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Green Hydrogen Market to be Worth $12.8 Billion by 2030
Meticulous Research®—a leading global market research company, published a research report titled, ‘Green Hydrogen Market by Generation Process (PEM, Alkaline, Solid Oxide), Energy Source (Wind, Hydropower), Application (Fueling, Feedstock), End User (Transportation, Chemical Production, Power Generation), and Geography - Global Forecast to 2030.’Download Free Research PDF @ https://www.meticulousresearch.com/download-sample-report/cp_id=5580?utm_source=pr&utm_medium=social&utm_campaign=product&utm_content=12-03-2024
According to this latest publication from Meticulous Research®, the green hydrogen market is projected to reach $12.8 billion by 2030, at a CAGR of 40.9% during the forecast period. The growth of this market is driven by the increasing demand for green hydrogen in fuel cell electric vehicles (FCEVs), growing demand for green hydrogen in chemical production, and rising government initiatives for net zero-emission. However, the high cost of production restrains the growth of this market. Furthermore, increasing investment by market players for the development of electrolysis and the growing adoption of green hydrogen due to its zero-carbon footprint is expected to create market growth opportunities. However, the complex and expensive storage and transportation is a major challenge for the players in this market. The latest trends in the green hydrogen market are the increasing use of water and electricity for green hydrogen production.
The green hydrogen market is segmented by generation process (proton exchange membrane electrolysis, alkaline electrolysis, and solid oxide electrolysis), energy source (Wind, solar, hydropower, and other energy sources), application (fueling, feedstock, heat processing, energy storage, and other applications), end user (transportation [shipping, aviation, cars, railway, and trucks], chemical production, healthcare, steel production, petroleum refinery, power generation, and other end users), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on generation process, the green hydrogen market is segmented into proton exchange membrane electrolysis, alkaline electrolysis, and solid oxide electrolysis. In 2023, the proton exchange membrane electrolysis segment is expected to account for the largest share of the green hydrogen market. The large market share of this segment is attributed to the increasing adoption of PEM electrolysis due to its ability to operate at high current density, the rising use of PEM due to its environment-friendly nature, rapidly growing low-carbon hydrogen production projects, and the increasing focus on fuel cell technology. Also, this segment is projected to register the highest CAGR during the forecast period.
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Based on energy source, the green hydrogen market is segmented into wind, solar, hydropower, and other energy sources. In 2023, the hydropower segment is expected to account for the largest share of the green hydrogen market. The large market share of this segment is attributed to the increasing demand for renewable sources of energy for hydrogen production, the growing government initiatives to reduce the dependency on fossil fuels for power generation, the increasing adoption of renewable energy, and rising global electricity consumption for green hydrogen production. This segment is also projected to register the highest CAGR during the forecast period.
Based on application, the green hydrogen market is segmented into fueling, feedstock, heat processing, energy storage, and other applications. In 2023, the feedstock segment is expected to account for the largest share of the green hydrogen market. The large market share of this segment is attributed to the increasing adoption of green hydrogen for chemical production and the growing government initiatives for the use of green hydrogen due to its zero-carbon footprint.
However, the fueling segment is projected to register the highest CAGR during the forecast period due to the increasing adoption of green hydrogen due to more powerful and energy efficient than fossil fuels, the increasing government initiatives for clean and flexible energy sources to support zero-carbon energy, and the increasing adoption of green hydrogen during the combustion due to produce less smoke or any unpleasant fumes.
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Based on end user, the green hydrogen market is segmented into transportation, chemical production, healthcare, steel production, petroleum refinery, power generation, and other end users. In 2023, the chemical production segment is expected to account for the largest share of the green hydrogen market. The large market share of this segment is attributed to the increasing adoption of green hydrogen to reduce net-zero emissions, the growing use of green hydrogen to produce sustainable methanol and ammonia, the increasing demand for highly efficient energy sources for refineries, and the increasing use of green methanol as a clean energy resource.
However, the transportation segment is projected to register the highest CAGR during the forecast period due to the increasing adoption of fuel-cell electric vehicles (FCEVs), rising demand for green hydrogen to reduce carbon emission, growing fueling solutions for a range of transportation and motive power applications, and the increasing adoption of green hydrogen to produce less greenhouse gas emissions, reduce oil dependence, and lower air pollutants.
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Based on geography, the green hydrogen market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the green hydrogen market. The large market share of North America is attributed to the increasing adoption of clean energy solutions for sectors such as power generation and transportation, rising government initiatives and investment for green hydrogen production to reduce emissions, ongoing investment, funding programs, and grants for clean fuel adoption.
However, the Asia-Pacific market is projected to register the highest CAGR during the forecast period due to the growing strategic alliances and large-scale investment in the clean hydrogen economy, the increasing adoption of green hydrogen in power generation, the increasing investment by market players for the development of electrolysis, and the growing ability to build large infrastructures for storing green hydrogen.
Key Players:
The key players operating in the green hydrogen market include FuelCell Energy, Inc. (U.S.), Bloom Energy Corporation (U.S.), Plug Power Inc. (U.S.), Air Products and Chemicals, Inc. (U.S.), China Petrochemical Corporation. (China), L’AIR LIQUIDE S.A. (France), Linde plc (Ireland), Green Hydrogen Systems A/S (Denmark), McPhy Energy (France), ITM Power PLC (U.K.), Nel ASA (Norway), Ballard Power Systems Inc. (Canada), ENGIE SA (France), Repsol S.A. (Spain), and Iberdrola, S.A. (Spain).
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