Green Hydrogen Market Size, Revenue Growth Trends, Demand, Company Strategy Analysis, Forecast by 2028
The global green hydrogen market is expected to reach a market size of USD 2,569.7 Million by 2028 and register a high CAGR during the forecast period, according to a latest report by Reports and Data. Factors such as rising investments and increasing focus and related initiatives by governments across various countries to reduce dependence on fossil fuels and other non-renewable energy resources, and shift away from non-renewable energy resources are driving growth of the market. Green hydrogen can be used in aircraft as a fuel, it can be a solution to 24% of the energy needs by 2050, and can also be used to achieve zero carbon emissions by the end of the same year.
Green hydrogen is used in industries that cannot adapt to electrification. Advancements in technology is expected to reduce the cost of green hydrogen by increasing production efficiency and flexibility of green hydrogen in fuel cells. Use of green hydrogen is expected to open up a variety and range of opportunities across various markets and industries. The growing hydrogen fuel economy is expected to continue to transform the world as we know it currently.
In July 2020, the European Hydrogen Strategy was made priority in the EU’s Green Deal. The primary aim is to shift from usage of fossil-fuels in aircraft and trucks to green hydrogen for shipping and long-haul transport. In addition, countries such as China, Japan, Australia, and Korea are focusing on including green hydrogen in their zero carbon emission initiatives.
The COVID-19 impact:
The COVID-19 pandemic brought about a realization that there is a crucial need for steps to reduce negative impacts on the environment. The pandemic is also presenting opportunities for a new and fast transition to a low-carbon future, which is expected to be supported by the drop in prices of solar modules going ahead.
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Key participants include Air Liquide, Engie, Linde, Uniper SE, Hydrogenics, Siemens, Toshiba Energy Systems & Solutions Corporation, Air Products and Chemicals, Inc., FuelCellsWorks, and Green Hydrogen Systems.
Further key findings in the report
- In January 2021, Siemens Energy partnered with Mubadala Investment Company and Masdar City on development of green hydrogen. The goal of the deal is to reduce production costs of green hydrogen and to establish a local green hydrogen economy.
- The Alkaline (ALK) electrolyzer segment accounted for the largest revenue share among the technology segments. ALK is cheaper than proton exchange membrane electrolyzer, which will propel adoption of this technology going ahead.
- Green hydrogen can be stored in existing gas pipelines and used to power household appliances. It is used in fuel cells to power devices that requires electricity, such as electric vehicles, and as long as these fuel cells have hydrogen fuel, they will not run down or need to be recharged, unlike other conventional batteries.
- Europe accounted for largest revenue share contribution to the global green hydrogen market in 2020 due to increasing investments in the EU’s Green Deal. Investment by governments in Next Generation EU and European Green Deal is expected to stimulate recovery of the economy that has been impacted by the COVID-19 pandemic. This is also projected to create jobs and boost leadership in strategic industries, which is crucial for the region’s resilience.
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The report sheds special focus on the factors that propel the growth of the industry. For better understanding, the report segments the Green Hydrogen market into key divisions such as types, applications, end-use, technology, region, and others. These segments are extensively analyzed to offer better forecast for the global and regional market and key factors influencing their growth are also covered in the report.
For the purpose of this report, Reports and Data has segmented the global green hydrogen market on the basis of technology, application, and region:
Technology Outlook (Revenue, USD Million; 2018 – 2028)
- Proton Exchange Membrane (PEM) Electrolyzer
- Alkaline (ALK) Electrolyzer
- Solid Oxide Electrolyzer
Application Outlook (Revenue, USD Million; 2018 – 2028)
- Power Generation
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Benefits of the report:
- Provides a comprehensive analysis of the competitive landscape
- Provides historical data (2017-2018) and estimations for the forecast period (2021-2028)
- Provides a futuristic outlook on drivers and restraints of the market
- In-depth 8-year forecast along with market growth prediction
- Extensive analysis of market segments based on types and applications
- Provides a competitive edge to the organization referring to this report
- Assists in formulating investment strategies and fruitful business decisions
- Contains SWOT analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and Investment Return Analysis
In conclusion, the report offers a quantitative and qualitative study of the Global Green Hydrogen market containing a global as well as regional analysis of the market. The market study sheds light on crucial market information and statistical data on the basis of its drivers, limitations, opportunities, and future prospects. The report also covers the competitive landscape with the assistance of Porter’s Five Forces Analysis and SWOT analysis.
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