PUBLISHER: ChemAnalyst | PRODUCT CODE: 1369793
PUBLISHER: ChemAnalyst | PRODUCT CODE: 1369793
The global Green Hydrogen market has surged and reached roughly 20 thousand tonnes in 2022 and is expected to grow at a remarkable CAGR of 132% during the forecast period until 2032. Recently, Toyota Corporation, Australia started operating a new project named Toyota Ecopark Hydrogen Demonstration Project under which a sector of Toyota Australia's decommissioned car manufacturing plant in Altona was modified into a renewable energy center for Green Hydrogen. The project had a budget of approximately USD 4.9 million and began operating in January 2023. This center is utilized to produce renewable Hydrogen for both stationary energy and transportation energy usage.
Hydrogen is a gas utilized as an energy source that can also be employed as a raw material in the industrial sector. It is a primary element and is present naturally in nature. Traditional methods of extraction of Hydrogen are used to emit significant volumes of carbon dioxide. Green Hydrogen is synthesized by a clean method without any carbon dioxide emissions. The Water Electrolysis process, which separates water molecules into their Hydrogen and oxygen components, is used to produce green Hydrogen. Green Hydrogen is employed majorly for energy storage and power wind plants. In the future, its demand is anticipated to rise due to the reason that it is a renewable energy source. Although Energy Storage, Feedstock, and Transportation are the significant applications of Green Hydrogen, Energy Storage is the dominant application.
The leading reason for the expansion of green hydrogen is the synthesis of green ammonia. Green ammonia. Green ammonia can function as a zero-carbon emission fuel, fertilizer, industrial power generation, and transportation. One of the leading reasons contributing to the Green Hydrogen global market is its employment as a source of clean and renewable energy. The demand for green hydrogen has increased significantly in recent years due to its capacity to reduce carbon emissions. It also aids in meeting the growing demands of the world. Its use is anticipated to increase because it is a long-term energy source as a replacement for fossil fuels. The government has launched a variety of programmes to cut carbon emissions and reach the target of zero emissions, which is expected to grow the market for green hydrogen in the future years. The overall Green Hydrogen market is anticipated to experience massive growth and reach about 125000 thousand tonnes in the forecast period.
Based on demand, Asia Pacific holds the major share of the Green Hydrogen market all across the globe. Asia Pacific held a market share of roughly 50% of global Green Hydrogen in 2022. In the future, Asia Pacific will most likely experience high development in both energy demand and renewable energy, and it might be a significant market for green hydrogen. However, Europe stands as the second largest consumer of Green Hydrogen. Green Hydrogen is a sustainable and major source of energy in Europe to power windmills and electric vehicles along with stringent government policies which favor green hydrogen usage.
Based on the end-user industry, the Green Hydrogen market is segmented into various influential industries which are Green Ammonia, Transportation Fuel, Power & Heating, Refining, and Chemical Feedstock. Among these, Green Ammonia is the leading segment and held a market share of 40% in 2022. Moreover, Transportation Fuel is another impressive application of Green Hydrogen.
Significant companies for Global Green Hydrogen are Sinopec, Ningxia Baofeng Energy Group, Shell Plc, Jilin Chemical, Ohmium, Air Liquide, Acme Group, GAIL (India) Limited, Indian Oil Corporation Ltd, Toshiba Energy Systems and Solutions, SK Inc & Monolith, Hyosung Group, Linde Plc, Cleantech Group (Svevind Energy Group), N.V Nederlandse Gasunie, and others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
To extract data for the Global Green Hydrogen market, primary research surveys were conducted with Green Hydrogen manufacturers, suppliers, distributors, wholesalers, and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for the Global Green Hydrogen market over the coming years.
ChemAnalyst calculated Green Hydrogen demand around the globe by analyzing the historical data and demand forecast, which was carried out considering raw material to produce Green Hydrogen. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources, such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Green Hydrogen manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
In this report, Global Green Hydrogen market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
With the given market data, ChemAnalyst offers customizations according to a company's specific needs.
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