Green Hydrogen Global Market to Reach $60.56 Billion by 2030

DUBLIN, Sept. 27, 2022 /PRNewswire/ -- The "Green Hydrogen Market Size, Share & Trends Analysis Report by Technology (PEM Electrolyzer, Alkaline Electrolyzer), by Application (Power Generation, Transportation), by Distribution Channel, by Region, and Segment Forecasts, 2022-2030" report has been added to  ResearchAndMarkets.com's offering.

The global green hydrogen market size is expected to reach USD 60.56 billion by 2030, according to this report. The market is expected to expand at a CAGR of 39.5% from 2022 to 2030. The growing government investments and subsidies benefitting clean fuel usage along with hydrogen economy being touted as an environment-friendly alternative to fossil fuel economy are likely to strengthen the demand over the forecast period.

The market is driven by the proliferating deployment of renewable energy sources in various end-use industries. Green hydrogen is produced through the electrolysis of water, with renewable power generation sources such as wind energy, solar energy, and other renewable energy sources. Furthermore, the growing scale of renewable energy is estimated to result in lowering the cost of clean power generation, thereby positively influencing the market growth over the forecast years.

The alkaline electrolyzer segment accounted for 66.18% of the market in 2021 owing to being the conventional electrolyzer technology used in green hydrogen projects. The alkaline electrolyzer uses the liquid alkaline solution of potassium or sodium hydroxide as its electrolyte and it has higher operating hours than PEM electrolyzers. However, PEM electrolyzers are expected to witness a higher growth rate than alkaline electrolyzers in the forecast period.

The transportation segment was the largest in the application segmentation with it accounting for about 40.61% of the global green hydrogen market in 2021. The transportation industry shifting away from fossil fuels and towards renewable energy such as solar energy and green hydrogen is expected to boost the segment in the forecast period. The power generation segment is also expected to grow at a steady pace owing to reducing costs of green hydrogen production.

The pipeline segment in the distribution channel accounted for 63.11% of the market in 2021. A pipeline is the most economically viable method to transport large volumes over long distances. Cargo segmentation is expected to grow at a CAGR of 40.9% in the forecast period owing to increased demand for green hydrogen.

The market in North America is anticipated to attain a prominent growth rate over the forecast period, with U.S. and Canada leading the region owing to the implementation of clean energy policies. In the U.S., California holds the majority of the market share with the growth driven by aggressive de-carbonization targets, such as phasing out of gas or diesel-powered public buses by 2040.

Major players in the industry are focusing on innovation and technological advancements to reduce the high cost of electrolyzer units, boosting the commercialization of green hydrogen production. In addition, market participants are emphasizing practicing several strategic initiatives such as joint ventures, partnerships, mergers & acquisitions, and others to enhance their foothold in the market over the coming years.

Countries realizing their untapped potential in hydrogen markets are expected to enhance the industry landscape over the coming years. In October 2019, Siemens announced a technical partnership on a 5 GW wind and solar combined energy project in Australia. The company is expected to provide its electrolyzer technology to generate green hydrogen through renewable-powered electrolysis. The clean hydrogen produced is intended to be exported to Asian markets.

Market Dynamics

Market Drivers

• Supporting government policies
• Growing Penetration Of Renewable Energy

Market Restraints

• High cost associated

Key Topics Covered:

Chapter 1 Methodology & Scope

Chapter 2 Executive Summary

Chapter 3 Market Variables, Trends & Scope

Chapter 4 Green Hydrogen Market: Technology Movement Analysis, 2021 & 2030

Chapter 5 Green Hydrogen Market: Application Movement Analysis, 2021 & 2030

Chapter 6 Green Hydrogen Market: Distribution Channel Movement Analysis, 2021 & 2030

Chapter 7 Green Hydrogen Market: Regional Estimates & Trend Analysis

Chapter 8 Green Hydrogen Market: Hydrogen Refueling Stations

Chapter 9 Green Hydrogen Market - Competitive Landscape

Chapter 10 Company Profiles

Companies Mentioned

• Linde plc
• Air Products Inc.
• Air Liquide
• Cummins Inc.
• Engie
• Nel ASA
• Siemens Energy
• Toshiba Energy Systems & Solutions Corporation
• Uniper SE
• Bloom Energy

For more information about this report visit https://www.researchandmarkets.com/r/cvnqex

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets