Green Hydrogen Market worth $4,373 million by 2026 | Key players Linde, Siemens, Wind to Gas Energy, Toshiba, Nel

According to recent market research "Green Hydrogen Market by Technology (Alkaline and PEM), Renewable source (Wind, Solar),End-use Industry (Mobility, Power, Chemical, Industrial, Grid Injection) and Region (North America, Europe, APAC, MEA, & Latin America) - Global Forecast to 2026", The global green hydrogen market size is projected to reach USD 4,373 million by 2026, registering a CAGR of 58.0% from 2021 to 2026.

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Alkaline electrolyzers dominate the market in terms of value, with a share of 61.7% in 2020. The high growth and market share of alkaline electrolysis technology are attributed to its key advantages over other manufacturing technologies. Alkaline electrolysis utilizes a variety of electrolytes that are widely available and also cheap to produce. Electrolytes used in alkaline electrolysis can be easily replicable or exchangeable and also contain a very minimal corrosive impact on both electrodes. This factor positively affects the long life of an electrolyzer. Alkaline electrolysis tends to produce highly pure green hydrogen, as hydrogen ions do not diffuse easily into an electrolyte solution.

Electrolyzers based on wind energy contribute to nearly 52.7% of all green hydrogen by value in 2020. Wind plants are normally set up onshore or offshore. Offshore plants have standard output year long as compared to onshore plants. The price of wind energy has declined by 44-78% from its peak in 2007-2010. This factor has given a major boost to the acceptance of wind power for green hydrogen production. Currently, both offshore and onshore wind farms are utilized for power generation for utilization in green hydrogen generation.

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The green hydrogen market is projected to grow from USD 444 million in 2021 to USD 4,373 million by 2026, at a CAGR of 58.0% during the forecasted period. Green Hydrogen are increasingly used in the mobility, power, industrial, grid injection, chemical and other end-use industries. The increasing demand of mobility industry drives the demand for Green Hydrogen. Even though, the outbreak of COVID-19 has created some disruptions in the industry and caused some delays in the projects, the investments in the market have not stopped. With the first deadline of the Paris Agreement in less than 10 years, the participating countries are moving aggressively towards an emission free economy. Green Hydrogen economy is amongst the top strategies to achieve this.

The mobility industry faces many hurdles in changing to emission free substitutes. Currently battery-operated electric vehicles are gaining traction, but they have the disadvantage in terms of range and power. Fuel Cell Electric Vehicles (FCEV) are an alternative to this. These vehicles use hydrogen to power the vehicle. They have high power to weight ratio and a refilling time of less than 5 mins as compared to 60 mins (average power charge time for 80% capacity) for conventional electric vehicles. These vehicles have already been deployed in many countries for industrial mobility solution (majorly forklifts).

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Toshiba Energy Systems & Solutions Corporation is a subsidiary of Toshiba Corporation. It provides energy-related solutions, including energy transmission and distribution and heavy ion therapy solutions. It has long experience and expertise in a wide range of power generating and transmitting systems and energy management technology, such as renewable energy, energy conversation, and energy matching. The company's green hydrogen process is CO2-free throughout the entire cycle of the production, storage, and use of hydrogen, contributing to curbing global warming. It is one of the world leaders in the green hydrogen market. It focuses on innovation as well as R&D. The company has been working on developing a next-generation water electrolyzer called SOEC for producing large quantities of high-quality hydrogen.

Siemens Energy AG is another energy company in the field of green hydrogen, formed by the spinoff of the former Gas and Power division of Siemens Group and includes a prominent share (67%) of Siemens Gamesa. The Siemens & Gamesa Renewable Energy segment focuses on promoting, designing, developing, manufacturing, and supplying products, installation, and technologically advanced services in the renewable energy sector, focusing on wind power plants. The company aims at integrating renewables in developed industry, energy, and mobility infrastructures with Power-to-X solutions using green hydrogen. Green hydrogen is generated using PEM electrolysis with the help of renewable energy. Currently, the company is developing and implementing the world's first integrated and commercial large-scale plant to produce climate-neutral e-fuel. The project is in Chile and is known as the Haru Oni project (Highly Innovative fuels (HIF) pilot project).

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