Global Green Hydrogen Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The Global Green Hydrogen Market was estimated at USD 1.8 billion in 2021 and is expected to reach USD 11.6 billion in 2022 and is anticipated to reach around USD 90 billion by 2030, growing at a CAGR of roughly 55% between 2022 and 2030. Our research report offers a 360-degree view of the Green Hydrogen market's drivers and restraints, coupled with their impact on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Green Hydrogen market.

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The Green Hydrogen Market: Overview

Green hydrogen is produced exclusively from sustainable resources. Grey hydrogen, which makes up 95% of the market and is produced by steam-forming natural gas, has substantially less CO2 than green hydrogen.

Using green hydrogen as a bridge, the green electricity or power can be transformed into transportation fuel or used as a feedstock in industrial applications. For example, market participants will be able to incorporate wind energy into the fuel tank of a container ship thanks to green hydrogen and its derivative fuels, such as green ammonia. The decarbonization capability of renewable energy sources could thus be significantly increased by hydrogen.

The Green Hydrogen Market: Growth Factors

The demand for green hydrogen has increased significantly in recent years due to its capacity to reduce carbon emissions. It also aids in meeting the growing needs of the world. Its use is anticipated to increase because it is a long-term energy source.

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As more people become aware of the advantages of using hydrogen as an energy carrier, the global market for green hydrogen is anticipated to grow. Additionally, the business is driven by a rise in environmental concerns, emphasizing the necessity of producing clean energy to cut emissions.

Additionally, as the use of nuclear and green hydrogen fuels rises, the green hydrogen industry is expanding. However, the primary factors restricting the expansion of the hydrogen industry are the initial investment necessary to build up the infrastructure and the prohibitive maintenance expenses.

The Green Hydrogen Market: Key Market Dynamics

A) Because more people are becoming aware of using hydrogen as energy, the global market for green hydrogen is expanding. The advantage of using hydrogen as an energy carrier is that it only reacts with oxygen to produce water and heat. Using hydrogen fuel cells results in no emissions of greenhouse gases or other pollutants. It has been discovered that hydrogen fuel cells are more effective than conventional combustion-based power plants. An established combustion-based power plant generates electricity at a 33 to 35% efficiency. In contrast, according to the US Department of Energy, hydrogen-based fuel cell systems can do so at up to 60% efficiency (and even higher with cogeneration).

B) Escalating environmental challenges have recently propelled the industry. The need for green hydrogen and its market expansion are driven by the developed and developing world's increasing search for alternative energy sources. According to the International Energy Agency, global carbon emissions increased by 4.76% from 31.5 Gt CO2 in 2020 to 33 Gt CO2 in 2021. In the United States of America, carbon emissions were projected to increase by over 200 Mt CO2 to 4.46 Gt CO2 in 2021.

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C) The emergence of new applications and users for hydrogen may present new business prospects for the global green hydrogen market sector. Electric vehicles, nuclear energy, renewable energy, airships, energy storage, water generation, transport and mobility, electrification, ammonia and fertilizers, petroleum products, and the steel sector may use green hydrogen. The International Energy Agency estimates that in 2020, hydrogen fuel cells will be employed in many vehicles worldwide. The fuel efficiency of hydrogen fuel cell vehicles is double that of conventional gasoline vehicles.

D) The growth and penetration of newer markets might promote the expansion of the international industry. For instance, establishing green hydrogen markets in the US and India might boost the hydrogen economy and propel the total development of the hydrogen sector and the green hydrogen market. According to the US Department of Energy, there are currently 6500 hydrogen fuel cell vehicles on the road. Three companies-Toyota, Honda, and Hyundai, manufacture these vehicles (Hyundai Nexo) Transport Segment Led the Green Hydrogen Market.

The Green Hydrogen Market: Prominent Players

Siemens Energy AG
ITM Power PLC
Reliance Industries Limited
Air Products and Chemicals. Inc
Linde plc
SGH2 Energy
Ballard Power Systems
Air Liquide
SRI Energy Inc
Green Hydrogen Systems
Nel ASA
Iberdrola S.A
Plug Power Inc

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The Green Hydrogen Market: Segmented

By Technology

Polymer Electrolyte Membrane (PEM) Electrolyzer
Alkaline Electrolyzer

By Application

Transportation
Power Generation
Others

By Distribution Channel

Cargo
Pipeline

The Green Hydrogen Market: Regions

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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This release was published on openPR.