Green Hydrogen Market worth USD 10.22 billion by 2028, registering a CAGR of 57.41% – Report by Market Research Future (MRFR)
New York, Nov. 02, 2021 (GLOBE NEWSWIRE) — Green Hydrogen Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Green Hydrogen Market Research Report, Technology, Application, End-Use Industry and Region – Forecast till 2028” the market is projected to be worth USD 10.22 billion by 2028, registering a CAGR of 57.41% during the forecast period (2021 – 2028), The market was valued at USD 0.41 billion in 2020.
List of the companies profiled in the global green hydrogen industry report include Seimens (Germany), Uniper SE (Germany), Engie (France), Cummins Inc. (US), Air Liquide (France), Toshiba Corporation (Japan), NEL ASA (Norway), Air Products Inc (US), Linde (UK), Messer Group Gmbh (Germany), Mc Phy Energy (France), Plug Power Inc. (US), and ITM Power (UK)., among others.
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The global green hydrogen market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more. Besides, they are also investing in various research and development activities.
Market Research Future’s Review on Green Hydrogen Market
Drivers
Growing Environmental Concerns to Boost Market Growth
The growing environmental concerns about increasing carbon emissions from fossil fuel use will boost the green hydrogen market value over the forecast period.
Opportunities
Increasing Use in Different Applications to Offer Robust Opportunities
The increasing usage of green hydrogen in various applications like power generation, electric vehicle, petrochemical, and oil & gas will add to the global green hydrogen market share over the forecast period.
Restraints
High Capital Cost to act as Market Restraint
The high capital cost of green hydrogen and lack of transportation infrastructure may act as market restraint over the forecast period.
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Challenges
Sustainability Management Issues to act as Market Challenge
The issues related to sustainability management and energy loss in value chain may act as market challenge over the forecast period.
Industry Updates
UK-based energy companies Octopus Energy and RES have entered into a partnership for developing green hydrogen plants all over the United Kingdom. The companies will combine their knowledge and capital for building and operating green hydrogen plants.
COVID-19 Analysis
The COVID-19 disruption did not impact the green hydrogen industry. Coronavirus-related lockdowns however posed several issues for industry participants, which includes difficulties in recruiting staff from quarantines, logistical difficulties in shipping end goods, and disrupted supply chains. Besides, the outbreak ensured a powerful increase in the renewable energy market, leading to constant rise in energy need. The renewable energy market developed steadily in 2020, due to rise in demand for energy from industrial sectors. Following lockdown relaxations in most countries, the market is returning to normal quickly and is likely to pick up further.
Market Segmentation
The global green hydrogen market is bifurcated into technology, application, and location.
By technology, the alkaline electrolyzers will lead the market over the forecast period for its key perks over remaining manufacturing technologies. The alkaline electrolysis uses a variety of electrolytes which are widely accessible and also cost-effective to produce.
By application, the power generation segment will dominate the market over the forecast period for the growing need from the industrial sector for on-site electrolyzer setup.
By location, the onshore segment will spearhead the market over the forecast period. Green hydrogen in the onshore segment is produced using onshore or solar wind power as an electricity source. The production of onshore green hydrogen has vast potential and influenced by several reasons. The electricity cost procured from renewable sources of energy like onshore wind farms and solar PV has substantially decreased in the last decade.
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Regional Analysis
Europe to Lead Green Hydrogen Market
Europe will lead the green hydrogen market over the forecast period. Strong sustainable infrastructure, the presence of several opportunities, decrease in the cost of renewable generation of energy, the presence of several green hydrogen projects, large supply of hydrogen, the presence of many green hydrogen manufacturers and their products, growing power industry and mobility, growing need for zero-emission energy in various end-user industries like power generation, electrical vehicle, petrochemical, and oil and gas are adding to the global green hydrogen market growth in the region. Germany holds the utmost market share as this country has a higher share of green hydrogen installation across the globe for the presence of supportive policies and regulations for green hydrogen and funds accessible for demonstration and research projects in the country.
Segmentation of Market covered in the research:
Green Hydrogen Market Research Report: Information by Technology (Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer, and Solid Oxide Electrolyzer), Application (Transport, Power Generation, Industries,and Heating), Location (Onshore and Offshore), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2028
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