Green Hydrogen Market

Market Overview:

The global green hydrogen market size reached US$ 682.3 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 12250.9 Million by 2028, exhibiting a growth rate (CAGR) of 58.5% during 2023-2028. The rising implementation of stringent environmental regulations regarding the usage of clean energy sources, the rapid depletion of fossil fuel resources, and a considerable rise in deployment of renewable energy technologies in numerous industrial applications represent some of the key factors driving the market.

Green hydrogen refers to hydrogen that is synthesized via electrolysis of water, where hydrogen and oxygen are separated. In green hydrogen, the electricity used in the process comes from renewable energy sources, such as solar, wind, or hydropower, so no harmful greenhouse gases are released. In addition, the high energy density of hydrogen allows it to store a large amount of energy in a small space, thereby making it an efficient fuel that can be employed for various industrial uses, including heating, power generation, and transportation applications. Furthermore, it offers sustainability and enhanced energy security, exhibits zero emissions and reduces fossil fuel dependency. Therefore, it is widely utilized as a clean and sustainable alternative to conventional hydrogen production based on fossil fuels. Green hydrogen is extensively utilized as a fuel source for generating electricity and storing excess renewable energy.

Green Hydrogen Market Trends:

The global market is primarily driven by the implementation of stringent environmental regulations regarding the usage of clean energy sources. This can be attributed to the rising energy security concerns due to the rapid depletion of fossil fuel resources across the globe. In line with this, the declination in the cost of renewable energy, particularly wind and solar energy, is resulting in more cost-effective production of green hydrogen. Moreover, a considerable rise in the deployment of renewable energy technologies in numerous industrial applications is propelling the market demand for non-exhaustive alternative energy resources. Continual technological advancements in hydrogen production, storage, and transportation technologies are leading to the introduction of new applications for green hydrogen as an energy storage and transportation medium. Besides this, the increasing climatic changes are resulting in the growing need to reduce greenhouse gas emissions, which, in turn, is fueling the adoption of green hydrogen resources. The market is further driven by the increasing dependence on fossil fuels for major industrial uses. Apart from this, an enhanced focus on sustainable development is leading to the introduction of various subsidies and incentives encouraging the adoption of green hydrogen is creating a positive market outlook. Some of the other factors contributing to the market include rapid urbanization, expanding number of smart cities, rising awareness regarding the adverse effects of fossil fuels and extensive research and development (R&D) activities.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global green hydrogen market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on technology, application and distribution channel.

Technology Insights:

• Proton Exchange Membrane Electrolyzer
• Alkaline Electrolyzer
• Others
   

The report has provided a detailed breakup and analysis of the green hydrogen market based on the technology. This includes proton exchange membrane electrolyzer, alkaline electrolyzer, and others. According to the report, alkaline electrolyzer represented the largest segment.

Application Insights: 

• Power Generation
• Transport
• Others
   

The report has provided a detailed breakup and analysis of the green hydrogen market based on the application. This includes power generation, transport, and others. According to the report, transport represented the largest segment.

Distribution Channel Insights:

• Pipeline
• Cargo
   

A detailed breakup and analysis of the green hydrogen market based on the distribution channel has also been provided in the report. This includes pipeline and cargo. According to the report, pipeline accounted for the largest market share.

Regional Insights:

• North America 
  • United States 
  • Canada 
• Europe 
  • Germany 
  • France 
  • United Kingdom 
  • Italy 
  • Spain 
  • Others 
• Asia Pacific 
  • China 
  • Japan 
  • India 
  • South Korea 
  • Australia 
  • Indonesia 
  • Others 
• Latin America 
  • Brazil 
  • Mexico 
  • Others 
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe was the largest market for green hydrogen. Some of the factors driving the Europe green hydrogen market included continual technological advancements, rapid depletion of fossil fuel resources, increasing deployment of renewable energy technologies in industrial applications, introduction of government subsidies and incentives, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global green hydrogen market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Air Liquide S.A., Air Products and Chemicals Inc., Enapter AG, Green Hydrogen Systems A/S, Linde plc, Nel ASA, Ørsted A/S, Plug Power Inc., Siemens Energy AG, Uniper SE (Fortum Oyj), etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report. 

Report Coverage:

Key Questions Answered in This Report:

• How has the global green hydrogen market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global green hydrogen market? 
• What is the impact of each driver, restraint, and opportunity on the global green hydrogen market? 
• What are the key regional markets? 
• Which countries represent the most attractive green hydrogen market? 
• What is the breakup of the market based on the technology? 
• Which is the most attractive technology in the green hydrogen market? 
• What is the breakup of the market based on the application? 
• Which is the most attractive application in the green hydrogen market? 
• What is the breakup of the market based on distribution channel? 
• Which is the most attractive distribution channel in the green hydrogen market? 
• What is the competitive structure of the global green hydrogen market? 
• Who are the key players/companies in the global green hydrogen market? 

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the green hydrogen market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global green hydrogen market.  
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region. 
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the green hydrogen industry and its attractiveness. 
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.