Green Hydrogen Market Research Report - Global Forecast till 2027

Green Hydrogen Market Research Report: Information by Technology (Alkaline Electrolyzer, Proton Exchange Membrane Electrolyzer, and Solid Oxide Electrolyzer), Application (Transport, Power Generation, Industries,and Heating), Location (Onshore and Offshore), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Forecast till 2027

ID: MRFR/E&P/8605-CR | February 2021 | Region: Global | 111 pages

Green Hydrogen Market Overview


Green hydrogen market is projected to witness USD 364.1 Million 13.02% CAGR during the period from 2020 to 2027.


Green hydrogen is a result of clean sources instead of the use of fossil fuels. There is a huge range of colors that are used for describing a burning chemical that is colorless. This can act as a good and reliable substitute for important sources like natural gas, coal alongside oil in huge and wide variation in the applications. Green hydrogen is a result of water hydrolysis that is obtained from the use of electricity. These are obtained from renewable sources of energy like wind and solar energy. The global forecast for the market shows a positive and staggering rate. The market is experiencing a scaling demand for green technologies along with support from government initiatives for the wide-scale adoption of zero-emission systems. The demand for hydrogen is increasing across various industry verticles and hence, the global market is investing in the development of techniques that will help in reducing the production costs and enhancement of infrastructure.


Owing to all these factors like the growth in demand for renewable energy resources and government initiatives, the global market is expected to grow rate by the end of the global forecast period beginning in 2017 and ending in 2023.


COMPETITIVE LANDSCAPE


To get a detailed and profound idea about the green hydrogen Market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the globe. Various key players are using expansion, collaborations, mergers and acquisitions, and partnership strategies for maintaining their position in the global market. The prime players of the Automotive Wiring Harness market are:- 



  • SEIMENS (Germany)

  • UNIPER SE (Germany)

  • ENGIE (France)

  • Cummins Inc. (US)

  • Air LIQUIDE (France)

  • Toshiba Corporation (Japan)

  • NEL ASA (Norway)

  • Air Products Inc. (US)

  • LINDE (UK)

  • Messer Group GMBH (Germany)

  • MC PHY Energy (France)

  • Plug Power Inc. (US)

  • ITM Power (UK).


COVID 19 ANALYSIS


Since the first case of the pandemic was reported in December 2019, the global market has had a major impact on the functioning of the market. The green hydrogen market is currently functional in major geographies of the world, and hence, there are a considerable amount of inputs for the market growth by the end of the forecast period in 2023. There are a lot of countries that are dealing with the after-effects of the pandemic like China, the USA, Italy, along with the United Kingdom. Also, mushrooming economies of the world are facing a tough time in meeting the global demand of the market. The electricity demandSIEMENS has reduced especially during the pandemic. However, the consumption of the same has increased by a considerable level in the residential buildings.


Hence, the governments that are governing these economies across the world have been pushed to impose restrictions, lockdown, and implications related to international flights. Business activities have been facing many losses as a response to curb the spread of the pandemic. To reduce this prevailing negativity, the government is largely investing in research and development projects that will help the market grow as per the predicted figures by the end of 2023.


MARKET DYNAMICS


Drivers


The emission of harmful greenhouse gases on a global scale is to the widespread and alarming use of fossil fuels in collaboration with industrialization. The gases like carbon dioxide, methane, along nitrous oxide are having a major role to play in increasing the temperature of the plant and leading to climate change. Since the last century, the global temperature has increased by one degree and hence, environmentalists are urging people to stop the obnoxious use of fossil fuels as sources of energy and thus demand a widespread use of green hydrogen. The emission control technologies are gaining a lot of momentum across several domains.


Restraints


There are as many as 3 ways in which hydrogen can be stored. The stored hydrogen can be put to use in the form of electricity but owing to the round-trip productivity, is being used at a lower rate in comparison to the other ways of storing technology. Also, storing hydrogen energy is relatively an expensive process in comparison to other fossil fuels. There is a high density associated with liquid hydrogen which is being used as an energy transporter than the one present in a gaseous state and involves processes like liquefaction. This method of functioning makes use of a mechanical plant that has a very complex working and functioning. The result of this is that the overall costs are increased.


TECHNOLOGY ANALYSIS


Various kinds of technologies are being put to use for the wide-scale production of hydrogen. All the hydrogen quantum that is being produced in the present scenario, is used majorly in petroleum refineries, along with the manufacturing of fertilizers to cope up with the market demand. The idea of adoption of green hydrogen across various market verticles is still on the verge of reaching its maximum growth and has a positive rate of adoption and use, globally.


