Green Hydrogen Market worth $30.6 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 12, 2024 /PRNewswire/ -- The report "Green Hydrogen Market by Technology (Alkaline and PEM), Renewable source (Wind, Solar), End-use Industry (Mobility, Power, Chemical, Industrial, Grid Injection), and Region (North America, Europe, APAC, MEA, & Latin America) - Global Forecast to 2030", is projected to grow from USD 1.1 billion in 2023 to USD 30.6 billion by 2030, at a CAGR of 61.1% during the forecasted period. High demand from the mobility segment, power industry, electrolysis technologies development, and the low cost for producing renewable energy is expected to drive the green hydrogen market.

Browse in-depth TOC on "Green Hydrogen Market"

329 – Tables
52 – Figures
308 – Pages

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Alkaline electrolysis is accounted for the largest segment of the green hydrogen market in terms of value.

Alkaline electrolysis technology in green hydrogen is accounted for the largest segment in terms of value. This dominance is attributed to several key advantages of alkaline electrolysis technology. One major advantage is the variety of electrolytes used, which are cost-effective to produce. These electrolytes are replaceable or exchangeable, contributing to the electrolyzer long life. It tends to produce highly pure green hydrogen, as hydrogen ions do not diffuse easily into the electrolyte solution. This purity is a crucial factor in growing demand of alkaline electrolyzer in green hydrogen across various industries.

The wind energy is accounted for the largest segment, in terms of value in the global green hydrogen market during the forecasted period in terms of value

Wind energy is accounted for the largest segment, in terms of value in the global green hydrogen market during the forecast period. In 2023, wind energy contributed to nearly 49% among the other renewable sources in green hydrogen by value. Wind power plants are typically established either onshore or offshore, with offshore plants offering more consistent output throughout the year compared to onshore ones. The acceptance of wind power for green hydrogen production has received a major boost. Both offshore and onshore wind farms are currently being utilized for power generation to use in green hydrogen production, indicating a growing trend towards renewable energy integration in the hydrogen sector.

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The mobility end-use industry accounted for the largest market share in the global green hydrogen market during the forecast period in terms of value and volume.

The mobility sector emerged as the dominant segment in the green hydrogen market, representing approx. 58% in terms of value in 2022. Before the advent of fuel-cell-based engines, the mobility industry lacked sustainable alternatives to fossil fuels. However, fuel cell electric vehicles now present a viable and eco-friendly alternative. Green hydrogen has emerged as a practical substitute for traditional automotive fuels. Vehicles powered by green hydrogen are well-suited for a variety of applications, including trains, mining vehicles, lorries, aircraft, maritime vessels, and buses. In maritime shipping companies to reduce carbon emissions are increasingly embracing green ammonia. Unlike green hydrogen, green ammonia can be stored in conventional tanks and utilized in both fuel cells and internal combustion engines.

Europe is expected to account for the largest share in the green hydrogen market during the forecast period.

Europe is the largest market for green hydrogen globally. The European Union's commitment to carbon neutrality by 2050 has spurred significant investments in renewable energy and hydrogen infrastructure. Countries like Germany, France, and the Netherlands have unveiled ambitious hydrogen strategies to lead in production and consumption. With government support, a industrial base, and rising demand for clean energy, Europe is poised to shape the future of the green hydrogen market. The European Green Deal aims to reduce greenhouse gas emissions and transition industries to a climate-neutral economy. The EU hydrogen strategy, introduced in November 2022, targets increasing hydrogen's share to 13%-20% by 2050. European automotive giants like BMW, Audi, Ducati, and Porsche are driving innovation in lightweight, fuel-efficient engines, further boosting the green hydrogen market.

Linde plc (Ireland), Guangdong Synergy Hydrogen Power Technology (China), Siemens Energy AG (Germany), H&R Olwerke Schindler (Germany), Cummins and Enbridge Gas (Canada), Wind to Gas Energy GmbH & Co. KG (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), and Nel ASA (Norway) are the leading players in the market. There is significant competition in the green hydrogen market to develop new process technology, lower the manufacturing cost, expand, and increase the use of green hydrogen in the end-use industries. Owing to such opportunities in the industry, companies are aiming to enhance their market shares by adopting various strategies.

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