Green Hydrogen Market Forecasts to 2028 - Global Analysis By Renewable Source (Wind Energy, Solar Energy and Other Renewable Sources), Application (Transport, Power generation and Other Applications), End User and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $4.5 BN |
|
Projected Year Value (2028) |
US $36.3 BN |
|
CAGR (2022 - 2028) |
41.6% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Green Hydrogen Market is accounted for $4.5 billion in 2022 and is expected to reach $36.3 billion by 2028 growing at a CAGR of 41.6% during the forecast period. Green hydrogen is produced by the electrolysis of water for which electric power is utilized which is generated by renewable energy sources such as wind energy or solar energy. The presence of favorable government policies pushing toward the hydrogen economy along with growing environmental concerns regarding increasing carbon emissions from fossil fuel usage are expected to drive the demand for the hydrogen economy.
According to the US Department of Energy, a traditional combustion-based power plant generates electricity at 33 to 35% efficiency, but hydrogen-based fuel cell systems can create electricity at up to 60% efficiency. According to the International Energy Agency, about 26,000 passenger cars, 6000 buses, 3000 medium-duty trucks, 49 light commercial vehicles, and 14 heavy-duty trucks used hydrogen fuel cells.
Market Dynamics:
Driver:
Rise in use of green hydrogen fuels
The utilization of hydrogen fuel cells produces no greenhouse gases or other pollutants. Hydrogen fuel cells are found to be more efficient than traditional combustion-based power plants. The growing acceptance of using hydrogen as a form of energy is driving growth in the market.
Restraint:
Safety Concerns
Hydrogen is highly flammable and volatile substances and extensive safety measures are required to prevent leakage and explosions. The production of hydrogen in general and green hydrogen in particular requires more energy than other fuels. Safety concerns and high energy consumption are the factors restraining the growth of the market.
Opportunity:
Rise in awareness
The increased awareness of the usage of hydrogen as an energy carrier is predicted to propel the market growth. It is a sustainable energy source. In addition, growth in environmental issues, highlighting the need for renewable energy generation to reduce emission levels fuels the growth of market expansion.
Threat:
High overall cost
High cost associated with the production, conversion, storage and transportation impede the growth. High initial investment requirements for setting up hydrogen infrastructure as well as prohibitive maintenance costs are the major factors that limit the green hydrogen market growth.
Covid-19 Impact
The green hydrogen industry was unaffected by COVID-19 disruption. However, coronavirus-related lockdowns posed a number of problems for industry participants, including disrupted supply chains, logistical difficulties in shipping end goods, and recruiting staff from quarantines. In addition, the pandemic ensured a strong rise in renewable energy market, resulting in constant increase in energy demand. Following relaxation of lockdown mandates in many countries, the green hydrogen market is quickly returning to normal and is expected to pick up even further.
The alkaline electrolyzer segment is expected to be the largest during the forecast period
The alkaline electrolyzer segment is estimated to have a lucrative growth, due to it being the conventional electrolyzer technology used in projects. It uses a liquid alkaline solution of potassium or sodium hydroxide as its electrolyte and it has higher operating hours. Additionally, the availability of these at a reduced price is anticipated to stimulate expansion in this industry.
The transport segment is expected to have the highest CAGR during the forecast period
The transport segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its energy efficiency. In transportation, hydrogen can be used in fuel cells or internal combustion engines. A hydrogen fuel cell is two to three times more efficient than an internal combustion engine fuelled by gasoline is the major factor propelling the growth.
Region with Largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to increasing viability of the technology. Demand for hydrogen in the steelmaking and automobile industries quickly expanding, where manufacturing companies are concentrated. Therefore, these are the elements driving the region's expansion.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the rising demand for renewable energy sources. Emergence of advanced electrolysis technologies, rising demand for cleaner energy from all major industry sectors and escalating environmental issues arising from carbon emissions are the prospects fueling the growth of the region.
Key players in the market
Some of the key players profiled in the Green Hydrogen Market include Toshiba Energy Systems and Solutions Corp., Siemens Energy, Air Products and Chemicals, Inc., Linde PLC, Reliance Industries Limited, Uniper SE, Ballard Power Systems, Hydrogenics, Nel ASA, Royal Dutch Shell plc, Bloom Energy, Cummins Inc., Engie, Nikola Motors, SGH2 Energy Global LLC, ITM Power PLC, Air Liquide, SRI Energy, Inc, Green Hydrogen Systems and Messer Group GMBH.
Key Developments:
In June 2022, joint venture between Air Liquide and Siemens Energy, which is only dedicated to producing sustainable hydrogen electrolyzes throughout Europe, was announced. Siemens will have a 74.9% overall ownership in the joint venture, while Air Liquide will have a 25.1% stake.
