Global Green Hydrogen Market Overview
The global green hydrogen market was valued at $828.2 million in 2023, and it is expected to grow with a CAGR of 67.19% during the forecast period 2023-2033 to reach $141.29 billion by 2033. This growth of the green hydrogen market is likely to be driven by low variable renewable energy (VRE) electricity cost, global plans for net-zero emissions by 2050, and increasing awareness regarding green hydrogen.
Introduction to Green Hydrogen
Green hydrogen represents a significant breakthrough in the field of renewable energy and sustainability. It is a form of hydrogen gas produced using renewable energy sources, distinguishing it from grey or blue hydrogen, which are derived from fossil fuels. The primary method for producing green hydrogen is through the electrolysis of water, a process that utilizes electricity generated from renewable sources such as wind, solar, or hydropower to split water into hydrogen and oxygen. This method is particularly advantageous because it results in zero carbon emissions, making green hydrogen a clean energy source. It is also highly versatile, finding applications in various sectors such as transportation, industry, and energy storage, and can act as a medium for storing surplus renewable energy.
However, the production of green hydrogen is currently faced with several challenges, including high costs and significant energy requirements. Moreover, there is a substantial need for investment in infrastructure to facilitate its production, storage, and distribution.
Despite the current challenges, the outlook for the green hydrogen market is very promising. As technology continues to advance and production costs decrease, the market is expected to expand significantly. This expansion will likely include integration with other renewable energy technologies and sectors, such as transport and industry. Key to this growth will be the support from government policies and international cooperation.
Market Segmentation:
Segmentation 1: by Application
• Oil and Gas
• Industrial Feedstock
o Ammonia
o Methanol
o Steel
o Others
• Mobility
• Power Generation
• OthersIndustrial Feedstock Application to Dominate Global Green Hydrogen Market (by Application)
The application of green hydrogen as an industrial feedstock represents a significant and transformative segment of the global green hydrogen market. As industries worldwide seek to reduce their carbon footprint and transition toward sustainable practices, green hydrogen emerges as a pivotal player, especially in sectors heavily reliant on traditional hydrocarbon feedstocks. The industrial sector's hunger for clean feedstocks presents a golden opportunity for green hydrogen. Ditching fossil fuels like coal and gas for green hydrogen in chemical production, steelmaking, and other processes promises significant decarbonization without sacrificing progress. Imagine replacing grey ammonia with its green counterpart, made using clean hydrogen, for fertilizers and beyond.
Segmentation 2: by Technology
• Proton Exchange Membrane (PEM) Electrolyzer
• Alkaline Electrolyzer
• Anion Exchange Membrane
• Solid Oxide ElectrolyzerAlkaline Electrolyzer to Lead the Global Green Hydrogen Market (by Technology)
The alkaline electrolyzer segment held the largest share of the green hydrogen market in 2022. Alkaline electrolyzers were the initial electrolyzers to enter the market for industrial applications, and they remained the sole electrolyzer technology available until the 1970s, when proton exchange membrane (PEM) technology emerged. Unlike PEM electrolyzers, alkaline electrolyzers do not require the use of precious metals, offering a longer operational lifespan and a more cost-effective solution.
Segmentation 3: by Renewable Energy Source
• Wind Energy
• Solar Energy
• OthersSolar Energy to Hold Highest Share in Global Green Hydrogen Market (by Renewable Energy Source)
The assertion that solar energy will hold the highest share in the global green hydrogen market is rooted in several key factors. The cost of solar photovoltaic (PV) technology has been decreasing rapidly, making solar energy more economically viable for hydrogen production. This cost-effectiveness is crucial in the context of green hydrogen, where production costs are a significant concern. Solar energy’s role in the global green hydrogen market is becoming increasingly prominent, offering a pathway to a sustainable and economically viable hydrogen economy.
Segmentation 4: by Region
• North America - U.S., Canada, and Mexico
• Europe - France, Germany, U.K., Spain, Italy, Russia, and Rest-of-Europe
• Asia-Pacific - China, India, Japan, Australia, South Korea, and Rest-of-Asia-Pacific
• Rest-of-the-World (ROW)The following are several factors contribute to the high production costs of green hydrogen:
Electrolysis Technology: The primary method for producing green hydrogen involves electrolysis, which requires significant energy input. The cost of electrolyzers and the equipment used in this process remains relatively high, impacting the overall production expenses.
Renewable Energy Infrastructure: While renewable energy costs have been decreasing, establishing and maintaining the necessary solar or wind power infrastructure for consistent and reliable energy supply adds to the overall cost of green hydrogen production.
Economies of Scale: The current scale of green hydrogen production is limited, resulting in higher unit costs. Mass production and widespread adoption are essential to achieving economies of scale that could significantly reduce production costs.
Storage and Transportation: Hydrogen has specific storage and transportation requirements, often necessitating additional investments in infrastructure for safe and efficient handling. These costs further contribute to the overall expense of green hydrogen.
Some prominent names established in the global green hydrogen market are:
Company Type 1: Public Companies
• Linde plc
• Air Liquide
• Air Products and Chemicals, Inc.
