Power Generation Segment to Dominate the Green Hydrogen Market through 2026

Growing commercialization of green hydrogen fuel and ongoing technological advancements are expected to drive the demand for global green hydrogen market in the forecast period.

According to TechSci Research report, “Green Hydrogen Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer), By Application (Power Generation, Transport, and Others), By End Use Industry (Food & Beverages, Medical, Chemical, Petrochemicals, Glass, and Others)and By Region”, the global green hydrogen market is expected to witness the growth of steady CAGR in the forecast period, 2022-2026. Green hydrogen is a type of clean-burning fuel and is produced by the process of electrolysis. The supply of electric current is provided which breaks down the water molecules into hydrogen and oxygen in an electrolyzer. The hydrogen produced by the process of electrolysis can be used as fuel in vehicles or to store energy in the fuel cells which can be later used for running the electric vehicle. Hydrogen does not harm the environment and can be stored or converted into electricity or heat according to the requirements. The growing awareness about the use of hydrogen as an energy carrier and the rise in the occurrence of environmental issues is expected to boost the growth of global green hydrogen market in the next five years. The use of advanced technologies and growing proliferation of smart devices which require the source of energy for proper functioning is influencing the demand of the global green hydrogen market.

However, the storage and transportation of green hydrogen is difficult as it requires the construction of specialized pipes which is costly and thereby restrains the growth of the global green hydrogen market growth in the next five years.

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Global green hydrogen market is segmented into technology, application, end use industry, regional distribution, and company. Based on the technology, the market can be divided into proton exchange membrane electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. The alkaline electrolyzer segment is expected to dominate the global green hydrogen market in the next five years owing to its requirement for low capital cost and high operating time capacity. The alkaline electrolyzer uses the liquid alkaline solution of potassium or sodium hydroxide as its electrolyte. The alkaline electrolyzer is lower in cost than the proton exchange membrane electrolyzer, contributing to its high share in the market. Based on application, the market can be divided into power generation, transport, and others. The power generation segment is expected to account for a major market share in the next five years. The high demand from the industrial sector for on-site electrolyzer setup is contributing to the market growth. Based on the end use industry, the market can be divided into food & beverages, medical, chemical, petrochemicals, glass, and others. The chemical segment is expected to witness growth in the forecast period owing to their high applications for different purposes.

Ballard Power Systems, Enapter SRL, Engie SA, Green Hydrogen Systems, Hydrogenics, Plug Power Inc., SGH2 Energy Global LLC, Siemens Gas and Power GmbH & Co. KG., Toshiba Energy Systems & Solutions Corp., Uniper SE are the leading players operating in global green hydrogen market. Market players are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several green hydrogen manufacturers are coming up with their technologically advanced offerings.

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“The development of national and international net-zero target set-up by the leading authorities of several economies and the growing demand from end-user industries is contributing to surging market growth. Green hydrogen is the only present compatible hydrogen energy needed to achieve a net-zero target. Announcement of several construction projects aiming for using renewable and cleaner sources of energy as fuel and power sources such as the development of Neom city in Saudi Arabia which aims to have the presence of sustainable energy source is expected to create lucrative opportunities for the global green hydrogen market growth. The increasing demand for zero-emission energy from various end-user industries including oil & gas, power generation, petrochemical, automotive for electric vehicles coupled with the rising awareness among consumers is expected to propel the global green hydrogen market growth till 2026.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Green Hydrogen Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Technology (Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer), By Application (Power Generation, Transport, and Others), By End Use Industry (Food & Beverages, Medical, Chemical, Petrochemicals, Glass, and Others)and By Region” has evaluated the future growth potential of global green hydrogen market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global green hydrogen market.

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