equipment and materials, such as electrolysers, which are critical components in green hydrogen production. This has led to delays in project timelines and increased costs.
- Many green hydrogen projects have been delayed due to travel restrictions, social distancing requirements, and labour shortages. This has led to increased costs and delays in the deployment of green hydrogen technologies.
- The pandemic has caused a decline in investments in the green hydrogen sector, as investors have become more risk-averse due to the uncertain economic environment.
Top Key Players Covered In The Green Hydrogen Market
- Air Liquide (France)
- Siemens Energy (Germany)
- Linde (Ireland)
- Nel ASA (Norway)
- Hydrogenics Corporation (Canada)
- McPhy Energy (France)
- Plug Power (USA)
- Ballard Power Systems (Canada)
- Engie (France)
- ITM Power (UK)
- FuelCell Energy (USA)
- PowerCell Sweden AB (Sweden)
- Hexagon Composites (Norway)
- Green Hydrogen Systems (Denmark)
- Acciona (Spain)
- Enapter AG (Germany)
- Toshiba Energy Systems & Solutions Corporation (Japan)
- Doosan Fuel Cell (South Korea)
- H2V INDUSTRY (France)
- Solena Group (USA)
Key Industry Developments In The Green Hydrogen Market
- In April 2023, Linde Signs Agreement with ExxonMobil for Carbon Dioxide Off-take. ExxonMobil will transport and permanently store up to 2.2 million metric tons of carbon dioxide each year from Linde’s hydrogen production facility, equivalent to the emissions from nearly half a million cars per year.
- In January 2023, Nel ASA: Nel signed an agreement with HH2E for a potential 120 MW capacity in Germany. HH2E’s two 60 MW plants will be among the largest green hydrogen production plants in Europe announced to date. Both facilities are in the first phase and can be significantly expanded. The hydrogen will be used for industrial applications, transportation, and heat. In total, HH2E is aiming for 4 GW of electrolyser capacity in Germany by 2030.
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Global Green Hydrogen Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2022 |
Market Size in 2023: |
USD 4.00 Bn. |
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Forecast Period 2024-32 CAGR: |
41.21% |
Market Size in 2032: |
USD 89.33.Bn. |
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Segments Covered: |
By Technology |
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By Source |
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By Application |
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By End-use |
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By Distribution Channel |
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By Region |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Green Hydrogen Market by By Technology
4.1 Green Hydrogen Market Snapshot and Growth Engine
4.2 Green Hydrogen Market Overview
4.3 Alkaline Electrolyzer
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value
Frequently Asked Questions
What would be the forecast period in the Green Hydrogen Market Research report?
The forecast period in the Green Hydrogen Market Research Report is 2024-2032.
Who are the key players in the Green Hydrogen Market?
Air Liquide (France), Siemens Energy (Germany), Linde (Ireland), Nel ASA (Norway), Hydrogenics Corporation (Canada), McPhy Energy (France), Plug Power (USA), Ballard Power Systems (Canada), Engie (France), ITM Power (UK), FuelCell Energy (USA), PowerCell Sweden AB (Sweden), Hexagon Composites (Norway), Green Hydrogen Systems (Denmark), Acciona (Spain), Enapter AG (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Doosan Fuel Cell (South Korea), H2V INDUSTRY (France), Solena Group (USA)) and other major key players.
What are the segments of the Green Hydrogen Market?
The Green Hydrogen Market Is Segmented into Application, End-Use, Feedstock, Distribution Channel, Technology, Source and Region. By Application, The Market Is Categorized into Transport, Power. By End-Use, The Market Is Categorized into Medical, Food & Beverages, Industrial, Household. By Feedstock, The Market Is Categorized into Chemicals, Products. By Distribution Channel, The Market Is Categorized into Pipeline, Cargo. By Technology, The Market Is Categorized into Alkaline Electrolyzer, Polymer Electrolyte Membrane (Pem) Electrolyzer. By Source, The Market Is Categorized into Solar Power, Wind Power, Hydroelectric Power, Geothermal Power, Biomass, Tidal Power, Wave Power, Waste-To-Energy. By Region, It Is Analyzed Across North America (US, Canada, Mexico), Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe), Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe), Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC), Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa), South America (Brazil, Argentina, Rest of SA).
What is the Green Hydrogen Market?
Green hydrogen is defined as hydrogen produced by splitting water into hydrogen and oxygen using renewable electricity. The process involves splitting water molecules into hydrogen and oxygen through the use of electricity, with the hydrogen being captured and used as a fuel source.
How big is the Green Hydrogen Market?
Green Hydrogen Market Size Was Valued at USD 4.00 Billion in 2023 and is Projected to Reach USD 89.33 Billion by 2032, Growing at a CAGR of 41.21% From 2024-2032.
