Press Release

Green Hydrogen Market to Surge with Rising Urbanization & Sustainable Development Drives

The Global Green Hydrogen Market is projected to grow at a CAGR of 51.23% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The global demand for Green Hydrogen has significantly increased in recent years, driven by rising awareness of environmental sustainability, stringent regulations promoting eco-friendly practices, and a growing preference for renewable and bio-based materials. Moreover, mounting concerns about escalating carbon emissions have compelled countries worldwide to seek cleaner and more efficient energy sources, not only for essential daily tasks but also for critical industrial operations such as those in the concrete and steel industry, shipping, and long-distance trucking.

Moreover, in 2021, European Union has planned to invest about USD 430 billion in green hydrogen by 2030 with the aim of achieving its goals of Green Deal. These initiatives are in line with the adoption of net-zero GHG emission targets in legislation by several countries in the mid-2020. During the period, countries such as the US, China, India adopted the targets and proposed related legislation where these targets require reducing emissions in which green hydrogen is projected to play a vital role and hence is projected to see vast opportunities in the years to come.

The utilization of green hydrogen is projected to serve as a pivotal solution in curbing carbon emissions from heavy industries like chemicals, transportation, and power generation, facilitating the transition towards a sustainable energy landscape. As regions witness a surge in carbon dioxide emissions, countries are expected to intensify their efforts towards embracing green hydrogen in the forthcoming years, further states the research report, “Global Green Hydrogen Market Analysis, 2024.”

Global Green Hydrogen Market Segmentation Analysis

Based on the technology segment, the market is further bifurcated into Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, Solid Oxide Electrolyzer, and Others. Among them, the Proton Exchange Membrane Electrolyzer segment is presumed to hold a significant market share in the forthcoming period, owing to its advantages over other technologies, such as improved hydrogen production rates, compact design, and higher energy efficiency. Numerous companies have embraced this technology for green hydrogen production.

Additionally, the increasing focus of utilities on adopting green hydrogen to enhance sustainability in manufacturing is expected to drive demand for Proton Exchange Membrane (PEM) Electrolyzers. This demand surge across construction & pipe applications is anticipated to propel market growth for this segment in the forthcoming years.

North America is Anticipated to Account for Prominent Share of the Market

North America is poised to dominate the Green Hydrogen Market throughout the forecast period. The region has emerged as a leading proponent of green hydrogen as a sustainable energy solution, actively investing in research and development endeavors. With its significant capacity for renewable energy generation from sources such as solar and wind, North America is committed to reducing carbon emissions in line with the Paris Agreement.

This commitment is driving extensive efforts to implement policies and explore diverse applications for green hydrogen across various industries in the coming years. Additionally, the increasing number of renewable power generation projects in North America presents substantial potential for the expansion of renewable energy initiatives in the foreseeable future.

Global Green Hydrogen Market Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Electrolyzer Technology Providers (Cummins, MHI, Stiesdal A/S, Siemens, Thyssenkrupp, Other Potential Players), Renewable Power Generation Solution Providers (Acme Group, General Electric, Enel Green Power, Azure Power, AMEA Power, Statkraft), Green Hydrogen Manufacturing Company (Air Liquide, Linde, Air Products, GAIL Limited, Shell Plc, TotalEnergies, Adani Group, Other Potential Players) are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Global Green Hydrogen Market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various countries?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2024-2030?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?