Press Release Description
Global Green Hydrogen Market to Accelerate at a CAGR of Around 15.7% During 2024-30
The Global Green Hydrogen Market is projected to grow at a CAGR of about 15.7% during the forecast period of 2024-30, cites MarkNtel Advisors in their recent research report. The global green hydrogen industry is primarily driven by the pressing need to reduce greenhouse gas emissions and the growing concern about climate change. Moving away from fossil fuels and toward cleaner, more sustainable energy sources is vital as the effects of climate change become increasingly apparent worldwide. Produced with renewable energy sources like solar, wind, or hydroelectric power, green hydrogen presents a viable option to decarbonize several industries and sectors, including power generation, transportation, and industrial.
Governments, companies, and international organizations are increasingly realizing that reducing emissions is essential to mitigating climate change. Consequently, there is a growing body of support for financial commitments, policies, and incentives designed to promote the development and implementation of green hydrogen technology. This includes initiatives like carbon pricing, targets for renewable energy, subsidies for the generation of green hydrogen, and funding for studies aimed at advancing hydrogen technology. Thus, the market for green hydrogen is mostly being driven by growing worries about climate change and emissions reductions, which, in the end, increases market size.
The high upfront costs of the infrastructure required for the production of green hydrogen are one of the main barriers to the development and growth of the green hydrogen industry. Establishing large-scale electrolysis plants, renewable energy-producing assets, and associated storage and distribution infrastructure requires a substantial initial capital commitment. Electrolyzers, the primary piece of equipment used to produce green hydrogen, are still quite expensive, but their costs are gradually declining as economies of scale and technology improve, further states the research report, “Global Green Hydrogen Market Analysis, 2024.
Global Green Hydrogen Market Segmentation Analysis
Proton Exchange Membrane (PEM) Electrolyzer Segment Holds Major Market Share
Based on the technology, the market is further bifurcated into Proton Exchange Membrane (PEM) Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer. Among them, 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 as well. This growth is attributed to the growing awareness among producers about the benefits of PEM technology over other technologies, like a better hydrogen production rate, improved energy efficiency, and compact design, among others, demonstrating a greater inclination toward using it for the production of green hydrogen.
Besides, with the capabilities of PEM electrolyzers 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 2030.
Europe to Lead the Global Green Hydrogen Market
Geographically, Europe is anticipated to acquire the largest share of the Global Green Hydrogen Market during the forecast period. This dominance is attributed to the stringent regulations set by the governments of different countries in the region, owing to their keen interest in curbing emissions & promoting 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 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.
Global Green Hydrogen Market Competitive Landscape
With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Siemens Energy AG, Toshiba Energy Systems & Solutions Corporation, Nel ASA, Linde plc, Cummins Inc., H&R Ölwerke Schindler GmbH, Wind to Gas Energy GmbH & Co. KG, Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd., Air Liquide S.A., and Air Products & Chemicals, Inc., Uniper SE, Engie SA, Orsted AS, Lhyfe, Shell plc, and others, are looking forward to strengthening their market positions.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & solution adoption?
- How has the competition been shaping up across the regions?
- How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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