Green Hydrogen Market to Expand at a CAGR of 14.1%by 2028
According to a recent report by Reports and Data, the global market for green hydrogen market is projected to attain a market size of USD 2,569.7 million by 2028 and register a high Compound Annual Growth Rate (CAGR) during the forecast period. The market's growth is driven by factors such as increasing investments, a rising focus on reducing dependence on fossil fuels and non-renewable energy resources, and shifting towards renewable energy resources by various governments across different countries. Green hydrogen can be used as a fuel in aircraft, can help in fulfilling 24% of energy needs by 2050, and can assist in achieving zero carbon emissions by the end of the same year.
Industries that cannot adapt to electrification are using green hydrogen. Advancements in technology are expected to reduce the cost of green hydrogen by increasing production efficiency and flexibility in fuel cells. The use of green hydrogen is expected to create various opportunities across multiple markets and industries. The growing hydrogen fuel economy is predicted to continue transforming the world in the coming years.
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In July 2020, the European Hydrogen Strategy became a priority in the EU's Green Deal. The primary objective is to shift from using fossil fuels in aircraft and trucks to green hydrogen for shipping and long-haul transport. Furthermore, countries like China, Japan, Australia, and Korea are focusing on incorporating green hydrogen into their zero carbon emission initiatives.
The COVID-19 pandemic has led to a realization of the need to reduce negative environmental impacts. The pandemic is also presenting opportunities for a rapid transition to a low-carbon future, which is expected to be supported by the decreasing prices of solar modules.
Siemens Energy partnered with Mubadala Investment Company and Masdar City in January 2021 to reduce the production costs of green hydrogen and establish a local green hydrogen economy. The Alkaline (ALK) electrolyzer segment accounted for the largest revenue share among the technology segments.
Green hydrogen can be stored in existing gas pipelines and used to power household appliances. It is also used in fuel cells to power devices that require electricity, such as electric vehicles.
Europe contributed the largest revenue share to the global green hydrogen market in 2020, primarily due to increasing investments in the EU's Green Deal. Government investments in Next Generation EU and the European Green Deal are expected to stimulate economic recovery from the impacts of the COVID-19 pandemic, create jobs, and boost leadership in strategic industries, which is crucial for the region's resilience.
Key participants in the green hydrogen market include:
· Air Liquide
· Engie, Linde
· Uniper SE
· Hydrogenics
· Siemens
· Toshiba Energy Systems & Solutions Corporation
· Air Products and Chemicals, Inc.
· FuelCellsWorks
· Green Hydrogen Systems.
The global green hydrogen market has been segmented by Reports and Data based on technology, application, and region. The technology segments include Proton Exchange Membrane (PEM) Electrolyzer, Alkaline (ALK) Electrolyzer, and Solid Oxide Electrolyzer. The application segments include Heating, Power Generation, and Transportation. Finally, the regional segments include North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America.
Green Hydrogen Market: Drive Factors
The green hydrogen market is being driven by several factors. Firstly, there is an increase in investments and initiatives by governments across various countries to reduce dependence on fossil fuels and shift towards renewable energy resources. Secondly, advancements in technology are expected to reduce the cost of green hydrogen and increase production efficiency and flexibility. Thirdly, the use of green hydrogen is expected to open up a range of opportunities across various industries. Additionally, the growing hydrogen fuel economy is expected to transform the world. The COVID-19 pandemic has also highlighted the need to reduce negative impacts on the environment and presents opportunities for a fast transition to a low-carbon future. Finally, initiatives such as the European Hydrogen Strategy and other countries' zero carbon emission initiatives are also driving the growth of the green hydrogen market.
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