The Global Green Hydrogen Market is projected to grow at a CAGR of 15.7% in the forecast period of 2023-28, cites MarkNtel Advisors in their recent research report. The market is driven by the growing focus of different countries worldwide on curbing emissions of both carbon & methane, conducting numerous research & development projects for the development of sustainable alternatives, including green hydrogen.
In addition, several countries are also actively bringing electrification into the infrastructure, demonstrating a potential for green hydrogen and hinting toward the presence of lucrative opportunities for the leading players.
Moreover, while hydrogen has been a prevalent source of energy across industries, green energy shall attain significant opportunities as a replacement for it and cater to sustainability in the future. Hence, the inflow of investments, government policies, and active participation of the players are nowhere behind and contributing to the overall market expansion, further states the research report, “Global Green Hydrogen Market Analysis, 2023.”
Efficiency in Green Hydrogen Production with PEM Electrolyzer Technology Boosting the Market Growth
Based on the technology, Proton Exchange Membrane (PEM) Electrolyzer acquired a considerable share of the Global Green Hydrogen Market in recent years & is anticipated to gain swift momentum during the forecast period. This growth attributes to the growing awareness among producers about the benefits of PEM technology over other technologies, like better hydrogen production rate, improved energy efficiency, and compact design, among others, demonstrating greater inclination toward using these technologies for the production of green hydrogen.
Besides, with the capabilities of these technologies to operate dynamically using varying loads of electricity, more and more companies are showing an inclination toward the use of PEM electrolyzers for the production of Green Hydrogen & driving the market through 2028.
Stringent Government Regulation to Bring Environment Sustainability Driving the Market
Geographically, Europe is anticipated to acquire the largest share of the Global Green Hydrogen Market during the forecast period. This dominance attributes to stringent regulations set by the governments of different countries in the region, owing to their keen interest in curbing emissions & bringing environmental sustainability. It, in turn, is exemplifying paradigm shifts to renewable resources for power generation instead of fossil fuels, thereby generating potential for the utilization of green hydrogen.
The same aspect is also hinting toward a rise in the research & development initiatives and the presence of favorable policies for green hydrogen aiming to utilize these energy sources in the future. Since many countries are actively taking part in the development of these energy sources, the leading players are witnessing the presence of lucrative opportunities for their expansion.
The leading players in the Global Green Hydrogen Market are Linde plc, Air Liquide, Air Products & Chemicals, ENGIE, Uniper Energy Storage GmbH, Wind to Gas Energy GmbH & Co. KG, and Shell plc.
Key Questions Answered in the Research Report