In May 2022, Air Products and Chemicals, Inc. announced its collaboration with Schenk Tank transport and Road Transport Project to create hydrogen vehicles and a public hydrogen filling station in Rotterdam.
Renewable Sources Covered:
• Wind Energy
• Solar Energy
• Other Renewable Sources
Technologies Covered:
• Solid oxide electrolyzer
• Alkaline electrolyzer
• Proton exchange membrane electrolyzer
Applications Covered:
• Transport
• Power generation
• Other Applications
End Users Covered:
• Glass
• Petrochemicals
• Food & beverages
• Medical
• Chemical
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Green Hydrogen Market, By Renewable Source
5.1 Introduction
5.2 Wind Energy
5.3 Solar Energy
5.4 Other Renewable Sources
6 Global Green Hydrogen Market, By Technology
6.1 Introduction
6.2 Solid oxide electrolyzer
6.3 Alkaline electrolyzer
6.4 Proton exchange membrane electrolyzer
7 Global Green Hydrogen Market, By Application
7.1 Introduction
7.2 Transport
7.3 Power generation
7.4 Other Applications
8 Global Green Hydrogen Market, By End User
8.1 Introduction
8.2 Glass
8.3 Petrochemicals
8.4 Food & beverages
8.5 Medical
8.6 Chemical
8.7 Other End Users
9 Global Green Hydrogen Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Toshiba Energy Systems and Solutions Corp.
11.2 Siemens Energy
11.3 Air Products and Chemicals, Inc.
11.4 Linde PLC
11.5 Reliance Industries Limited
11.6 Uniper SE
11.7 Ballard Power Systems
11.8 Hydrogenics
11.9 Nel ASA
11.10 Royal Dutch Shell plc
11.11 Bloom Energy
11.12 Cummins Inc.
11.13 Engie
11.14 Nikola Motors
11.15 SGH2 Energy Global LLC
11.16 ITM Power PLC
11.17 Air Liquide
11.18 SRI Energy, Inc
11.19 Green Hydrogen Systems
11.20 Messer Group GMBH
List of Tables
1 Global Green Hydrogen Market Outlook, By Region (2020-2028) ($MN)
2 Global Green Hydrogen Market Outlook, By Renewable Source (2020-2028) ($MN)
3 Global Green Hydrogen Market Outlook, By Wind Energy (2020-2028) ($MN)
4 Global Green Hydrogen Market Outlook, By Solar Energy (2020-2028) ($MN)
5 Global Green Hydrogen Market Outlook, By Other Renewable Sources (2020-2028) ($MN)
6 Global Green Hydrogen Market Outlook, By Technology (2020-2028) ($MN)
7 Global Green Hydrogen Market Outlook, By Solid oxide electrolyzer (2020-2028) ($MN)
8 Global Green Hydrogen Market Outlook, By Alkaline electrolyzer (2020-2028) ($MN)
9 Global Green Hydrogen Market Outlook, By Proton exchange membrane electrolyzer (2020-2028) ($MN)
10 Global Green Hydrogen Market Outlook, By Application (2020-2028) ($MN)
11 Global Green Hydrogen Market Outlook, By Transport (2020-2028) ($MN)
12 Global Green Hydrogen Market Outlook, By Power generation (2020-2028) ($MN)
13 Global Green Hydrogen Market Outlook, By Other Applications (2020-2028) ($MN)
14 Global Green Hydrogen Market Outlook, By End User (2020-2028) ($MN)
15 Global Green Hydrogen Market Outlook, By Glass (2020-2028) ($MN)
16 Global Green Hydrogen Market Outlook, By Petrochemicals (2020-2028) ($MN)
17 Global Green Hydrogen Market Outlook, By Food & beverages (2020-2028) ($MN)
18 Global Green Hydrogen Market Outlook, By Medical (2020-2028) ($MN)
19 Global Green Hydrogen Market Outlook, By Chemical (2020-2028) ($MN)
20 Global Green Hydrogen Market Outlook, By Other End Users (2020-2028) ($MN)
21 North America Green Hydrogen Market Outlook, By Country (2020-2028) ($MN)
22 North America Green Hydrogen Market Outlook, By Renewable Source (2020-2028) ($MN)
23 North America Green Hydrogen Market Outlook, By Wind Energy (2020-2028) ($MN)
24 North America Green Hydrogen Market Outlook, By Solar Energy (2020-2028) ($MN)
25 North America Green Hydrogen Market Outlook, By Other Renewable Sources (2020-2028) ($MN)
26 North America Green Hydrogen Market Outlook, By Technology (2020-2028) ($MN)
27 North America Green Hydrogen Market Outlook, By Solid oxide electrolyzer (2020-2028) ($MN)
28 North America Green Hydrogen Market Outlook, By Alkaline electrolyzer (2020-2028) ($MN)
29 North America Green Hydrogen Market Outlook, By Proton exchange membrane electrolyzer (2020-2028) ($MN)
