PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235893
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1235893
Green Hydrogen Market Forecasts to 2028 - Global Analysis By Renewable Source (Wind Energy, Solar Energy and Other Renewable Sources), Application (Transport, Power generation and Other Applications), End User and By Geography
According to Stratistics MRC, the Global Green Hydrogen Market is accounted for $4.5 billion in 2022 and is expected to reach $36.3 billion by 2028 growing at a CAGR of 41.6% during the forecast period. Green hydrogen is produced by the electrolysis of water for which electric power is utilized which is generated by renewable energy sources such as wind energy or solar energy. The presence of favorable government policies pushing toward the hydrogen economy along with growing environmental concerns regarding increasing carbon emissions from fossil fuel usage are expected to drive the demand for the hydrogen economy.
According to the US Department of Energy, a traditional combustion-based power plant generates electricity at 33 to 35% efficiency, but hydrogen-based fuel cell systems can create electricity at up to 60% efficiency. According to the International Energy Agency, about 26,000 passenger cars, 6000 buses, 3000 medium-duty trucks, 49 light commercial vehicles, and 14 heavy-duty trucks used hydrogen fuel cells.
Market Dynamics:
Driver:
Rise in use of green hydrogen fuels
The utilization of hydrogen fuel cells produces no greenhouse gases or other pollutants. Hydrogen fuel cells are found to be more efficient than traditional combustion-based power plants. The growing acceptance of using hydrogen as a form of energy is driving growth in the market.
Restraint:
Safety Concerns
Hydrogen is highly flammable and volatile substances and extensive safety measures are required to prevent leakage and explosions. The production of hydrogen in general and green hydrogen in particular requires more energy than other fuels. Safety concerns and high energy consumption are the factors restraining the growth of the market.
Opportunity:
Rise in awareness
The increased awareness of the usage of hydrogen as an energy carrier is predicted to propel the market growth. It is a sustainable energy source. In addition, growth in environmental issues, highlighting the need for renewable energy generation to reduce emission levels fuels the growth of market expansion.
Threat:
High overall cost
High cost associated with the production, conversion, storage and transportation impede the growth. High initial investment requirements for setting up hydrogen infrastructure as well as prohibitive maintenance costs are the major factors that limit the green hydrogen market growth.
COVID-19 Impact
The green hydrogen industry was unaffected by COVID-19 disruption. However, coronavirus-related lockdowns posed a number of problems for industry participants, including disrupted supply chains, logistical difficulties in shipping end goods, and recruiting staff from quarantines. In addition, the pandemic ensured a strong rise in renewable energy market, resulting in constant increase in energy demand. Following relaxation of lockdown mandates in many countries, the green hydrogen market is quickly returning to normal and is expected to pick up even further.
The alkaline electrolyzer segment is expected to be the largest during the forecast period
The alkaline electrolyzer segment is estimated to have a lucrative growth, due to it being the conventional electrolyzer technology used in projects. It uses a liquid alkaline solution of potassium or sodium hydroxide as its electrolyte and it has higher operating hours. Additionally, the availability of these at a reduced price is anticipated to stimulate expansion in this industry.
The transport segment is expected to have the highest CAGR during the forecast period
The transport segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its energy efficiency. In transportation, hydrogen can be used in fuel cells or internal combustion engines. A hydrogen fuel cell is two to three times more efficient than an internal combustion engine fuelled by gasoline is the major factor propelling the growth.
Region with Largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to increasing viability of the technology. Demand for hydrogen in the steelmaking and automobile industries quickly expanding, where manufacturing companies are concentrated. Therefore, these are the elements driving the region's expansion.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the rising demand for renewable energy sources. Emergence of advanced electrolysis technologies, rising demand for cleaner energy from all major industry sectors and escalating environmental issues arising from carbon emissions are the prospects fueling the growth of the region.
