Global Green Hydrogen Market
As stated in our extensive report; the Global Green Hydrogen Market accounted for USD 3.5 Billion in the year 2022 and is projected to reach a value of USD 36.5 Billion by 2030.
Green Hydrogen is a type of hydrogen that is developed utilising renewable energy sources such as wind, solar, hydro, and geothermal. It is a zero-emission energy source with the potential to replace fossil fuels in a variety of industries, including transportation, industrial, and heating. The increasing concern about climate change and the demand for sustainable energy sources are the primary drivers of the Green Hydrogen industry. Green Hydrogen is generated utilising renewable energy sources, which minimises greenhouse gas emissions and aids in climate change mitigation. Governments around the world have set aggressive targets for decreasing greenhouse gas emissions, and Green Hydrogen is viewed as a critical component of meeting these objectives.
Furthermore, the transportation sector is one of the largest consumers of fossil fuels, and the shift toward renewable energy is gaining momentum. Green Hydrogen is observed as a viable alternative to fossil fuels for the transportation sector. Fuel cell electric vehicles (FCEVs) are an example of the increasing use of Green Hydrogen in transportation. FCEVs use hydrogen as fuel, which is converted into electricity through fuel cells. The only by-product of this process is water, making it a clean and sustainable energy source.
Moreover, the industrial sector is also a significant consumer of fossil fuels, and using Green Hydrogen can help reduce emissions significantly. Green Hydrogen can be used as a feedstock for developing chemicals, fertilizers, and other industrial products without releasing harmful emissions. In addition, Green Hydrogen can be used in steel and cement production, which are currently high-emitting industries. The heating sector is another area where Green Hydrogen can significantly impact. Using Green Hydrogen in heating systems can reduce emissions significantly, especially in buildings that are difficult to electrify. In addition, Green Hydrogen can be used in power plants as a fuel to generate electricity, which can help reduce emissions from the power sector.
Key factors influencing Green Hydrogen Market Growth
The growth of the global Green Hydrogen market can be attributable to the following:
- As the cost of renewable energy sources such as wind and solar power continues to decline, the production of Green Hydrogen becomes more affordable and commercially viable.
- Growing Demand from Industries: The demand for Green Hydrogen is increasing as industries such as transportation, power generation, and industry rapidly shift towards decarbonization.
- With increasing awareness about the environmental impact of fossil fuels, there is a push towards clean and sustainable fuel sources.
- The formation of strategic partnerships between companies and countries is helping to accelerate the growth of the Green Hydrogen industry. Partnerships between renewable energy companies, hydrogen producers, and other stakeholders are driving innovation and expanding the market for Green Hydrogen.
Europe Region to Express the Largest Market Growth
The Europe market is anticipated to have the most significant market share throughout the projection. With a growing number of investments and policies to support the development and adoption of this technology. Countries like Germany, France, and Spain are leading the way in deploying Green Hydrogen projects, focusing on renewable energy sources such as wind and solar to produce hydrogen through electrolysis. However, other regions, such as Asia and North America, are also starting to invest heavily in Green Hydrogen, with countries like Japan and South Korea making significant commitments to building large-scale hydrogen infrastructure.
Overall, the Green Hydrogen market is expected to play a critical role in the transition towards a low-carbon economy, providing a sustainable and scalable solution for energy storage, transportation, and industrial applications.
Some of the key players in the Global Green Hydrogen Market includes- Linde PLC (Ireland), Air Products Inc. (U.S.), Air Liquide (France), Cummins Inc. (U.S.), Engie SA (France), Nel ASA (Norway), Siemens Energy (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Uniper SE (Germany) and others.