• Engie
• Uniper SE
• Siemens Energy
• Green Hydrogen Systems
• Cummins Inc.
• Toshiba Energy Systems & Solutions Corporation
• Nel ASA
• SGH2 Energy Global Corp.
• Plug Power Inc.
• Aker Horizons
• Fusion-FuelCompany Type 2: Private Companies
• HY2GEN AG
Green Hydrogen Market Forecast(2023-2033)
Table of Contents
Executive Summary
Scope and Definition
1 Markets
1.1 Trends: Current and Future Impact Assessment
1.1.1 Trends: Current and Future Impact Assessment
1.1.2 Trend 1: Decarbonization on the Horizon
1.1.3 Trend 2: Infrastructure Development
1.1.4 Trend 3: Falling Renewable Energy Costs
1.2 Supply Chain Overview
1.2.1 Market Map
1.3 Research and Development Review
1.3.1 Patent Filing Trend (by Country and Company)
1.4 Regulatory Landscape
1.4.1 Consortiums and Associations
1.4.2 Regulatory Bodies
1.4.3 Government Programs
1.4.4 Programs by Research Institutions and Universities
1.5 Start-Up Landscape
1.5.1 Key Start-Ups in the Ecosystem
1.6 Impact Analysis for Key Global Events: COVID-19
1.7 Market Dynamics: Overview
1.7.1 Market Drivers
1.7.1.1 Low Variable Renewable Energy (VRE) Electricity Cost
1.7.1.2 Global Plans for Net-Zero Emissions by 2050
1.7.1.3 Increasing Awareness Regarding Green Hydrogen
1.7.2 Market Restraints
1.7.2.1 High Cost of Production
1.7.2.2 Limited Dedicated Transport Infrastructure
1.7.3 Market Opportunities
1.7.3.1 Wide Application of Green Hydrogen
1.7.3.2 Scaling Up of Technologies
2 Application
2.1 Application Segmentation
2.2 Application Summary
2.3 Green Hydrogen Market (by Application)
2.3.1 Oil and Gas
2.3.1.1 Hydrocracking
2.3.1.2 Hydroisomerization
2.3.1.3 Hydrodealkylation
2.3.1.4 Hydrodesulfurization
2.3.2 Industrial Feedstock
2.3.2.1 Ammonia
2.3.2.2 Methanol
2.3.2.3 Steel
2.3.2.4 Others
2.3.3 Mobility
2.3.4 Power Generation
2.3.5 Others
3 Products
3.1 Product Segmentation
3.2 Product Summary
3.3 Global Green Hydrogen Market (by Technology)
3.3.1 Proton Exchange Membrane (PEM) Electrolyzer
3.3.2 Alkaline Electrolyzer
3.3.3 Anion Exchange Membrane
3.3.4 Solid Oxide Electrolyzer
3.4 Product Segmentation
3.5 Product Summary
3.6 Global Green Hydrogen Market (by Renewable Energy Source)
3.6.1 Wind Energy
3.6.2 Solar Energy
3.6.3 Others
4 Regions
4.1 Regional Summary
4.2 Drivers and Restraints
4.3 North America
4.3.1 Regional Overview
4.3.2 Driving Factors for Market Growth
4.3.3 Factors Challenging the Market
4.3.4 Application
4.3.5 Product
4.3.6 U.S.
4.3.6.1 Application
4.3.6.2 Product
4.3.7 Canada
4.3.7.1 Application
4.3.7.2 Product
4.3.8 Mexico
4.3.8.1 Application
4.3.8.2 Product
4.4 Europe
4.4.1 Regional Overview
4.4.2 Driving Factors for Market Growth
4.4.3 Factors Challenging the Market
4.4.4 Application
4.4.5 Product
4.4.6 France
4.4.6.1 Application
4.4.6.2 Product
4.4.7 Germany
4.4.7.1 Application
4.4.7.2 Product
4.4.8 U.K.
4.4.8.1 Application
4.4.8.2 Product
4.4.9 Spain
4.4.9.1 Application
4.4.9.2 Product
4.4.10 Italy
4.4.10.1 Application
4.4.10.2 Product
4.4.11 Russia
4.4.11.1 Application
4.4.11.2 Product
4.4.12 Rest-of-Europe
4.4.12.1 Application
4.4.12.2 Product
4.5 Asia-Pacific
4.5.1 Regional Overview
4.5.2 Driving Factors for Market Growth
4.5.3 Factors Challenging the Market
4.5.4 Application
4.5.5 Product
4.5.6 China
4.5.6.1 Application
4.5.6.2 Product
4.5.7 India
4.5.7.1 Application
4.5.7.2 Product
4.5.8 South Korea
4.5.8.1 Application
4.5.8.2 Product
4.5.9 Australia
4.5.9.1 Application
4.5.9.2 Product
4.5.10 Japan
4.5.10.1 Application
4.5.10.2 Product
4.5.11 Rest-of-Asia-Pacific
