Green Hydrogen Market Projected To Cross $9.8 Billion by 2028

Rise in concern toward reducing carbon emissions and expansion of green hydrogen production technologies have boosted the growth of the global green hydrogen market. However, high capital cost of hydrogen energy storage hinders the market growth. On the contrary, favorable government policies encouraging electric vehicles are expected to open lucrative opportunities for the market players in the future.

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Based on technology, the market is classified into proton exchange membrane electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. The alkaline electrolyzer segment held the lion’s share in 2019, accounting for more than half of the market. In addition, the segment is expected to register the highest CAGR of 54.8% during the forecast period.

In 2019, the power generation segment witnessed a significant increase in the market. This is attributed to rise in demand, owing to population growth, rapid industrialization in developing economies, and population migration into cities.

The global green hydrogen market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe dominated in 2019, accounting for more than two-fifths of the total market share. However, the market across Asia-Pacific is expected to manifest the highest CAGR of 55.0% during the forecast period.

Some of the key players operating in the global green hydrogen market are Ballard Power Systems, Enapter, Engie, Green Hydrogen Systems, Hydrogenics, Nikola Motors, Plug Power, SGH2 Energy Global LLC, Shell, and Siemens Gas and Power GmbH & Co. KG.

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Key Findings Of The Study:

• By technology, the alkaline electrolyzer segment emerged as the global leader with more than 52.3% share in 2020.

• By application, the power generation segment dominated the global green hydrogen market with around 72.7% global market share in 2020.

• By end-use industry, the petrochemicals segment dominated the global green hydrogen market with around 41.3% global market share in 2020.

• Countries such as the U.S., China, and India are emerging as investment centric hubs due to wide scope of green hydrogen in the manufacturing sector.

Impact Of Covid-19 On The Global Green Hydrogen Market

The green hydrogen industry was unaffected by COVID-19 disruption. However, corona virus-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. The renewable energy market grew steadily during 2020, owing to increase in energy demand from industrial sectors.
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.

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