The green hydrogen market is projected to grow from USD 444 million in 2021 to USD 4,373 million by 2026, at a CAGR of 58.0% during the forecasted period. The market is driven by factors like the lowering cost of producing renewable energy by all sources, development of electrolysis technologies and high demand from FCEVs and power industry. Green hydrogen are used in different industries such as mobility, chemical, power, grid injection, industrial, and others. Green hydrogen is on its way to replace conventional gray, brown, and blue hydrogen due to its zero-emission manufacturing process and is cost-competitive due to technological advancements. Green hydrogen offers a sustainable substitute to fossil fuels to the various end-use industries.
’’Alkaline electrolysis based green hydrogen accounted for the largest share, in terms of volume, of the overall green hydrogen market.’’
In terms of volume, the alkaline electrolysis-based green hydrogen segment accounted for the largest share of 70% of the overall green hydrogen market in 2020. Alkaline electrolysis technology is the most widely preferred technology in the production of green hydrogen across the world. Alkaline electrolysis utilizes two electrodes lowered in a basic electrolyte solution (such as sodium or potassium hydroxide), isolated by a non-conductive permeable membrane known as a diaphragm. As compared to PEM electrolysis, alkaline electrolysis tends to produce highly pure green hydrogen as hydrogen ions do not diffuse easily into an electrolyte solution and therefore it is more highly used.
” The green hydrogen market in the mobility industry is expected to register the highest CAGR between 2021 and 2026.’’
Mobility is the largest end-use industry of green hydrogen. Green hydrogen used in the mobility industry includes vehicles used in road/off-road transportation, rail, maritime, or aviation. The mobility end-use industry accounted for the largest share by value of the green hydrogen market. This is because hydrogen offers three times more energy per unit than fossil fuels. Before the commercialization of fuel-cell-based engines, the mobility industry had no other sustainable alternatives to fossil fuels. Fuel Cell Electric Vehicles (FCEV) offer a sustainable alternative. Green hydrogen is a viable and practical substitute for the automotive industry. Green hydrogen-based vehicles are optimal for mining vehicles, trains, aircraft, lorries, buses, and even maritime transport. It is the best medium to achieve zero carbon footprint stipulated by advanced countries.
” The green hydrogen market in Europe is projected to register the highest CAGR, in terms of value and volume, between 2021 and 2026.”
Europe dominated the global green hydrogen market. The region has the presence of many manufacturers of green hydrogen and their products. Germany accounted for a major share of the global green hydrogen market and is expected to register significant growth during the forecast period. The growth of the green hydrogen market in this region is mainly driven by the growing mobility and power industry.
Breakdown of Profiles of Primary Interviews:
- By Company Type- Tier 1- 40%, Tier 2- 33%, and Tier 3- 27%
- By Designation- C Level- 50%, Director Level- 30%, and Others- 20%
- By Region- North America- 15%, Europe- 50%, Asia Pacific (APAC) - 20%, Latin America-5%, Middle East & Africa (MEA)-10%
The green hydrogen market comprises major solution providers such as Siemens Energy AG (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Nel ASA (Norway), Linde (Ireland), Cummins Inc. (US), H&R ?lwerke Schindler GmbH (Germany), Wind to Gas Energy GmbH & Co. KG (Germany), Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd. (China), Air Liquide (France), and Air Products and Chemicals, Inc. (US). The study includes an in-depth competitive analysis of these key players in the green hydrogen market, with their company profiles, recent developments, and key market strategies.
This report covers the global green hydrogen market and forecasts the market size until 2026. It includes the following market segmentation-By Technology (Alkaline Electrolysis and PEM Electrolysis), By Renewable source (Wind Energy, Solar Energy and Others), By End-Use Industries (Mobility, Chemical, Power, Grid Injection, Industrial and Others) and Region (North America, Europe, APAC, MEA, Latin America) - Global Forecast to 2026. Porter’s Five Forces Analysis, along with the drivers, restraints, opportunities, and challenges, have been discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global green hydrogen market.
Key Benefits of Buying the Report
The report is expected to help market leaders/new entrants in this market in the following ways:
- This report segments the global green hydrogen market comprehensively. It provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
- The report helps stakeholders understand the pulse of the green hydrogen market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, expansion, and acquisition.
Reasons To Buy the report:
The report will help leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall green hydrogen market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way.