Absolute Market Insights recent analysis of the Green Hydrogen Market finds that the increasing demand from the Green hydrogen market is projected to be driven by the global shift towards clean energy transition. is expected to witness maximum growth in the Green Hydrogen Market during the forecast period. The global Market revenue stood at a value USD 444 Mn in the year 2021.
Market Synopsis
Green hydrogen is hydrogen produced entirely from renewable sources. Green hydrogen emits much less CO2 than grey hydrogen, which is made by steam reforming natural gas and accounts for 95% of the market. The green electricity or power can be converted into a transportation fuel or used as a feedstock in industrial operations using green hydrogen as a link between them. Green hydrogen and derived fuels, such as green ammonia, will allow market players to integrate wind energy into a container ship’s fuel tank. As a result, hydrogen has the potential to considerably increase the decarbonization potential of renewable energy sources.
Green Hydrogen Market on the basis of different parameters, such as forward/backward integration, economies of scale, the share of various distribution channels, various factors affecting consumer behaviour such as brand loyalty, price, and product availability among others, capital investments, regulatory landscape, production rights and patents, promotional strategies, and other customer preferences. This data is likely to help the industry stakeholders and stimulate the decision-making process.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Green Hydrogen Market is predicted to grow at a CAGR of roughly 30.20% during the forecast period.
- The Green Hydrogen Market was estimated to be worth roughly 444 Mn in 2021 and is expected to reach USD 4,373 Mn by 2028; based on primary research.
- On the basis of region, is projected to dominate the worldwide Green Hydrogen Market.
Market Dynamics:
Industry Analysis:
The report covers exhaustive analysis on the global Green Hydrogen Market. Industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. It includes an extensive competitive landscape covering key players in the industry and their comparative study on the basis of different parameters such as company overview, product portfolio, market revenue, business, and marketing strategies. Moreover, the report covers a thorough analysis drivers, restraints, and opportunities considering regional growth factors, technological advancements, and availability of substitute, regulatory norms, and such other growth impacting factors.
Drivers:
Increasing hydrogen demand for various industrial application such as ammonia production, oil refining, and methanol production has fostered the hydrogen market in the past. However, hydrogen production is entirely based on fossil fuels, dominated by natural gas and coal. According to International Energy Agency (IEA), 60% of hydrogen production was based on natural gas while 19% was based on coal, the remaining production is the by product. Dominance of such sources led hydrogen production responsible for around 900 metric tons of direct CO2 emission in 2020. Such factors along with global regulatory shift associated with environmental concerns have pushed the hydrogen manufacturers to opt for sustainable solutions. This is further projected to drive the green hydrogen market growth over the forecast period.The major technology involved in the production of green hydrogen includes electrolysers. Although, CO2 emissions from hydrogen production were high in the year 2020, stimulating factors for green hydrogen market growth include increased global capacity of electrolysers. According to IEA, around 390 electrolyser projects are under development out of which 40 projects are in early stages of development. Such factors are projected to ramp up the production which subsequently will drive the green hydrogen market growth over the forecast period.
Restraint:
The covid-19 pandemic is likely to negatively impact green hydrogen industry for short term. As world resisted covid-19 pandemic, the global energy players are gearing up for facing recessions owing to rising apprehensions pertaining to future environment initiatives and green investments. Oil and gas sector was actively involved in energy transition, however falling oil prices are projected to hinder the underdevelopment projects, as oil majors would prioritize their core business. Also, apprehension of economic recession in near future is likely to negatively impact oil prices in terms of recovery, which in turn is projected to undermine the competitiveness of green investments.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pervasive might lead to a significant delay in the commercial roll-out of the packaging industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Quarterly Market Revenue Forecast 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The Report on Green Hydrogen Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historical Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Based on the regions, Europe will hold for a significant share in the green hydrogen market. The region is predicted to remain dominant throughout the forthcoming years on account of large electrolyser installed capacities, regulatory framework, and early adoption of green hydrogen strategies. Europe being home to more than 55% of announced projects, the region is projected to cover entire hydrogen value chain including downstream and midstream operations.
List of Prominent Players in Green Hydrogen Market:
- Solena Group
- Ceres Power
- Siemens Gamesa
- Uniper SE
- Engie
- Lhyfe
- Air Liquide
- Orsted AS.
- Toshiba Energy Systems & Solutions Corporation.
- Cummins Inc.
- bp p.l.c.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Green Hydrogen Market?
- How will the Green Hydrogen Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Green Hydrogen Market?
- What is the Green Hydrogen Market drivers and restrictions?
- What will be the CAGR and size of the Green Hydrogen Market throughout the forecast period?
This market titled Green Hydrogen Market will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years: 2016-2028
Base Year: 2021
Historic Years: 2016-2020
Forecast Years: 2022-2028
Segmentation Covered
- By Renewable Source
- Wind
- Solar
- Others
- By Technology
- Alkaline Electrolyser
- Proton Exchange Membrane Electrolyser
- Solid Oxide Electrolyser
- By Location
- Onshore
- Offshore
- By Application
- Transport
- Power Generation
- Chemical
- Industrial
- Others
Region & Counties Covered
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Report Coverage
- Market growth drivers
- restraints, opportunities
- Porter’s five forces analysis
- PEST analysis
- Value chain analysis
- Regulatory landscape
- Technology landscape
- Patent analysis
- Market attractiveness analysis by segments and Regional
- Company market share analysis
- COVID-19 impact analysis
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