Green Hydrogen Paves the Way for Sustainable Energy Solutions, Gaining Momentum in Europe and Beyond
Category: Chemicals & Materials Published Date : Oct-23 ID: CVC0174 Format: PDF Pages: 300
The Green Hydrogen Market is at the cusp of a transformative journey, poised to revolutionize the energy sector. With its eco-friendly attributes and versatile applications, green hydrogen is emerging as a sustainable alternative to fossil fuels. This article delves into the market forecast, key trends, and opportunities that are shaping the future of this burgeoning industry.
The green hydrogen market is experiencing exponential growth, driven by increasing environmental concerns and the need for sustainable energy solutions. Governments and organizations are investing heavily in research and development to make green hydrogen a viable alternative for various applications.
Technological advancements in electrolyzers and storage solutions are acting as catalysts for market growth. The alkaline electrolyzer segment, in particular, is witnessing significant investments, making it the largest segment in the market.
The demand for green hydrogen is surging, especially in Europe, which is the largest market for green hydrogen. The European Union’s commitment to achieving net-zero emissions by 2050 is fueling this demand, creating a ripple effect across other regions.
Green Hydrogen Market Forecast Challenges
One of the major challenges facing the green hydrogen market is the high cost of production and storage. Despite technological advancements, the market needs more cost-effective solutions to become mainstream.
Future Forecast and Opportunities in the Green Hydrogen Market
The market presents immense growth opportunities, especially in sectors like transportation, energy storage, and industrial applications. Companies are exploring partnerships and collaborations to tap into these opportunities and expand their market footprint.
Alkaline Electrolyzers Dominate the Market Landscape
The alkaline electrolyzer segment has been a stalwart in the green hydrogen market, capturing a commanding revenue share of 66.18% in 2021. This is primarily due to its status as the conventional technology employed in green hydrogen production projects. Alkaline electrolyzers utilize a liquid alkaline solution, typically of potassium or sodium hydroxide, as the electrolyte. They also boast higher operating hours compared to their PEM counterparts. However, it’s worth noting that alkaline electrolyzers operate at lower power and current densities, with a temperature range of 100 to 105 degrees Celsius, which is higher than the 70-to-90-degree range for PEM electrolyzers. Despite these limitations, the segment is expected to grow, driven by its cost-effectiveness relative to PEM electrolyzers.
PEM Electrolyzers Exhibit Robust Growth Prospects
Proton Exchange Membrane (PEM) electrolyzers are emerging as a formidable competitor in the green hydrogen market, projected to experience a higher growth rate in the coming years. The technology employs solid specialty plastic material-based electrolytes, offering greater functional flexibility compared to alkaline electrolyzers. This growth is attributable to several factors, including high proton conductivity, lower gas permeability, and reduced thickness of proton exchange membranes.
Industry Focus on Commercial-Scale PEM Electrolyzer Deployment
To enhance the power efficiency of green hydrogen production, industry players are increasingly focusing on deploying PEM electrolyzer technology at a commercial scale. For example, in January 2020, U.K.-based ITM Power entered into a joint venture with ITM Linde Electrolysis GmbH. The collaboration aims to provide green hydrogen at an industrial scale, leveraging a PEM electrolyzer capacity exceeding 10 MW. This move exemplifies the industry’s commitment to advancing PEM technology, thereby contributing to the overall growth of the green hydrogen market.
Green Hydrogen Market in Europe
Europe is leading the green hydrogen market, thanks to aggressive policies and investments in sustainable energy solutions. Countries like Germany and France are at the forefront, with numerous projects and initiatives aimed at promoting green hydrogen.
Green Hydrogen Market in North America
North America is catching up, with the U.S. government showing increased interest in green hydrogen as part of its clean energy agenda. Investments in research and development are expected to drive market growth in this region.
Green Hydrogen Market in Asia-Pacific
Asia-Pacific, excluding Japan, is an emerging market for green hydrogen. Countries like China and India are investing in green hydrogen projects, driven by the need to reduce carbon emissions and promote sustainable energy solutions.
Green Hydrogen Market in Japan
Japan is focusing on green hydrogen for its potential in energy storage and transportation. The government has laid out plans to make the country a hydrogen economy by 2050.
Green Hydrogen Market in Latin America and Middle East and Africa
Latin America and the Middle East and Africa are nascent markets, but they hold significant potential. Investments in renewable energy projects are expected to spur market growth in these regions.
The market is dominated by key players such as Siemens, Nel Hydrogen, and Hydrogenics. These companies are investing in new technologies and forming strategic partnerships to expand their market reach.
