Meticulous Research® Forecasts Green Hydrogen Market to Surge to $12.8 Billion by 2030, Driven by Rapid Adoption in Sustainable Energy Solutions

Meticulous Research®, a globally renowned market research company, has unveiled its latest in-depth analysis in the report titled, 'Green Hydrogen Market by Generation Process (PEM, Alkaline, Solid Oxide), Energy Source (Wind, Hydropower), Application (Fueling, Feedstock), End User (Transportation, Chemical Production, Power Generation), and Geography - Global Forecast to 2030.' According to this comprehensive publication, the green hydrogen market is poised to witness exponential growth, projected to reach an impressive valuation of $12.8 billion by the year 2030, boasting a staggering CAGR of 40.9% during the forecast period.

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The surge in the green hydrogen market is primarily attributed to the escalating demand for green hydrogen in various sectors, including fuel cell electric vehicles (FCEVs), chemical production, and power generation. Additionally, rising government initiatives worldwide towards achieving net zero-emission targets are further propelling market growth. Despite the growth prospects, challenges such as high production costs and complexities in storage and transportation pose hurdles for market players. However, increasing investments in electrolysis development and the growing adoption of green hydrogen due to its zero-carbon footprint are expected to unlock new avenues for market expansion.

The report segments the green hydrogen market based on generation process, energy source, application, end user, and geography. Notably, in 2023, the proton exchange membrane electrolysis segment is anticipated to dominate the market, driven by its ability to operate at high current density and the increasing focus on fuel cell technology. Moreover, the hydropower segment is expected to command the largest market share in terms of energy source, owing to growing government initiatives and rising global electricity consumption for green hydrogen production.

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In terms of application, the feedstock segment is projected to hold the largest market share in 2023, fueled by the increasing adoption of green hydrogen in chemical production and government initiatives promoting its zero-carbon attributes. However, the fueling segment is expected to register the highest CAGR during the forecast period, driven by the rising adoption of fuel-cell electric vehicles and government initiatives promoting clean and flexible energy sources.

Geographically, North America is poised to lead the green hydrogen market in 2023, driven by increasing adoption of clean energy solutions and substantial government initiatives to reduce emissions. Nevertheless, the Asia-Pacific region is forecasted to exhibit the highest CAGR during the forecast period, fueled by strategic alliances, large-scale investments in the clean hydrogen economy, and growing adoption in power generation.

Key players in the green hydrogen market include FuelCell Energy, Inc., Bloom Energy Corporation, Plug Power Inc., Air Products and Chemicals, Inc., China Petrochemical Corporation, L'AIR LIQUIDE S.A., Linde plc, Green Hydrogen Systems A/S, McPhy Energy, ITM Power PLC, Nel ASA, Ballard Power Systems Inc., ENGIE SA, Repsol S.A., and Iberdrola, S.A.

For more insights and detailed findings, the full report is available on the Meticulous Research® website. https://www.meticulousresearch.com/product/green-hydrogen-market-5580

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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

This release was published on openPR.