Market Overview
Hydrogen has always been a prominent energy source since the first combustion engines emerged long ago. Things have not changed much, just the efficiency in hydrogen utilization and its application expansion across different industries, including modern-day refining. Yet, the massive emissions of greenhouse gases like carbon dioxide (CO2) & methane (CH4) and the ill effects of hydrogen compromising health & environmental sustainability have raised alarming concerns over its usage for power generation. Such aspects have instigated the development & utilization of its greener & cleaner alternatives, and green hydrogen has emerged as a promising & sustainable power generation technology.
Green hydrogen is hydrogen procured from splitting water into hydrogen & oxygen as a renewable source of electricity. Today, the importance of Green Hydrogen is extensive in energy transition and needs an accelerated deployment to actually make a change in decarbonizing existing power systems. In the same view, the governments of different countries worldwide are projecting electrification with a greater inclination toward the use of renewable resources like green hydrogen for power while leveraging low-cost renewable electricity. The later phase shall include the difficult to electrify sectors like aviation, shipping, and heavy industries.
Market Insights
The Global Green Hydrogen Market is projected to grow at a CAGR of around 15.7% during the forecast period, i.e., 2023-28. The market is driven by the escalating emissions, including carbon & methane, in the environment and their ill effects on environment sustainability & health. It, in turn, is instigating the governments of different countries to bring favorable policies and encourage the development, production, and utilization of green hydrogen as an alternative to widely used hydrogen across industries for energy. The role of the governments of different countries is highly prevalent in this industry & contributes substantially to exploring the potential of green hydrogen in the coming years. For Instance:
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-2028 | |
| CAGR (2023-2028) | 15.7% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, The UK, France, Italy | |
| Asia-Pacific: China, India, Japan, South Korea | |
| South America: Brazil | |
| Middle East & Africa: GCC, South Africa | |
| Key Companies Profiled |
Linde plc, Air Liquide, Air Products & Chemicals, ENGIE, Uniper Energy Storage GmbH, Wind to Gas Energy GmbH & Co. KG, Shell plc |
| Unit Denominations | USD Million/Billion |
Besides, as many countries are brining swift electrification in their infrastructure, the potential for green hydrogen is widening dramatically high and hinting toward the presence of lucrative opportunities for the leading players. In addition, green hydrogen still needs further research & development to fledged witness acceptance across industries yet, with the massive demand for hydrogen, it is likely to replace the fuel and hold a firm place in the future. Owing to such aspects, several leading players are investing substantially in the industry and laying out new plans to exercise the benefits in the coming years and procure a dominant place in the market.
Moreover, with a greater focus on bringing energy efficiency and a paradigm shift toward renewable resources for a cost-effective supply of energy, residential, commercial, & industrial sectors shall augment the utilization of green hydrogen as a prominent energy source to run different operations & contribute to the overall market expansion.
Market Segmentation
By Technology:
Proton Exchange Membrane (PEM) Electrolyzer technology is expected to gain significant momentum in the Global Green Hydrogen Market during 2023-28. It owes to the growing awareness among manufacturers about its benefits over other technologies, such as better hydrogen production rate, compact design, & enhanced energy efficiency.
