Global Green Hydrogen Market Size & Share Predicted to Reach USD 58.53 Billion By 2030, at 39.6% CAGR Annual Increase: Polaris Market Research

NEW YORK, Nov. 17, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Green Hydrogen Market Share, Size, Trends, Industry Analysis Report, By Technology (Alkaline Electrolyze, Polymer Electrolyte Membrane (PEM) Electrolyzer); By Application; By Distribution Channel; By Region; Segment Forecast, 2022 - 2030" in its research database.

According to the research report, the global green hydrogen market size & share was valued at USD 3.25 billion in 2021 and is expected to grow by USD 58.53 Billion by 2030, growing at a CAGR of 39.6% during the forecast period.

What is Green Hydrogen? How Big is Green Hydrogen Market Size & Share?

• Overview

Green hydrogen is hydrogen produced by renewably generated electricity. Green hydrogen can split water into hydrogen and oxygen while using energy from renewable sources. It has significantly lower carbon emissions than fossil fuels and is environmentally friendly. It is used in various industries such as the chemical industry, natural gas industry, petrochemical industry, steel industry for transportation, heating, green ammonia production, and others.

Green hydrogen can also be stored in existing gas pipelines to power household appliances. The demand for green hydrogen market is expected to increase due to the diminishing cost of reusable energy and electrolysis technology. The rising adoption of green hydrogen by various sectors, including oil and gas, steel, utilities, and fertilizers fuels the market growth.

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Key Highlights of the Report

• Market tendencies that involve product and technological analysis, drivers and constraints, PORTER's five forces analysis
• In-depth analysis of segments and sub-segments with regional market
• Competitive landscape and strategies of key players
• Recent trends and developments which involve growth opportunities
• Future outlook and prospects for the market
• Reliable industry value chain and supply chain analysis
• Import-Export policies regarding the products/services in the market

Some of the Top Global Market Companies Are:

• Air Products and Chemicals Inc.
• H&R Olwerke Schindler GmbH
• Siemens Energy AG
• Linde
• Toshiba Energy Systems & Solutions Corporation
• Nel ASA
• Wind to Gas Energy GmbH & Co. KG
• Guangdong Nation-Synergy Hydrogen Power Technologies Co. Ltd.
• Cummins Inc

For Additional List of Players and Detail Information, Download a Report PDF Brochure

Growth Driving Factors

• Rising use of green hydrogen in various industries to push the market growth

Rising shift from fossil fuels to green hydrogen in the industrial, transportation, and chemical sectors to reduce carbon emissions is majorly driving the green hydrogen market size. Besides, the use of this type of hydrogen in current gas pipelines to power household appliances is expected to boost the green hydrogen industry expansion. Also, the introduction of beneficial government regulations for the hydrogen economy and rising environmental concerns over carbon emissions from fossil fuels are the prominent factors propelling the market demand.

Moreover, there is rapid adoption of clean energy solutions across sectors such as power generation and transportation in the U.S., which is bolstering the industry evolution. Increase in initiatives by the government in various countries for the development of infrastructure for a green hydrogen market is further anticipated to accelerate the market growth.

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Recent Developments

In April 2020, Siemens Gas and Power and Uniper SE, two Germany-based companies announced a joint agreement on implementing projects that produce and use green hydrogen from renewable energy sources.

Segmental Analysis

• Alkaline electrolyzer segment witnessed the largest revenue in 2021

Based on technology, the alkaline electrolyzers segment accounted for the major green hydrogen market share as it's a traditional electrolyzer technology used in green hydrogen projects. This technology uses a liquid alkaline solution of potassium or sodium hydroxide because it has a higher operating time as compared to PEM electrolyzers. Also, alkaline electrolyzers have lower power and an extensive operating temperature range of 100 to 105 degrees Celsius in contrast to PEM.

• Pipeline segment dominated the market

In terms of distribution channel green hydrogen market segmentations, the pipeline segment generated the highest revenue share because the pipeline is the most economically workable method to transport. Green hydrogen can be transported in different ways, like as a gas in high-pressure containers, a chemical carrier medium, or in processed form as methanol or ammonia. However, the pipeline is the most practical way to transfer huge amounts across a long distance.

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Green Hydrogen Market: Report Scope

Geographic Overview

• Europe held a significant revenue share in 2021

On a geography basis, the European market contributed a significant market share owing to the rising expenditures on a clean hydrogen-based economy in the region. For instance, in August 2019, the U.K. government announced a USD 14.8 billion investment plan for a project that is expected to utilize 4 GW of offshore wind for the generation of GH2 by 2030.

Moreover, North America is estimated to record a major CAGR over the forecast period. This can be attributed to the adoption of clean energy legislation in the region. The green hydrogen market is experiencing high growth in the U.S. and Canada. With strong decarbonization goals, California handles the majority of the U.S. market. Some of the key goals include the elimination of gas or diesel-powered public transportation by 2040.

Browse the Detail Report "Green Hydrogen Market Share, Size, Trends, Industry Analysis Report, By Technology (Alkaline Electrolyze, Polymer Electrolyte Membrane (PEM) Electrolyzer); By Application; By Distribution Channel; By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/green-hydrogen-market  

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Polaris Market Research has segmented the Green Hydrogen Market report based on technology type, application, type, distribution channel and region:

By Technology Outlook

• Alkaline Electrolyzer
• Polymer Electrolyte Membrane (PEM) Electrolyzer

By Distribution Channel Outlook

• Pipeline
• Cargo

By Application Outlook

• Power Generation
• Transportation

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research