Global Green Hydrogen Market Insight

According to the WK-chem Research “Global Green Hydrogen Professional Survey Report 2022, Forecast to 2027”, Green hydrogen has been in high demand in recent years, owing to its ability to reduce carbon emissions. It also contributes toward meeting the growing demand for energy across the globe. It is a sustainable energy source, hence its use is expected to increase in the future. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 23.4% base on WK-chem Research regression analysis model.

Analysts’ Viewpoint:

“Growth in awareness regarding the use of hydrogen as an energy carrier is expected to propel growth of the global market. In addition, growth in environmental issues drive the market expansion, highlighting the need for renewable/clean energy generation to reduce emission levels. Furthermore, rise in use of nuclear and green hydrogen fuels growth of the green hydrogen industry. However, initial investment requirements for setting up hydrogen infrastructure as well as prohibitive maintenance costs are the major factors that limit the green hydrogen market growth.” said Anna Miller, Senior analyst, Chemical & Material Market Research Center in WK-chem Research.

Market insight:

Green hydrogen is made from regenerative energy sources through water electrolysis. With the help of electric current, water is divided into oxygen and hydrogen in an electrolyzer and grey hydrogen derived from fossil fuels is differentiated (such as natural gas) and chemical properties of hydrogen are underappreciated. Hydrogen is safe for atmosphere and can be stored and converted into electricity or heat as required. Green hydrogen is a major component of energy equation and hydrogen is regarded as a primary potential renewable energy resource. It is one of the most important circular carbon economy (CCE) approaches as it is generated using solar energy. It is generated using renewable energy sources as compared to carbon-based energy found in natural gas and other fossil fuels. The global emission of harmful greenhouse gases is due to the widespread and alarming use of fossil fuels in conjunction with industrialization. Gases such as carbon dioxide, methane, and nitrous oxide play a significant role in raising the temperature of the plant and causing climate change. Because the global temperature has risen by one degree Celsius over the last century, environmentalists are urging people to abandon the harmful use of fossil fuels as energy sources and instead demand the widespread use of green hydrogen. Emission control technologies are gaining traction in a variety of fields. Thus, the rising industrialization is driving the growth of green hydrogen market.

The electrolysis, steam reforming, and fermentation are all typical methods for producing green hydrogen. All these processes involve challenges in every step. The challenges that are faced by key market players are related to commercialization and large-scale deployment of electrolysis process. Thus, all these challenges hinder the market growth.

Competition Landscape:

This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Green Hydrogen companies that include Proton On-Site,718th Research Institute of CSIC,Teledyne Energy Systems,Hydrogenics,Nel Hydrogen,Suzhou Jingli,Beijing Zhongdian,McPhy,Siemens,TianJin Mainland,Toshiba Energy Systems and Solutions Corporation,Idroenergy Spa,Erredue SpA.

Segmentation of Green Hydrogen Market:

By technology, the market is classified into proton exchange membrane electrolyzer, alkaline electrolyzer, and solid oxide electrolyzer. By technology, the alkaline electrolyzer segment has the largest market share, owing to its higher operating time capacity and low capital cost. In addition, the segment is expected to expand at a faster pace during the forecast period.

By application, it is segmented into power generation, transport, and others. By application, the power generation segment dominated the main market share, owing to demand from the industrial sector for on-site electrolyzer setup.

Green Hydrogen Market: Regional Analysis

In terms of geography, the global Green Hydrogen market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. By region, among all regions, the global market is dominated by Europe. A large number of green hydrogen projects in the area are supporting business development. The area emphasizes renewable energy generation and has a large supply of hydrogen.

Cagr: 23.4%

Largest share area：Europe

Largest share country：Germany

Product Type(by technology)：Proton Exchange Membrane Electrolyzer, Alkaline Electrolyzer, and Solid Oxide Electrolyzer

Application：Power Generation, Transport, and Others

Leading Company：Proton On-Site,718th Research Institute of CSIC,Teledyne Energy Systems,Hydrogenics,Nel Hydrogen