Global Green Hydrogen Market to Reach $108. 64 Billion by 2031. Green Hydrogen Market: Industry Overview. The global green hydrogen market was valued at $227. 7 million in 2021 and is projected to reach $108.
New York, Jan. 10, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Green Hydrogen Market – A Global and Regional Analysis: Focus on Application, Technology – Analysis and Forecast, 2022-2031” – https://www.reportlinker.com/p06127014/?utm_source=GNW
64 billion by 2031, registering a CAGR of 68.9% between 2022 and 2031 in terms of value.
Green hydrogen is a hydrogen-produced fuel obtained from the electrolysis of water with electricity generated by renewable energy sources.Hydrogen is one of the prominent energy carriers that can be used in different applications, such as oil and gas, industrial feedstock, mobility, and power generation.
Various countries and regions, including Europe, the U.K., China, South Korea, Japan, Canada, South Africa, and the U.S., have adopted net zero objectives. These developments of national and international “net zero” objectives has been one of the most noteworthy characteristics of climate policy in recent years. Renewables and batteries can help to decarbonize power generation and the automobile industry. Heating may also be decarbonized in some areas by using heat pumps driven by renewable energy.
Market Lifecycle Stage
The green hydrogen market has been developing significantly since early 2000, and much has been attributed to the technological advancements in this field.The ecosystem of the green hydrogen market comprises technology suppliers, green hydrogen producers, and end users.
The market is still developing, with Europe at the forefront, followed by other regions such as North America, Asia-Pacific, the U.K., China, and Rest-of-the-World.
• Green hydrogen is one of the gases with an increase in demand from the petroleum refining industry due to its function in different refining processes such as hydrocracking, hydroisomerization, hydrodealkylation, and hydrodesulfurization, and it has a high impact on the oil and gas sector.
• Furthermore, green hydrogen has a moderate to high impact on the industrial feedstock sector, as green hydrogen is used in the production of ammonia, methanol, steel, and other industrial products.
Impact of COVID-19
The COVID-19 pandemic considerably impacted the production of green hydrogen because of country-wide shutdowns of manufacturing sites, labor shortages, and disruptions in supply and demand chains globally, which distorted the market.The supply of green hydrogen declined in industrial sectors such as industrial feedstock and oil and gas.
Amid the pandemic, major announced projects got delayed; however, they are expected to gain traction with economic recovery during the post-pandemic period.
Segmentation 1: by Application
• Oil and Gas
• Industrial Feedstock
• Power Generation
Oil and gas is anticipated to be one of the prominent end-use markets for green hydrogen during the forecast period 2022-2031.
Segmentation 2: by Technology
• Proton Exchange Membrane (PEM) Electrolyzer
• Alkaline Electrolyzer
• Anion Exchange Membrane
• Solid Oxide Electrolyzer
Based on technology, the green hydrogen market is estimated to be led by alkaline electrolyzer during the forecast period, 2022-2031.
Segmentation 3: by Region
• North America – U.S., Canada, and Mexico
• Europe – Germany, France, Italy, Spain, Russia, and Rest-of-Europe
• Asia-Pacific and Japan – Japan, India, South Korea, Australia, and Rest-of-Asia-Pacific
In the global green hydrogen market, Europe and North America are anticipated to gain traction in terms of green hydrogen production, owing to the continuous growth in the oil and gas industry and the presence of the world’s largest manufacturers in those regions.
Recent Developments in Green Hydrogen Market
• In August 2022, Linde inaugurated the world’s first hydrogen refuelling system for passenger trains in Bremervorde, Germany. The company’s hydrogen refuelling system has been designed and constructed with the ability to integrate future on-site green hydrogen generation.
• In March 2022, Air Liquide received support from the French State, subject to final validation by the European Commission, to launch its Air Liquide Normand’Hy large-scale renewable hydrogen production project. This electrolyzer of an initial 200 MW capacity, which should notably provide renewable hydrogen to TotalEnergies’ Normandy refinery and will use Siemens Energy technology.
• In November 2022, Air Products and Associated British Ports (ABP) partnered to bring the first large-scale, green hydrogen production facility to the U.K. The facility would import green ammonia from production locations operated by Air Products and its partners around the world. This would be used to produce green hydrogen, which would decarbonize hard-to-abate sectors such as transport and industry.
Demand – Drivers and Limitations
Following are the demand drivers for the green hydrogen market:
• Increasing Awareness Regarding Green Hydrogen
• Low Variable Renewable Energy (VRE) Electricity Cost
The market is expected to face some limitations due to the following challenges:
• High Cost of Production
• Limited Dedicated Transport Infrastructure
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different technologies involved in the green hydrogen market.The technology segment includes a proton exchange membrane electrolyzer, alkaline electrolyzer, anion exchange membrane, and solid oxide electrolyzer.
Moreover, the study provides the reader with a detailed understanding of the green hydrogen market based on application, including oil and gas, industrial feedstock, mobility, power generation, and others. The government imposing stringent regulations related to carbon emissions is fuelling the demand for green hydrogen.
Growth/Marketing Strategy: The green hydrogen market has seen major development by key players operating in the market, such as business expansions, partnerships, collaborations, mergers and acquisitions, and joint ventures.The favored strategy for the companies has been business partnership and collaboration to strengthen their position in the green hydrogen market.
For instance, in July 2019, Linde and Beijing Green Hydrogen Technology Development Co., Ltd. signed a memorandum of understanding (MoU). The businesses are collaborating on several green hydrogen initiatives, including hydrogen technology research and development and the deployment of green hydrogen transportation solutions for China’s inaugural hosting of the Winter Olympics in 2022.
Competitive Strategy: Key players in the green hydrogen market analyzed and profiled in the study involve green hydrogen manufacturers and the overall ecosystem.Moreover, a detailed competitive benchmarking of the players operating in the green hydrogen market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
Green hydrogen is mainly being utilized in the oil & gas, and mobility industry.At present, hydrogen production mainly relies on natural gas and coal, accounting for 99 percent of production.
Electrolysis produces approximately 1 percent of global hydrogen. At present, renewable energy does not produce a large amount of hydrogen, and green hydrogen is mostly limited to demonstration projects.
Key Companies Profiled
• Air Liquide
• Air Products Inc.
• Uniper SE
• Siemens Energy
• Green Hydrogen
• Cummins Inc.
• Toshiba Energy Systems & Solutions Corporation
• Nel ASA
• SGH2 Energy Global, LLC
• PLUG POWER INC.
• Aker Horizons
• HY2GEN AG
• North America
• South Korea
• Middle East and Africa (MEA)
• South America
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