Green Hydrogen Market

The global Green Hydrogen market was valued at USD 374.17 Million in 2020 and is projected to reach USD 8,702.02 Million by 2028, growing at a CAGR of 48.19%% from 2021 to 2028.

Green hydrogen is one of the ultimate solutions to achieve net-zero emissions and one of the cleanest forms of energy in the world. The gas is produced with the help of electrolysis through electricity generated from renewable sources of energy such as solar and wind. An electric current splits the water into hydrogen and oxygen. This ensures no greenhouse gas emissions as the only by product of this process is oxygen, making it a great replacement for carbon emitting fuels.

The global Green Hydrogen market was valued at USD 374.17 Million in 2020 and is projected to reach USD 8,702.02 Million by 2028, growing at a CAGR of 48.19%% from 2021 to 2028.

The global Green Hydrogen market is segmented into product, application, regions, and countries. The regional segmentation covers current and forecasts demand on the basis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments are analyzed on the basis of current and future trends. The report covers a complete evaluation of the market based on competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 and forecast from 2021 to 2028. 

Outbreak of COVID-19 led various countries impose strict lockdown measures during the initial stages of the pandemic. Numerous companies from different verticals faced challenges due to remote work environments. As a result, companies from various sectors switched to online/virtual platforms to maintain a steady flow in their daily business activities. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

The increasing need to decarbonize the various industry verticals is anticipated to augment the growth of green hydrogen market within the forecast period. Furthermore, the increasing government initiatives and policies are also expected to support the growth of the market.

The increasing carbon emissions in the atmosphere across the globe is further expected to augment the growth of the green hydrogen market in the years to come. This is owing to the increasing urbanization and rapid enhancement of technologies due to industrialization.

The high production costs and lack of dedicated infrastructure along with lack of value recognition is expected to limit the growth of the green hydrogen market in the years to come.

Technology  Analysis: Preview

On the basis of Technology, the market is segmented into Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer,Solid oxide Electrolyzer. Alkaline Electrolyzer  held the highest share in 2020 and is expected to grow at a significant rate over the forecast period. This is attributed to the rising demand for the Alkaline Electrolyzer in developing countries such as China and India. Digitalization in Asia Pacific region has led to a surge in the usage of technology in various business processes over the past few years. Rising adoption of online platforms across various sectors along with analytical solutions, IoT, AI, and Blockchain technology to gain a competitive advantage is also paving the way for the Green Hydrogen market growth.

Application Analysis: Preview

Based on Application, the market is segmented into Power Generation, Transport, Others. Power Generation  held the largest share and is projected to grow at a notable CAGR over the coming years. Rising demand for Green Hydrogen  in various countries such as the U.S., Germany, China, India, and Japan, among others is likely to support the growth of the market. Numerous companies are focusing on investing heavily in this application to cater the end user requirements effectively.

On the basis of region, the global Green Hydrogen market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe region held a leading share of the global Green Hydrogen market in 2020. Some of the major countries contributing to the market growth are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. U.S. is considered as the most lucrative country for market players. This is attributed to the presence of major companies operating in the region.

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Green Hydrogen market are Siemens Energy AG, Toshiba Energy Systems & Solutions Corporation, Nel ASA , Linde, Cummins Inc., H&R Ölwerke Schindler GmbH, Wind to Gas Energy GmbH & Co. KG, Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd., Air Liquide, Air Products and Chemicals, Inc.. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

• Global Green Hydrogen Market is projected to reach USD 8,702.02 Million by 2028
• Europe held the highest share of the Green Hydrogen market
• Alkaline Electrolyzer held the largest share of the product segment in the Green Hydrogen market
• Power Generation held the major share of the application segment in the Green Hydrogen market