Siemens: Recently partnered with other energy companies to develop new green hydrogen production facilities.
Nel Hydrogen: Focusing on the development of efficient electrolyzers.
Hydrogenics: Acquired by Cummins Inc., aiming to expand its green hydrogen production capabilities.
The Green Hydrogen Market is on a trajectory of rapid growth, driven by technological advancements and increasing demand for sustainable energy solutions. With a staggering CAGR of 45.8%, the market is expected to reach a valuation of 24925.2 Mn by 2033. Europe is leading the way, followed by emerging markets in Asia-Pacific and North America. Key players like Siemens, Nel Hydrogen, and Hydrogenics are making significant strides in shaping the future of this promising market.
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1.1 Global Market Outlook
1.2 Technology Roadmap
1.3 Supply and Demand Side Trends
1.4 Strategic Success Factors
1.5 Analysis and Recommendations
2.1 Market Taxonomy
2.2 Market Definitions
2.3 Inclusions and Limitations
3.1 Supply Side Overview
3.2 Demand Side Overview
3.3 Economic Side Trends
4.1 Macroeconomic Factors
4.2 Forecast Factors
4.3 Porter’s Five Forces
4.4 Value Chain Analysis
4.4.1 List of Raw Material Suppliers
4.4.2 List of Manufacturers
4.4.3 List of Traders and Suppliers
4.4.5 Average Margin Analysis
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.5.3 Opportunities
4.6 Patent Analysis
4.7 Trade Analysis
4.8 Regulatory Overview
4.9 Covid-19 Impact Assessment
4.9.1 Economy/Cluster Projections
4.9.2 Covid-19 Economic Assessment
4.9.3 Potential Impact on Target Market
4.9.4 Recovery Scenario
5.1 Historical Value ($ Mn) and Future Market Value ($ Mn) Forecast Analysis
5.2 Demand Y-o-Y Growth Rate Analysis
5.3 Total $ Opportunity Analysis
5.4 Historical Volume (Tons) and Future Market Volume (Tons) Forecast Analysis
6.1 Regional Pricing Analysis By Type
6.2 Regional Price Forecast Future
6.3 Price Impact Factors
6.4 Company-wise Profit Margin Analysis
7.1 Introduction
7.2 Market Trends / Key Findings
7.3 Historical Market Analysis and Market Forecast Analysis
7.3.1 Alkaline Electrolysis
7.3.2 PEM Electrolysis
7.4 Y-o-Y Growth Trend Analysis By Technology, 2023-2033
7.5 Total $ Opportunity Analysis By Technology, 2023-2033
7.6 Market Attractiveness Analysis
8.1 Introduction
8.2 Market Trends / Key Findings
8.3 Historical Market Analysis and Market Forecast Analysis
8.3.1 Wind Energy
8.3.2 Solar Energy
8.3.3 Other Renewable Energy Source
8.4 Y-o-Y Growth Trend Analysis By Renewable Source, 2023-2033
8.5 Total $ Opportunity Analysis By Renewable Source, 2023-2033
8.6 Market Attractiveness Analysis
9.1 Introduction
9.2 Market Trends / Key Findings
9.3 Historical Market Analysis and Market Forecast Analysis
9.3.1 Mobility
9.3.2 Chemical
9.3.3 Power
9.3.4 Industrial
9.3.5 Grid Injection
9.3.6 Others
9.4 Y-o-Y Growth Trend Analysis By End-Use Industry, 2023-2033
9.5 Total $ Opportunity Analysis By End-Use Industry, 2023-2033
9.6 Market Attractiveness Analysis
10.1Introduction
10.2Market Trends / Key Findings
10.3Historical Market Analysis and Market Forecast Analysis
10.3.1 North America
10.3.2 Latin America
10.3.3 Europe
10.3.4 East Asia
10.3.5 South Asia and Pacific
10.3.6 Middle East and Africa (MEA)
10.4Y-o-Y Growth Trend Analysis By Region, 2023-2033
10.5Total $ Opportunity Analysis By Region, 2023-2033
10.6Market Attractiveness Analysis
11.1 Introduction
11.2 Market Trends/Key Findings
11.3 North America Pricing Analysis
11.4 Historical Market Analysis and Market Forecast Analysis
11.4.1 By Country
11.4.1.1 The U.S.