4.5.11.1 Application
4.5.11.2 Product
4.6 Rest-of-the-World
4.6.1 Regional Overview
4.6.2 Driving Factors for Market Growth
4.6.3 Factors Challenging the Market
4.6.4 Application
4.6.5 Product
4.6.6 South America
4.6.6.1 Application
4.6.6.2 Product
4.6.7 Middle East and Africa (MEA)
4.6.7.1 Application
4.6.7.2 Product
5 Markets - Competitive Benchmarking & Company Profiles
5.1 Next Frontiers
5.2 Geographic Assessment
5.2.1 Linde plc
5.2.1.1 Overview
5.2.1.2 Top Products/Product Portfolio
5.2.1.3 Top Competitors
5.2.1.4 Target Customers
5.2.1.5 Key Personnel
5.2.1.6 Analyst View
5.2.1.7 Market Share
5.2.2 Air Liquide
5.2.2.1 Overview
5.2.2.2 Top Products/Product Portfolio
5.2.2.3 Top Competitors
5.2.2.4 Target Customers
5.2.2.5 Key Personnel
5.2.2.6 Analyst View
5.2.2.7 Market Share
5.2.3 Air Products and Chemicals, Inc.
5.2.3.1 Overview
5.2.3.2 Top Products/Product Portfolio
5.2.3.3 Top Competitors
5.2.3.4 Target Customers
5.2.3.5 Key Personnel
5.2.3.6 Analyst View
5.2.3.7 Market Share
5.2.4 Engie
5.2.4.1 Overview
5.2.4.2 Top Products/Product Portfolio
5.2.4.3 Top Competitors
5.2.4.4 Target Customers
5.2.4.5 Key Personnel
5.2.4.6 Analyst View
5.2.4.7 Market Share
5.2.5 Uniper SE
5.2.5.1 Overview
5.2.5.2 Top Products/Product Portfolio
5.2.5.3 Top Competitors
5.2.5.4 Target Customers
5.2.5.5 Key Personnel
5.2.5.6 Analyst View
5.2.5.7 Market Share
5.2.6 Siemens Energy
5.2.6.1 Overview
5.2.6.2 Top Products/Product Portfolio
5.2.6.3 Top Competitors
5.2.6.4 Target Customers
5.2.6.5 Key Personnel
5.2.6.6 Analyst View
5.2.6.7 Market Share
5.2.7 Green Hydrogen Systems
5.2.7.1 Overview
5.2.7.2 Top Products/Product Portfolio
5.2.7.3 Top Competitors
5.2.7.4 Target Customers
5.2.7.5 Key Personnel
5.2.7.6 Analyst View
5.2.7.7 Market Share
5.2.8 Cummins Inc.
5.2.8.1 Overview
5.2.8.2 Top Products/Product Portfolio
5.2.8.3 Top Competitors
5.2.8.4 Target Customers
5.2.8.5 Key Personnel
5.2.8.6 Analyst View
5.2.8.7 Market Share
5.2.9 Toshiba Energy Systems & Solutions Corporation
5.2.9.1 Overview
5.2.9.2 Top Products/Product Portfolio
5.2.9.3 Top Competitors
5.2.9.4 Target Customers
5.2.9.5 Analyst View
5.2.9.6 Market Share
5.2.10 Nel ASA
5.2.10.1 Overview
5.2.10.2 Top Products/Product Portfolio
5.2.10.3 Top Competitors
5.2.10.4 Target Customers
5.2.10.5 Key Personnel
5.2.10.6 Analyst View
5.2.10.7 Market Share
5.2.11 SGH2 Energy Global Corp.
5.2.11.1 Overview
5.2.11.2 Top Products/Product Portfolio
5.2.11.3 Top Competitors
5.2.11.4 Target Customers
5.2.11.5 Analyst View
5.2.11.6 Market Share
5.2.12 Plug Power Inc.
5.2.12.1 Overview
5.2.12.2 Top Products/Product Portfolio
5.2.12.3 Top Competitors
5.2.12.4 Target Customers
5.2.12.5 Key Personnel
5.2.12.6 Analyst View
5.2.12.7 Market Share
5.2.13 Aker Horizons
5.2.13.1 Overview
5.2.13.2 Top Products/Product Portfolio
5.2.13.3 Top Competitors
5.2.13.4 Target Customers
5.2.13.5 Key Personnel
5.2.13.6 Analyst View
5.2.13.7 Market Share
5.2.14 HY2GEN AG
5.2.14.1 Overview
5.2.14.2 Top Products/Product Portfolio
5.2.14.3 Top Competitors
5.2.14.4 Target Customers
5.2.14.5 Analyst View
5.2.14.6 Market Share
5.2.15 Fusion-Fuel
5.2.15.1 Overview
5.2.15.2 Top Products/Product Portfolio
5.2.15.3 Top Competitors
5.2.15.4 Target Customers
5.2.15.5 Key Personnel
5.2.15.6 Analyst View
5.2.15.7 Market Share
6 Research Methodology
6.1 Data Sources
6.1.1 Primary Data Sources
6.1.2 Secondary Data Sources
6.1.3 Data Triangulation
6.2 Market Estimation and ForecastGet a free sample report
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