According to the report, the market is likely to grow at a CAGR of around 15.7% during the forecast period of 2021-2026.
The market growth owes to the rapidly surging demand and opportunities for green hydrogen in several sectors that shall eventually enable various companies to benefit from a flooding hydrogen fuel economy. Oil & gas companies continue to demand green hydrogen to reduce using fossil fuels, thereby likely to drive the perception of hydrogen as an energy carrier and propel the demand for green hydrogen in the forecast years.
The most prominent factor driving the growth of the market is the increasing demand for renewable energy resources. Besides, the adoption rate of green hydrogen is increasing astronomically due to the massive government investments & subsidies to promote clean fuel usage, including hydrogen. Such resources are the eco-friendly alternatives to fossil fuels, which is likely to drive the Global Green Hydrogen Market massively in the forecast years.
Impact of COVID-19
The outbreak of the Covid-19 pandemic did not adversely affect the Global Green Hydrogen Market. However, the demand for green hydrogen reduced amidst the pandemic. To avoid the spread of the virus, many governments countries across the globe imposed strict restrictions and lockdown norms that brought delays and disruptions in business activities. Additionally, the demand for products & raw materials and manufacturing facilities weakened product & service demand. Furthermore, the automotive industry also witnessed the scarcity of raw materials for manufacturers. However, government initiatives are likely to boost the Green Hydrogen demand post the COVID-19 pandemic.
Onshore Location Attains the Largest Market Share
Based on the location, the Global Green Hydrogen Market segments into Onshore and Offshore Locations. Here, the Onshore Location is likely to attain the largest market share in the forecast period. It owes prominently to the cost of electricity in the Onshore Location procured from solar panels, massively increasing the production of Green Hydrogen. Furthermore, the production of green hydrogen is increasingly becoming substantially economical due to the continuously reducing costs of solar photovoltaic & wind electricity generation. Hence, these factors are likely to drive the segment to attain the largest share of the Global Green Hydrogen Market in the forecast years.
Offshore Location to Witness the Fastest Market Growth
The Offshore Location segment shall attain the fastest market growth in the forecast years due to the rapidly growing demand and supply of green hydrogen and the growing interest from industry and market players in exploring & enabling routes to market for the large-scale production of hydrogen from offshore locations, including potential export. Hence, the segment is likely to attain the fastest growth in the coming years, states the author research report, "Global Green Hydrogen Market Analysis, 2021."
North America to Attain for the Largest Market Share
The Global Green Hydrogen Market is expanding exponentially where North America is likely to attain the largest market share in the forecast period. It owes prominently to the well-articulated & favorable government policies concerning low emission transportation systems in the US. Furthermore, progress in carbon neutralization transportation is also propelling the demand for green hydrogen, fueling the growth of the Global Green Hydrogen Market with the largest market share in the forecast years.
Key Questions Answered
What are the overall market statistics or market estimates (Market Overview, Market Size - By Value, Forecast Numbers, Market Segmentation, Market Shares) of the Global Green Hydrogen Market?
What are the region-wise industry size, growth drivers, and challenges?
What are the key innovations, opportunities, current & future trends, and regulations in the Global Green Hydrogen Market?
Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Green Hydrogen Market based on the competitive benchmarking matrix?
What are the key results derived from the market surveys conducted during the Global Green Hydrogen Market study?