Key players in the market
Some of the key players profiled in the Green Hydrogen Market include: Toshiba Energy Systems and Solutions Corp., Siemens Energy, Air Products and Chemicals, Inc., Linde PLC, Reliance Industries Limited, Uniper SE, Ballard Power Systems, Hydrogenics, Nel ASA, Royal Dutch Shell plc, Bloom Energy, Cummins Inc., Engie, Nikola Motors, SGH2 Energy Global LLC, ITM Power PLC, Air Liquide, SRI Energy, Inc, Green Hydrogen Systems and Messer Group GMBH.
Key Developments:
In June 2022, joint venture between Air Liquide and Siemens Energy, which is only dedicated to producing sustainable hydrogen electrolyzes throughout Europe, was announced. Siemens will have a 74.9% overall ownership in the joint venture, while Air Liquide will have a 25.1% stake.
In May 2022, Air Products and Chemicals, Inc. announced its collaboration with Schenk Tank transport and Road Transport Project to create hydrogen vehicles and a public hydrogen filling station in Rotterdam.
Renewable Sources Covered:
- Wind Energy
- Solar Energy
- Other Renewable Sources
Technologies Covered:
- Solid oxide electrolyzer
- Alkaline electrolyzer
- Proton exchange membrane electrolyzer
Applications Covered:
- Transport
- Power generation
- Other Applications
End Users Covered:
- Glass
- Petrochemicals
- Food & beverages
- Medical
- Chemical
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Technology Analysis
- 3.7 Application Analysis
- 3.8 End User Analysis
- 3.9 Emerging Markets
- 3.10 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Green Hydrogen Market, By Renewable Source
- 5.1 Introduction
- 5.2 Wind Energy
- 5.3 Solar Energy
- 5.4 Other Renewable Sources
6 Global Green Hydrogen Market, By Technology
- 6.1 Introduction
- 6.2 Solid oxide electrolyzer
- 6.3 Alkaline electrolyzer
- 6.4 Proton exchange membrane electrolyzer
7 Global Green Hydrogen Market, By Application
- 7.1 Introduction
- 7.2 Transport
- 7.3 Power generation
- 7.4 Other Applications
8 Global Green Hydrogen Market, By End User
- 8.1 Introduction
- 8.2 Glass
- 8.3 Petrochemicals
- 8.4 Food & beverages
- 8.5 Medical
- 8.6 Chemical
- 8.7 Other End Users
9 Global Green Hydrogen Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 Toshiba Energy Systems and Solutions Corp.
- 11.2 Siemens Energy
- 11.3 Air Products and Chemicals, Inc.
- 11.4 Linde PLC
- 11.5 Reliance Industries Limited
- 11.6 Uniper SE
- 11.7 Ballard Power Systems
- 11.8 Hydrogenics
- 11.9 Nel ASA
- 11.10 Royal Dutch Shell plc
- 11.11 Bloom Energy
- 11.12 Cummins Inc.
- 11.13 Engie
- 11.14 Nikola Motors
- 11.15 SGH2 Energy Global LLC
- 11.16 ITM Power PLC
- 11.17 Air Liquide
- 11.18 SRI Energy, Inc
- 11.19 Green Hydrogen Systems
- 11.20 Messer Group GMBH
List of Tables
- Table 1 Global Green Hydrogen Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Green Hydrogen Market Outlook, By Renewable Source (2020-2028) ($MN)
- Table 3 Global Green Hydrogen Market Outlook, By Wind Energy (2020-2028) ($MN)
- Table 4 Global Green Hydrogen Market Outlook, By Solar Energy (2020-2028) ($MN)
- Table 5 Global Green Hydrogen Market Outlook, By Other Renewable Sources (2020-2028) ($MN)
- Table 6 Global Green Hydrogen Market Outlook, By Technology (2020-2028) ($MN)
- Table 7 Global Green Hydrogen Market Outlook, By Solid oxide electrolyzer (2020-2028) ($MN)
- Table 8 Global Green Hydrogen Market Outlook, By Alkaline electrolyzer (2020-2028) ($MN)
