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Green Hydrogen Market Size Analysis
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.
Water is electrolyzed to create green hydrogen, then processed using renewable energy sources like solar or wind energy. The demand for the hydrogen economy is anticipated to be driven by the presence of supportive government policies promoting it and growing environmental concerns around rising carbon emissions from fossil fuels. This tendency is projected to offer the industry a potential growth environment.
Market Dynamic
LOW VARIABLE ELECTRICITY COSTS
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.
The cost of solar and wind energy is steadily falling because of the development of new composites. The fixed cost of installation and little maintenance make up the bulk of the cost of renewable energy. As a result, with ongoing operations, the price of creating green hydrogen will also fall.
SUSTAINABILITY MANAGEMENT AND HIGH INITIAL COST
To manufacture green hydrogen, it must be ensured that the energy used in the process is derived from renewable sources. Energy tracking is simple for plants that generate their electricity, but it is more challenging for those that use grid power to produce green hydrogen.
When estimating the emissions of green hydrogen, it is important to consider that some grid power may come from the combustion of fossil fuels. This causes issues since plants that rely solely on renewable energy to have erratic output, leading to higher production costs. On the other hand, those who use grid power are related to indirect greenhouse gas emissions.
DECREASING COSTS OF ELECTROLYZERS
Five years ago, the price of electrolyzers was practically halved. The present decade is likely to continue with this fall. The price of renewable energy sources is another factor influencing the final cost. The investments made in the technology’s research and development to increase its efficiency are the main cause of this cost decrease. The potential of the technique is demonstrated by the recent invention of solid oxide electrolyzers that can operate at high temperatures with 100% efficiency.
Market Segments Covered in Report
By Technology:
By Application:
By End-Use:
By Region and Country:
Segment-Wise Analysis
Which is the leading application of Green Hydrogen?
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.
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.
Which technology is most preferred?
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.
Region-Wise Analysis
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Competition Analysis
In the green hydrogen market, there is intense competition to lower manufacturing costs, create novel process technologies, increase utilization of green hydrogen in end-use industries, etc. In response to these opportunities in the industry, the major players are striving to improve their market shares by using a variety of approaches.
The recent developments in the Global Green Hydrogen Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
| Research Scope | Details |
| Forecast period | 2022-2032 |
| Historical data available for | 2017-2021 |
| Market analysis | USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032 |
| Key regions covered | North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa |
| Key countries covered | US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt |
| Key segments covered | By Technology, Application, End-Use, and Region |
| Customization scope | Available upon Request |
| Pricing and purchase options | Available upon Request |
Market Size Data
Market Background
Pricing Analysis
Value Chain Analysis
Competition Analysis
Country Coverage
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 35.6%.
Low variable electricity costs drives the market expansion.
Major global Green Hydrogen Market players are NEL ASA, ITM Power, ENGIE, SEIMENS, Air Products Inc., Messer Group GMBH, Plug Power Inc., Cummins Inc., Air LIQUIDE, LINDE
Sustainability management and high initial cost hampers the market rise.
Europe is expected to account for the largest market revenue share in the Global Green Hydrogen market.
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