Green Hydrogen Market to Grow at a CAGR of 51.6% from 2022 to 2031

𝐆𝐫𝐞𝐞𝐧 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 𝟐𝟎𝟑𝟏

The global green hydrogen market was valued at US$ 2.14 Bn in 2021

It is estimated to grow at a CAGR of 51.6% from 2022 to 2031

The global green hydrogen market is expected to reach US$ 135.73 Bn by the end of 2031

𝐑𝐞𝐚𝐝 𝐑𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 -https://www.transparencymarketresearch.com/green-hydrogen-market.html

𝐆𝐥𝐨𝐛𝐚𝐥 𝐆𝐫𝐞𝐞𝐧 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧

Majority of hydrogen is produced by steam reforming of natural gas and coal, which makes up the bulk of the hydrogen market. Green hydrogen is produced by the electrolysis of water. The global green hydrogen market is projected to advance significantly during the forecast period due to increase in number of government policies focused on the development of renewable energy. With ambitious net-zero targets across the world, policymakers are looking toward green H2 as a solution across several sectors. Green hydrogen has the potential to become a great source of renewable energy.

The European Commission has recognized this potential in its recent policy plans. The European Green Deal identifies hydrogen as the key to a clean and circular economy. Furthermore, the European Union (EU) has issued a specific hydrogen strategy in 2020, bundling measures to promote a fast and targeted development of production capacities for green hydrogen. Demand for green hydrogen fuel is increasing across the globe. Green hydrogen manufacturers are gaining lucrative benefits due to increase in demand for green hydrogen in the global market.

𝐆𝐞𝐭 𝐏𝐃𝐅 𝐬𝐚𝐦𝐩𝐥𝐞 𝐟𝐨𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞 -https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=77476

𝐑𝐢𝐬𝐞 𝐢𝐧 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐢𝐧 𝐆𝐫𝐞𝐞𝐧 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐀𝐮𝐠𝐦𝐞𝐧𝐭𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡

The Government of Germany is focused on decarbonizing Europe's biggest economy, in which green hydrogen would play a crucial role. Germany is expected to put 900 million Euros (US$1 Bn) into a funding scheme to support green hydrogen. The H2Global project is designed to boost the global market of green hydrogen by using a double auction. Under the scheme, hydrogen or hydrogen derivatives are bought cheaply on the world market and sold to the highest bidder in the EU. The World Bank Group is working with developing countries to accelerate green hydrogen projects from pilot stage to industrial scale. They are providing technical assistance to short-term policies, regulatory, and fiscal frameworks; integrate risk mitigation and credit enhancement instruments to mobilize private capital, and transfer knowledge to develop local green jobs to support a transition.

The Prime Minister of India, Narendra Modi, announced the National Hydrogen Mission as a step toward environmental security and to make India a global hub for the production and export of green hydrogen. India-based OIL (Oil India Limited) established the country's first pure green hydrogen plant in Assam. Corporations such as Reliance Group and Adani Group have also announced plans to enter into green hydrogen production. The cost of green hydrogen is higher than blue hydrogen. However, several countries are investing considerably in the adoption of renewable energy sources. This, in turn, is likely to boost the green hydrogen market size across the globe.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 -https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=77476

𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐎𝐛𝐣𝐞𝐜𝐭𝐢𝐯𝐞𝐬 𝐟𝐨𝐫 𝐍𝐞𝐭-𝐳𝐞𝐫𝐨 𝐄𝐧𝐞𝐫𝐠𝐲 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐭𝐨 𝐃𝐫𝐢𝐯𝐞 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐆𝐫𝐞𝐞𝐧 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧

According to World Economy Forum, in total, more than 120 countries have announced net-zero emissions goals. Among them is the People's Republic of China, the largest GHG emitter, which recently pledged to reduce its net carbon emissions to zero within 40 years. These net-zero commitments have still to be transformed into practical actions; however, they would require reduction in emissions in the industrial sector where green hydrogen energy could play an important role. The environmental impact and energy-efficiency of hydrogen depend on its production chain. Innovative technologies are focused on a large-scale transition to green hydrogen. Hydrogen from low and zero-carbon renewable energy sources, such as solar and wind, is encouraging the adoption of clean hydrogen, leading to a green economy.

According to the International Energy Agency (IEA), the number of low-carbon hydrogen projects is increasing. In July 2020, the European Commission published a hydrogen strategy to boost hydrogen production toward the goal of being climate neutral by 2050. The U.S. and Australia have signed the "Australia-United States Net Zero Source Acceleration Partnership". This partnership is expected to work on the development and deployment of zero-emission sources and cooperate on advancement in long-duration storage, grid integration, and clean hydrogen, which would provide an essential opportunity to export the innovations that are projected to accelerate clean energy transmission across the globe.

𝐔𝐧𝐢𝐪𝐮𝐞 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐢𝐞𝐬 𝐨𝐟 𝐏𝐨𝐥𝐲𝐦𝐞𝐫 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐥𝐲𝐭𝐞 𝐌𝐞𝐦𝐛𝐫𝐚𝐧𝐞 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐥𝐲𝐳𝐞𝐬 𝐭𝐨 𝐅𝐮𝐞𝐥 𝐆𝐥𝐨𝐛𝐚𝐥 𝐌𝐚𝐫𝐤𝐞𝐭

In terms of type, the global green hydrogen market has been segregated into polymer electrolyte membrane electrolyzes, alkaline electrolyzes, and solid oxide electrolyzes. The polymer electrolyte membrane electrolyzes segment held a major share of 72.02% of the global market in 2021. It is estimated to dominate the market during the forecast period because polymer electrolyte membrane electrolyzes possess high proton conductivity and low fuel permeability. Polymer electrolyte membrane electrolyzes also offer good thermal stability and better film forming ability, which drives the demand for green hydrogen.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 -https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=77476

𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐢𝐧 𝐃𝐞𝐦𝐚𝐧𝐝 𝐨𝐟 𝐆𝐫𝐞𝐞𝐧 𝐇𝐲𝐝𝐫𝐨𝐠𝐞𝐧 𝐏𝐫𝐨𝐝𝐮𝐜𝐞𝐝 𝐟𝐫𝐨𝐦 𝐒𝐨𝐥𝐚𝐫 𝐄𝐧𝐞𝐫𝐠𝐲

In terms of source, the global green hydrogen market has been segregated into solar and wind. The solar segment held a major share of 61.9% of the global market in 2021. It is estimated to dominate the market during the forecast period. Solar energy produces green hydrogen by electrolysis, which converts water into hydrogen. The wind segment accounted for 38.1% share of the market in 2021. The wind segment is estimated to grow at a steady pace during the forecast period.

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭

Rohit Bhisey
Transparency Market Research Inc.
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