- Table 9 Global Green Hydrogen Market Outlook, By Proton exchange membrane electrolyzer (2020-2028) ($MN)
- Table 10 Global Green Hydrogen Market Outlook, By Application (2020-2028) ($MN)
- Table 11 Global Green Hydrogen Market Outlook, By Transport (2020-2028) ($MN)
- Table 12 Global Green Hydrogen Market Outlook, By Power generation (2020-2028) ($MN)
- Table 13 Global Green Hydrogen Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 14 Global Green Hydrogen Market Outlook, By End User (2020-2028) ($MN)
- Table 15 Global Green Hydrogen Market Outlook, By Glass (2020-2028) ($MN)
- Table 16 Global Green Hydrogen Market Outlook, By Petrochemicals (2020-2028) ($MN)
- Table 17 Global Green Hydrogen Market Outlook, By Food & beverages (2020-2028) ($MN)
- Table 18 Global Green Hydrogen Market Outlook, By Medical (2020-2028) ($MN)
- Table 19 Global Green Hydrogen Market Outlook, By Chemical (2020-2028) ($MN)
- Table 20 Global Green Hydrogen Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 21 North America Green Hydrogen Market Outlook, By Country (2020-2028) ($MN)
- Table 22 North America Green Hydrogen Market Outlook, By Renewable Source (2020-2028) ($MN)
- Table 23 North America Green Hydrogen Market Outlook, By Wind Energy (2020-2028) ($MN)
- Table 24 North America Green Hydrogen Market Outlook, By Solar Energy (2020-2028) ($MN)
- Table 25 North America Green Hydrogen Market Outlook, By Other Renewable Sources (2020-2028) ($MN)
- Table 26 North America Green Hydrogen Market Outlook, By Technology (2020-2028) ($MN)
- Table 27 North America Green Hydrogen Market Outlook, By Solid oxide electrolyzer (2020-2028) ($MN)
- Table 28 North America Green Hydrogen Market Outlook, By Alkaline electrolyzer (2020-2028) ($MN)
- Table 29 North America Green Hydrogen Market Outlook, By Proton exchange membrane electrolyzer (2020-2028) ($MN)
- Table 30 North America Green Hydrogen Market Outlook, By Application (2020-2028) ($MN)
- Table 31 North America Green Hydrogen Market Outlook, By Transport (2020-2028) ($MN)
- Table 32 North America Green Hydrogen Market Outlook, By Power generation (2020-2028) ($MN)
- Table 33 North America Green Hydrogen Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 34 North America Green Hydrogen Market Outlook, By End User (2020-2028) ($MN)
- Table 35 North America Green Hydrogen Market Outlook, By Glass (2020-2028) ($MN)
- Table 36 North America Green Hydrogen Market Outlook, By Petrochemicals (2020-2028) ($MN)
- Table 37 North America Green Hydrogen Market Outlook, By Food & beverages (2020-2028) ($MN)
- Table 38 North America Green Hydrogen Market Outlook, By Medical (2020-2028) ($MN)
- Table 39 North America Green Hydrogen Market Outlook, By Chemical (2020-2028) ($MN)
- Table 40 North America Green Hydrogen Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 41 Europe Green Hydrogen Market Outlook, By Country (2020-2028) ($MN)
- Table 42 Europe Green Hydrogen Market Outlook, By Renewable Source (2020-2028) ($MN)
- Table 43 Europe Green Hydrogen Market Outlook, By Wind Energy (2020-2028) ($MN)
- Table 44 Europe Green Hydrogen Market Outlook, By Solar Energy (2020-2028) ($MN)
- Table 45 Europe Green Hydrogen Market Outlook, By Other Renewable Sources (2020-2028) ($MN)
- Table 46 Europe Green Hydrogen Market Outlook, By Technology (2020-2028) ($MN)
- Table 47 Europe Green Hydrogen Market Outlook, By Solid oxide electrolyzer (2020-2028) ($MN)
