Pune, India, March 22, 2021 (GLOBE NEWSWIRE) — The Green Hydrogen Market was estimated at USD 1.01 billion in 2020 and is projected to grow at a CAGR of 15.7% during the forecast period from 2020 to 2028. In terms of volume, the global green hydrogen market is anticipated to grow at a CAGR of 13.4% till 2028. Increasing environmental concerns and stringent carbon emission regulations across countries, followed by favourable government policies, are anticipated to drive the global green hydrogen market.
Green hydrogen is produced by the electrolysis of water. Water is divided into oxygen and hydrogen by an electrolyser with the aid of electrical current. Green hydrogen is different from grey hydrogen produced from fossil fuels such as natural gas. Green hydrogen is environmental friendly and can be stored and converted back to energy or heat when required.
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Green hydrogen is expected to play a significant role in decarbonizing those sectors of the economy that are hard to electrify, such as aviation, long-distance trucking, and heavy-duty manufacturing. The presence of favourable government policies to drive the hydrogen economy, along with rising environmental concerns about carbon emissions from the use of fossil fuels, is expected to drive the demand for green hydrogen in the coming years.
The demand for green hydrogen is being mainly driven by the proliferation of renewable energy sources in various end-use industries. Furthermore, the rising use of renewable energy has been estimated to result in lower costs for the production of clean energy and thus, it can have a positive effect on the green hydrogen market.
The opportunity for green hydrogen to be used in a wide range of sectors will eventually enable many companies to benefit from a burgeoning hydrogen fuel economy. Perhaps the most important of these companies are the oil and gas companies, which are increasingly facing the demand for reducing fossil fuel usage. It is expected that an increase in the perception of hydrogen as an energy carrier would fuel the global demand for green hydrogen in the near future.
Some of the Noted Developments Considered in the Report:
- November 2020 – Linde announced that the company would produce green hydrogen at its plants in Ontario, California, to cater the customer demand in the region. This investment will help the company to provide 1,600 vehicles capacity green hydrogen per day and will also help reduce the CO2 footprint to 50,000 MT per year in the region.
- July 2020 – Iberdrola launched Europe’s largest green hydrogen producing plant in Spain with the collaboration with Fertiberia, with an investment of USD 2.18 billion till 2027 to produce 15,000 tons of green hydrogen.
- May 2020 – SGH2 (Part of Solena Group) has been building the world’s largest green hydrogen production facility in Lancaster, California. This plant has the capacity of 11,000 kgs green hydrogen per day and 3.8 million kgs of green hydrogen per year.
- November 2019 – Air Liquide, Durance, Luberon, Verdon urban area (DLVA), and ENGIE signed a cooperation agreement to develop “HyGreen Provence” that aimed to produce, store, and distribute green hydrogen. This project has been developed in different stages, and the first part delivery will take place in 2021, while the final project will be completed by 2027.
COVID-19 Impact on Global Green Hydrogen Market
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Our QMI team has been closely monitoring the impact of COVID-19 on the global green hydrogen market, and it has been observed that the demand for green hydrogen has slowed down during the pandemic time. However, demand is anticipated to grow with a healthy pace from mid-2021. To control the spread of the pandemic, many countries across the globe have put strict lockdown norms, which is hampering business activities. Demand and supply of products and raw materials and manufacturing facilities have been completely disrupted, which has weakened product and services demand.
Among various industries, transportation, metal & mining, and electronic industries have suffered huge financial losses. The automotive industry has been completely disrupted due to weak vehicles demand, along with the scarcity of raw materials for manufacturers. This has created a weak demand for green hydrogen from the transportation industry. But government initiatives such as stimulus packages for the manufacturing and automotive sectors and other infrastructure related projects are anticipated to boost the global green hydrogen demand after the COVID-19 pandemic.
Global Green Hydrogen Market, By Technology
By technology, the global green hydrogen market has been segmented into alkaline electrolyser, polymer electrolyte membrane (PEM), and others. The alkaline electrolyser technology segment of the green hydrogen has captured a market share of 58.6% in 2020 and is anticipated to remain the largest market till 2028. In the alkaline electrolyser, sodium and potassium hydroxide are used as electrolytes. They are commercially and economically viable from decades with superior operating performance.
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Global Green Hydrogen Market, By End-user
By end-user, the global green hydrogen market is segmented into automotive, metal & mining, power & energy, and others. The market has been dominated by the automotive segment due to the need for eco-friendly and zero emission vehicles to meet the specific environment-related norms and regulations across regions. Automakers are looking for alternative fuels to comply the global carbon reduction policies and norms, and to achieve that, some automakers are working on green hydrogen fuel vehicles. As a part of it, in May 2020, Daimler and Volvo Trucks unveiled plans to produce hydrogen-based heavy-duty vehicles within the decade.
Global Green Hydrogen Market, By Region
By region, the global green hydrogen market has been segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America. The European region is anticipated to hold the largest share in the global green hydrogen market in 2020 and is projected to grow at a moderate CAGR during the forecast period. The European green hydrogen market is concentrated in Germany, Spain, France, the UK, and the Netherlands, owning to government initiatives towards clean and environment-friendly energy alternatives in these countries.
Besides Europe, North America has captured a prominent market share in the global green hydrogen market, which can be mainly attributed to the well-articulated and favourable government policies regarding low emission transportation system in the US and progress in carbon neutralization transportation targets. These are some of the major factors that will contribute towards the growth of green hydrogen demand in the coming years.
Some Major Findings of the Green Hydrogen Market Report Include:
- Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries.
- An in-depth global green hydrogen market analysis by segments, along with an analysis of trend-based insights and factors.
- Profiles of key market players operating in the global green hydrogen market, which include Air Products, Iberdrola, Linde, Air Liquide, ENGIE, Siemens AG, Uniper SE, and RWE AG, among others.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years.
- Key impact factor analysis across regions that includes analysis, along with the drivers, restrains, opportunities, and challenges that are prevailing in the global green hydrogen market.
- Impact of COVID-19 on the global green hydrogen market.
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “Green Hydrogen Market, By Technology (Alkaline Electrolyser, Polymer Electrolyte Membrane (PEM) and Others), By End User (Automotive, Metal & Mining, Power & Energy, and Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting 2016-2028” in depth analysis along with the table of contents (ToC).
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