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Green Hydrogen Market - Global Growth Data Analysis by 2022-2030 | Air Products and Chemicals, Inc., Linde, Cummins and Enbridge Gas, Toshiba Energy Systems & Solutions Corp., Uniper SE, Air Liquide
The Brainy Insights
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Besides, the Asia Pacific region is expected to grow at the highest CAGR over the forecast period. The rising focus of the multiple countries to enhance the production of green hydrogen is boosting the growth of the market in the Asia Pacific region.
The key companies operating in the global green hydrogen market are Air Products and Chemicals, Inc., Linde, Cummins and Enbridge Gas, Toshiba Energy Systems & Solutions Corp., Uniper SE, Air Liquide, Hydrogenics, H&R Olwerke Schindler, Nel ASA, and Siemens, among others. The key players of the global green hydrogen market are majorly focusing on the adoption of various strategies such as joint venture, technological integration, collaboration, new product development, mergers & acquisitions, product innovations, and partnerships to gain a significant market share in the industry. For instance, in October 2021, Air Products and Chemicals, Inc. announced the partnership with NEOM and ACWA Power to set up the facility in NEOM Powered by renewable energy with an investment of USD 5 Billion for the production and export of green hydrogen for the global market.
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The technology segment is divided into alkaline electrolyzer and polymer electrolyte membrane (PEM) electrolyzer. The alkaline electrolyzer segment is accounted for the largest market share and valued at USD 314.98 million in the year 2020. High efficiency and cheaper cost of the alkaline electrolyzer are some of the key factors which are responsible for the rising demand for the alkaline electrolyzer in the green hydrogen production market. The renewable source segment includes wind energy, solar energy, and others. The wind energy segment held the highest market share of 52.69% in the year 2020. Cost-effectiveness and easy availability of wind energy for green hydrogen production is driving the demand for wind energy. The end-use industry segment is divided into transport, chemical, petrochemical, power generation, industrial, and others.
The petrochemical segment is estimated to grow at the highest CAGR of 35.65% over the forecast period.
The petrochemical and refinery industry uses a massive amount of hydrogen to desulfurize the fuels they produce. Therefore, green hydrogen offers various opportunities for the petrochemical and refinery companies over the forecast period.
The global green hydrogen market is witnessing rapid growth over the past few years. Governments across the globe are supporting the research and development activities of green hydrogen and offering funding to start-ups to expand business and research in green hydrogen. In addition to this, the rising use of advanced technologies for green hydrogen production is further propels the market's growth over the forecast period.
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