- Table 48 Europe Green Hydrogen Market Outlook, By Alkaline electrolyzer (2020-2028) ($MN)
- Table 49 Europe Green Hydrogen Market Outlook, By Proton exchange membrane electrolyzer (2020-2028) ($MN)
- Table 50 Europe Green Hydrogen Market Outlook, By Application (2020-2028) ($MN)
- Table 51 Europe Green Hydrogen Market Outlook, By Transport (2020-2028) ($MN)
- Table 52 Europe Green Hydrogen Market Outlook, By Power generation (2020-2028) ($MN)
- Table 53 Europe Green Hydrogen Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 54 Europe Green Hydrogen Market Outlook, By End User (2020-2028) ($MN)
- Table 55 Europe Green Hydrogen Market Outlook, By Glass (2020-2028) ($MN)
- Table 56 Europe Green Hydrogen Market Outlook, By Petrochemicals (2020-2028) ($MN)
- Table 57 Europe Green Hydrogen Market Outlook, By Food & beverages (2020-2028) ($MN)
- Table 58 Europe Green Hydrogen Market Outlook, By Medical (2020-2028) ($MN)
- Table 59 Europe Green Hydrogen Market Outlook, By Chemical (2020-2028) ($MN)
- Table 60 Europe Green Hydrogen Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 61 Asia Pacific Green Hydrogen Market Outlook, By Country (2020-2028) ($MN)
- Table 62 Asia Pacific Green Hydrogen Market Outlook, By Renewable Source (2020-2028) ($MN)
- Table 63 Asia Pacific Green Hydrogen Market Outlook, By Wind Energy (2020-2028) ($MN)
- Table 64 Asia Pacific Green Hydrogen Market Outlook, By Solar Energy (2020-2028) ($MN)
- Table 65 Asia Pacific Green Hydrogen Market Outlook, By Other Renewable Sources (2020-2028) ($MN)
- Table 66 Asia Pacific Green Hydrogen Market Outlook, By Technology (2020-2028) ($MN)
- Table 67 Asia Pacific Green Hydrogen Market Outlook, By Solid oxide electrolyzer (2020-2028) ($MN)
- Table 68 Asia Pacific Green Hydrogen Market Outlook, By Alkaline electrolyzer (2020-2028) ($MN)
- Table 69 Asia Pacific Green Hydrogen Market Outlook, By Proton exchange membrane electrolyzer (2020-2028) ($MN)
- Table 70 Asia Pacific Green Hydrogen Market Outlook, By Application (2020-2028) ($MN)
- Table 71 Asia Pacific Green Hydrogen Market Outlook, By Transport (2020-2028) ($MN)
- Table 72 Asia Pacific Green Hydrogen Market Outlook, By Power generation (2020-2028) ($MN)
- Table 73 Asia Pacific Green Hydrogen Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 74 Asia Pacific Green Hydrogen Market Outlook, By End User (2020-2028) ($MN)
- Table 75 Asia Pacific Green Hydrogen Market Outlook, By Glass (2020-2028) ($MN)
- Table 76 Asia Pacific Green Hydrogen Market Outlook, By Petrochemicals (2020-2028) ($MN)
- Table 77 Asia Pacific Green Hydrogen Market Outlook, By Food & beverages (2020-2028) ($MN)
- Table 78 Asia Pacific Green Hydrogen Market Outlook, By Medical (2020-2028) ($MN)
- Table 79 Asia Pacific Green Hydrogen Market Outlook, By Chemical (2020-2028) ($MN)
- Table 80 Asia Pacific Green Hydrogen Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 81 South America Green Hydrogen Market Outlook, By Country (2020-2028) ($MN)
- Table 82 South America Green Hydrogen Market Outlook, By Renewable Source (2020-2028) ($MN)
- Table 83 South America Green Hydrogen Market Outlook, By Wind Energy (2020-2028) ($MN)
- Table 84 South America Green Hydrogen Market Outlook, By Solar Energy (2020-2028) ($MN)
- Table 85 South America Green Hydrogen Market Outlook, By Other Renewable Sources (2020-2028) ($MN)
