Press release
At 51% CAGR, Green Hydrogen Market Size, Types Applications and Forecast by 2028 | Ballard Power Systems, ITM Power plc, Shell plc, Cummins Inc., Siemens Gas & Power GmbH & Co.
Green Hydrogen market size
The global green hydrogen market is estimated to grow at a growth rate of over 51% during the forecast period. The factors that are driving the growth of the green hydrogen market include lowering cost of producing renewable energy by all sources, development of electrolysis technologies and high demand from FCEVs and power industry. Moreover, the increasing investments by the government in establishing green hydrogen ecosystems further gives a boost to the growth of the market.
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Global Green Hydrogen Market Analysis and Forecast 2019-2028
The rising awareness regarding the use of hydrogen as an energy carrier is further expected to drive the growth of the market. Green hydrogen is a fuel produced by electrolysis that splits water into hydrogen and oxygen using renewable energy sources like solar or wind which is emerging as a critical component in achieving energy transition and securing a sustainable future. Green hydrogen is currently used primarily in chemical and petrochemical industry, in addition to its usage as energy storage medium.
Market Structure and Competition Landscape
Some of the prominent players that contribute significantly to the market include Plug Power Inc., Ballard Power Systems, Fuel Cell Energy, ITM Power plc, Adani New Industries Ltd. (ANIL), Ceres Power Holdings plc, Siemens Gas & Power GmbH & Co., Shell plc, Linde plc, L'AIR LIQUIDE S.A., Air Products Inc., Uniper SE, Toshiba Energy Systems and Solutions Corp., ENGIE, Messer Group GmbH, and Cummins Inc. among others. These companies use a variety of tactics to increase their market share and acquire a competitive advantage over their competitors. Mergers & acquisitions, partnerships and collaborations, expansions, and product launches are some of the strategies followed by industry players.
Some of the key developments in the green hydrogen market are:
In June 2022, Adani New Industries Ltd. (ANIL) announced its partnership with Total Energies SE to build one of the world's largest green hydrogen ecosystems. Total Energies will buy a 25% minority stake in Adani New Industries Ltd (ANIL) as part of this strategic cooperation. Adani has stated that it will invest US$ 50 billion in green hydrogen over the next ten years and, in the initial phase, will create a production capacity of one million tons per year before 2030.
In June 2022, Oil India Ltd. announced its collaboration with home Hydrogen in the green hydrogen value chain to help India achieve net-zero energy by 2070 and assist the development of indigenous technology and manufacturing in the field of hydrogen and green energy technologies under Atmanirbhar Bharat.
Market Segmentation
The global green hydrogen market has been analyzed on the basis of technology, storage, application, end use, and region. By technology, the market is classified into polymer membrane electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. The polymer electrolyte membrane technology is anticipated to hold a prominent share in the market. By storage, the market is bifurcated into liquid and gas. By application, it is segmented into power generation & energy storage, transportation, and others. Among these, power generation & energy storage is estimated to contribute a significant share to the market. By end use, it is divided into automotive, aviation, industrial, and others. Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa.
Questions And Answers: Global Green Hydrogen Market
Q1. What is the CAGR that the Green Hydrogen Market is expected to register through the projected duration?
Answer: The Green Hydrogen Market is likely to register a CAGR of 51% over the forecast period.
Q2. Which Are the Key Players in Global Green Hydrogen Market?
Answer: Plug Power Inc., Ballard Power Systems, Fuel Cell Energy, ITM Power plc, Adani New Industries Ltd. (ANIL), Ceres Power Holdings plc, Siemens Gas & Power GmbH & Co., Shell plc, Linde plc, L'AIR LIQUIDE S.A., Air Products Inc., Uniper SE, Toshiba Energy Systems and Solutions Corp., ENGIE, Messer Group GmbH, and Cummins Inc. among others.
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