(MENAFN- PR Newswire) DUBLIN, March 27, 2024 /PRNewswire/ --The "Green Hydrogen Market - A Global and Regional Analysis: Focus on Application, Technology, Renewable Energy Source, and Region - Analysis and Forecast, 2023-2033" report has been added to
ResearchAndMarkets's offering.
The global green hydrogen market was valued at $828.2 million in 2023, and it is expected to grow with a
CAGR of 67.19% during the forecast period 2023-2033 to reach $141.29 billion by 2033. This growth of the green hydrogen market is likely to be driven by low variable renewable energy (VRE) electricity cost, global plans for net-zero emissions by 2050, and increasing awareness regarding green hydrogen.
Green hydrogen represents a significant breakthrough in the field of renewable energy and sustainability. It is a form of hydrogen gas produced using renewable energy sources, distinguishing it from grey or blue hydrogen, which are derived from fossil fuels. The primary method for producing green hydrogen is through the electrolysis of water, a process that utilizes electricity generated from renewable sources such as wind, solar, or hydropower to split water into hydrogen and oxygen. This method is particularly advantageous because it results in zero carbon emissions, making green hydrogen a clean energy source. It is also highly versatile, finding applications in various sectors such as transportation, industry, and energy storage, and can act as a medium for storing surplus renewable energy.
However, the production of green hydrogen is currently faced with several challenges, including high costs and significant energy requirements. Moreover, there is a substantial need for investment in infrastructure to facilitate its production, storage, and distribution.
Despite the current challenges, the outlook for the green hydrogen market is very promising. As technology continues to advance and production costs decrease, the market is expected to expand significantly. This expansion will likely include integration with other renewable energy technologies and sectors, such as transport and industry. Key to this growth will be the support from government policies and international cooperation.
In 2022, Europe is poised to hold the highest share in the global green hydrogen market, a status underscored by its strategic, economic, and policy-driven initiatives. This leadership stems from Europe's aggressive approach toward renewable energy and a strong commitment to reducing carbon emissions. Key to this dominance is Europe's robust policy framework, exemplified by ambitious climate goals such as the European Green Deal and various national strategies explicitly supporting green hydrogen development.
The region has witnessed significant public and private investments in green hydrogen, encompassing not just production but also the development of necessary infrastructure for storage and distribution. Technological innovation in Europe is at its peak, with leading renewable energy technology companies spearheading advancements in green hydrogen production.
Industrial Feedstock Application to Dominate Global Green Hydrogen Market (by Application)
The application of green hydrogen as an industrial feedstock represents a significant and transformative segment of the global green hydrogen market. As industries worldwide seek to reduce their carbon footprint and transition toward sustainable practices, green hydrogen emerges as a pivotal player, especially in sectors heavily reliant on traditional hydrocarbon feedstocks.
The industrial sector's hunger for clean feedstocks presents a golden opportunity for green hydrogen. Ditching fossil fuels like coal and gas for green hydrogen in chemical production, steelmaking, and other processes promises significant decarbonization without sacrificing progress. Imagine replacing grey ammonia with its green counterpart, made using clean hydrogen, for fertilizers and beyond.
Alkaline Electrolyzer to Lead the Global Green Hydrogen Market (by Technology)
The alkaline electrolyzer segment held the largest share of the green hydrogen market in 2022. Alkaline electrolyzers were the initial electrolyzers to enter the market for industrial applications, and they remained the sole electrolyzer technology available until the 1970s, when proton exchange membrane (PEM) technology emerged. Unlike PEM electrolyzers, alkaline electrolyzers do not require the use of precious metals, offering a longer operational lifespan and a more cost-effective solution.
Solar Energy to Hold Highest Share in Global Green Hydrogen Market (by Renewable Energy Source)
The assertion that solar energy will hold the highest share in the global green hydrogen market is rooted in several key factors. The cost of solar photovoltaic (PV) technology has been decreasing rapidly, making solar energy more economically viable for hydrogen production. This cost-effectiveness is crucial in the context of green hydrogen, where production costs are a significant concern. Solar energy's role in the global green hydrogen market is becoming increasingly prominent, offering a pathway to a sustainable and economically viable hydrogen economy.
How can this report add value to an organization?
Product/Innovation Strategy: In the realm of the global green hydrogen market, technological advancements are transforming agricultural landscapes to create winning products, choose the right unmet needs, target the right customer group, and compete with substitute products. The product segment helps the readers understand the different types of technology used for the green hydrogen market. Also, the study provides the readers with a detailed understanding of the global green hydrogen market based on application and product.