- Table 86 South America Green Hydrogen Market Outlook, By Technology (2020-2028) ($MN)
- Table 87 South America Green Hydrogen Market Outlook, By Solid oxide electrolyzer (2020-2028) ($MN)
- Table 88 South America Green Hydrogen Market Outlook, By Alkaline electrolyzer (2020-2028) ($MN)
- Table 89 South America Green Hydrogen Market Outlook, By Proton exchange membrane electrolyzer (2020-2028) ($MN)
- Table 90 South America Green Hydrogen Market Outlook, By Application (2020-2028) ($MN)
- Table 91 South America Green Hydrogen Market Outlook, By Transport (2020-2028) ($MN)
- Table 92 South America Green Hydrogen Market Outlook, By Power generation (2020-2028) ($MN)
- Table 93 South America Green Hydrogen Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 94 South America Green Hydrogen Market Outlook, By End User (2020-2028) ($MN)
- Table 95 South America Green Hydrogen Market Outlook, By Glass (2020-2028) ($MN)
- Table 96 South America Green Hydrogen Market Outlook, By Petrochemicals (2020-2028) ($MN)
- Table 97 South America Green Hydrogen Market Outlook, By Food & beverages (2020-2028) ($MN)
- Table 98 South America Green Hydrogen Market Outlook, By Medical (2020-2028) ($MN)
- Table 99 South America Green Hydrogen Market Outlook, By Chemical (2020-2028) ($MN)
- Table 100 South America Green Hydrogen Market Outlook, By Other End Users (2020-2028) ($MN)
- Table 101 Middle East & Africa Green Hydrogen Market Outlook, By Country (2020-2028) ($MN)
- Table 102 Middle East & Africa Green Hydrogen Market Outlook, By Renewable Source (2020-2028) ($MN)
- Table 103 Middle East & Africa Green Hydrogen Market Outlook, By Wind Energy (2020-2028) ($MN)
- Table 104 Middle East & Africa Green Hydrogen Market Outlook, By Solar Energy (2020-2028) ($MN)
- Table 105 Middle East & Africa Green Hydrogen Market Outlook, By Other Renewable Sources (2020-2028) ($MN)
- Table 106 Middle East & Africa Green Hydrogen Market Outlook, By Technology (2020-2028) ($MN)
- Table 107 Middle East & Africa Green Hydrogen Market Outlook, By Solid oxide electrolyzer (2020-2028) ($MN)
- Table 108 Middle East & Africa Green Hydrogen Market Outlook, By Alkaline electrolyzer (2020-2028) ($MN)
- Table 109 Middle East & Africa Green Hydrogen Market Outlook, By Proton exchange membrane electrolyzer (2020-2028) ($MN)
- Table 110 Middle East & Africa Green Hydrogen Market Outlook, By Application (2020-2028) ($MN)
- Table 111 Middle East & Africa Green Hydrogen Market Outlook, By Transport (2020-2028) ($MN)
- Table 112 Middle East & Africa Green Hydrogen Market Outlook, By Power generation (2020-2028) ($MN)
- Table 113 Middle East & Africa Green Hydrogen Market Outlook, By Other Applications (2020-2028) ($MN)
- Table 114 Middle East & Africa Green Hydrogen Market Outlook, By End User (2020-2028) ($MN)
- Table 115 Middle East & Africa Green Hydrogen Market Outlook, By Glass (2020-2028) ($MN)
- Table 116 Middle East & Africa Green Hydrogen Market Outlook, By Petrochemicals (2020-2028) ($MN)
- Table 117 Middle East & Africa Green Hydrogen Market Outlook, By Food & beverages (2020-2028) ($MN)
- Table 118 Middle East & Africa Green Hydrogen Market Outlook, By Medical (2020-2028) ($MN)
- Table 119 Middle East & Africa Green Hydrogen Market Outlook, By Chemical (2020-2028) ($MN)
- Table 120 Middle East & Africa Green Hydrogen Market Outlook, By Other End Users (2020-2028) ($MN)