STUDY OBJECTIVES



  • To take up the viewpoint of various industry experts and leaders into consideration and predict compound annual growth rate and market growth rate by the end of the global forecast in 2023.

  • To bring out a competitive market outlook and observe the yield models of key market players, worldwide. 

  • To predict the market growth and reachable market valuation considering the degree of competition.

  • To consider the competition prevailing in the market through the key strategies taken up by the prominent market players and their recent developments during the forecast period of 2017-2023.

  • To analyze the various market dynamics like trends, drivers, and opportunities that are most probable to play a role in helping the market and its different segments growing in the domestic as well as international market.


SEGMENT OVERVIEW


Green hydrogen market share is anticipated to witness significant growth owing to the performance of different market segments. Among all segments, the technology segment will hold the largest market share during the forecast period. For an amplifying use the market is segmented into the following on different bases:



  • Based on technology, it has an alkaline electrolyzer, proton exchange membrane electrolyzer, and solid oxide electrolyzer.

  • Based on application, it has transport, power generation, industries, and heating.

  • Based on location, it has onshore and offshore.


Market Segmentation


Green Hydrogen Market


REGIONAL ANALYSIS


The green hydrogen market industry movements are remarkably working in 6 major regions of the world Europe, Asia Pacific, Africa, North America, the Middle East, and South America. Europe region is expected to witness tremendous growth during the forecast period. The reason attributed to it is strong sustainable infrastructure and the presence of a lot of opportunities in this market. Also, there is a decrease in the cost of renewable generation of energy which will be the other factor responsible for its growth. North America will be the fastest-growing region of the global market because of its capabilities of making huge infrastructures for storing green hydrogen. The USA will play a major role in this region for the growth of the market.


RECENT DEVELOPMENTS



  • Air Products alongside ThyssenKrupp Uhde Chlorine Engineers entered into a cooperation agreement. The collaboration between these companies in the major regions is showing that these have complementary technologies, engineering, alongside the execution of strengths that will help in developing projects for supplying this hydrogen in the market. This agreement came into force in July 2020.

  • Another company, ENGIE announced its collaboration with CEA and Neste. This is a French Research organization whose aim is to decarbonize the bio-refineries for renewable hydrogen. The project has been established for the production of green hydrogen.

  • A state-of-the-art hydrogen and carbon dioxide monoxide facility was constructed by Linde in Clear Lake, Texas (TX). Another facility was constructed in LaPorte, Texas.

  • A joint venture agreement was initiated by Cummins and Air Liquide in January 2021. This initiative was taken up for the promotion of green hydrogen. For the generation of green hydrogen, many companies provided electrolyzer systems.


REPORT OVERVIEW


The green hydrogen Market report presents a shift analysis that includes market drivers, opportunities, and restraints that are available in the global market. The report discusses the impact of covid-19 on the key players of the industry. The report also tells about the segmentation of the market on a different basis and how a competitive environment is developed among the key players around the globe. The market segmentation is also helpful in determining the reachable market valuation during the forecast period that is 2017-2023. The report is also helpful in predicting the trends and opportunities for the market during the forecast period that is 2017-2023. At last, the report presents some recent developments in the field of the green hydrogen Market.



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: 364.1 Million
  CAGR   13.02% CAGR (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Technology, Application and End-Use Industry
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Green Hydrogen Systems (Denmark), Solena Group (US), H2X (Australia), Siemens Gas and Power GmbH & Co. KG (Germany), Engie (France), FuelcellWorks (US), Plug Power (US), Fuelcell Energy (US), Hydrogenics (Canada), Ballard Power Systems (Canada), Nikola Motors (US), Ergosup (France), Loop Energy (Canada) and Syzygy Plasmonics (US)
  Key Market Opportunities   High initial cost of setting up hydrogen infrastructure
  Key Market Drivers

  • Growing demand for renewable energy resources
  • Increasing significantly due to the increasing government investments and subsidies promoting clean fuel usage, including hydrogen


  • Frequently Asked Questions (FAQ) :


    Europe will lead the global green hydrogen market.

    Need to reduce carbon emissions is driving the global green hydrogen market growth.

    High set up cost may limit the global green hydrogen market.

    Key contenders profiled in the global green hydrogen market include Green Hydrogen Systems (Denmark), Solena Group (US), H2X (Australia), Siemens Gas and Power GmbH & Co. KG (Germany), Engie (France), FuelcellWorks (US), Plug Power (US), Fuelcell Energy (US), Hydrogenics (Canada), Ballard Power Systems (Canada), Nikola Motors (US), Ergosup (France), Loop Energy (Canada) and Syzygy Plasmonics (US).

    Green hydrogen - generated via electrolysis driven by renewable electricity.