30 North America Green Hydrogen Market Outlook, By Application (2020-2028) ($MN)
31 North America Green Hydrogen Market Outlook, By Transport (2020-2028) ($MN)
32 North America Green Hydrogen Market Outlook, By Power generation (2020-2028) ($MN)
33 North America Green Hydrogen Market Outlook, By Other Applications (2020-2028) ($MN)
34 North America Green Hydrogen Market Outlook, By End User (2020-2028) ($MN)
35 North America Green Hydrogen Market Outlook, By Glass (2020-2028) ($MN)
36 North America Green Hydrogen Market Outlook, By Petrochemicals (2020-2028) ($MN)
37 North America Green Hydrogen Market Outlook, By Food & beverages (2020-2028) ($MN)
38 North America Green Hydrogen Market Outlook, By Medical (2020-2028) ($MN)
39 North America Green Hydrogen Market Outlook, By Chemical (2020-2028) ($MN)
40 North America Green Hydrogen Market Outlook, By Other End Users (2020-2028) ($MN)
41 Europe Green Hydrogen Market Outlook, By Country (2020-2028) ($MN)
42 Europe Green Hydrogen Market Outlook, By Renewable Source (2020-2028) ($MN)
43 Europe Green Hydrogen Market Outlook, By Wind Energy (2020-2028) ($MN)
44 Europe Green Hydrogen Market Outlook, By Solar Energy (2020-2028) ($MN)
45 Europe Green Hydrogen Market Outlook, By Other Renewable Sources (2020-2028) ($MN)
46 Europe Green Hydrogen Market Outlook, By Technology (2020-2028) ($MN)
47 Europe Green Hydrogen Market Outlook, By Solid oxide electrolyzer (2020-2028) ($MN)
48 Europe Green Hydrogen Market Outlook, By Alkaline electrolyzer (2020-2028) ($MN)
49 Europe Green Hydrogen Market Outlook, By Proton exchange membrane electrolyzer (2020-2028) ($MN)
50 Europe Green Hydrogen Market Outlook, By Application (2020-2028) ($MN)
51 Europe Green Hydrogen Market Outlook, By Transport (2020-2028) ($MN)
52 Europe Green Hydrogen Market Outlook, By Power generation (2020-2028) ($MN)
53 Europe Green Hydrogen Market Outlook, By Other Applications (2020-2028) ($MN)
54 Europe Green Hydrogen Market Outlook, By End User (2020-2028) ($MN)
55 Europe Green Hydrogen Market Outlook, By Glass (2020-2028) ($MN)
56 Europe Green Hydrogen Market Outlook, By Petrochemicals (2020-2028) ($MN)
57 Europe Green Hydrogen Market Outlook, By Food & beverages (2020-2028) ($MN)
58 Europe Green Hydrogen Market Outlook, By Medical (2020-2028) ($MN)
59 Europe Green Hydrogen Market Outlook, By Chemical (2020-2028) ($MN)
60 Europe Green Hydrogen Market Outlook, By Other End Users (2020-2028) ($MN)
61 Asia Pacific Green Hydrogen Market Outlook, By Country (2020-2028) ($MN)
62 Asia Pacific Green Hydrogen Market Outlook, By Renewable Source (2020-2028) ($MN)
63 Asia Pacific Green Hydrogen Market Outlook, By Wind Energy (2020-2028) ($MN)
64 Asia Pacific Green Hydrogen Market Outlook, By Solar Energy (2020-2028) ($MN)
65 Asia Pacific Green Hydrogen Market Outlook, By Other Renewable Sources (2020-2028) ($MN)
66 Asia Pacific Green Hydrogen Market Outlook, By Technology (2020-2028) ($MN)
67 Asia Pacific Green Hydrogen Market Outlook, By Solid oxide electrolyzer (2020-2028) ($MN)
68 Asia Pacific Green Hydrogen Market Outlook, By Alkaline electrolyzer (2020-2028) ($MN)
69 Asia Pacific Green Hydrogen Market Outlook, By Proton exchange membrane electrolyzer (2020-2028) ($MN)
70 Asia Pacific Green Hydrogen Market Outlook, By Application (2020-2028) ($MN)
71 Asia Pacific Green Hydrogen Market Outlook, By Transport (2020-2028) ($MN)
72 Asia Pacific Green Hydrogen Market Outlook, By Power generation (2020-2028) ($MN)
73 Asia Pacific Green Hydrogen Market Outlook, By Other Applications (2020-2028) ($MN)
74 Asia Pacific Green Hydrogen Market Outlook, By End User (2020-2028) ($MN)
75 Asia Pacific Green Hydrogen Market Outlook, By Glass (2020-2028) ($MN)
76 Asia Pacific Green Hydrogen Market Outlook, By Petrochemicals (2020-2028) ($MN)
77 Asia Pacific Green Hydrogen Market Outlook, By Food & beverages (2020-2028) ($MN)
78 Asia Pacific Green Hydrogen Market Outlook, By Medical (2020-2028) ($MN)
