[Online Quarterly Update] Green Hydrogen Market is expected to witness significant growth by reaching 874.96 thousand tonnes in 2035 and grow at a healthy CAGR of 32.34% during the forecast period until 2035. Hydrogen is the most abundant and lightest occurring element in the world. It is a rich source of energy, far more efficient than other fuel and has a wide range of industrial applications, from refining to petrochemicals to steel manufacturing. The traditional means of producing Hydrogen generate a large amount of CO2, which has become a major problem for the market producers. Fortunately, improvements in electrolysis technology and the declining cost of renewable energy are allowing the production of Green Hydrogen on a large scale, which is more environmentally sustainable. These developments have created a massive opportunity for various countries to boost economic growth and reduce dependency on fossil fuels. Green Hydrogen is synthesized by using renewable energy to power electrolysis that splits water molecules into their constituent elements, i.e., Hydrogen and Oxygen. A number of initiatives have been taken by the government to reduce carbon emissions and achieve the goal of zero carbon emissions, which will boost the Green Hydrogen market in the upcoming years. Hydrogen that is being derived by the green plants is seen as one of the most promising energy sources, which is why it holds the potential to meet the demand for increased energy.
On the basis of technology, the Green Hydrogen market is segmented into Proton Exchange Membrane (PEM), Alkaline Electrolysis (AE), and Solid Oxide Electrolysis (SOE). Alkaline Electrolysis is a widely used technology that has a market share of about 70 percent in the Green Hydrogen market. AE is expected to dominate the market in the forecast period as it is cost-effective and has a long operational life. However, it needs to run continuously, or the production equipment can get damaged. Proton Exchange Membrane (PEM) technology is being adopted by most of the leading electrolyzer manufacturers. PEM technology yields higher-quality Hydrogen and can be operated intermittently but is quite expensive and has lower production rates than AE.
Based on various end-uses, the market is divided into chemicals, power generation, heat generation, transportation fuel, steel manufacturing, and others. The power generation segment is anticipated to dominate the Green Hydrogen market by 2035. Green Hydrogen is an alternative for countries that utilizes expensive imported and polluting fuels as it is of low cost and can be converted into electricity through large-scale fuel cells in domestic power plants. Fuel cells powered by Green Hydrogen are independent of conventional fuels like oil or gas. Therefore, they can reduce a country’s reliability on hydrocarbon imports.
The drawbacks of the Green Hydrogen production business are relatively low, given that the technology is easily accessible, environmentally friendly, and cost-efficient. Several companies see Solar energy as a lucrative opportunity for the production of Green Hydrogen using solar panels.
In 2020, the unprecedented fall of COVID-19 had a negative impact on the Green Hydrogen market across the globe. Several end-use industries, businesses, and other facilities were severely affected in the first half of 2020 due to the nationwide lockdowns imposed by the leading authorities. Owing to the halt on transportation activities, the automobile industry was drastically affected, where Green Hydrogen is highly utilized. Furthermore, a decline in the sales and demand in the automobile sector also affected the overall Green Hydrogen market. The growth of the market post-pandemic showcased an upward trajectory due to the increased demand for Green Hydrogen from the power generation sector.
Among different regions, Europe holds the largest share in the Green Hydrogen market across the globe and is likely to dominate the market in the forecast period as well. A large number of Green Hydrogen project across the region is going to drive the demand for the product, which will further augment its market in the future. Demand for Green Hydrogen will be bullish in the East Asian countries, given their considerable energy consumption in the industrial heating and transportation sectors. The GCC countries have high-yield solar and wind resources that can generate power at a low Levelized cost of energy, which can produce Green Hydrogen at a large scale and at a low cost.
Major players operating in the Green Hydrogen market include Ballard Power Systems, Enapter, Green Hydrogen Systems, Engie, Hydrogenics, Nikola Motors, Plug Power, Shell, SGH2 Energy Global LLC, Siemens Gas and Power GmbH & Co. KG., and others. In India, GAIL Ltd., announced its plan in October 2021 to construct India's largest Green Hydrogen-production facility to boost its natural gas business with zero carbon fuel.
Years considered for this report:
Historical Period: 2015-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022–2035
This report will be delivered on an online digital platform with one-year subscription and quarterly update.
Objective of the Study:
• To assess the demand-supply scenario of Green Hydrogen which covers production, demand and supply of Green Hydrogen market globally.
• To analyse and forecast the market size of Green Hydrogen.
• To classify and forecast Green Hydrogen market based on application, technology, end-use and regional distribution.
• To identify drivers and challenges for Green Hydrogen market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Green Hydrogen market.
• To identify and analyse the profile of leading players involved in the manufacturing of Green Hydrogen.
To extract data for Green Hydrogen market, primary research surveys were conducted with Green Hydrogen manufacturers, suppliers, distributors, wholesalers, and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for Global Green Hydrogen market over the coming years.
ChemAnalyst calculated Green Hydrogen demand globally by analyzing the historical data and demand forecast which was carried out considering imported Green Hydrogen, styrene prices, monomers used for production of Green Hydrogen. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Green Hydrogen manufacturers and other stakeholders
• Organizations, forums, and alliances related to Green Hydrogen distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Green Hydrogen manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Green Hydrogen market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
|
Attribute
|
Details
|
|
Market size volume by 2035
|
874.96 Million Tonnes
|
|
Growth Rate
|
CAGR of 32.34% from 2022 to 2035
|
|
Base year for estimation
|
2020
|
|
Historic Data
|
2015 – 2019
|
|
Forecast period
|
2022 – 2035
|
|
Quantitative units
|
Demand in Million Tonnes and CAGR from 2022 to 2035
|
|
Report coverage
|
Revenue forecast, demand & supply, competitive analysis, competitive landscape, growth factors, and trends
|
|
Segments covered
|
By Technology: (Alkaline Electrolysis (AE), Proton Exchange Membrane (PEM), and Solid Oxide Electrolysis (SOE))
By End-Use: (Chemicals, Power Generation, Heat Generation, Transportation Fuel, Steel Manufacturing and Others)
By Sales Channel: (Direct Company Sale, Direct Import, Distributors & Traders) |
|
Regional scope
|
North America; Europe; Asia Pacific; South America; Middle East & Africa
|
|
Country scope
|
United States; Mexico; Canada; China; India; Japan; South Korea; Taiwan; Singapore; Germany; Belgium; France; United Kingdom; Spain; Italy; Sweden; Austria; Saudi Arabia; Iran; South Africa; Brazil; Argentina
|
|
Key companies profiled
|
Ballard Power Systems, Enapter, Green Hydrogen Systems, Engie, Hydrogenics, Nikola Motors, Plug Power, Shell, SGH2 Energy Global LLC, Siemens Gas and Power GmbH & Co. KG., and others.
|
|
Customization scope
|
Free report customization with purchase. Addition or alteration to country, regional & segment scope.
|
|
Pricing and purchase options
|
|
Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
In case you do not find what, you are looking for, please get in touch with our custom research team at sales@chemanalyst.com