Growth/Marketing Strategy: The global green hydrogen market has witnessed remarkable growth strategies by key players. Business expansions, collaborations, and partnerships have been pivotal. Companies are venturing into global markets, forging alliances, and engaging in research collaborations to enhance their technological prowess. Collaborative efforts between hydrogen manufacturers and suppliers' experts are driving the development of cutting-edge monitoring tools. Additionally, strategic joint ventures are fostering the integration of diverse expertise, amplifying the market presence of these solutions. This collaborative approach is instrumental in developing a comprehensive, user-friendly, and efficient green hydrogen market.
Competitive Strategy: In the competitive landscape of the green hydrogen market, manufacturers are diversifying their product portfolios to cover various applications. Market segments include application, technology, and renewable energy sources. Competitive benchmarking illuminates the strengths of market players, emphasizing their unique offerings and regional strengths. Partnerships with research institutions and agricultural organizations are driving innovation.
Key Market Players and Competition Synopsis
Among the prominent players in the global green hydrogen market, the public players dominate, commanding approximately 93.3% of the market share in 2022. The remaining 6.67% is held by private companies.
Some prominent names established in the global green hydrogen market are:
Linde plc Air Liquide Air Products and Chemicals, Inc. Engie Uniper SE Siemens Energy Green Hydrogen Systems Cummins Inc. Toshiba Energy Systems & Solutions Corporation Nel ASA SGH2 Energy Global Corp. Plug Power Inc. Aker Horizons Fusion-Fuel
Key Topics Covered:
Executive Summary
Scope and Definition
1 Markets
1.1 Trends: Current and Future Impact Assessment
1.1.1 Trends: Current and Future Impact Assessment
1.1.2 Trend 1: Decarbonization on the Horizon
1.1.3 Trend 2: Infrastructure Development
1.1.4 Trend 3: Falling Renewable Energy Costs
1.2 Supply Chain Overview
1.2.1 Market Map
1.3 Research and Development Review
1.3.1 Patent Filing Trend (by Country and Company)
1.4 Regulatory Landscape
1.4.1 Consortiums and Associations
1.4.2 Regulatory Bodies
1.4.3 Government Programs
1.4.4 Programs by Research Institutions and Universities
1.5 Start-Up Landscape
1.5.1 Key Start-Ups in the Ecosystem
1.6 Impact Analysis for Key Global Events: COVID-19
1.7 Market Dynamics: Overview
1.7.1 Market Drivers
1.7.1.1 Low Variable Renewable Energy (VRE) Electricity Cost
1.7.1.2 Global Plans for Net-Zero Emissions by 2050
1.7.1.3 Increasing Awareness Regarding Green Hydrogen
1.7.2 Market Restraints
1.7.2.1 High Cost of Production
1.7.2.2 Limited Dedicated Transport Infrastructure
1.7.3 Market Opportunities
1.7.3.1 Wide Application of Green Hydrogen
1.7.3.2 Scaling Up of Technologies
2 Application
2.1 Application Segmentation
2.2 Application Summary
2.3 Green Hydrogen Market (by Application)
2.3.1 Oil and Gas
2.3.1.1 Hydrocracking
2.3.1.2 Hydroisomerization
2.3.1.3 Hydrodealkylation
2.3.1.4 Hydrodesulfurization
2.3.2 Industrial Feedstock
2.3.2.1 Ammonia
2.3.2.2 Methanol
2.3.2.3 Steel
2.3.2.4 Others
2.3.3 Mobility
2.3.4 Power Generation
2.3.5 Others
3 Products
3.1 Product Segmentation
3.2 Product Summary
3.3 Global Green Hydrogen Market (by Technology)
3.3.1 Proton Exchange Membrane (PEM) Electrolyzer
3.3.2 Alkaline Electrolyzer
3.3.3 Anion Exchange Membrane
3.3.4 Solid Oxide Electrolyzer
3.4 Product Segmentation
3.5 Product Summary
3.6 Global Green Hydrogen Market (by Renewable Energy Source)
3.6.1 Wind Energy
3.6.2 Solar Energy
3.6.3 Others
4 Regions
4.1 Regional Summary
4.2 Drivers and Restraints
4.3 North America
4.3.1 Regional Overview
4.3.2 Driving Factors for Market Growth
4.3.3 Factors Challenging the Market
4.3.4 Application
4.3.5 Product
4.3.6 U.S.
4.3.6.1 Application
4.3.6.2 Product
4.3.7 Canada
4.3.7.1 Application
4.3.7.2 Product
4.3.8 Mexico
4.3.8.1 Application
4.3.8.2 Product
4.4 Europe
4.5 Asia-Pacific
4.6 Rest-of-the-World
5 Markets - Competitive Benchmarking & Company Profiles
5.1 Next Frontiers
5.2 Geographic Assessment
5.2.1 Overview
5.2.2 Top Products/Product Portfolio
5.2.3 Top Competitors
5.2.4 Target Customers
5.2.5 Key Personnel
5.2.6 Analyst View
5.2.7 Market Share
6 Research Methodology
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