The report titled “Green Hydrogen Market” assesses the global market based on technology, storage, application, end use, and region. A comprehensive report provides a detailed historical, and future market size with a market share analysis. Global hydrogen supply-demand analysis, import-export overview, production, competitive landscape, development plans, expansion opportunities, and competition analysis for the target companies evaluated in the global green hydrogen market study are highlighted in the report.
Market Overview and Dynamics: Investments in hydrogen manufacturing facilities and reducing reliance on energy imports to fuel the market growth
The global green hydrogen market is expected to grow at a CAGR of around 40% during the forecast period of 2022-2028. The market is anticipated to witness an energy transition owing to the increased traction from power generation and oil & gas industries. In addition, government initiatives act as an encouraging factor to drive investments in the global green hydrogen market. Furthermore, the ongoing research & development activities for the development of solid oxide electrolyzer will further drive the market growth. The total cost of green hydrogen is expected to reach US$ 1.6/kg by the end of 2030.
- On the basis of technology, Alkaline Water Electrolyzer (ALK) is the most preferred technology used for the production of green hydrogen. ALK technology is anticipated to maintain the majority share of the global green hydrogen market.
- On the basis of application, the most demanding segment is the power generation and energy storage segment owing to the transformational shift towards the use of green hydrogen in the electricity-producing companies in the global green hydrogen market.
- Based on region, Asia Pacific is expected to dominate the global green hydrogen market due to the rapid adoption of green hydrogen for energy needs, and the upcoming CAPEX to increase the supply of green hydrogen will further maintain APAC’s lead in the global green hydrogen market.
Competition Analysis: Developing regions to put in huge capital to develop green hydrogen plants
The global green hydrogen market experiences intense competition due to the presence of numerous established companies in the market. As the awareness of green hydrogen production has improved, developing countries like China and India are seeking to spend more on the initial capital expenditure (CAPEX) and construct hydrogen clusters to facilitate the production of green hydrogen. With new emerging technologies in the market coupled with constant government support, the global green hydrogen market is expected to skyrocket in the forthcoming years.
The observed industry trend in the global green hydrogen market is market consolidations, geographical and capacity expansions, mergers, and alliances. During the forecast period of 2022–2028, a significant amount of market consolidation is anticipated.
- In September 2022, Linde announced to double its green liquid hydrogen production capacity in the US, with a brand-new 35MW plant in New York, US.
- In July 2022, Buckeye Partners LP closed the acquisition of Bear Head Energy Inc. which is developing large-scale green hydrogen.
- In June 2022, Adani New Industries Ltd. (ANIL) announced its partnership with TotalEnergies SE to build one of the world’s largest green hydrogen ecosystems. TotalEnergies will buy a 25% minority stake in Adani New Industries Ltd (ANIL) as part of this strategic cooperation. Adani has stated that it will invest US$ 50 billion in green hydrogen over the next ten years and, in the initial phase, will create a production capacity of one million tons per year before 2030.
- In June 2022, Oil India Ltd. announced its collaboration with homiHydrogen in the green hydrogen value chain to help India achieve net-zero energy by 2070.
Some of the prominent players operating in the global green hydrogen market include Plug Power Inc., Ballard Power Systems, Fuel Cell Energy, ITM Power plc, Adani New Industries Ltd. (ANIL), Ceres Power Holdings plc, Siemens Gas & Power GmbH & Co., Shell plc, Linde plc, L’AIR LIQUIDE S.A., Air Products Inc., Uniper SE, Toshiba Energy Systems and Solutions Corp., ENGIE, Messer Group GmbH, and Cummins Inc. among others.
RationalStat has segmented the global green hydrogen market on the basis of technology, storage, application, end-use, and region.
- By Technology
- Alkaline Water Electrolyzer (ALK)
- Polymer Membrane Electrolyzer (PEM)
- Solid Oxide Electrolyzer
- By Storage
- By Application
- Power Generation & Energy Storage
- Others (Feedstock to produce Green Ammonia etc.)
- By End Use
- Others (Marine etc.)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
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