Green Hydrogen Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Green Hydrogen Market grew at a CAGR of 13.4% between 2017-2021 and is estimated to be US$ 2,274.5Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 35.6% and is expected to reach a valuation of US$ 47,806.0Mn by 2032 end.
Green hydrogen is produced exclusively from sustainable resources. Grey hydrogen, which makes up 95% of the market and is produced by steam-reforming natural gas, has substantially less CO2 than green hydrogen.
Utilizing green hydrogen as a bridge between them, the green electricity or power can be transformed into fuel for transportation or used as a feedstock in industrial processes. 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 potential of renewable energy sources could thus be significantly increased by hydrogen.
For household energy and electricity, hydrogen produced from renewable sources can be converted into heat or power and used in various ways.
ChemView Consulting has analyzed that energy input is a major expense in the manufacturing of green hydrogen. The cost of creating renewable energy has significantly decreased over the last ten years. Solar power had the biggest fall, with its current output only about 25% of what it once was. This results from technical development, rising raw materials, production costs, and improved production efficiency.
Around the world, renewable energy is replacing conventional fossil fuel-based power plants, but their inability to respond to changes in load circumstances is their biggest challenge. Green hydrogen has proven to be a viable choice for storing extra energy produced by renewable energy sources like solar and wind, which can subsequently be used as needed. Gas turbines can adapt to changes in load using hydrogen.
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Segments Covered in Report
- Proton Exchange Membrane Electrolyzer
- Alkaline Electrolyzer
- Solid Oxide Electrolyzer
- Power Generation
- Food & Beverages
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Green Hydrogen Market
- Based on the technology, the alkaline electrolyzer segment will rule the green hydrogen market during the anticipated time. The main reasons for alkaline electrolysis technology’s quick market expansion and domination over other production technologies are listed below. Numerous easily available and inexpensively produced electrolytes are used in alkaline electrolysis.
- Based on the application, in terms of value and volume, the power generation segment is anticipated to increase at the second-highest CAGR throughout the projection period. The projects that deliver electricity to the electrical grid using a gas turbine or fuel cell are included in the green hydrogen market under the power generation section.
- Based on the region, with a revenue market share of 54.6%, the Europe segment dominated the global market for green hydrogen, and it is anticipated that it will continue to do so during the projected period. In Europe, hydrogen serves as the main energy source. With the European Green Deal, Europe hopes to lessen greenhouse gas emissions and prepare its economy for a post-carbon era.
Key companies covered in the market study are NEL ASA, ITM Power, ENGIE, SEIMENS, Air Products Inc., Messer Group GMBH, Plug Power Inc., Cummins Inc., Air LIQUIDE, LINDE
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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