11.4.1.2 Canada
11.4.2 By Technology
11.4.3 By Renewable Sources
11.4.4 By End-Use Industry
11.5 Market Attractiveness Analysis
11.5.1 By Country
11.5.2 By Technology
11.5.3 By Renewable Sources
11.5.4 By End-Use Industry
11.6 Market Participants Presence Mapping
12.1 Introduction
12.2 Market Trends/Key Findings
12.3 Latin America Pricing Analysis
12.4 Historical Market Analysis and Market Forecast Analysis
12.4.1By Country
12.4.1.1 Brazil
12.4.1.2 Mexico
12.4.1.3 Rest of Latin America
12.4.2 By Technology
12.4.3 By Renewable Sources
12.4.4 By End-Use Industry
12.5 Market Attractiveness Analysis
12.5.1 By Country
12.5.2 By Technology
12.5.3 By Renewable Sources
12.5.4 By End-Use Industry
12.6 Market Participants Presence Mapping
13.1 Introduction
13.2 Market Trends/Key Findings
13.3 Europe Pricing Analysis
13.4 Historical Market Analysis and Market Forecast Analysis
13.4.1 By Country
13.4.1.1 Germany
13.4.1.2 U.K.
13.4.1.3 France
13.4.1.4 Italy
13.4.1.5 Spain
13.4.1.6 Poland
13.4.1.7 Russia
13.4.1.8 Rest of Europe
13.4.2 By Technology
13.4.3 By Renewable Sources
13.4.4 By End-Use Industry
13.5 Market Attractiveness Analysis
13.5.1 By Country
13.5.2 By Technology
13.5.3 By Renewable Sources
13.5.4 By End-Use Industry
13.6 Market Participants Presence Mapping
14.1 Introduction
14.2 Market Trends/Key Findings
14.3 East Asia Pricing Analysis
14.4 Historical Market Analysis and Market Forecast Analysis
14.4.1 By Country
14.4.1.1 China
14.4.1.2 Japan
14.4.1.3 South Korea
14.4.2 By Technology
14.4.3 By Renewable Sources
14.4.4 By End-Use Industry
14.5Market Attractiveness Analysis
14.5.1 By Country
14.5.2 By Technology
14.5.3 By Renewable Sources
14.5.4 By End-Use Industry
14.6 Market Participants Presence Mapping
15 South Asia and Pacific Green Hydrogen Historical Analysis 2018-2022 and Forecast 2023-2033
15.1 Introduction
15.2 Market Trends/Key Findings
15.3 South Asia and Pacific Pricing Analysis
15.4 Historical Market Analysis and Market Forecast Analysis
15.4.1 By Country
15.4.1.1 India
15.4.1.3 ASEAN
15.4.2.3 ANZ
15.4.2 By Technology
15.4.3 By Renewable Sources
15.4.4 By End-Use Industry
15.5 Market Attractiveness Analysis
15.5.1 By Country
15.5.2 By Technology
15.5.3 By Renewable Sources
15.5.4 By End-Use Industry
15.6 Market Participants Presence Mapping
16.1 Introduction
16.2 Market Trends/Key Findings
16.3 Middle East and Africa Pricing Analysis
16.4 Historical Market Analysis and Market Forecast Analysis
16.4.1 By Country
16.4.1.1 GCC Countries
16.4.1.2 Turkey
16.4.1.3 South Africa
16.4.1.4 Israel
16.4.1.5 Rest of MEA
16.4.2 By Technology
16.4.3 By Renewable Sources
16.4.4 By End-Use Industry
16.5 Market Attractiveness Analysis
16.5.1 By Country
16.5.2 By Technology
16.5.3 By Renewable Sources
16.5.4 By End-Use Industry
16.6 Market Participants’ Presence Mapping
17.1Market Concentration Analysis
17.2Market Share Analysis
17.3 Start-up Ecosystem
17.3.1 New Player Entry
17.3.2 Strategies Adopted by New Players
17.4 Company Footprint Analysis
17.5 Competitive Dashboard
18.1 Plug Power, INC.
18.2 ITM Power PLC
18.3 Enel Green Power S.P.A.
18.4 Hynamics (EDF)
18.5 Iberdrola S.A.
18.6 Envision Digital
18.7 ACWA Power
18.8 Iwatani Corporation
18.9 GuangDong Sino-Synergy Hydrogen Energy Technology CO., LTD
18.10 Geopura, Ltd.
18.11 Green Hydrogen Systems
18.12 Wind To Gas Energy GMBH and Co. KG
18.13 Cummins INC.
18.14 Linde PLC
18.15 Orsted A/S
18.16 LHYFE
18.17 Nel ASA
18.18 Air Products and Chemicals, INC.
18.19 Engie SA
18.20 Siemens Energy AG
18.21 Uniper SE
19 Abbreviations and Acronyms Used
20 Research Methodology