79 Asia Pacific Green Hydrogen Market Outlook, By Chemical (2020-2028) ($MN)
80 Asia Pacific Green Hydrogen Market Outlook, By Other End Users (2020-2028) ($MN)
81 South America Green Hydrogen Market Outlook, By Country (2020-2028) ($MN)
82 South America Green Hydrogen Market Outlook, By Renewable Source (2020-2028) ($MN)
83 South America Green Hydrogen Market Outlook, By Wind Energy (2020-2028) ($MN)
84 South America Green Hydrogen Market Outlook, By Solar Energy (2020-2028) ($MN)
85 South America Green Hydrogen Market Outlook, By Other Renewable Sources (2020-2028) ($MN)
86 South America Green Hydrogen Market Outlook, By Technology (2020-2028) ($MN)
87 South America Green Hydrogen Market Outlook, By Solid oxide electrolyzer (2020-2028) ($MN)
88 South America Green Hydrogen Market Outlook, By Alkaline electrolyzer (2020-2028) ($MN)
89 South America Green Hydrogen Market Outlook, By Proton exchange membrane electrolyzer (2020-2028) ($MN)
90 South America Green Hydrogen Market Outlook, By Application (2020-2028) ($MN)
91 South America Green Hydrogen Market Outlook, By Transport (2020-2028) ($MN)
92 South America Green Hydrogen Market Outlook, By Power generation (2020-2028) ($MN)
93 South America Green Hydrogen Market Outlook, By Other Applications (2020-2028) ($MN)
94 South America Green Hydrogen Market Outlook, By End User (2020-2028) ($MN)
95 South America Green Hydrogen Market Outlook, By Glass (2020-2028) ($MN)
96 South America Green Hydrogen Market Outlook, By Petrochemicals (2020-2028) ($MN)
97 South America Green Hydrogen Market Outlook, By Food & beverages (2020-2028) ($MN)
98 South America Green Hydrogen Market Outlook, By Medical (2020-2028) ($MN)
99 South America Green Hydrogen Market Outlook, By Chemical (2020-2028) ($MN)
100 South America Green Hydrogen Market Outlook, By Other End Users (2020-2028) ($MN)
101 Middle East & Africa Green Hydrogen Market Outlook, By Country (2020-2028) ($MN)
102 Middle East & Africa Green Hydrogen Market Outlook, By Renewable Source (2020-2028) ($MN)
103 Middle East & Africa Green Hydrogen Market Outlook, By Wind Energy (2020-2028) ($MN)
104 Middle East & Africa Green Hydrogen Market Outlook, By Solar Energy (2020-2028) ($MN)
105 Middle East & Africa Green Hydrogen Market Outlook, By Other Renewable Sources (2020-2028) ($MN)
106 Middle East & Africa Green Hydrogen Market Outlook, By Technology (2020-2028) ($MN)
107 Middle East & Africa Green Hydrogen Market Outlook, By Solid oxide electrolyzer (2020-2028) ($MN)
108 Middle East & Africa Green Hydrogen Market Outlook, By Alkaline electrolyzer (2020-2028) ($MN)
109 Middle East & Africa Green Hydrogen Market Outlook, By Proton exchange membrane electrolyzer (2020-2028) ($MN)
110 Middle East & Africa Green Hydrogen Market Outlook, By Application (2020-2028) ($MN)
111 Middle East & Africa Green Hydrogen Market Outlook, By Transport (2020-2028) ($MN)
112 Middle East & Africa Green Hydrogen Market Outlook, By Power generation (2020-2028) ($MN)
113 Middle East & Africa Green Hydrogen Market Outlook, By Other Applications (2020-2028) ($MN)
114 Middle East & Africa Green Hydrogen Market Outlook, By End User (2020-2028) ($MN)
115 Middle East & Africa Green Hydrogen Market Outlook, By Glass (2020-2028) ($MN)
116 Middle East & Africa Green Hydrogen Market Outlook, By Petrochemicals (2020-2028) ($MN)
117 Middle East & Africa Green Hydrogen Market Outlook, By Food & beverages (2020-2028) ($MN)
118 Middle East & Africa Green Hydrogen Market Outlook, By Medical (2020-2028) ($MN)
119 Middle East & Africa Green Hydrogen Market Outlook, By Chemical (2020-2028) ($MN)
120 Middle East & Africa Green Hydrogen Market Outlook, By Other End Users (2020-2028) ($MN)
Frequently Asked Questions
In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
Request Customization
We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.
WHY CHOOSE US ?
Assured Quality
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Free Customization
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.